Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

ATMs @ Risk as Banks Miss Microsoft Windows Deadline

Published

on

ATM.JPG
Kindly share this post

Nigerians may experience glitches at automated teller machines (ATMs) as most banks in the country are yet to migrate to Windows 8 Operating System (OS) after Microsoft Corporation retired Windows XP on April 8.

The Windows 8 is a personal computer OS developed by Microsoft as part of Windows new technology family of OS.

The application has introduced major changes to the operating system’s platform and user interface to improve its user experience on tablets.

This became exigent as Windows was now competing with mobile operating systems, including Android and iOS.

The Nation newspaper quoted Chuks Iku, chairman, Committee of e-Banking Industry Heads (CeBIH), as saying that Microsoft Nigeria had directed banks to migrate to the improved platform, which, he said would allow for enhanced banking benefits and security.

Iku who spoke at a briefing yesterday in Lagos , said Microsoft is the owner of the licence and banks are taking steps to ensure they comply.

“CeBIH has engaged Microsoft Nigeria to fashion out means of creating a uniform approach to compliance with the need for migration of ATM operating system from Windows XP to Windows Embedded 8.1 which is the new operating system designed to run on ATMs. This step ensured security of ATM transactions and helped to prevent attacks on ATM terminals,” he said.

Iku who is also the head of E-Business at Skye Bank, said the group is also looking at what happens next if the banks fail to comply, including extension of the deadline.

The Nation newspaper reported that CeBIH comprises all heads of e-business/ e-banking/ e – channels/ card services of all banks in Nigeria, aimed at promoting electronic banking services in line with global best practices.

Iku said the group is working on getting more banks to migrate their Windows XP to the new version adding that different banks have their different ways of approaching the challenge.

The banker said despite failure to comply by some lenders, ATMs remain secured and safe for transactions. He however said non-compliant ATMs might not be able to carry out improved service delivery.

“By upgrading, we are taken to a higher version, but that does not mean that the version that you have will not run. The ATMs are still working, and are not going to go down. “But the migration will only enhance the features of the ATMs. There is really no cause for alarm, the important thing is that we should do it quickly to ensure that our ATMs are in top performing levels,” he advised.

Benedict Anyalenkeya, group head, E-Business, Unity Bank, explained that not all ATMs were affected. He said some of the ATMs came with Windows 8 by default, adding that the entire industry is not having backlog of ATMs migration.

Anyalenkeya said the ATMs that were installed in the last one or two years would have been upgraded except for the old ones. He said the compliance level depends on each lender and assured that there is no cause for alarm.

He said the CeBIH has agreed with the banks to consult with Microsoft on a much cheaper way of doing it. “Each individual bank still has the responsibility of upgrading its own software. I cannot give you a timeline on compliance but it will be completed within a very short time,” he said.

Ernest Obi, head, E-Business & Channels, Keystone Bank, said banks are simply trying to buy time. He said Microsoft is also aware that it lacks the capacity to get all banks migrated to the Windows 8 adding that the CeBIH is helping lenders to buy time and solve the migration challenge.

But Kabelo Makwane, general manager Microsoft Nigeria,  told The Nation that the company has the capacity to migrate all the banks that are willing and ready for the project. He said Microsoft has over 2,500 partners involved in the migration process, one of which is Zinox Technologies.

He however said several banks have identified non-migration to the new technology as a priority for them and are taking steps to address the challenge.

He said that non-migration to the Windows 8 can open the banks up for potential security vulnerability and threats.

Makwane said: “We have the capacity to migrate all the banks to the Windows 8. We have no capacity challenge at all and have been advising the banks on the need to migrate to the new technology,” he said.

He explained that Microsoft will keep supporting the banks to achieve compliance.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Sterling Bank Makes Online Transfer Charges Free of Charge

Published

on

Kindly share this post

Sterling Bank has called for the cancellation of bank transfer fees by major banks, announcing it will no longer take any money for itself for any local online transactions by its customers.

Sterling Bank Makes Online Transfer Charges Free of Charge

 

The announcement, made on April 1st, initially sparked widespread arguments, with many assuming it was a marketing prank tied to April Fools’ Day.

However, Sterling Bank, in a statement, has confirmed that it is not a stunt, that the zero-transfer-fee policy was real, and effective immediately.

With this move, Sterling becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.

“We believe access to your own money shouldn’t come with a penalty,” said Obinna Ukachukwu, growth executive leading the Consumer and Business Banking Directorate, Sterling Bank

“This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused.

“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest,” Ukachukwu added.

“Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words,” it sated.

Under the new policy, Sterling customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.

The bank’s latest move has been met with widespread public approval, sparking positive reactions across social media and placing pressure on industry peers to follow suit.

