March 13, 2023
On Tuesday, March 7, the Central Bank of Nigeria released operational guidelines for Open Banking in Nigeria. The new rules were written up to enable banks and third-party firms to share customer data with each other, subject to customers’ consent. Musa Jimoh, Director of the Payments System Department at the apex bank, explained this … Continue reading A Summary of the CBN’s New Operational Guidelines for Open Banking
February 16, 2023
On Thursday morning, Nigeria’s President, Muhammadu Buhari, revealed in a national broadcast that: “I have given approval to the CBN that the old ₦200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, ₦500, and ₦1000 banknotes for 60 days … Continue reading Old N200 Note Remains Legal until April 10, 2023
January 27, 2023
Nigeria’s central bank, the Central Bank of Nigeria (CBN), has launched a national domestic card scheme called AfriGo. The scheme was announced in October 2022 at the Bankers’ Committee and aims to drive financial inclusion and control card financial data within Nigeria. The CBN governor, Godwin Emefiele, stated that this move will also serve … Continue reading Nigeria’s Central Bank Launches AfriGo
January 19, 2023
In every institution, school fee management is the pivotal task of the finance department. They are saddled with the responsibility of collecting the fees accurately and keeping an impeccable record of all the collections. Read more about Tech The payment receipt serves as proof of payment for both the institution and the parents/guardians. Unfortunately, … Continue reading 5 Enhancements in the Fee Management System
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January 13, 2023
Startup funding refers to the process of raising capital from investors, typically in the form of equity or debt, to fund the growth and expansion of a new business venture. However, at the heart of startup funding is the finance department of the startup. Read more about Business The finance department plays a vital … Continue reading Startup Funding: The Key Roles Of The Finance Department
January 11, 2023
VFD Microfinance bank is one of Nigeria’s leading digital banks. Physically headquartered in Lagos, it serves hundreds of thousands of customers across Nigeria, especially in the country’s major cities. It offers a range of products and sub-services that are similar to what traditional brick-and-mortar banks provide. These include bank accounts for individuals, SMEs, and … Continue reading Brands We Love: VFD Microfinance Bank
January 6, 2023
Ideally, entrepreneurs should set up a bank account for their business, separate from their personal account. This is the first (and perhaps the most important) step towards keeping their individual and corporate finances in different silos—which in turn makes it easier for them to manage business funds. Read more about Business But the process … Continue reading How to Open a Business Bank Account in Nigeria
December 27, 2022
Nigeria is facing a debt crisis due to several factors, including low oil prices, economic mismanagement, and corruption. The country’s debt-to-GDP ratio has reached an unsustainable level, and the government is struggling to meet its debt obligations. In order to recover from this crisis, the Nigerian government will need to implement a combination of … Continue reading How Can Nigeria Recover From Its Debt Crisis?
December 13, 2022
It’s the season to be merry—and one in which shopping goes into overdrive. When Christmas comes around, a sizeable portion of the public makes its way to malls and markets to purchase stuff that’ll glitter, impress, and fill bellies. This translates to a lot of money spent. It also means that most people wind … Continue reading 7 Tips to Manage Your Finances This Christmas
December 9, 2022
Ngozi Okonjo Iweala, Director of the World Trade Organization (WTO) has won the “African Female Leader of the Year” award from African Leadership Magazine (ALM). Read more about Finance According to ALM’s announcement, the category was part of the “11th African Leadership of the Year Award – 2022”. The African Leadership Person of the … Continue reading Okonjo-iweala Wins ALM’s ‘African Female Leader of the Year Award
December 9, 2022
On the 6th of December, the Central Bank of Nigeria (CBN) announced a new policy that mandates deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000 respectively per week. Read more about Finance Several experts and observers have … Continue reading The Impact of the New CBN Withdrawal Policy
December 9, 2022
The Central Bank of Nigeria (CBN) has announced a new policy that requires deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week. Read more about Finance According to a new memo to banks issued … Continue reading CBN Releases New Policies on Cash Withdrawal
December 8, 2022
The Central Bank of Nigeria (CBN) has introduced new limits on cash withdrawals over-the-counter, as well as for Automated Teller Machines (ATM) and Point of Sale (PoS). This was disclosed by the CBN in a circular made public on Tuesday. Read more about Finance The statement, signed by Haruna Mustapha, the CBN’s Director of … Continue reading CBN Imposes ₦100,000 And ₦500,000 Limit on Cash Withdrawals
December 3, 2022
In a shocking revelation revealed by the National Bureau of Statistics (NBS), one hundred and thirty-three million Nigerians are multidimensionally poor— that is over 60% of the country’s population. The report noted that 133 million Nigerians are deprived of more than one essential survival need (good health, good living standards, basic education, and gainful … Continue reading How Nigeria Can Escape the Poverty Trap
November 26, 2022
Following the launch of the newly redesigned Naira notes (1000, 500, and 200), many Nigerians have expressed scepticism about such a move, questioning the logic and wisdom behind such an ambiguous project. However, several monetary and security experts have pointed out the merits behind the government’s move. Read more about Finance To Curb Inflation … Continue reading 4 Reasons Why CBN Redesigned the Naira Notes
November 26, 2022
Following the release of newly redesigned 200 Naira, 500 Naira and 1,000 Naira notes by President Muhammadu Buhari and the governor of Central Bank of Nigeria, Godwin Emefiele, thousands of netizens have reacted. Read more about finance The much-touted naira redesign has sparked controversies among thousands of social media users on Twitter NG and … Continue reading Nigerians React to Naira Redesign
November 23, 2022
After much trumpeting of naira redesign, CBN and the President of Nigeria, Muhammadu, Buhari finally unveiled the new currency notes on Wednesday morning before the federal executive council (FEC) meeting at the state house, Abuja. Read more about Politics In attendance was also the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele … Continue reading CBN Unveils Redesigned Naira Notes
September 29, 2022
If you’re seeking funding for your business, there are multiple sources of finance you can choose from. You may either utilize funds that you have saved up or hunt for external support. If you opt for the latter, you could go for debt or equity financing. Read more about Business Debt financing options include bank … Continue reading Debt Vs Equity Finance: Which Is Better For Your Business?
