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The use of USSD increased by 14.5 per cent in March 2020, due to COVID-19 restrictions and in June same year, the value in monetary term was put at N390 billion and monthly average value of USSD transactions rose to N230 billion. Guaranty Trust Bank (GTB) alone reported ₦3.89 trillion in USSD transaction value for 2020. The USSD service ...
TAJBank Limited, [2] is Nigeria's second Non-interest bank, operating under Islamic banking principles, established in Nigeria with its headquarters in Abuja, the capital city of the country. [3] The Bank operates 45 branches, 5 cash centers and provides regular ATM services as well as Online, Mobile, USSD (*898#) and SMS banking services.
This is a list of commercial banks and other credit institutions with in Nigeria, as updated late 2024 by the Central Bank of Nigeria. [ 1 ] List of commercial banks
In October 2020, the bank joined Open Banking Nigeria, a nonprofit that advocates for a common standard for open Application Programming Interface (API) within the Nigerian financial ecosystem. [17] In 2021, FCMB was named the Best SME Bank in Africa and the Best SME Bank in Nigeria at the Asian Banker Middle East and Africa Regional Awards. [18]
VBank (V by VFD or V) is a virtual bank and platform powered by VFD Microfinance Bank and was launched on March 25, 2020. It was created to offer free online banking. [2] [9] [10] [11] Currently, VBank has onboarded more than 500,000 active individuals and businesses on its mobile banking platform across Nigeria.
On 21 September 2018, Godwin Emefiele, the governor of the Central Bank of Nigeria announced in Lagos that the apex bank had revoked the operating licence of Skye Bank. [11] [12] [13] He also stated that the assets and liabilities of the bank would be taken over by a new entity, Polaris Bank [14] due to the inability of the Skye Bank's shareholders to adequately recapitalise the bank after the ...
The bank was granted a regional banking license by the Central Bank of Nigeria in June 2016. [3] In 2024, the Central Bank of Nigeria approved the merger between Unity Bank and Providus Bank, with a stipulation that the newly formed entity will receive a N700 billion loan from the CBN to support its operations. [9]
Mainstreet Microfinance Bank is a large financial services provider in Nigeria.Mainstreet Bank Limited assumed the assets and liabilities of Afribank Plc., which had an epochal beginning as one of the big four banks in Nigeria, on 20 October 1959.