Archives Tag: finance
How the New CBN Customer Due Diligence Regulations Will Affect You
April 19, 2022
The Central Bank of Nigeria recently introduced new rules for due diligence and Know Your Customer processes. In a circular dated June 20, it said that financial institutions in the country are expected to comply with the guidelines when verifying the identities and financial transactions that their customers have with them. They are also … Continue reading How the New CBN Customer Due Diligence Regulations Will Affect You
Chief Subomi Balogun: The Nigerian Banking Legend
April 19, 2022
The renowned Nigerian banker and philanthropist, Chief Subomi Balogun, 89, is reported to have died today, 19th of May 2023 in London. Chief Subomi was widely recognized as a legendary figure in the banking industry. He was the founder of First City Merchant Bank (FCMB), which grew to become the FCMB Group. Chief Balogun … Continue reading Chief Subomi Balogun: The Nigerian Banking Legend
8 Netflix Movies that will improve your Financial Literacy
April 19, 2022
Netflix has become one of the most popular entertainment platforms in the world, but did you know that it can also help improve your financial literacy? Here are eight Netflix movies that can teach valuable lessons about money management and financial literacy. Read more about Entertainment The Big Short (2015) The Big Short is … Continue reading 8 Netflix Movies that will improve your Financial Literacy
The Future of Regulated Crowdfunding in Nigeria
April 19, 2022
The future of regulated crowdfunding in Nigeria holds great potential as an alternative financing option for businesses, startups, and social projects. Crowdfunding has gained momentum globally, and Nigeria has also witnessed the emergence of crowdfunding platforms regulated by the Securities and Exchange Commission (SEC) since 2016. In this analysis, we will highlight key points … Continue reading The Future of Regulated Crowdfunding in Nigeria
How to Grow Your Online Business with Little or No Money
April 19, 2022
There are many reasons you’d want to start an online business. Web-based commercial outfits are flexible, don’t come with the costs you’ll accrue with a brick-and-mortar location, and have an almost limitless market to sell to. Read more about Business However, growing such a business can be challenging, especially when you have limited financial … Continue reading How to Grow Your Online Business with Little or No Money
Financial Literacy Programs For Low-income Communities
April 19, 2022
Financial literacy is the ability to understand and manage one’s finances effectively. It is a crucial skill for individuals and communities to develop, particularly in low-income communities in Nigeria, where financial resources may be scarce. Fintech can play a vital role in developing financial literacy programs for low-income communities in Nigeria. Read more about … Continue reading Financial Literacy Programs For Low-income Communities
Innovative Insurance Premium Financing Models for Nigerian Consumers
April 19, 2022
Developing innovative insurance premium financing models for Nigerian consumers is essential to increase insurance uptake and improve financial inclusion. Insurance premium financing is the process of providing loans or credit to individuals or businesses to pay for insurance premiums. This model can help individuals and businesses spread the cost of insurance premiums over time, … Continue reading Innovative Insurance Premium Financing Models for Nigerian Consumers
Developing AI-Enabled Personal Finance Management Tools
April 19, 2022
The fintech industry has seen significant growth in recent years, with startups disrupting traditional banking and finance services by offering innovative solutions to manage personal finances. One of the key drivers of this growth is the rise of artificial intelligence (AI), which has enabled fintech companies to provide personalized and intelligent financial services to … Continue reading Developing AI-Enabled Personal Finance Management Tools
A Summary of the CBN’s New Operational Guidelines for Open Banking
April 19, 2022
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
7 Steps to Becoming Financially Stable as a Business Owner
April 19, 2022
The average entrepreneur devotes a great deal of their thought, time, and strength to building their business. Many also pour a lot of their money into it, especially if they’re bootstrapping at its early stages. In not a few cases, this puts a dent in the business owner’s personal finances and causes them to … Continue reading 7 Steps to Becoming Financially Stable as a Business Owner
Old N200 Note Remains Legal until April 10, 2023
April 19, 2022
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
Nigeria’s Central Bank Launches AfriGo
April 19, 2022
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
5 Enhancements in the Fee Management System
April 19, 2022
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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Brands We Love: VFD Microfinance Bank
April 19, 2022
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
How Can Nigeria Recover From Its Debt Crisis?
April 19, 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?
