Business
CBN Introduces Charges on Deposits, Withdrawals Above N500, 000
The Central Bank of Nigeria on Tuesday said that the nationwide implementation of the cashless policy will begin by March 2020.
The apex bank said this in a circular to all Deposit Money Banks in the country.
It said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.
According to the circular, the charges, which take effect from Wednesday (today) will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500, 000 for individual accounts.
For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above N3, 000, 000.
The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.
It added that the implementation of the cashless policy would take effect from March 31, 2020.
To further promote the cashless policy and enhance the collection of applicable government revenues, the CBN also announced a review of the process for merchant settlement.
It added that with effect from Tuesday, September 17, the CBN had given approval for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.
A statement signed by the Director, Payments System Management Department, CBN, Sam Okojere, said a downward review of the Merchant Service Charge had been approved.
It said henceforth, the charges had been reduced from 0.75 per cent capped at N1, 200 to 0.50 per cent capped at N1, 000.
The Punch
Fidelity Bank’s market leadership has been affirmed once again as the tier-one lender bagged double honours at the BusinessDay Bank and Other Financial Institutions’(BAFI) Awards 2025.
At the awards ceremony, which was held at the Lagos Continental Hotel, Victoria Island, Lagos on Saturday, 11 October 2025, Fidelity Bank was presented with the awards for the “Best Bank for Export & Trade Finance” and “Most Innovative Bank of the Year”.
Dedicating the Export and Trade Finance Award to its customers, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe,OON, who was represented by the Executive Director/Chief Operations and Information Officer, Stanley Amuchie, said, “This recognition underscores our unwavering commitment to promoting non-oil exports and supporting Nigerian businesses to compete globally through initiatives such as the Fidelity International Trade & Creative Connect (FNITCC) and the Export Management Programme (EMP).
“I dedicate this award to all our exporters who continue to showcase the best of Nigeria to the world, our loyal customers, and our partners for their steadfast support.”
The BAFI Awards is the benchmark of distinction for institutions in the Nigerian financial services sector.
Now in its 12th year, the awards recognise and celebrate organisations that are excelling in the delivery of financial services in Nigeria.
The award acknowledges organisations demonstrating leadership, vision and impact in driving Nigeria’s growth trajectory.
Fidelity Bank’s recent recognition is attributed to significant accomplishments over the past twelve months.
Notable milestones include the inauguration of the first privately constructed onshore oil export terminal in Nigeria in fifty years at the Otakikpo Marginal Field, which was funded by Fidelity Bank and commissioned by President Bola Ahmed Tinubu last week.
Additionally, the Bank launched the Fidelity SME Hub, a multipurpose facility designed to support small businesses through innovation, collaboration, and capacity-building initiatives.
Furthermore, Fidelity Bank organized the third edition of the Fidelity Nigeria International Trade & Creative Connect (FNITCC) in Atlanta, Georgia, USA, in September 2025.
This event provided local businesses with opportunities to engage in deal rooms with U.S. buyers, including prominent retailers such as Walmart and Target, fostering potential partnerships.
“The innovation award is a special one for us as it validates our continued drive to enhance operational efficiency, elevate customer experience, and strengthen business performance. We sincerely appreciate BusinessDay Media for this recognition and reaffirm our commitment to introducing more impactful innovations that empower our customers and advance the Nigerian financial services industry”, commented Amuchie.
UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, has announced that the winners of the 2025 edition of the annual National Essay Competition (NEC) will receive educational grants worth over N22.5 million to study at any African university of their choice.
This year, the first-prize winner will receive N10 million university grant, which represents a substantial 33% increase up from the N7.5 million awarded last year. The second and third-place winners will each receive N7.5 million and N5 million educational grants, respectively, up from the N5 million and N3.5 million awarded last year.
Apart from the cash prizes, the writers of the 12 best essays will go home with brand-new laptops and other educational tools to help them prepare towards their tertiary research work and other studies.
