The Central Bank of Nigeria has established a recapitalisation deadline for banks, set for March 31, 2026. As of February 19, 2026, the total verified and approved capital raised stands at N4.05 trillion, with 71.6% of this amount, or N2.90 trillion, mobilised domestically. The remaining 28.33%, equivalent to $706.84 million (N1.15 trillion), has been sourced from foreign investments.

Currently, 34 banks have successfully met the new minimum capital threshold ahead of the deadline. The new minimum capital requirement for international commercial banks is N500 billion, while national banks must meet a minimum of N200 billion. Notably, the merger between Providus Bank and Unity Bank has enabled them to exceed the N200 billion requirement.

Three banks are currently under regulatory intervention and are being treated as special cases in the recapitalisation process. The recapitalisation exercise was initially introduced in March 2024, aimed at strengthening the financial stability of the banking sector.

Olayemi Cardoso, a representative from the Central Bank, stated, “Depositor funds in these institutions remain secure, and operations continue under close supervisory and regulatory oversight of the central bank.” He also emphasized that the bank remains actively engaged with all relevant stakeholders to ensure an orderly and credible outcome.

Ayokunle Olubunmi remarked, “I think the recapitalisation exercise has been a success thus far,” reflecting a positive outlook on the progress made. Meanwhile, the Central Bank of Nigeria is expected to issue a final status report next week, which will provide further clarity on the ongoing recapitalisation efforts.

Details remain unconfirmed regarding the final capital position of the three banks under regulatory intervention, as their outcomes depend on ongoing supervisory actions and possible support arrangements. The timeline for the completion of the recapitalisation process for these banks remains unclear.

The post Nigerian Banks Recapitalisation Deadline Approaches appeared first on Toprecruitment.

The Central Bank of Nigeria (CBN) has announced new rules regarding the Bank Verification Number (BVN) system, set to take effect on May 1, 2026. These changes aim to enhance security measures and prevent fraudulent transactions within the banking sector.

As part of the new regulations, enrollment for a BVN will be limited to individuals who are 18 years of age and older. This restriction is intended to ensure that only eligible adults can participate in the BVN scheme, which serves as a unique identifier for bank customers across Nigeria.

Additionally, amendments to phone numbers linked to a BVN will now be restricted to a one-time change only. This measure is designed to reduce the potential for fraud by limiting the frequency with which customers can alter their contact information associated with their bank accounts.

Furthermore, financial institutions are required to establish and maintain a temporary watchlist for BVNs that are implicated in suspected fraudulent activities. A BVN may remain on this temporary watchlist for a maximum period of 24 hours, allowing banks to quickly respond to potential threats while ensuring that legitimate customers are not unduly affected.

As of March 2026, there are approximately 68.59 million bank customers enrolled in the BVN scheme, which was initially introduced in 2014 as a tool to protect customers from fraudsters. The CBN emphasizes the importance of maintaining the integrity of this system to safeguard the interests of bank customers.

Olayemi Cardoso, a representative of the CBN, stated, “The CBN has a duty of care, ensuring that it provides excellent guidance that ensures that bank customers get the best services for their patronage.” This statement underscores the central bank’s commitment to enhancing customer service while implementing these new rules.

In summary, the introduction of stricter BVN enrollment and data access rules reflects the CBN’s ongoing efforts to combat fraud and improve security within the Nigerian banking system. As these changes take effect, stakeholders in the financial sector will be closely monitoring their impact on both customers and institutions.

The post Nigeria New BVN Rules Introduced by Central Bank appeared first on Toprecruitment.

In an effort to bolster security in the rapidly evolving digital financial landscape, the Central Bank of Nigeria (CBN) announced new rules governing instant payment systems. These regulations are set to take effect on July 1, 2026, and aim to address rising concerns about fraud in mobile money transfers and online banking.

On March 12, 2026, CBN officials, including Musa Jimoh, outlined the key aspects of the new rules. Among the significant changes, customers will have the option to turn instant payments on or off at any time, providing them with greater control over their financial transactions. Additionally, new customers will have instant payments enabled by default, ensuring they can quickly engage with digital banking services.

To enhance security, banks are mandated to implement Multi-Factor Authentication (MFA) for payment settings. This requirement is designed to protect users from unauthorized access and fraudulent activities. Furthermore, the CBN has set daily spending limits that allow personal accounts to transact up to ₦25 million, while business accounts can handle up to ₦250 million, contingent upon successful risk assessments.

As part of the new regulations, the CBN requires banks to monitor unusual money movements using advanced computer systems. This initiative aims to detect and prevent potential fraud before it occurs. Additionally, the rules stipulate that ATMs must be deployed at a ratio of one for every 7,500 payment cards issued, ensuring adequate access to cash for users.

Another critical aspect of the new regulations is the handling of failed on-us ATM transactions. The CBN has mandated that these transactions must be reversed instantly, with manual reversals not exceeding 24 hours. This measure is expected to enhance customer satisfaction and trust in digital banking services.

In a move to simplify access to dormant accounts, the CBN has removed the affidavit requirement for reactivating such accounts. This change aims to eliminate unnecessary delays and administrative hurdles that previously hindered customers from reclaiming their funds. Banks are now permitted to accept dormant account reactivation requests through alternative digital channels, streamlining the process further.

Moreover, the CBN has strengthened disclosure requirements for dormant accounts and unclaimed balances, ensuring that customers are better informed about their financial status. New mobile banking users will initially face a transfer limit of ₦20,000 for the first 24 hours, allowing banks to assess risk before granting full access to their accounts.

These developments are significant for both consumers and financial institutions in Nigeria. By implementing these rules, the CBN aims to strike a balance between facilitating easier access to funds and maintaining the integrity of the financial system. As the digital banking landscape continues to evolve, these regulations will play a crucial role in shaping the future of financial transactions in Nigeria.

The post CBN Instant Payment Rules: New Regulations for Digital Transactions in Nigeria appeared first on Toprecruitment.