Category: Banks and financial services

N1.3m Loan, N6.8m Repayment: Borrower Challenges FairMoney’s Loan Calculation

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N1.3m Loan, N6.8m Repayment: Borrower Challenges FairMoney’s Loan Calculation

A repayment dispute involving digital lender FairMoney has drawn attention after a Nigerian borrower challenged a reported ₦6.814 million repayment obligation arising from a loan facility originally valued at about ₦1.3 million. The complaint centres on how the balance was recalculated after the borrower obtained a further ₦500,000 top-up. The borrower, identified in reports as…

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Banks and financial services

CBN Declares Standard ₦100 Note Still Valid, Warns Against Refusal by Businesses and Individuals

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CBN Declares Standard ₦100 Note Still Valid, Warns Against Refusal by Businesses and Individuals

The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender across the country, warning Nigerians, businesses, financial institutions and other economic operators against refusing to accept it for transactions. The clarification followed reports that some traders, transport operators and members of the public had begun rejecting the standard ₦100…

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Banks and financial services, Finance and Economy

CBN Tightens Oversight, Withdraws Operating Licences of 46 Microfinance Banks

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CBN Tightens Oversight, Withdraws Operating Licences of 46 Microfinance Banks

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country in a fresh regulatory action aimed at strengthening the stability and integrity of Nigeria’s financial system. The decision, which took effect on July 1, 2026, was approved by CBN Governor Olayemi Cardoso under the powers conferred on…

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Banks and financial services, Finance and Economy

CBN Raises ATM Card Issuance Fee to N1,500, Scraps Maintenance Charges in New Banking Guide

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CBN Raises ATM Card Issuance Fee to N1,500, Scraps Maintenance Charges in New Banking Guide

The Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing Automated Teller Machine (ATM) debit and credit cards by 50 per cent, raising the fee from ₦1,000 to ₦1,500. The adjustment is part of a broader review of bank charges under the apex bank’s updated regulatory framework for financial institutions. With…

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Banks and financial services