BoI Secures CBN Approval for Non-Interest Banking Window
Bank of Industry gets CBN approval to launch non-interest banking, expanding ethical financing and access for underserved businesses.
Banks
PayPal Returns to Nigeria via Paga
After 13years, PayPal has re-entered Nigeria through Paga, enabling Nigerians to receive international payments.
How First Bank Customer Chooses Jail Over ₦1.5bn Refund After “Mistaken Credit Alert”
A First Bank customer plead guilty to fraud charges after refusing to refund a ₦1.5bn mistaken credit.
Nigerians to Pay 7.5% VAT on Bank Transfers
Nigerians will pay 7.5% VAT on selected bank transfers and USSD transactions from January 19, 2026, under a new directive.
How EFCC Tracked and Recovered Stolen N802m from First Bank
EFCC narrates how N802m belonging to First Bank was traced and recovered following a system error and subsequent transfers.
OPay Adds ₦9,999 Transfer Option Amid Stamp Duty Row
OPay introduces a ₦9,999 transfer option to manage stamp duty charges on digital transfers.
Tax Laws: Banks Shift Stamp Duty Burden to Senders
As Nigeria Tax Act 2025 takes effect., Banks have shift burden of N50 stamp duty on electronic transfers to the sender, setting limits.
Banks Begin 10% Withholding Tax on FCY Interest
Banks begin withholding tax on FX deposits interest from January 1, 2026, as Nigeria implements provisions of the new tax law.
Nigerian Bank to Restrict Customer Accounts Without Tax ID
Customer accounts not linked to a Tax Identification Number or NIN may face restrictions.
FG Enforce Mandatory Tax ID for Bank Accounts From 2026
From January 2026, taxable Nigerians must present a valid Tax ID to operate bank accounts, as the FG begins enforcing new tax administration reforms.