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CBN’s Policy: Access Bank Begins Dollar Payment For Fund Transfers

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Leading financial institution, Access Bank Plc. has begun nationwide payout of dollars to beneficiaries of international remittances, in response to the recent policy change by the Central Bank Nigeria (CBN).

The CBN had directed that recipients of international remittances can now receive their funds in cash in dollars or to have funds paid directly into their domiciliary accounts.

Executive Director, Retail Banking, Access Bank Plc, Victor Etuokwu said;“The nationwide dollar payment is part of our promise to create value and meet the needs of our customers.”

“We are happy to announce that our customers can now receive funds sent from the Diaspora in dollars at any of our branches nationwide. The funds will be available as cash pick-up or direct transfer into customers’ domiciliary accounts.”

“Our promise to deliver ‘more than banking’ services is even more critical at this time as customers are looking for convenient products and services that facilitate their lifestyle. Our remittance services are available to both customers and non-customers of the bank.”

“We encourage Nigerians in the Diaspora to take advantage of this season of giving, to send funds home for their loved ones, who in turn can receive either by opening an Access Bank domiciliary account or reactivate their inactive domiciliary account and the funds will be paid directly to their accounts or visit any of our 500 branches nationwide to receive their funds in dollars cash.”

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Just In: CBN Pegs Minimum Capital Base For Banks At ₦500bn

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The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at ₦500 billion.

A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasised that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026.

CBN spokesperson, Hakama Sidi Ali, confirmed the development in Abuja on Thursday.

According to Ali, the new minimum capital base for commercial banks with national authorisation is now ₦200 billion, while the new requirement for those with regional authorisation is ₦50 billion.

The apex bank also disclosed that the new minimum capital for merchant banks would be ₦50 billion, while the new requirements for non-interest banks with national and regional authorisations are ₦20 billion and ₦10 billion, respectively.

The announcement comes just days after CBN Governor, Olayemi Cardoso, urged deposit money banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system.

Last November, Cardoso, who assumed office two months earlier, had said commercial banks in the country would be directed to increase their capital base to service a $1 trillion economy ambition of the President Bola Tinubu administration.

The last time the CBN increased capital base for banks was in 2005, when the current Anambra State Governor, Charles Soludo, was the apex bank chief. Capital base was raised from ₦2bn to ₦25bn.

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BREAKING: CBN Raises Interest Rate 24.75 Percent

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The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent.

This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja.

The new interest rate is a jump from the 22.75 percent announced by the MPC about a month ago.

More to follow…

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Access Bank Targets 100% Ownership Acquisition Of National Bank Of Kenya

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Access Bank Plc and KCB Group Plc (KCB) have signed a binding agreement to acquire 100 per cent shareholding in National Bank of Kenya Limited (NBK) from KCB.

The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt of all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and notifications to other relevant regulators.

For Access Bank, this move underscores its commitment to bolstering its presence in Kenya and the broader East African region.

Speaking on the transaction, managing director/chief executive of Access Bank, Roosevelt Ogbonna said, “the transaction represents an important milestone for the Bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market.

“We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion thereby empowering many to achieve their financial dreams.”

Ogbonna added that “trade flows in East Africa revolve around key trade corridors, with Kenya being a key player in the region. With the African Continental Free Trade Agreement, these corridors will continue to expand and by deploying our best-in-class financial solutions, we are strategically positioned to deliver sustainable value for our stakeholders.

“The consolidation in Kenya will support the realisation of our aspiration to be Africa’s Payment Gateway to the World. Subsequent to the completion of the transaction, NBK would be combined with Access Bank Kenya Plc to create an enlarged franchise in the pursuit of our strategic objective for the Kenyan and East African markets.”

Group CEO of KCB, Paul Russo said: “this transaction represents what we believe is a great opportunity to maximise value for our shareholders while strengthening the competitive position for the Group. The past four years have been defining for NBK as a KCB Group subsidiary and this step marks the opening of new opportunities.”

“During the period, we have made progressive investments in the Bank, and we believe that this is in the best interest of the Group and its sustainability. Our growth strategy is premised on both organic and inorganic plans, and we shall continue to seek opportunities that increase our shareholder’s value,” said Russo.

Access Bank stated that all parties will be working together in the coming months to fulfill the conditions precedent relating to the proposed acquisition, which include the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya.

Access Bank will continue to provide a full range of banking services and continuity for its stakeholders including employees and customers in Kenya.



In recent months, Access Bank has embarked on a strategic expansion drive, marked by significant acquisitions. In January, the Bank completed its acquisition of Atlas Mara Zambia, thereby becoming one of Zambia’s top five banks by revenue with prospects to be in the top three by 2027.

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