Fintechs in Nigeria: Kuda
Nigerian fintechs are disrupting the country’s financial system. Thanks to them, a growing number of banking services can now be accessed without visiting the banking hall. They build the platforms that allow us pay for flights and settle electricity bills from our bank accounts. Now, they’re also enabling us to save and invest money and […]
Men You Should Know – Charles Soludo
Charles Chukwuma Soludo was born on the 28th of July, 1960. The man, popularly referred to as Charles Soludo, is a Nigerian Professor of Economics and a former Governor and chairman of the board of directors of the Central Bank of Nigeria (CBN). Soludo: Brain x Intelligence x Excellence Soludo is a core professional in […]
Union Bank Intervention Funds: CBN RSSF & CBN CACS
Central Bank of Nigeria Real Sector Support Facility (RSSF) In a bid to unlock the potentials of the real sector and engender output growth, value added productivity, and job creation, the Central Bank of Nigeria (CBN) launched the N300 billion Real Sector Support Facility (RSSF). The major purpose of the initiative is to support large […]
Nigeria’s Banking Industry: Central Bank of Nigeria
The Central Bank of Nigeria (CBN) is the institution legally charged with overseeing Nigeria’s banking sector. It controls the country’s monetary and fiscal policy, is in charge of the foreign currency reserves, and acts as banker and financial advisor to the government. The nature of the apex bank’s interaction with Nigeria’s banks has changed over […]
Why the CBN Has Introduced New Charges on Bank Deposits and Withdrawals
The Central Bank has announced that it will be imposing charges on deposits and withdrawals made from bank accounts in Nigeria. It says the new fees come into effect starting September 18. Details of the policy were disclosed in a circular issued by the apex bank on Tuesday. In it, the Director, Payments System Management, […]
Did You Know? The CBN is Giving Up to ₦500 Million in Loans to Creative Businesses
The Central Bank of Nigeria says it’s now disbursing loans to businesses in the creative industry. It’s looking to provide funding worth up to ₦500 million to enterprises working in this space, as part of its Creative Industry Financing Initiative (CIFI). The sectors targeted by this program are fashion, information technology, and entertainment. If you’re […]
Godwin Emefiele Will Be Getting a Second Term as CBN Governor
Godwin Emefiele will remain in his current role as Governor of the Central Bank of Nigeria. News of this got out on Thursday, putting an end to months of speculation over his possible successors upon the expiration of his first term this year. Emefiele’s re-appointment also breaks with a long tradition which has seen previous […]
CBN Junior Tennis: Top Seeds Qualify For Semifinal
The top seeds at the on-going CBN Open Junior Tennis Championships were met with great difficulty as they fought their way through tough opponents to the semifinal round of the tournament. In the Girl 16, top seeds, Rebecca Ekpenyong, Omolayo Bamidele, Omolade Aderemi and Favour Moses, had the biggest challenge of the day. Mary Udofa from […]
How Nigeria’s Banks Are Responding To The Fintech Revolution
Nigeria’s fintech bosses aren’t making any bold statements about disrupting the existing banking system. They often speak of being alternatives to the big financial service providers or collaborating with these established institutions. When they’re on conference panels together, commercial bank CEOs and fintech startup founders talk of joining forces to usher in a new age […]
How the CBN’s New Bank Payment Rules Could Affect You
On the 13th of September, the Central Bank of Nigeria (CBN) introduced new rules for interbank electronic fund transfers. These rules, which are to take effect from the 2nd of October, are aimed at curbing the widespread problems with electronic fund transfers which banks and their problems frequently encounter. The issues covered by the new […]
CBN Announces Takeover of Skye Bank By Polaris Bank
The Central Bank of Nigeria has announced that it has revoked the operating license of Skye Bank, one of the country’s major commercial banks. This was disclosed by the CBN Governor Godwin Emefiele, at a press briefing held in Lagos on Friday. Mr. Emefiele also revealed that the assets and liabilities of Skye bank were […]
Attend Securex West Africa 2018
As Securex West Africa 2018 approaches, organisers confirm their plans for the various exhibition features that are taking place during the show. The Securex conference, WACSS and the OSPA Awards will all be taking place alongside the region’s leading exhibition focusing on the security, fire and safety industry. Taking place from 20 – 21 March […]
CBN Unveils ‘My Own Home’ Scheme
Having a house in Nigeria is usually a bragging right. The type of house you occupy provides information about your status, your standard of living and peculiar taste. Houses in most Nigerian communities are used as a yardstick for one’s social status. The rate of owning a house is particularly challenging. This has become a major prayer […]
How to Check BVN Using Your Mobile Device
You can check your BVN (Bank Verification Number) easily with your mobile phone on MTN, Airtel, Etisalat or Glo Network, by simply dialing *565*0# on your mobile phone. Note: This service does not require internet connection, but charges apply. And note that the BVN USSD code only works if you dial it on the mobile […]
CBN Suspends Cashless Policy in 30 States
The Central Bank of Nigeria on Friday announced the immediate suspension of the implementation of the Cashless Nigeria Policy in 30 states of the federation. This came exactly 21 days after the CBN commenced the nationwide implementation of the cashless policy on April 1, 2017. In a circular signed by the Director, Banking and Payment […]
The CBN Wants to Eliminate the Currency Black Market
The Central bank of Nigeria has indicated that it plans to put an end to Nigeria’s thriving parallel currency market. Officials of the country’s apex bank say the institution will be moving against the black market to curb what they describe as its negative impact on the Nigerian economy. Minister of Finance, Mrs Kemi Adeosun, […]