The hottest Banking Substack posts right now

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Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/072

RegAlert • 0 implied HN points • 28 Mar 23
💰 Finance Banking
  1. The Central Bank of Nigeria has issued guidelines for changing operating licenses for banks and financial institutions in the country.
  2. The guidelines aim to provide clarity on regulatory requirements for financial institutions that want to upgrade or change to a different license.
  3. Financial institutions in Nigeria have three weeks to provide comments and feedback on the draft guidelines.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/019/098

RegAlert • 0 implied HN points • 09 Mar 23
💰 Finance Banking
  1. The Central Bank of Nigeria has issued a draft for a regulatory framework for agent banking to enhance financial inclusion and provide more access to financial services.
  2. The draft framework aims to streamline operations at agent locations and improve the security of customers' funds.
  3. Banks, financial institutions, payments service providers, and the public have been invited to share their feedback on the draft by March 22, 2023.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/019/098

RegAlert • 0 implied HN points • 08 Mar 23
💼 Business Banking
  1. The Central Bank of Nigeria is implementing Operational Guidelines for Open Banking to promote data sharing between financial institutions and third-party firms, encouraging the development of customer-focused products and services.
  2. Compliance with the guidelines is necessary for stakeholders like deposit money banks, mobile money operators, and payment service providers to enhance efficiency, competitiveness, and access to financial services.
  3. The circular aims to facilitate the sharing of customer-permissioned data in Nigeria, fostering innovation, competition, and improved customer service in the financial sector.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/070

RegAlert • 0 implied HN points • 24 Feb 23
💰 Finance Banking
  1. The Central Bank of Nigeria has implemented changes to the tenure rules for Executive Management and Non-Executive Directors in Deposit Money Banks, limiting the maximum tenure to 10 years for certain roles.
  2. For an Executive Director who transitions to Deputy Managing Director, there is a maximum cumulative tenure of 12 years. Across the banking industry, there is a cap at 20 years for Executive Directors, Deputy Managing Directors, Managing Directors, and Non-Executive Directors.
  3. This Circular FPR/DIR/PUB/CIR/001/070 outlines the specific details and guidelines related to the tenure requirements established by the Central Bank of Nigeria for banking industry executives.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/001/001

RegAlert • 0 implied HN points • 15 Feb 23
💰 Finance Banking
  1. The Pre-Shipment Inspection Agents (PIAs) Portal has been deployed on the Stakeholder Verification Portal (SVP). PCIs/CCIs will be electronically generated on the SVP from March 1st, 2023.
  2. Authorized Dealers must ensure that the processing of PCIs/CCIs by PIAs is done electronically on the SVP at https://syp.tradesystem.gov.ng.
  3. This circular is issued by the Central Bank of Nigeria notifying Pre-Shipment Inspection Agents (PIAs), Monitoring and Evaluation Agents (MEAs), Authorized Dealers, Nigerian Customs Service (NCS), Exporters, and the General Public about the deployment of the PIA Portal on the SVP.
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Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/069

RegAlert • 0 implied HN points • 07 Feb 23
💰 Finance Banking
  1. Financial institutions must screen their customer database for any association with individuals linked to ISIL or Al-Qaida.
  2. Financial institutions need to update their sanctions screening lists according to recent changes in the United Nations Security Council Consolidated Lists.
  3. Immediate compliance is required from all financial institutions with the new regulations.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/01/064

RegAlert • 0 implied HN points • 13 Jan 23
💰 Finance Banking
  1. Financial institutions must identify and disclose beneficial owners of legal persons and arrangements to comply with anti-money laundering and counter-terrorism financing laws.
  2. The Central Bank of Nigeria has issued guidance on ultimate beneficial ownership to help financial institutions implement these measures.
  3. All financial institutions supervised by the Central Bank are required to adhere to the guidance on ultimate beneficial ownership.

Alert: Central Bank of Nigeria Circular CCD 21b Dec 2022

RegAlert • 0 implied HN points • 21 Dec 22
💰 Finance Banking
  1. The Central Bank of Nigeria has revised the cash withdrawal limits for individuals and corporate organizations.
  2. Financial institutions need to obtain customer information and written approval for withdrawals above the set limits.
  3. Third-party cheques above N100,000 will not be eligible for payment over the counter.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/064

RegAlert • 0 implied HN points • 15 Dec 22
💼 Business Banking
  1. Financial institutions in Nigeria must implement targeted financial sanctions related to terrorism financing and proliferation financing.
  2. The measures outlined in the Terrorism Prevention and Prohibition Act (TPPA), 2022 must be strictly complied with by all financial institutions in Nigeria.
  3. The Central Bank of Nigeria has issued guidelines to aid in the prompt implementation of these required measures.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/062

