The Nigerian banking sector is facing a crisis of confidence as workers threaten to go on a nationwide strike over economic hardship and poor working conditions. The workers, under the umbrella of the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE), have given the government and the Central Bank of Nigeria (CBN) a 14-day ultimatum to address their grievances or face industrial action. Workers demand better pay and…

International Banker is a website that provides authoritative analysis on international banking, finance, and technology. It covers topics such as banking trends, monetary policy, climate change, fintech innovation, and more. The website aims to inform and educate its readers about the latest developments and challenges in the global banking industry. How Banks Are Responding to Africa’s and the Middle East’s Evolving Financial Needs One of the recent articles on International…

The Financial Conduct Authority (FCA) has issued a warning to banks that they could face fines if they wrongly deny accounts to politicians and their relatives. The regulator is reviewing how banks treat politically exposed persons (PEPs) amid claims that some have faced unfair scrutiny or rejection. What are PEPs and why do they matter? PEPs are individuals who hold or have held prominent public positions, such as MPs, ministers,…

The Financial Conduct Authority (FCA) has issued a warning to banks that they could face fines if they wrongly deny accounts to politicians and their families. The regulator is reviewing how banks handle the cases of politically exposed persons (PEPs), who are subject to additional checks due to their potential risk of corruption or money laundering. FCA vows to act against ‘tick-box’ approach Sarah Pritchard, executive director at the FCA,…