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By Esther Agbo First City Monument Bank (FCMB) has introduced a new initiative aimed at reducing gender inequality in Nigeria’s business sector by offering zero-interest loans to female entrepreneurs. The initiative, known as the SheVentures programme, provides interest-free loans of up to N10 million and specialised support to women entrepreneurs in the export and agricultural ...
By Esther Agbo The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has warned that funds in dormant bank accounts are vulnerable to fraudulent activities. This statement was made after the 296th meeting of the Monetary Policy Committee (MPC) in Abuja, where a further increase in the benchmark interest rate to 26.75 percent ...
By Esther Agbo The federal government secured N225.714 billion from the July 2024 bond auction, achieving approximately 75 percent of its target amid decreased demand for short-term bonds. This represents a 24 percent decline compared to the N297.006 billion raised in the June auction. The government had initially offered N300 billion in three different bond ...
By Matthew Denis The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed yesterday that the Federal government has injected palliatives worth N1 trillion into the manufacturing sector within the last year. Also, the Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has declared that the accelerated stabilisation fund, ...
By Esther Agbo The Federal Government has proposed imprisonment for top bank executives who fail to comply with a one-time windfall tax on banks’ foreign exchange profits in 2023. Additionally, a 10 percent penalty on the withheld or unremitted levy and interest at the prevailing Central Bank of Nigeria (CBN) minimum re-discount rate are included ...
By Esther Agbo Three leading Nigerian banks, GTCO, Access Holdings, and Fidelity Bank are set to allocate N186 billion ($244 million) from their recent public offerings to enhance their IT infrastructure. This investment is part of their strategy to meet the Central Bank of Nigeria’s (CBN) new recapitalisation requirements. The bank’s prospectuses disclose intentions to ...
The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark lending rate to 26.75 per cent. The hike in the Monetary Policy Rate was disclosed by the Governor of the CBN, Olayemi Cardoso, at the end of the 296th MPC meeting in Abuja on Tuesday. The MPC had maintained a hawkish ...
On the sidelines of the 6th AU Mid-Year Coordination Meeting of the African Union, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun held bilateral talks with President of Afreximbank, Dr. Benedict Okey Oramah. The meeting, which was held in Accra, Ghana weekend, reinforced the strong partnership between Afreximbank and ...
By Esther Agbo Leading fintech company OPay has announced the launch of enhanced security features to protect customer funds. In a statement released on Sunday, the mobile money platform emphasised its commitment to providing users with peace of mind. Licensed by the Central Bank of Nigeria, OPay revealed that its users’ deposits are insured by ...
The Central Bank of Nigeria (CBN) has reported a 39 percent increase in inflows through International Money Transfer Operators (IMTOs) for the first quarter of 2024 compared to the same period in 2023. This is according to data from the quarterly statistical bulletin of the CBN for the first quarter of 2024. Recent reforms implemented ...
By Esther Agbo Access Bank organised a significant health webinar themed “Celebrating Resilience: Stories of Triumph, Coping & Healing” on Friday. The event focused on the fibroid journey of women, highlighting the experiences of Project 111 treatment beneficiaries, and aimed to inspire attendees to take charge of their health and seek necessary medical help without ...
In 2023, eleven Nigerian banks incurred a total of N575.168 billion in taxes, marking a significant 175 percent increase compared to the N209.608 billion incurred in 2022. Out of this total, N440.305 billion was specifically for that taxable year, 2023. This dramatic rise in tax expenses can be attributed to a substantial increase in pre-tax ...
Unity Bank customers have claimed over N4 million in cash rewards in its ongoing loyalty programme recently rolled out with Cashtoken, a Cash Reward-as-a-Service company. The winners included no fewer than 40 customers who adopted and transacted on the Bank’s digital banking platforms, including the UniFi mobile banking application, the *7799# USSD platform or activated ...
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has stated that the country’s external reserve has increased to $36.89 billion as of July, 16 2024. CBN Governor, Mr. Olayemi Cardoso, made this statement during an engagement with the Senate Committee on Banking, Insurance, and Other Financial Institutions in Abuja on ...
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the country’s external reserve increased to $36.89 billion as of July 16 2024 amid the banks’ policy interventions. Cardoso disclosed this on Friday in Abuja during an engagement with the Senate Committee on Banking, Insurance and Other Financial Institutions. He noted that the ...
The Central Bank of Nigeria (CBN) has implemented stricter regulations for managing dormant accounts and unclaimed financial assets in banks and other financial institutions. These new guidelines, effective immediately, supersede previous policies issued in 2015. This is made known in a circular signed by John Onojah, Acting Director, Financial Policy and Regulations Department, CBN on ...
The Naira on Friday depreciated at the official market, trading at N1,596.92 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira lost N30.10. This represents a 1.92 per cent loss when compared to the previous trading ...
The Central Bank of Nigeria’s sale of foreign currencies to legible Bureau De Change operators gulped $110.81 million from February to July 18, 2024, amid measures implemented to defend the Naira. This is according to CBN circulars on the release of FX to BDCs. The latest of the FX sales was on Thursday when the ...
The Central Bank of Nigeria on Thursday sold dollars to eligible Bureau De Change operators at the rate of N1,450/dollars. This was disclosed in a statement signed by the acting director of the Trade and Exchange Department at the CBN, AA Mahdi, on Thursday. This comes days after the apex bank sold $123 million to ...
By Esther Agbo Financial technology firm, PalmPay, has announced the continuation of its zero-fee transfer policy for all users, aiming to promote financial inclusion. The company highlighted that since the feature was introduced earlier this year, users have been able to make transfers to all banks in Nigeria without incurring any fees. PalmPay’s Managing Director, ...
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said that persistent inflation could prolong monetary tightening measures and hinder the nation’s growth potential. He said this in the foreword of the inaugural edition of the CBN’s Macroeconomic Outlook for Nigeria, recently released by the apex bank. Based on this foreword, the ...
Endeavor’s Global CEO, Linda Rottenberg, in a recent meeting with the Honourable Minister for Communications, Innovation, and Digital Economy. Dr. ‘Bosun Tijani, has reiterated the company’s dedication to tech innovation and entrepreneurship within the country. The meeting, held during a recent visit to Nigeria by Linda Rottenberg, is part of strategic moves by Endeavour to ...
By Esther Agbo British International Investment (BII), the UK’s development finance institution and impact investor, has committed $50 million to Access Bank. This funding is part of a larger $295 million loan package arranged by FMO, the Dutch entrepreneurial development bank. According to BII, this financial support aims to bolster Access Bank’s capital base, enabling ...