RegAlert • 0 implied HN points • 14 Dec 22
💰 Finance Banking
  1. Financial institutions in Nigeria must follow guidelines on targeted financial sanctions related to proliferation financing set by the Central Bank of Nigeria.
  2. These institutions are required to implement the guidelines and submit quarterly returns on actions taken regarding targeted financial sanctions.
  3. The submissions to the Director of the Financial Policy and Regulation Department must be made within 10 days after the end of each quarter.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/004

RegAlert • 0 implied HN points • 14 Dec 22
💰 Finance Banking
  1. Central Bank of Nigeria warns against illegal activities by Money Transfer Operators (MTOs) in Nigeria, emphasizing the need to make payments in US Dollars as per regulations.
  2. Banks found supporting unlicensed MTOs in terminating payments in Naira instead of US Dollars will face sanctions, as per the circular TED/FEM/PUB/FPC/01/004.
  3. Reminder for banks and MTOs to pay out diaspora remittance proceeds only in US Dollars and follow the guidelines for International Money Transfer Operations.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/018/122

RegAlert • 0 implied HN points • 06 Dec 22
💰 Finance Banking
  1. The Central Bank of Nigeria reminds certified payment acceptance devices to accept all transactions from any Nigerian bank's cards.
  2. Acquirers and service providers should remain neutral and not show favoritism towards any specific card brand.
  3. The Circular emphasizes the importance of interoperability and interconnectivity to ensure fair access to electronic payment channels in Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/GEN/CIR/001/061

RegAlert • 0 implied HN points • 23 Nov 22
💰 Finance Banking
  1. The circular provides guidelines for individuals and entities seeking to operate as banks or financial institutions in Nigeria, focusing on Anti-Money Laundering and Combatting the Financing of Terrorism.
  2. It outlines the minimum requirements for licensing and should be followed along with relevant laws, regulations, and licensing criteria.
  3. The guidelines are applicable to both new and pending applications, and they are immediately effective upon publication.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/059

RegAlert • 0 implied HN points • 12 Oct 22
💰 Finance Banking
  1. The Central Bank of Nigeria has issued a circular requesting feedback on draft guidelines for the regulation of representative offices of foreign banks operating in Nigeria. Stakeholders, especially foreign banks, have been urged to review the document and provide comments within three weeks.
  2. The circular is titled 'Guidelines for the Regulation of Representative Offices of Foreign Banks in Nigeria - Exposure Draft' and was posted on October 12, 2022.
  3. Stakeholders can download the circular and access the draft guidelines for regulatory review from the provided link on the Central Bank of Nigeria's website.

Alert: Central Bank of Nigeria Circular FMD/DIR/PUB/CIR/001/006

RegAlert • 0 implied HN points • 07 Oct 22
💰 Finance Banking
  1. Authorized dealers should not access the discount window on certain dates related to auctions and transactions
  2. Successful bidders at government securities auctions cannot use the discount window on settlement dates
  3. Participants with successful foreign exchange bids are also restricted from accessing the discount window during auctions and settlement dates

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/058

RegAlert • 0 implied HN points • 17 Aug 22
💰 Finance Banking
  1. The Central Bank of Nigeria has adjusted the interest rate on all its intervention facilities to 9% per annum, effective July 20, 2022. For existing intervention facilities granted before July 20, 2022, the new rate will be implemented from September 1, 2022.
  2. The Circular FPR/DIR/PUB/CIR/001/058 provides detailed information on the adjustment of interest rates on all CBN interventions.
  3. Stay informed about changes in Central Bank of Nigeria policies and regulations by following Regulatory Alerts on Substack.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/016/118

RegAlert • 0 implied HN points • 04 Jul 22
💰 Finance Banking
  1. The Central Bank of Nigeria is requesting financial institutions to review and implement specific QR code presentment options in payments.
  2. Financial institutions can choose between merchant-presented or consumer-presented QR code options for payments.
  3. The Central Bank of Nigeria will continue to monitor industry developments and provide additional guidance as needed.

Alert: Central Bank of Nigeria Circular OFI/DOA/CON/ACT/004/155

RegAlert • 0 implied HN points • 29 Jun 22
💰 Finance Banking
  1. The Central Bank of Nigeria issued a circular requiring other financial institutions in Nigeria to enhance their cybersecurity defenses and adhere to the provided Risk-Based Cybersecurity Framework and Guidelines by January 1, 2023.
  2. This circular emphasizes the importance of strengthening cyber defenses in financial institutions to mitigate risks and ensure a more secure environment against cyber threats.
  3. Compliance with the Risk-Based Cybersecurity Framework and Guidelines is crucial for OFIs in Nigeria to safeguard their systems and data from cyber vulnerabilities.