 

We’re proud to lead this change,” Ukachukwu added. “We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values.”


Kindly share this post
Continue Reading

E-Financial

Fidelity Bank Reports N385.2Bn Pre-Tax Profit for 2024

Published

on

Kindly share this post

Fidelity Bank Plc has reported a pre-tax profit of N385.2 billion for 2024, representing a 210 per cent growth compared to the N124.3 billion recorded in 2023.

Fidelity Bank Reports N385.2Bn Pre-Tax Profit for 2024

Dr Nneka Onyeali-Ikpe, managing director/chief executive officer, Fidelity Bank Plc,

The bank, in a statement released on Monday, declared a total dividend of N2.10 per share following its strong financial performance in 2024.

Gross earnings increased by 87.7 per cent to N1,04 trillion, driven by a 106.9 per cent growth in interest and similar income to N950.6 billion.

The increase in interest income was attributed to improved yields on earning assets and a 51.6 per cent expansion in the earnings base to N6.3 trillion.

This led to a profit after tax of N278.1 billion, representing a 179.6 per cent annual growth.

Commenting on the results, Dr Nneka Onyeali-Ikpe, managing director/chief executive officer, Fidelity Bank Plc, expressed satisfaction with the growth.

“We are delighted with our 2024 full-year (FY) performance, which showed strong growth across key revenue lines, improved asset quality and significant traction in our strategic business segments.

“Our impressive results led to a triple-digit increase by 210 per cent in Profit Before Tax (PBT), rising from N124.3 billion in 2023 to N385.2 billion in 2024,” she said.

A further review of the financial performance revealed that the bank’s net interest income increased by 127.1 per cent to N629.8 billion, driven by a high-yield environment in 2024.

To optimise its margin, the bank maintained asset yields above funding costs by maintaining a high low-cost deposit profile at 92.6 per cent.

This led to an increase in its Net Interest Margin from 8.1 per cent in 2023 FY to 12.0 per cent.

Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9 percent from N4 trillion in 2023 financial year to N5.9 trillion.

The increase was driven by strong double-digit growth across all deposit types.

The Retail Banking Business gained significant traction, with savings deposits increasing by 28.8 per cent to N1.1 trillion, marking the 10th consecutive year of double-digit annual growth in savings deposits.

In spite of the challenging economic conditions in 2024, the bank continued to support the real sector of the economy by increasing its Net Loans and Advances from N3.1 trillion in 2023 to N4.4 trillion in 2024.

“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders.

“In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share,” Onyeali-Ikpe explained.

Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year.

This is subject to shareholders’ approval at its forthcoming Annual General Meeting (AGM) on April 29, 2025.

The dividends will be paid on April 29, 2025, to shareholders whose names appear on the register of members as of April 15, 2025.

The bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed.


Kindly share this post
Continue Reading

E-Financial

Ponzi Operators Risk 10-Year Jail Term, N20m Fine – SEC

Published

on

Kindly share this post

Securities and Exchange Commission (SEC), has warned promoters and operators of entities engaged in a prohibited scheme that they will be liable to a penalty of not less than N20 million or imprisonment to a term of 10 years or both under the newly signed Investments and Securities Act (ISA) 2025.

Ponzi Operators Risk 10-Year Jail Term, N20m Fine – SEC

Dr Emomotimi Agama, director-general, SEC,

Dr Emomotimi Agama, director-general, SEC, said it is one of the provisions of the ISA 2025 recently assented to by President Bola Tinubu.

Agama said this in a statement in Abuja on Tuesday said the new Act would strengthen the legal framework governing Nigeria’s capital market.

Agama said the commission previously lacked the legal power to prosecute Ponzi scheme operators, which had made it difficult to bring offenders to justice.

He said the Act would help the commission to better protect investors, and introduce reforms that would promote market integrity, transparency, and sustainable growth.

”So, N20 million is not the entire penalty or the entire money that will be charged or sanctioned to any suspecting or any accused capital market or non-capital market operator.

”It is just part of the penalties and or the sanctions that will be meted against such persons.

”Any profits or gains obtained from defrauding Nigerians will be recovered because it is not about the quantum of the fraud, it is about sanctions that will deter people from even getting into it.

”We recognise that a lot of Nigerians have fallen prey to these schemes and the reason why that is the case is because there were no sanctions.

”Protecting the investors in Nigeria is a cardinal responsibility of SEC and this law has provided the SEC with stronger powers to be able to do that,” he said.

The director-general said the Act had also introduced transformative provisions to further align Nigeria’s market operations with international best practice.

ISA, 2025, had repealed the Investments and Securities Act No. 29 of 2007.

Credit: NAN


Kindly share this post
Continue Reading

Trending