Access, Zenith, Other Banks to Shut Thousands of Branches For Two Days, Give Alternative Channels

• Commercial banks in Nigeria have given notice of the closure of their branches for two days
• The banks said the decision is in response to the Nigerian government declaring Tuesday, April 9 and Wednesday, April 10, 2024, as public holidays
• The banks urged their customers to use alternative banking channels for various transactions

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Nigerian banks have given notice of the closure of their branches nationwide in response to the Nigerian government declaring Tuesday, April 9, and Wednesday, April 10, 2024, as public holidays.

In separate emails to their customers, the banks disclosed that their branches would remain shut during the holidays and asked them to use alternative banking channels.

Banks provide alternative channels

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They urged customers to utilise their various mobile apps, Unstructured Supplementary Service Data (USSD), and other transaction channels.

According to reports, the Nigerian government declared Tuesday, April 9, and Wednesday, April 10, 2024, public holidays to mark the Mulsim celebration of Eid-e-Fitr.

The Minister of Interior, Olubunmi Tunji-Ojo, disclosed this on Sunday, April 9, 2024, in a statement on behalf of the Nigerian government.

He congratulated all Muslims for completing the fasting in the holy month of Ramadan.

The development follows a directive by the Nigerian government to the banks to begin deductions on loans.

FG directs banks to begin charges on loans

The Nigerian government asked commercial banks to deduct and remit 0.375% of all loan disbursements to their customers.

According to the directive, the deduction is to be made on the principal loan amount.

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The development is in a message sent to bank customers by some financial institutions.

The Nigerian government is reportedly seeking to expand the net on transactions covered by the stamp duty charges from regular bank customers to foreign transactions and, recently, on loans

In January this year, the banks sent messages to customers informing them of another directive by the Nigerian government to deduct stamp duty on old foreign currency transactions between January 2021 and December 2023.

The Nigerian government has also been deducting bank accounts that receive N10,000 and above, known as the Electronic Money Transfer Levy (EMT).

Access, GTB, UBA, Zenith, and others to close branches

Legit.ng earlier reported that commercial banks and other financial institutions nationwide will be closed on Monday, December 25th, and Tuesday, December 26th, 2023.

This is in observance of the Christmas and Boxing Day public holidays, as directed by the federal government.

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The holiday closure will compound the troubles for Nigerians in search of cash.

Source: Legit.ng