Alert: Central Bank of Nigeria Circular COD/BNCH

RegAlert • 0 implied HN points • 02 Jun 22
💰 Finance Banking
  1. The circular provides guidelines for setting up Bank Neutral Cash Hubs (BNCH) in Nigeria.
  2. It details the requirements and procedures for financial institutions to establish and operate BNCHs.
  3. The document can be accessed for download from the Central Bank of Nigeria's website.

Alert: Central Bank of Nigeria Circular PSM/DIR/PUB/CIR/01/006

RegAlert • 0 implied HN points • 26 May 22
💰 Finance Banking
  1. Financial institutions in Nigeria must accept indemnity from customers for secure online funds transfers, with varying limits for individuals and corporations.
  2. Customers should be given the option of electronic or paper indemnity, with stricter controls like biometric verification for electronic indemnity.
  3. Multiple factor authentication is required for secure online funds transfers, and customers must be informed about indemnity's role in increasing transaction limits.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/049

RegAlert • 0 implied HN points • 24 May 22
💰 Finance Banking
  1. Financial institutions must comply with the Regulatory Guidelines for the Redesigned Credit Risk Management System.
  2. Enforcement of the 'submit before disbursement' requirement begins on August 1, 2022.
  3. Customer accounts must be in the 10-digit Nigeria Uniform Bank Account Number format by June 20, 2022 to be enrolled onto the CRMS.

Alert: Central Bank of Nigeria Circular COD/DIR/INT/CIR/001/006

RegAlert • 0 implied HN points • 01 Apr 22
💰 Finance Banking
  1. The Central Bank of Nigeria issued a circular regarding the treatment of Composed Banknotes to prevent distortions in the value of currency and potential fraudulent activities.
  2. The circular imposes a penalty of 400% of the value for any Composed Banknote found in the deposits of Deposit Money Banks.
  3. Deposit Money Banks are requested to pay special attention to the treatment of Composed Banknotes as per the circular COD/DIR/INT/CIR/001/006.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/042

RegAlert • 0 implied HN points • 28 Mar 22
💰 Finance Banking
  1. The Central Bank of Nigeria has developed guidelines to regulate credit guarantee companies in Nigeria to promote lending to Micro, Small, and Medium Enterprises (MSMEs).
  2. The guidelines specify the minimum licensing, governance, and prudential requirements for credit guarantee companies operating in Nigeria.
  3. These guidelines aim to encourage the operation of credit guarantee companies in Nigeria while ensuring adherence to regulatory expectations.

Alert: Central Bank of Nigeria Circular COD/DIR/INT/INM/003/042

RegAlert • 0 implied HN points • 14 Mar 22
💰 Finance Banking
  1. The circular outlines guidelines for the Bank Neutral Cash Hub (BNCH) in Nigeria, which offers cash services to high volume/value customers to reduce risk and costs related to currency management.
  2. The purpose of the BNCH is to provide bank-neutral cash withdrawal and deposit services, aiming to enhance the efficiency and security of cash transactions.
  3. Feedback and inquiries regarding the operational guidelines for the BNCH should be directed to the Director, Currency Operations Department, Central Bank of Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/039

RegAlert • 0 implied HN points • 28 Jan 22
💰 Finance Banking
  1. The Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/039 emphasizes the implementation of Global Standing Instruction (GSI) guidelines by financial institutions to manage loan defaulters and enhance credit repayment culture.
  2. The circular mandates that recovery attempts through the GSI platform should now be continuous and unrestricted, ensuring persistent efforts until the loan is fully repaid.
  3. Financial institutions are reminded to adhere to the guidelines outlined in the circular and make necessary adjustments as per the instructions provided.

Alert: Central Bank of Nigeria Circular CPD/GEN/GUIDE/01-2020

RegAlert • 0 implied HN points • 27 Jan 22
💰 Finance Banking
  1. Revised guide from Central Bank of Nigeria on bank charges includes lower fees for electronic transactions and aligning other charges with market trends.
  2. New sections added to the guide emphasize accountability, responsibility, and a sanction regime for dealing with excessive, unauthorized, and random charges.
  3. Financial institutions are required to comply with the updated guide starting from January 1, 2020.

Alert: Central Bank of Nigeria Circular CPD/GEN/GUIDE/02

RegAlert • 0 implied HN points • 26 Jan 22
💰 Finance Banking
  1. The Central Bank of Nigeria has issued Circular CPD/GEN/GUIDE/02 regarding Bank Customers Bill of Rights.
  2. The circular was posted on January 26, 2022, and is available for download on the CBN website.
  3. It is essential for individuals and entities in Nigeria to be aware of and comply with the regulations outlined in this circular.

