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  • Here’s Why Your Bank Transactions Are Failing

    One of the few habits Nigerians picked up during the cash scarcity caused by Meffy’s Naira redesign is a dependence on cashless transactions. However, on April 11, 2023, many Nigerians were frustrated and stranded due to a glitch in the Nigerian Inter-Bank Settlement System (NIBSS). 

    This glitch was due to a network failure which affected many banks and fintech apps. As a result, many people were inconvenienced as they couldn’t carry out their daily transactions, particularly interbank transfers. 

    But what’s NIBSS, and why is it essential to the banking system? 

    The NIBSS is owned by the Central Bank of Nigeria (CBN) and all licensed Deposit Money Banks (DMBs) in Nigeria. It handles electronic funds transfer, automated direct credits and debits, QR code payment standards and account verification. 

    So, to put it simply, if there’s a fault with NIBSS, the whole country goes to a standstill like we witnessed yesterday.

    NIBSS bank transactions

    ZikokoCitizen spoke to some people who experienced the downtime yesterday, and here’s what they had to say:

    Anna*

    “I had no idea there was a general issue with banks. In fact, up until yesterday, I didn’t know what the NIBSS was. I was trying to buy food online and noticed it wasn’t going through. I used another card, but again, the transaction failed. 

    I decided to give up on lunch and focus on my work, but I had run out of data. I sent money to another bank account to buy data, but the transfer didn’t go through, so the afternoon ended with me being hungry and unproductive.”

    Zainab*

    “On my way back from work yesterday, I sent money from a Fintech savings app to my bank account, but it didn’t reflect, and I had to pay a cab driver. Fortunately, my roommate was around and had enough cash to help me out”. 

    Joshua*

    “I initiated a transaction yesterday with my bank to another Fintech app. I’ve been debited by the bank, but the money still hasn’t been reflected. I’ve also found it difficult to open the app”.

    It might be time for the CBN to look into creating an alternative system for online transactions if Nigeria’s truly serious about translating to a cashless society. 

    Tolu Omotesho

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  • Banking Problems Reach the Zenith for Nigerians

    Politicians, policemen, and lecturers should say “God forbid” at least three times daily because every now and then, they’re the target of curses from many Nigerians. And looking at what has happened in the last couple of days, it seems bank staff should also be part of this list. 

    Ever since the federal government signed Nigerians up for shege pro-max with the Naira redesign policy, the flaws in our banking system have been exposed for all to see. Many people have had to struggle with bad networks from their banks amidst the naira scarcity, which makes the implementation of the cashless policy seem even more impractical. 

    However, the bank that seems to be bearing the brunt of Nigerians’ frustrations the most is Zenith. On February 7, 2023, an angry crowd of customers threatened to burn down their Sango-Ota branch in Southwest Nigeria because they felt ignored. Luckily, a man called MC Tush was able to appease the mob. Unfortunately, their other branches didn’t have the same luck as they have been attacked by customers unable to withdraw the new notes from their accounts. 

    There have been clips on social media of their staff jumping fences to escape mob attacks.

    Well, Zenith bank finally decided that enough’s enough. And on February 7, 2023, it shut down some of its branches in Abuja and other states around the country. This has frustrated Nigerians, but you can’t complain if there’s no one there to listen to you. 

    It’d be interesting to see how Zenith bank tries to bounce back when everything’s over. 

    [newsletter type=”gov”]

    What else happened this week?

    A 9-Year-Old Nigerian Graduated from an American High School

    For the japa enthusiasts, this might give you another reason to leave Nigeria. A nine-year-old boy, David Balogun, who lives in Pennsylvania, America, has become one of the youngest students in the world to graduate from high school. After attending classes remotely, he received his high school diploma from Reach Cyber Charter School. And some employers still foam at the mouth when you mention remote work. 

    He plans to be an astrophysicist and has completed his first semester at Bucks County Community college. This boy would never have to worry about ASUU strike, and if Nigeria had a system that worked, we’d see that we’re blessed with children who are geniuses like David Balogun. 

