Reaction trails CBN’s freeze order on fintech’s bank accounts

Reaction trails CBN’s freeze order on fintech’s bank accounts

Startups say funds in safe hands and accessible A diversity of views has continued to trail the decision of the Central Bank of Nigeria (CBN) to freeze the accounts of four  Nigerian fintechs – Trove Finance, Bamboo Systems Technologies, Risevest Technologies and Chaka – for allegedly dealing in foreign exchange without license.   While some […]

Reaction trails CBN’s freeze order on fintech’s bank accounts

Xend Finance, Nigerian fintech startup, grows funding size to $2m

  Startups say funds in safe hands and accessible   A diversity of views has continued to trail the decision of the Central Bank of Nigeria (CBN) to freeze the accounts of four  Nigerian fintechs – Trove Finance, Bamboo Systems Technologies, Risevest Technologies and Chaka – for allegedly dealing in foreign exchange without license.   […]

Nigerian banks return N89.2bn to customers in H1 ‘21, following complaints

Nigerian banks return N89.2bn to customers in H1 ‘21, following complaints

In the first six months of this year, Nigeria’s commercial banks made a refund to bank customers to the tune of N89.2 billion on account of complaints received.   Godwin Emefeile, the CBN Governor, represented by Osita Nwanisobi, acting director, department of corporate communications, disclosed this at a CBN fair held simultaneously in Akwa Ibom […]

CBN sets N6m approval fees for promoters of PSHC in new guidelines

Hospitals, pharmaceutical firms, research centres get CBN's N26.28bn healthcare intervention

cBN GOVERThe Central Bank of Nigeria (CBN) has set a non-refundable N1 million as the minimum paid-up capital requirement for the licensing of a Payments Service Holding Company (PSHC), while six months after the acquisition of Approval-in-Principle from the CBN, the promoters of a PSHC shall submit an application for the granting of final license […]

Sterling Bank new SocialPay offers online businesses access to N2m

Sterling Bank new SocialPay offers online businesses access to N2m

  First 10,000 merchants to access free loan for one month   Sterling Bank, has opened SocialPay, an online payment collection product to  facilitate online payments using payment options, such as USSD, bank transfer, card options and PayWithSpecta. The platform, which currently hosts over 2,000 social sellers, is designed to solve trust issues between online […]

FBNHoldings back in green with 13.1% uptick in Q2 earnings to N154.8bn

FBNHoldings back in green with 13.1% uptick in Q2 earnings to N154.8bn

  PBT=N26.3bn; PAT=N22.5bn down 5.5% EPS down N0.05 to N0.62   FBN Holdings, the parent company of First Bank of Nigeria Limited, has made a strong bounce back in its financial performance for the second quarter, from a coronavirus pandemic, which crippled activities in 2020. The Tier-1 financial holding company filed its second quarter 2021 […]

Agusto & Co. rates Coronation MB ‘A+’ with a stable outlook

Agusto & Co, the rating agency and a leading provider of industry research and knowledge in Nigeria & sub-Saharan Africa, has assigned ‘A+’ rating with stable outlook to Coronation Merchant Bank (CMB) Limited.   In a rating release sent to Business A.M., the agency stated that the rating reflects Coronation Merchant Bank’s good asset quality, […]

Nigeria quits regional maritime organisation over cold-shoulder reception

Nigeria quits regional maritime organisation over cold-shoulder reception

Nigeria has withdrawn its membership of the Maritime Organisation for West and Central Africa (MOWCA) following strong reservation over the organisation’s disregard for the rules of procedure regarding the eligibility of candidates nominated for the position of secretary-general. According to a statement issued by Eric Ojiekwe, director of press and public relations in the Federal […]