Alert: Central Bank of Nigeria Circular TED/FEM/FPC/PUB/01/001

RegAlert • 0 implied HN points • 21 Jan 22
💰 Finance Banking
  1. Starting February 1, 2022, all import and export operations in Nigeria must use an Electronic Invoice authenticated by Authorised Dealer Banks on the Nigeria Single Window portal.
  2. The new regulation aims to ensure accurate valuation of import and export items through a Global Price Verification Mechanism based on benchmark prices.
  3. Imports and exports with unit prices deviating more than 2.5% from verified global prices will be scrutinized and may not be allowed to proceed.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/033

RegAlert • 0 implied HN points • 31 Dec 21
💰 Finance Banking
  1. The circular contains a list of licensed payment service banks in Nigeria, including HOPE psa LIMITED, MONEYMASTER psa LIMITED, and 9 psa LIMITED.
  2. The circular also provides the head office addresses of these institutions in Lagos, Nigeria.
  3. This information was posted on December 31, 2021, by the Central Bank of Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/035

RegAlert • 0 implied HN points • 31 Dec 21
💰 Finance Banking
  1. Financial institutions in Nigeria must ensure they collect required documentation and identification data from customers to comply with regulations.
  2. All banks should establish and maintain internal control systems to promote compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
  3. Institutions need to have trained staff and technological systems in place to effectively comply with regulatory requirements.

Alert: Central Bank of Nigeria Circular ACGSF

RegAlert • 0 implied HN points • 18 Nov 21
💰 Finance Banking
  1. Financial institutions must adhere to the guidelines of the Agricultural Credit Guarantee Scheme Fund in Nigeria, approved by the Board in March 2021.
  2. The document with the guidelines is meant for internal use by the Central Bank in Nigeria.
  3. For further details, the guidelines for the Agricultural Credit Guarantee Scheme Fund can be downloaded from the Central Bank's website.

Alert: Central Bank of Nigeria Circular DFD/DIR/PUB/CIR/01/002

RegAlert • 0 implied HN points • 05 Nov 21
💰 Finance Banking
  1. The Central Bank of Nigeria issued guidelines for the 100 for 100 Policy on Production and Productivity (100 for 100 PPP) to eligible private companies.
  2. The goal is to increase credit flow to the real sector and reduce dependence on imports, fostering economic growth and transformation.
  3. Interested companies can obtain more information by contacting the Director, Development Finance Department at the Central Bank of Nigeria in Abuja.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/024

RegAlert • 0 implied HN points • 13 Oct 21
💰 Finance Banking
  1. The Central Bank of Nigeria issued guidelines on the disposal of Non-Permissible Income (NPI) by Non-Interest Financial Institutions (NIHs) in Nigeria.
  2. All NIHs in Nigeria are required to comply with the guidelines set forth by the Central Bank on the disposal of Non-Permissible Income (NPI).
  3. These guidelines for disposing of Non-Permissible Income (NPI) by Non-Interest Financial Institutions (NIHs) are effective from October 13, 2021, and are accessible on the Central Bank's website.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/013/149

RegAlert • 0 implied HN points • 12 Oct 21
💰 Finance Banking
  1. The Central Bank of Nigeria issued a revised regulatory framework for Bank Verification Number (BVN) operations and watch-list for the Nigerian banking industry to enhance customer due diligence and Know Your Customer processes.
  2. The aim of the framework is to promote a safe and efficient banking and payment system in Nigeria by improving regulatory oversight.
  3. The Central Bank will continuously monitor industry developments and offer further guidance as needed to ensure compliance with the regulatory framework.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/007

RegAlert • 0 implied HN points • 11 Oct 21
💰 Finance Banking
  1. The Central Bank of Nigeria has issued a circular regarding the introduction of the Pan African Payments and Settlement System (PAPSS) for faster and cheaper cross-border transactions within Africa.
  2. The PAPSS system supports cross-border retail payments in local currencies in West Africa and inter-bank settlement in USD.
  3. Each central bank will determine eligible transactions for foreign exchange, and commercial banks may maintain a USD settlement account at Afreximbank for payments outside of eligible transactions.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/026

RegAlert • 0 implied HN points • 30 Sep 21
💰 Finance Banking
  1. Financial institutions should take note of the list of deposit money banks provided in the circular, categorized by their banking licenses and addresses.
  2. The circular from the Central Bank of Nigeria includes information on international, national, and regional deposit money banks as of September 30, 2021.
  3. The circular can be downloaded from the Central Bank of Nigeria website for further reference.