The NEC is part of UBA Foundation’s education initiative, which is aimed at promoting literacy and encouraging healthy intellectual competition amongst senior secondary school students in Nigeria and across the African continent.
The students are required to research on and write on the essay topic: “Nigeria is characterised by diverse cultures, ethnicities, and religions. How can young Nigerians deploy diversity to build a united nation?”
The Managing Director/CEO, UBA Foundation, Bola Atta, who spoke on the opportunities the competition offers to students, emphasised why the foundation has continues to invest in the initiative.
“The deliberate and significant increase in the value of these educational grants underscores our dedication to investing in academic excellence and alleviating the financial burden of higher education for Nigerian students and their families. We are confident that this will further inspire a culture of academic achievement and critical thinking,” she explained.
According to her, “UBA Foundation remains deeply committed to creating impactful opportunities for the youth, who are the future of our continent”
To be eligible, participants must be Nigerian students in senior secondary school and are required to submit scanned copies of their handwritten essays (not more than 750 words), a recent passport photograph, and a copy of their birth certificate, National ID, or international passport via the dedicated portal on the UBA Foundation’s official website.
The deadline for submission of entries is Friday, October 17th, 2025, and applications can be accessed and submitted through the Foundation’s official website ubagroup.com/uba-foundation/national-essay-competition/, or by scanning the QR code available on the posters and websites.
UBA Foundation is the corporate social responsibility arm of the United Bank for Africa Plc, charged with the mission to improve the socio-economic development of communities across the African continent. The Foundation’s activities focus on development-driven interventions in the areas of Education, Environment, and Economic Empowerment and special projects.
Business
Customer Service Week: Unity Bank MD Celebrates Frontline Staff, Reaffirms Commitment to Excellence
The Managing Director/Chief Executive Officer of Unity Bank Plc, Mr. Ebenezer Kolawole, has said that a service culture built on responsiveness and innovation will differentiate the impact that customer service can make in any organisation.
Making the remarks at the flag off of the Customer Service Week 2025 in Unity Bank, Mr. Kolawole stated that “apart from constantly improving the way in which better customer support can be achieved, the increasing sophistication of our customers have made the Bank to also begin to focus more on customer experience innovation with investment being made in technology, systems, and people which enable us redefine our customer journey altogether”.
While extolling the Bank for always rising to any occasion, the Managing Director celebrated the resilient frontline staff for their unwavering dedication and reaffirmed the institution’s commitment to delivering exceptional customer service across all touch points, stating that this year’s celebration, themed “Mission: Possible,” underscores the Bank’s unwavering belief that every customer needs can be met through innovation, teamwork, and with service culture.
“The Bank’s customer service teams are well acclaimed for their passion, professionalism, and resilience in fulfilling the institution’s mission to provide exceptional service to its growing customer base”, the Unity Bank MD further stated.
In further acknowledgement, Mr. Kolawole stated: “At Unity Bank, our mission is clear — to make banking simple, accessible, and rewarding for every customer. ‘Mission Possible’ captures the spirit with which we approach every challenge and opportunity to serve; whether through our digital platforms, branch interactions, or customer support channels”.
Additionally, the Bank’s Chief Customer Service Officer, Elfrida Igebu, emphasised the significance of recognising and celebrating staff who consistently go above and beyond to serve customers.
“This year’s theme reminds us that what may seem challenging is always achievable with the right attitude, teamwork, and customer-first mindset. Our frontline teams embody this every day by demonstrating that at Unity Bank, service excellence is not just a goal, it is our mission,” Igebu said.
Throughout the week, Unity Bank organised activities across its branches and offices nationwide to reflect the Customer Service Week 2025, from customer appreciation engagements, Award of recognition for Staff, setting up festive ambience and decor, flamboyant service and cultural costumes donned by members to digital media activations.
In time past, Unity Bank was among the first financial institutions to introduce a multilingual USSD platform, *7799#, and from then onwards, the Bank continues to upgrade features of its mobile banking platform, Unifi app, for optimisation, reinforcing customer experience innovation and convenience.
