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Zenith Bank
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Given Nigeria's rising inflation and other economic issues, Nigerian banks are starting to significantly raise employee salaries to retain top staff.
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Nigerian banks have been paying their debts to telecommunication companies for Unstructured Supplementary Service Data (USSD) services since 2019.
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About seven banks, mostly tier-1 entities, have raised about N1.3 trillion in pursuit of the Central Bank of Nigeria (CBN) recapitalisation deadline.
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Deposit Money Banks (DMBs) that owed telecommunication companies and were facing USSD disconnection are now safer after making last-minute payments.
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Nine banks are scrambling to repay debts owed to Telcos from the use of USSD codes and avoid being disconnected from the service by the January 27 deadline.
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Zenith Bank, one of Nigeria's tier-one banks, has reportedly increased its staff salaries and promoted about 4,000 of its personnel in a company-wide restructuring
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Commercial Banks have commenced the enforcement of daily and weekly withdrawal limits of N100,000 and N500,000 ordered by the Central Bank of Nigeria (CBN).
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Insiders said that Zenith Bank, one of the largest lenders in Nigeria, laid off several senior staff members as part of a significant organizational restructuring.
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The Nigerian Communications Commission (NCC) has announced that the USSD codes of various Nigerian banks will stop working unless a five-year debt is paid.
Zenith Bank
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