    Video of the week

    Question of the week

    The Supreme Court has temporarily suspended the February 10, 2023, deadline for swapping the Naira notes. Will this aid politicians in vote buying at the forthcoming polls?

    Ehen one more thing


    The pressure on INEC is getting “worser”. There are talks of INEC working with MC Oluomo to distribute election items. Here’s the full gist.

    Tolu Omotesho

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  • QUIZ: Which Stressful Nigerian Institution Are You?

    Do you move mad like Nigerian banks or have terrible mood swings like network providers?

    Sheriff Alimi

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  • The Best Place to Keep Money in Nigeria? We Ranked Them All

    A Nigerian’s brain is filled with many concerns fighting for attention. Thoughts like, “Where do I find the shortest queue for fuel today?” or “Which network provider won’t disgrace me today?”

    But the one you’re guaranteed to find close to the top is, “Where can I keep my money so bank charges, exchange rate, rats and snakes don’t send me back to my village?”

    Where do Nigerians keep their money? We’ve ranked all eight spots.

    8. Nigerian mother

    If you’re still keeping money with your Nigerian mother, after all she used your eyes to see when you were younger, you’re very brave. Sure, mothers are great at saving things — remember the nylon bag filled with other nylon bags? — and we’re not saying you won’t get your money back, but if she “borrows” it, how do you ask for it back? Are you ready for a how “she carried you for nine months” reminder?

    7. Thrift savings, AKA Ajo or Esusu

    I get the idea behind ajo, and it’s not bad. You agree with a group of people to put your money together, and then each person “collects” everyone’s money when it’s their turn. It makes sense if you don’t trust yourself not to finish all your money on shawarma, but what if one person decides to pack everyone’s money and run away before paying their share? If it can happen to these people, it can happen to you. Issa no for me.

    6. Under your bed or pillow

    There’s nothing better than sleeping on money, literally; at least you know where your money is. But have you met some rats? In case you don’t know, there are demon rats who’d leave your kitchen and prefer to eat certificates and cash. Just ask our politicians.

    5. Piggy banks, AKA kolo

    Kolos only work when you’re highly self-disciplined, or you’d just find yourself using broom to remove the ₩1k you dropped there the night before. 

    4. Regular banks

    You’ll understand why I’m differentiating the banks later on in this list, but here, I’m referring to the traditional commercial banks where you’ll open a “savings” account with ₩10k and come back to a balance of ₩9,650 in a matter of minutes. The ones that’ll charge “ATM maintenance” fees but will still ask you to wait 24 working days to reverse an ATM dispense error. The good thing is, you don’t have to keep your money in cash, and people can easily send you urgent ₩2k.

    3. The stock market

    You can make a sizeable profit when you keep your money in stocks, but you can also wake up tomorrow and see that all your life savings has vanished. It’s not your village people. The stock market is just volatile. Put some of your money there, not all biko.

    2. Foreign currency

    With the naira’s epileptic state, it only makes sense to want to keep your money in other currencies like the dollar. This would have been number one, but how many people even have access to dollar investments?

    1. Digital banks

    Digital banks are like mobile banks, but without the plenty charges. At least with these ones, what you put inside is what you’ll meet, plus jara.

    ALAT by Wema, Nigeria’s leading digital bank, offers multiple savings features which customers can choose from and grow their finances by earning up to 10% interest on money saved. 

    Even if you want to spend your money — because problem no dey finish — their Spend and Save feature allows you to automatically save a percentage of the transaction amount on ALAT and earn interest on your savings. You can also save in dollars with the Dollar Savings feature. Even if it’s ajo you want to do, the Rotating Savings feature offers a transparent collective savings process for you and up to 12 friends.

    Make savings and investment a lifestyle with ALAT. Check out their website for more information on the available savings features, and get started today.

    Tife Oni

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  • QUIZ: Which Annoyed Bank Customer Are You?

    Are you the one that screams down the entire place or just takes the fight to social media when your bank moves mad?

    Take this quiz and we’ll guess.

