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Banking Sector

Deposit Money Banks Pay N2.7 Billion as Customers Complaints Rise by 34%

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Deposit Money Banks Pay N2.7 Billion as Customers Complaints Rise by 34%

Nigeria’s Deposit Money Banks (DMBs) refunded banks’ customers N2.67 billion in the first half of 2020, according to the latest findings.

This represents a 63 percent decline when compared to the N7.2 billion refunded in the same period of 2019.

A breakdown shows “Bank received 2,051 complaints from consumers of financial services providers in the first half of 2020, compared with 1,528 complaints in the corresponding period of 2019. Of the total 1,167 or 56.9 percent were complaints on electronic/card, while 125 or 6.1 percent were on excess charges. Other complaints were, mainly, on frauds, dishonoured guarantees and unauthorised deductions/transfers, among others.

“A total of 1,519 complaints, including those outstanding from 2019, were resolved in the review period, compared with 1,548 in the corresponding period of 2019. Total claims in the review period in local currency and foreign currencies amounted to N4.58 billion and $151,647.82, compared with N8.70 billion and $315,475.54, respectively, in the corresponding period of 2019.

“Relief was brought to many of the affected customers as the sums of N2.67 billion and $144,176.68 were refunded in the first half of 2020, compared with the N7.20 billion and $315,229.02, refunded in the corresponding period of 2019.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Banking Sector

CIBN, NIBSS Introduce e-Payment Certification Programmes

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NIBSS

CIBN, NIBSS Introduce e-Payment Certification Programmes

The Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with Nigerian Interbank Settlement Systems Plc (NIBSS) have introduced professional certification programmes on electronic payments for financial service providers and institutions.

Both organisations disclosed that the programme was designed to enhance the electronic payment skills and knowledge of financial practitioners in order to equip them with efficient tools and information required to upscale innovation and services.

Speaking to journalists at a media briefing in Lagos, yesterday, the Chief Executive Officer, Chartered Institute of Bankers of Nigeria, Mr. Seye Awojobi, said the initiative is an international programme, well grounded in the local realities of the Nigerian e-payment industry and captures the current dynamics, as well as aspects of digital financial services practices.

“This programme would set the standards for e-payment expertise in Nigeria; foster a category of high performing professionals in the industry and build a resilient, safe and secured payment technology driven platform.

“The curriculum for the programme adequately covers recent methods required, which are in line with global practices.

“The introduction of the scheme cannot be more timely than now considering the COVID-19 pandemic, which created serious disruptions in our professional and personal lives,” he added.

On his part, Chief Executive Officer, Nigerian Inter-Bank Settlement Systems Plc, Premier Oiwoh explained that the introduction of the programme would determine the capacity and work experience criteria required to recognise beginners, intermediate and advanced.

“It would create a growth roadmap for fledging e-payment workers, including the unemployed who has the desire to make a career in the electronic sector.

“Also, it would enable us continue to tackle the issue of insecurity within the financial technology payment and banking space,” he added.

The institutions also noted that in order to maintain a certification credential, the practitioners must earn some recertification credits over a three year span and valid for three years after it has been issued.

The CIBN last week has reintroduced its mentoring scheme. The initiatives aims at up-scaling the leadership capacity and productivity of workers within the financial and banking sector.

Speaking during the virtual forum, Director General, Securities and Exchange Commission, Lamido Yuguda, had explained that mentoring schemes are essential for the sustenance and development of the sector as it is built upon values such as trust and professionalism.

“These values can be taught. But are reinforced when practiced by the senior co-workers and emulated by junior colleagues. Such initiatives enable workers to avoid being distracted by the material, prestigious and monetary incentives the space presents.

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Banking Sector

Mahe Mahmud Abubakar Retires as Deputy Managing Director Jaiz Bank

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Jaiz Bank

Mahe Mahmud Abubakar Retires as Deputy Managing Director Jaiz Bank

The Board of Directors of Jaiz Bank Plc on Tuesday announced the retirement of Mr. Mahe Mahmud Abubakar as the Deputy Managing Director of the Bank with effect from February 16, 2021.

The bank disclosed in the statement signed by Rukayat O. Dahiru, Company Secretary/Legal Adviser and released through the nation’s stock exchange.

According to the lender, Mr. Mahe has attained 60 years’ retirement age.

The Board, therefore, thank Mr. Mahe for his meritorious service to the Bank.

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Banking Sector

Zenith Bank Declares N2.70k Final Dividend for 2020

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Zenith Bank

Zenith Bank Declares N2.70k Final Dividend for 2020

Zenith Bank on Tuesday announced a final dividend of N2.70k per share of 50k for the financial year ended December 31, 2020.

The total dividend for the financial year now stood at N3.00k, Zenith Bank disclosed this in the statement released through the Nigerian Stock Exchange.

The amount is subject to appropriate withholding tax and approval. Payment will be made to shareholders whose names appear in the Register of Members as at the close of business on the 8th day of March, 2021.

Zenith announced Register of Shareholders will be closed on March 9, 2021.

The qualification date remains March 8, 2021.

On the payment date, the bank said payment will be made electronically on March 16, 2021 to shareholders whose names appear on the Register of Members as at March 8, 2021 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts. GDR holders will be paid subsequently.

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