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A report by FITC has revealed that bank customers in Nigeria lost N472m to fraud in the first quarter of 2023. It was also disclosed that there was a total of 12,553 cases of fraud recorded within this period. This was according to the Q1 report obtained by The PUNCH from the website of FITC. FITC’s institutional members are members of the Nigerian Banker’s Committee, which comprises the Central Bank […]
Annual inflation in Egypt hit 36.8 per cent in June, official figures showed on Monday, an all-time high for the country grappling with a punishing economic crisis. The previous record of 34.2 per cent in July 2017 came, as it does now, following a sharp currency devaluation connected to a bailout loan from the International Monetary Fund. The Egyptian pound has lost half its value against the dollar since early […]
The Nigeria Deposit Insurance Corporation says the deposits of directors and staff of defunct banks are excluded from its Deposit Insurance Scheme. This was disclosed during the Financial Literacy Day Programme organized by the NDIC on Monday in Abuja While discussing the mandate and the operations of the corporation, Spokesperson of the agency, Tanko Yahaya, noted that the Deposit Insurance Scheme does not cover insider deposits, among others.
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