    Tife Oni

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  • Stanbic IBTC Pension Managers Reward Customers

    Ahead of the festive season, Stanbic IBTC Pension Managers, Nigeria’s largest Pension Fund Administrator (PFA), has unveiled the Stanbic IBTC Pension Managers Loyalty Program tagged Umatter. It is a reward scheme targeted at the customers of the PFA, to reward them for their loyalty and patronage through exclusive discounts as they shop with their e-loyalty card.

    The loyalty program is available at the PFA’s partner merchants’ locations and stores across the nation. It is aimed at providing Stanbic IBTC Pension Managers’ customers with exciting shopping discounts to help them spend less and save more when they shop.Some of the participating merchant outlets are Maybrands, CafĂ© Royale, Hubmart Stores, Chocolate Royal, La Campagne Tropicana, Physio Centers of Africa, Medplus, iStore, Oriki, Launderland and Active Leisure. The discounts range from 5 to 12 percent on products and services purchased.

    Stanbic IBTC Pension Managers’ partnerships with these major outlets will enable customers to seamlessly enjoy instant discounts on their purchases during this festive period, thereby making life even more easy and affordable for customers who use the Stanbic IBTC Pension Managers e-loyalty card. Stanbic IBTC Pension Managers will continue to initiate valuable programs like this that encourage people to continue saving for their retirement and building their financial future.New and existing customers can be a part of this exciting loyalty program by visiting www.stanbicibtcpension.com or calling 01 271 6000.

    Susan Nwaobiala

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  • New Winners Emerge in Union Bank’s Save & Win Palli Promo

    More winners have emerged from Union Bank’s ongoing “Save & Win Palli Promo”. 50 lucky customers nationwide each won N100,000 in the recently concluded monthly draw. The winners were selected through a transparent live draw event monitored by relevant regulatory bodies and stakeholders. This marks the final set of monthly winners in the ongoing promo.

    The Save & Win Palli Promo is a nationwide campaign by the Bank to give away a whopping N55 Million to both new and existing customers, as a way of offering Nigerians some relief (a.k.a ‘palliative’) from the economic hardships brought on by the ongoing COVID-19 pandemic.

    The Promo is now in its final run and will be coming to an exciting close at the end of December 2021. The final draw will see one lucky saver rewarded with the grand prize of 5 million naira!

    With only a few weeks left to the finale, there is still an opportunity to join in and win. To participate, existing Union Bank customers can save a minimum of N10,000 this month. Prospective customers can download the UnionMobile app on their mobile phones to open an account or walk into any Union Bank branch nationwide. Returning customers can reactivate existing accounts by calling the 24-hour Contact Centre on 07007007000 or also visit anyUnion Bank branchs across the country.

    For more updates on the Save and Win Palli promo, follow Union Bank on Facebook, and Instagram .

    Susan Nwaobiala

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  • 8 Things We Secretly Wish Nigerian Banks Would Do

    Many Nigerians are in a complicated relationship with their banks. This wouldn’t be the case if they’d just do some things we secretly wish for. But they’re not ready for this conversation.

    Maybe in the afterlife.

    1. Put beds at ATM stands

    Yes. To recover from those never-moving queues and reduce all the “I’m behind” you wahala.

    2. Share food when we
    open new accounts

    It’s not only in church that they should be doing first timer nau. Is it not when you eat well, you can work to save money? Biko, a plate of Jollof isn’t too much to ask for.

    3. Send funds

    See ehn, this one will slap. Especially in those times when your account is already glowing red and your enemies are waiting to laugh at you.

    4. Send us gifts on our birthdays

    Instead of SMSes, we could really do with some customer appreciation gift. If delivery is too much of a bother, we can do pick-up, no problem.

    5. Giveaways

    Christmas, giveaway. New Year, giveaway. Valentine’s Day nko? Giveaway to profess their love. This is how to make sure you ride with them for life.

    6. Deduct SMS charges only once a year

    On top of all the debit alerts you have to deal with, at the end of the month you’ll still see SMS charges. E choke oh. Once a year will do, or eliminate it, pata-pata. T for tenks.

    7. Come to our houses

    The motto is simple: If the customer won’t come to the bank, let the bank go to the customer. Why should you allow sun to play dangerous games with your forehead, when you can simply be attended to from the comfort of your house?