August 27, 2022
E-commerce in Nigeria has experienced drastic changes over the last couple of years. These changes have stemmed from technological improvements, strategy implementations and fintech evolutions. Fintech has come to gain much ground in the e-commerce sector and even all forms of trading in general. This has led to an increase in the demand for financial … Continue reading Key Impacts Of Fintech On E-commerce In Nigeria
August 24, 2022
The Empowerment Breakfast is an avenue for graduates, entrepreneurs and CEOs to be empowered. The idea was created out of the need to empower business owners and potential business owners with adequate knowledge in order to improve the economy. We will like to use this idea as a tool to boost the creativity of participants, … Continue reading The Empowerment Breakfast
August 6, 2022
If you’re in the early stages of building a truly ambitious FinTech startup, you’ll almost certainly need external funding to get it off the ground. But fundraising is seldom simple or straightforward. You’ll be asking investors to stake their hard-earned money in you. Read more about Fintech They’ll want to be sure that you can … Continue reading How To Raise Seed Funding For Your FinTech Startup
August 5, 2022
One of the ways to stay afloat in the face of recession is to effectively cut costs. Cutting costs can be positive if deployed appropriately and can also be destructive when you aren’t careful. Read more about Finance Presently, the world is faced with an economic depression. Companies are shutting down, workers are … Continue reading 5 Ways To Effectively Cut Cost In The Face Of A Recession
August 5, 2022
The world is presently faced with an economic recession. Many businesses are shutting down due to the ugly situation. During severe times like this, business owners tend to find it difficult to navigate through. This is why they must put in place strategies that will help them stay afloat while the storms pass … Continue reading How Businesses Can Stay Financially Afloat In Downtimes
August 5, 2022
Most finance books, are actually worth reading because they contain secrets that would help you sort your finances or help you scale up your finances. Read more about Finance This means that if you intend to build long-lasting wealth, or become a successful investor, or you want to learn the basics of money, or you’re … Continue reading 6 Financial Books To Read Before The End Of 2022
August 5, 2022
Auditing firms cannot be over-emphasized in the business world. They are important to give credence to a company’s financial statement and also help the company to make better financial decisions. There are varieties of companies that render auditing services and in Nigeria, they exist many auditing firms operating within the company’s corporate and business world. … Continue reading Top Audit Firms In Nigeria
July 23, 2022
According to the author of one of the most popular books on habits out there – Atomic Habits – James Clear, habits refer to the small decisions you make and actions you perform daily. The book teaches about habits and how just the little things you do could make a great impact on our lives. … Continue reading 6 Bad Money Habits You May Have And How To Stop Them
July 18, 2022
Life insurance is a contract between a company otherwise known as the insurer and an individual called the insured. The contract guarantees that when the insured individual dies, the company (insurer) pays a sum of money (death benefits) to named beneficiaries in exchange for the premiums paid by the insured during their lifetime. Read more … Continue reading Life Insurance And It’s Benefits
July 18, 2022
One of the best ways to take charge of your finances in today’s uncertain economy is to accumulate a healthy savings account. Nobody wants to feel the stress of knowing that they are only a paycheck or two away from financial disaster because they lack money to fall back on when certain things happen. Key … Continue reading Benefits Of Saving In Foreign Currencies
July 11, 2022
A great percentage of businesses do record financial losses. This happens especially with startups and SMEs. This is because, at the beginning of every business, there are always setbacks resulting from financial challenges. At this stage, the business is still trying to kick off and make initial sales. Read more about Finance Financial loss can … Continue reading How To Recover From Financial Loss
July 11, 2022
Life as a student can be hard, however, it’s harder when money isn’t trickling in as it ought to. During times like this, it becomes difficult for you to focus on your studies because you’re always thinking of how to make money to meet the unending needs of a student. Read more about Finance This … Continue reading How To Make Money As An Undergraduate
