CBN unveils national domestic card scheme, AfriGo
Cynthia Ezekwe
January 26, 2023
By Cynthia Ezekwe *bans dollar charges On domestic transactions The Central bank of Nigeria(CBN), has unveiled the national domestic card scheme, AfriGo, to boost financial inclusion and ensure that online transactions go on the Nigerian national domestic system. Godwin Emefiele, the governor of CBN disclosed this recently, while stating that transaction charges on all cards […]
CBN cash swap programme to promote new naira circulation
Onome AmugeJanuary 23, 2023
By Onome Amuge The Central Bank of Nigeria (CBN) has introduced a cash swap programme in partnership with super agents and deposit money banks (DMBs) to foster the circulation of the redesigned N100, N500, and N200 notes across the 774 local government areas in the country. The apex bank made the disclosure in a January […]
Technology is easing tax payment, collection, ramping up revenues
Cynthia EzekweJanuary 23, 2023
By Cynthia Ezekwe FIRS TaxProMax in satisfactory performance Tax revenue, which is the income generated by governments globally to fund public services, is one of the primary sources of government revenue amassed from individuals, public enterprises, trade, royalties on natural resources, amongst other sources. And in today’s world, tax is attracting attention like never before, […]
Africa Finance Corporation closes €150m syndicated loan with DEG, Proparco
Onome AmugeJanuary 19, 2023
By Onome Amuge Africa Finance Corporation (AFC) , the continent’s leading infrastructure financier, has announced the successful closure of a 10-year loan facility worth 150 million euros with European development finance institutions Deutsche Investitions-und Entwicklungsgesellschaft and Proparco. The new credit facility supports the development and implementation of infrastructure projects that enhance the continent’s economic, environmental, […]
Nigeria to gain N6trn annually if FG halts petrol subsidy, says Muda Yusuf
Onome AmugeJanuary 16, 2023
By Onome Amuge Nigeria’s revenue can improve by N6 trillion annually if the government discontinues its petroleum subsidy regime, according to Muda Yusuf, the chief executive officer of the Centre for the Promotion of Private Enterprises (CPPE). Yusuf, who made the statement while commenting on the 2023 Finance Bill, said the Nigerian economy is heavily […]
FATE Foundation outlines benefits, costs of CBN’s withdrawal limit policy on MSMEs
Cynthia EzekweJanuary 16, 2023
By Cynthia Ezekwe Reduction of unbanked, Increased financial inclusion In its quest to curb the rise in money laundering activities and improve the economy of the country, the Central Bank of Nigeria (CBN) implemented a policy on cash withdrawal limit on 6 December 2022, which was revised on 21 December 2022 and took effect on […]
Access Holdings terminates acquisition of Kenya’s Sadian Bank
business AMJanuary 13, 2023
By Business AM Access Holdings, has announced it will no longer proceed with the acquisition of a controlling stake of Sidian Bank Limited from Kenyan-based Centum Investment Plc. The Nigerian corporation had disclosed in June 8,2022 that it had entered into a binding agreement estimated at $37 millionm with Centum Investment to acquire the entire […]
4 Nigerian agripreneurs up for AfDB’s $140,000 grant
Onome AmugeJanuary 13, 2023
By Onome Amuge The African Development Bank (AfDB) has selected 25 finalists including four Nigerian agriculture based startups for its annual AgriPitch competition, which aims to support and promote innovation and entrepreneurship in the agricultural sector across Africa. The four Nigerian startups among the 25 selected agripreneurs include Duketrah Fisheries, Agrisiti,Osomobegbe Global Ventures Limited,and […]
Nigerian bank deposits rise by 19% to N43tn in 2022
Olivia NnoromJanuary 12, 2023
By Olivia Nnorom Nigerian banks have recorded a N6.92 trillion rise in deposit from N36.13tn as of the end of October 2021 to N43.05tn in the corresponding period of 2022. This was disclosed in the personal statements of members of the Central Bank of Nigeria (CBN) Monetary Policy Committee. According to Aishah Ahmad, the deputy […]
Releaf secures $3.3 million Pre-Series A funding
Onome AmugeJanuary 9, 2023
By Onome Amuge unveils new technologies to drive profitability for consumer goods manufacturers Releaf, a Nigerian agri tech start-up that develops proprietary hardware and software solutions for African farmers and food factories,has raised $3.3 million in an oversubscribed Pre-Series A funding round. The funding round was led by Samurai Incubate Africa, who re-invested after leading […]