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The central bank of Nigeria has changed the rules for agency banking in Nigeria. The new rules include limiting the agent to one financial institution, 1.2m daily transaction limit, training and extra requirements to become an agent. This will greatly alter the agency banking landscape in the country #banking #economy #nigeria #onlinbanker | Onlinebanker
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Open banking in Nigeria, as defined by the Central Bank of Nigeria, is a practice where financial institutions share customer data with third-party service providers through standardized APIs. This is about to unlock some innovative products in Nigeria | Onlinebanker
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The central bank of Nigeria has reduced interest rate to 27%. This will further drive down the interest rate of your money market investments. #economy #Nigeria #banking | Onlinebanker
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The central bank of Nigeria has given the banks in a lifeline to increase fees across ATMs. A lot of Nigerians were complaining that there wasn’t cash available in ATMs so they were paying high fees to POS agents for cash withdrawal. To improve efficiency, CBN has allowed banks to increase their charges while scrapping any free withdrawal from another bank’s ATM | Onlinebanker
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