    8. Automate more processes

    In this time and Age, we shouldn’t be queuing physically at the bank to get basic things like changing phone numbers or opening a new account done. *Screams silently at the absurdity.*

    Susan Nwaobiala

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  • Five Fascinating Facts About Wema Bank’s “5 For 5” Promo

    Yasss! It’s Dorime Season as Wema Bank opens the floodgate of giveaways for its customers in the ongoing Wema Bank’s “5 for 5” Promo! Here are Five Fascinating Facts about it that you cannot afford to miss.

    Over 30 million Naira to be won

    TLSPKPK? A total of N31.5m cool cash will be given away to lucky customers as part of the ongoing Wema Bank ‘5 for 5’ promo. Who says it’s not plenty? Pepper anyone who does abeg.

    You can say bye-bye to sapa with N1 Million!

    Bruh, forget! This sapa season, everyone stands a chance of becoming a millionaire in this exciting Wema Bank’s “5 for 5” Promo as there will be a grand prize of N1m for 1 lucky customer every month till the promo ends. Sapandemic is for he that is not smart! Wake up! Hop on this Promo asap!

    Promo will run for 9 months

    The new reward scheme from Nigeria’s leading innovative bank will run for the next 9 months! Everybody must cash out this season! Every month, 20 customers will win N100,000 each, and another 50 will grab N10,000 each as consolation prizes in this Wema Bank’s “5 for 5” Promo. Omo! Play me Dorime already! Cash out season is here!!!

    You need from 5k only to qualify

    All you need to do to win is fund your account with at least N5,000 and carry out a minimum of 5 transactions on either ALAT, USSD *945# or with your Wema Debit card monthly and maintain a minimum account balance of N10,000 at the end of the month. Then voila! Millionaire status is loading 
ding 
ding loading!

    Both old and new Wema bank customers are welcome

    The Wema Bank’s “5 for 5” promo is unique because it is open to new and existing customers nationwide and those who recently reactivated their accounts. They all stand a chance to become millionaires every month after electronic draws.

    For more information, visit https://www.wemabank.com/5for5promo/ and follow Wema Bank on Facebook and Instagram for updates.

    Susan Nwaobiala

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  • 5 Types Of Credit Alerts That Just Hit Different

    They say, “money is not everything” but have you seen credit alerts? Particularly these 5 Types listed below?

    1. Alert from someone who said “send your account number” ages ago

    This is how wide you’ll smile. May such people not sleep until they’ve credited you oh.

    2. Salary alerts

    Especially when your salary has finished since the first week of the month. You can even dab after seeing the alert and forget you worked hard for the money.

    3. Alert for money you did not work for

    Nothing is sweeter than spending free money. You deserve to be taken care of jare.

    4. Alerts to yourself

    Only people with 2-3 bank accounts will understand. Console yourself with the fact that if you don’t send yourself money, who will?

    5. Alerts from giveaways

    Imagine being chosen to win money out of all the people who must have contested in a giveaway… Your God is not asleep.

    You may recall that Fidelity Bank launched its GAIM season 4 campaign in 2019, but was forced to suspend it due to the Coronavirus (Covid-19) Pandemic and the resulting global lockdown. Now that the world has returned to normalcy, Fidelity Bank is winding down the promotion, giving customers another chance to win Big. We mean BIG!

    Susan Nwaobiala

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  • QUIZ: Only Wealthy Nigerians Will Score 9/11 On This Quiz

    If you live in Nigeria, then this quiz shouldn’t be too much of a challenge for you.

    See for yourself below:


    Hassan Yahaya

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  • The FG Wants You To Queue At The Bank. Again

    This evening, the official Twitter account of the FG put out a thread of tweets asking all account holders in financial institutions (banks, insurance companies etc.) to fill and submit a self-certification form to their financial institutions.

    https://twitter.com/NigeriaGov/status/1306634568267640832?s=20

    The main gist is that every person with an account with any Nigerian financial institution is required to fill a self-certification form (we don’t yet know what that means) and submit it to their banks etc.

