#banking

Nigerian banks UBA, GTCO, and Access Holdings invested N118 billion in aggressive advertising campaigns over a period of 15 months, focusing on brand promotion in a competitive market, according to Punch.

According to ThisDay Live, banks' borrowing from the Central Bank of Nigeria (CBN) has decreased by 96.04% Year-on-Year (YoY), reaching N2.33 trillion in the first half of 2026. This significant decline occurs amidst ongoing uncertainty in the business environment.

According to Moneyweb, digital innovation is transforming banking operations, particularly for mid-corporate businesses, where trust and relationships are crucial. Deborah Fenton discusses how technology is enabling bankers to reduce administrative tasks, allowing them to focus more on providing significant value to their clients.

In 2026, Nigeria's largest commercial banks continue to maintain extensive branch networks despite the rise of mobile banking and USSD services. This strategy aims to cater to a diverse and predominantly cash-reliant population. The information is based on data compiled by Nairametrics Research from the banks' 2025 annual reports and investor presentations.

A Nigerian bank has announced the introduction of new charges on foreign currency transfers. However, transfers made by customers between their own accounts within the bank will be exempt from these new fees, according to Legit.ng.

Capitec Bank has expanded its services to allow South Africans to apply for replacement Smart IDs at 127 branches across the country. This initiative aims to make it more convenient for citizens to obtain their identification documents.

Olayemi Cardoso, the Governor of the Central Bank of Nigeria, has urged banks to utilize the over N4.6 trillion raised from the recent banking sector recapitalisation to invest in productive sectors. This initiative aims to create jobs, support businesses, and enhance foreign exchange earnings. The recapitalisation exercise concluded on March 31, 2026.

The combined market capitalisation of 12 listed deposit money banks in Nigeria reached N22.51 trillion in the first half of 2026, driven by the successful implementation of reforms by the Central Bank of Nigeria (CBN) and strong earnings from these institutions, according to ThisDay Live.

The Nigerian stock market recorded a gain of N3.2 trillion for investors during the week, attributed to renewed interest in sectors such as banking, telecommunications, and oil and gas, according to Premium Times Business.

The Constitutional Court has ruled that the bank rand-rigging case can proceed, which is part of a broader global effort to address foreign-exchange manipulation. This decision allows legal proceedings to continue against those involved in the alleged rigging of the South African rand.

The Manufacturers Association of Nigeria (MAN) has criticized the average prime lending rates of 27 percent and maximum lending rates of 36.5 percent charged by major commercial banks as of May 2026, labeling them as exploitatively high for the manufacturing sector.

On June 24, the National Computer and Cybercrime Coordination Committee in Kenya announced plans to collaborate more closely with banks and mobile network operators to enhance the recovery of mistakenly sent mobile money transfers. This initiative aims to address a rise in cybercrime cases in the country, as highlighted in a recent cybercrime status report.

Stakeholders are advocating for the adoption of technology in Nigeria's banking audit sector to improve operational functions, anticipate risks, and enhance assurance in the era of artificial intelligence, according to Punch Business.

According to Punch, Nigeria's top banks raised their technology budgets by 43% in the first quarter of 2026, investing N119 billion in digital infrastructure. This increase aims to enhance services and address the growing demand for digital transactions.

Bankers in Nigeria have expressed concerns that traditional audit and governance frameworks are becoming insufficient due to the rapid advancements in artificial intelligence, which is transforming banking operations, risk management, and fraud detection. This warning was made during the 64th Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) held in Lagos.

Africa's banking sector is approaching the latter half of 2026 with a cautiously optimistic outlook, as it faces macroeconomic pressures such as persistent inflation, high interest rates, and currency volatility. Industry analysts note that while the sector appears resilient, these challenges complicate financial planning for banks across the continent. In response, many banks are increasingly focusing on digital transformation to adapt to the changing economic landscape.

Absa's recent decision to enter the banking MVNO (Mobile Virtual Network Operator) market has raised questions about its strategy, particularly regarding the lack of innovative offerings. The situation highlights the challenges of entering a competitive space without unique value propositions, as noted by TechCentral.

According to The Citizen Business, Discovery is integrating new products from various sectors directly into its banking app, making it the central hub for its services. These products will not be available through any other platform.

Brazil is implementing a crackdown on illegal online gambling by freezing the funds of operators and holding banks accountable for their involvement. This move serves as a potential lesson for South Africa, which may need to consider similar measures in its own regulatory approach to online gambling.

KCB has terminated 94 employees for fraud over the past two years, with 60 dismissals in 2025 and 34 in 2024. The bank asserts that its controls are effective, while critics view the high number of firings as a potential warning sign regarding internal issues, according to Tech-ish.