CBN announces commitment to strengthen indigenous money transfer operators

…as remittances to Nigeria make up 6% of GDP The Central Bank of Nigeria has said it is committed to also strengthening money transfer operators in the company, recognising their roles in facilitating influx of foreign remittances into the country. Waiye Ajakaiye, the representative of the Central Bank of Nigeria (CBN), said this while giving […]

NDIC commences payment to depositors of 154 failed MFBs

The Nigeria Deposit Insurance Corporation (NDIC) said it had commenced payment to depositors of 154 micro finance banks (MFBs) that the Central Bank of Nigeria (CBN) revoked their licenses in 2018 due to insolvency. Umaru Ibrahim, managing director, NDIC, said this at the corporation’s day at the ongoing 14th edition of Abuja International Trade Fair. […]

UBA, LCCI assure SMEs on value creation at 2019 Lagos Int’l trade fair

…promise foreign exchange hassle free transactions for merchants from other countries United Bank for Africa (UBA) Plc and the Lagos Chamber of Commerce and Industry(LCCI), have assured small medium enterprises (SMEs) that the 2019 Lagos International Trade Fair will bring far reaching benefits that will help transform their businesses and take it to the next […]

Only 7 out of 36 sub-nationals are current with remittances says PENCOM

The National Pension Commission (PenCom) has listed only seven out of the 36 states in Nigeria as being current in their remittance of pension fund deductions from the salaries of their employees. The commision said these states were also consistent in remitting their own part of contributions into the Retirement Savings Account (RSA) of their […]

Fed adds longer-term cash to U.S. banking system

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The Federal Reserve on Tuesday injected longer-term cash into the U.S. banking system in an effort to meet the funding needs of banks and Wall Street following a bout of turbulence in money markets last week. The New York Federal Reserve added $30.0 billion cash into the banking system through 14-day loans to primary dealers. […]

Unity Bank douses tension over fire incident at head office

Omobayo Azeez One of Nigeria’s financial institutions, Unity Bank Plc, has allayed the fear that arose following a fire outbreak that gutted a portion of its head office building on Monday, saying the situation is under control. The head office of the institution located on Victoria Island, Lagos reportedly caught fire on Monday morning, causing […]

How we changed banking into lifestyle with Ai technology, by UBA

…As lender’s chatbot, Leo debuts on Apple Business Chat Omobayo Azeez United Bank for Africa (UBA) has revealed how it channeled its innovate banking strategies into transforming banking experience to lifestyle for its customers. According to the bank, upon realizing that the future of banking would transcend baseline transactions and demand more than human efforts […]

Credit Access: Poor identity management remains greatest barrier in Nigeria – Sekibo

Ifie Sekibo, the managing director of Heritage Bank, has identified poor identity management as the greatest hinderance to boosting access to credit, especially for small and medium enterprises, in Nigeria. Sekibo stated this while speaking as a guest at the Finance Correspondents Association of Nigeria (FICAN) annual conference which held on Saturday in Lagos. Represented […]

Nigeria’s high company income tax remains disincentive to business growth- says Oyedele, PwC tax leader

Nigeria has one of the highest company income tax rates globally which is a disincentive for business growth, Taiwo Oyedele, tax leader, and partner PwC Nigeria, has said. He spoke on Saturday at the Finance Correspondents Association of Nigeria, FICAN annual workshop themed “Unlocking Opportunities in Nigeria’s Non-Oil Sector”. According to Oyedele, tax on income […]