    This directive comes from the FIRS, who claim that the forms are required by “the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.”

    Remember when the CBN/FG mandated every person with a bank account within Nigeria to get a BVN? This is just like that. We expect there to be tons of people at the banks.

    Nigerian banks and crowds don’t mix, and with a pandemic raging on, we wonder if this decision was well-thought out.

    The real question, however, is: why are we constantly required to fill endless bio-data and other forms despite the BVN exercise mandated in 2014?

    1. Of course, Nigerians are none too pleased with the FG about this development:

    https://twitter.com/zinnayy_/status/1306667609425879040?s=20

    2. We aren’t the only ones who think this wasn’t well-reasoned by the FG:

    3. Others are asking very pertinent questions:

    4. Others don’t give a fuck:

    https://twitter.com/Mubzz__/status/1306662812966686720?s=20

    5. At the end of the day, it’s important to realise how we got here and the changes we need to effect:

    Update: The Message Does Not Apply To Everybody

    The Federal Government has just come out to state that the self-certification forms do not apply to everybody. I guess we can relax now.

    The Federal Inland Revenue Service (FIRS) who are the body in charge of federal taxes in Nigeria will issue the appropriate clarification shortly.

    Read: Nigeria Wants To Fight Corruption With Another New Agency

    Olufemi Fadahunsi

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  • QUIZ: How Many Nigerian Banks Can You Name in 1 Minute?

    Even if you want to avoid Nigerian banks, they cannot avoid you. They’re in your face begging you to open accounts, everywhere you go.

    How Many Nigerian Banks Can You Name in 1 Minute?

    Olufemi Fadahunsi

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  • How Do Banks In Nigeria Make Money?

    How do banks make money in Nigeria? Have you ever wondered?

    Bankers are allegedly some of the most well-paid people for entry-level positions but it’s not pretty clear where the income comes from.

    So, how do financial institutions earn this money?

    Fees, fees, everyone gets a fee.

    This is one of the easiest ways banks make a tonne of money from people. Imagine card maintenance fee, SMS charges, Atm fees for withdrawing from other banks, being collected from a large number of people. In the battle of banks vs customers, banks always walk away with a neat sum. Something light.

    From Deposits.

    It’s like this, your bank says take this interest for saving your money with us, and they, in turn, loan out your money to other customers at a high-interest rate and make more money than whatever you are getting as interest returns.

    The game is the game.

    Don’t panic about the lending, your money is insured against loss by the Nigeria Deposit Insurance Commission.

    Income from investments.

    This ranges from Treasury bills to Bonds to Real estate. Essentially, longterm assets that can be profitable to them is what they invest in. Some with a lot of money go as far as investing in big building projects either to resell or to rent out.

    So, there you have it. A summary of how banks in Nigeria make money. Did I miss any? Let’s have a conversation in the comment section.

    Hassan Yahaya

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  • How To Pick A Nigerian Bank That Won’t Kill You

    Are you in an abusive relationship with your financial provider? – Do atrocities range from unwarranted debits to dubious card maintenance fees? does it also include sending N5.42k interest every month, to even just generally being unfortunate? – come along as we share the best tips on how to avoid rubbish. 2020 must obey.

    1) Violently say no to friends/family members/enemies that beg you to open accounts so they can meet a target

    From my experience, this never ends well. If you had to open a compulsory Nysc account you have an idea of what I am talking about.

    2) If the bank name contains the letter A, brethren please run

    Don’t ask us how we know this. It is known.

    3) If they are active on social media, run

    The only thing social media handlers know how to do is say: “We are sorry for the inconvenience, we are looking into it.” Sorry for yourself.

    4) If they are not active on social media, run

    Where do they expect us to lodge our complaints? They are not in touch with young people.

    5) If they keep offering you a payday loan/ car loan/ study loan, pls run

    On what salary for goodness sake?

    6) Red flag – if they organize like a yearly festival or a show or anything outside of the banking activities

    They will funnel all your hard-earned naira towards paying for these events.

    7) If they don’t organize yearly festivals and shows – throw them away

    Where do they expect us to meet young, fun people, and also take dope photos?

