The Central Bank of Nigeria (CBN) is set to investigate and impose sanctions on Deposit Money Banks (DMBs) suspected of undermining efforts to stabilize the Naira and bolster the national currency. Recent reports have revealed that some banks are engaging in speculative activities, purchasing foreign currency from the Investors […]
FinTech
As the industry media body, the Nigeria Information Technology Reporters Association (NITRA), prepares for its stakeholders engagement event, the NITRA FINANCIAL TECHNOLOGY (FINTECH) FORUM 2023, Nigeria’s telecommunications regulator, the Nigerian Communications Commission (NCC) has thrown its weight behind the event. The event, which is slated to hold on October 26, […]
Advans Nigeria, a microfinance institution, has received accolades from Marketing Edge in recognition of its unwavering commitment to customer service and innovative financial solutions. In an official statement, the company was honored with the titles “Most Innovative Microfinance Bank of the Year” and “Most Customer-centric Microfinance Bank of […]
Dr. Olayemi Michael Cardoso, who was recently nominated by President Bola Ahmed Tinubu, officially commenced his duties on Friday, September 22, 2023, in an acting capacity as the Governor of the Central Bank of Nigeria (CBN). His formal appointment is pending confirmation by the Senate. This transition follows the […]
AXA Mansard, a part of the global insurance and asset management company AXA, has launched its second cohort of the ‘Innovation Exchange Programme’ in Nigeria. This 15-week accelerator initiative aims to nurture and scale Insurtech startups, focusing on improving distribution, claims management, underwriting, customer service, and payment processes within the […]
The Central Bank of Nigeria (CBN) has announced the signing of collaboration agreements in financial technology (fintech) with the Central Bank of Egypt. This development was shared by the apex bank on its official Twitter account on Tuesday. The signing ceremony for the partnership occurred at the recently concluded ‘Seamless […]
The Zone 2 Police Command, Lagos State has apprehended two individuals associated with a syndicate involved in hacking over 1000 bank accounts in Nigeria. The suspects, known for targeting local banks, were arrested at a hideout in Ijebu Ode, Ogun State following a new generation bank. The spokesperson […]
ARM, a leading investment management firm, has announced the launch of its 5th cohort for the Innovation Program which aims to support and empower early-stage startups and entrepreneurs in the fields of Fintech, PenTech (Penetration Testing Technology), Data Intelligence, and Digital Trade. The company provides a wide range of […]
The Central Bank of Nigeria (CBN) has authorized foreign banks to work with their parent companies for the purpose of syndicating foreign currency-denominated loans (dollar loans) with the aim at improving dollar liquidity through foreign banks’ representatives in Nigeria. The Director of the Financial Policy and Regulation Department, Muhammad […]
The Central Bank of Nigeria (CBN) says that only 57.4 million individuals out of Nigeria’s population of over 200 million have a Bank Verification Number (BVN). The BVN project was launched in February 2014 in collaboration with the Nigerian Interbank Settlement System (NIBSS), the Bankers’ Committee, and deposit money […]
