The Central Bank of Nigeria, CBN has said that the current dispute between banks and Telcos over non-payment of accumulated Unstructured Supplementary Service Data, USSD debt is due to technical issues regarding the definition of a successful transaction from their perspective. This disclosure contained in a statement issued by the …
Read More »Nigerians Report Over 27,356 Bank Fraud Cases as Customers Lose N1.17 Billion in Three Months
…Mobile Fraud Top List In three months, Nigerian bank customers have reported over 27,356 incidents of fraud and forgeries and lost a total of N1.17 billion to fraud in Q2 2022, a report by Financial Institutions Training Centre (FITC) disclosed. FITC disclosed that data from 24 commercial banks shows that this …
Read More »Quickteller Business Unveils Smart PoS for African Businesses
Africa’s leading payment platform, Quickteller Business, powered by Interswitch, has introduced Smart Point of Sales (POS) terminals, which will enable Small and Medium Business Enterprises (SMEs) and merchants in Africa to accept payments seamlessly and better manage their transactions. The Smart PoS device is powered by Android Operating System and …
Read More »Mobile Financial Transactions Rises by 4000% in Five Years, Hit N8.07 Trillion
Mobile transactions in Nigeria have jumped by 4,009.58 per cent to hit N8.07tn within a five-year period as the number of telecommunication subscribers rises by 34.91 percent to 195,128,265. This is according to data from the Nigeria Interbank Settlement System and Nigerian Communications Commission. According to mobile inter-scheme transaction data …
Read More »MTN Nigeria Request Virtual NIN for All SIM Related Issues
MTN Nigeria has said its customers will now be required to provide their Virtual NIN or the improved NIN slip for all SIM related services. The company disclosed this in a vNIN update flier. According to the company SIM registration, replacement, mobile number portability, NIN linking, and 4G upgrade can …
Read More »SMEs Must Leverage Partnership, Innovative Solutions, Viable Financial Products to Thrive – Quickteller
As businesses seek to overcome the post-COVID challenges affecting them, Quickteller Business, a leading payment platform focused on empowering businesses of all sizes facilitate payments and manage transactions from anywhere in the world., has said it will continue to provide support for Small and Medium Enterprises (SMEs) through various value …
Read More »Access Bank Doubles Spending on IT Development, Invest N18.7 Billion in 2020
Nigeria’s largest bank by assets, Access Bank revealed it spent a whopping N18.7 billion in IT and eBusiness related initiatives in 2020. The figure is nearly double (92% higher) the N9.7 billion spent in 2019. The same expense line cost it N11.39 billion in 2018. The bank claims the expenses …
Read More »Banks Bar MTN Subscribers Access to USSD Banking Channels
Nigerian Banks has disconnected MTN Subscribers from accessing their Unstructured Supplementary Service Data (USSD) and apps banking services as both sectors continue their feud over Commission rate. MTN customers complained on Friday about being unable to recharge their MTN lines using USSD and other banking channels like the bank apps. According …
Read More »Banks Battle MTN Over Vending Commission Reduction
Acting on directives from its South African parent company, MTN Nigeria has made an ill-conceived play at monopolising the Nigerian Telecommunications industry. This ploy was made clear on March 30 2021 when the service provider facilitated a meeting with aggregators and announced a 37.5% reduction in its vending commission without prior …
Read More »Banks Agree on Installmental Payment of N42bn USSD Debt
Nigerian banks (Financial Service Providers) have agreed to stagger the payment of N42 billion being accrued debt owed Nigerian mobile network operators for the use of Unstructured Supplementary Service Data (USSD) short code service. The banks together with the mobile operators had ended a marathon meeting last night with the …
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