    8) If one of your parents used the bank during their youth, do we still need to advise you on what to do?

    Goodluck complaining to members of staff in a bank that is as old as your parents.

    9) See, apart from running from banks, pack your bag and run from this country

    In all honesty, this is the only chance of survival and eventually picking a stressless bank because everything here is trying to kill you.

    Hassan Yahaya

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  • 16 Things Everyone Who Has Worked In A Bank Can Relate To

    1. When you get your employment letter

    We are not mates anymore.

    2. First day of work and you hear you can only leave at 8PM

    Sah, did you say eight as in 8PM?

    3. During your training and you hear the kind of target they have

    It’s not me that will go to the marketing department abeg.

    4. When they end up putting you in the marketing department

    Nobody said the road will be this rough.

    5. And they tell you your target is N350 million

    Must be a mistake, prank, or an expensive joke.

    6. But you hear Chioma in marketing brought N400 million last quarter

    Na jazz?

    7. So you start wondering if bank work is worth it

    My photographer and fashion designer friends are not having this stress.

    8. You and your social life

    Because no time to even sleep properly.

    9. Waking up at 4AM and still getting caught up in traffic

    This is just pure stress.

    10. When you get to work 200% frustrated and Shola from customer service wants to crack jokes

    Please, not today or anyday this week.

    11. When one customer is getting impatient after only two minutes

    Eskiss sir, you need to calm down abeg.

    12. You, when people come to withdraw N500 over the counter

    Are you being serious? For real?

    13. When customer Musa always fills tellers wrong and runs away with your biro

    What sort of people are in this world?

    14. When your coworker removes his shoe and you can’t breathe again

    My God, what is this stench?

    15. You when your balances are not matching at the end of the day.

    This is the end.

    16. When they tell you your major account holder wants to close his account

    Please sah. Epp.

    Tobi Smith

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  • 12 People You Will Meet At A Nigerian Bank
    Going to a bank anywhere in Nigeria can be a very frustrating experience sometimes, but it can also be extremely amusing. The people you meet at any time can either make it worse or better for you.

    1. The “ATM is not working” people

    These ones are so quick to yell “ATM no dey work”. Brother nobody asked you.

    2. The ones that want to enter the metal detector with you

    No patience. No respect for personal space. These are the kind of people that will want to enter bathroom with you if they can.

    3. The gateman that is very extra

    “How is the week sir?”, “how is work?”, “can I clean your shoe for you?”, “let me help you hold your bag”. Brother calm down. Relax.

    4. The pen borrowers

    “Please can I borrow your pen”, “do you have an extra pen”. These are the ones that never took biros to an exam hall.

    5. “Amatyour back please”

    Nigerians never fail to do this. It’s like the rising of the sun. Just stay on the line yourself you won’t die now.

    6. The impatient liars

    “I was in front of you before you came”, “please my wife is in labor I need to cash this cheque quickly”. Are you serious right now sir?

    7. The cashier that never has network

    These ones are probably trying to bat their score on Solitaire or catching up on some gossip blog. They don’t even let you finish your question
 “Please ma what is today’s dat..” “network is down”.

    8. The ones that don’t know how to fill forms

    These people are only pure stress. They will make you fill out about 10 different forms in the name of “I didn’t bring my glasses”. Please bring your glasses to the bank next time uncle.

    9. The cashier that wants to give you N100 notes for a N10,000 withdrawal

    Nothing as annoying as this happening. “we only have N100 notes” please keep it. It is me you want armed robbers to notice?

    10. The oversabi customer service rep

    These ones always go and ask their bosses for everything, have a company manual they consult before they do anything, and will ask you to bring your grandfather’s cap, the blood of an owl, Nnamdi Azikiwe’s NEPA bill and 10 other documents to collect your ATM. why?

    11. The Fraudsters

    “Please can you help me use this ATM card”, “I want to deposit money in your bank account and you will send it to me”. Not today Satan. Just run away.

    12. The show offs

    These ones walk into the bank and flash the cash so the N2,050 in your account begins to irritate you.

    Tobi Smith

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