A Nigerian financial-technology company backed by Nigerian businessman, Mr Tony Elumelu, Redtech Limited, is planning to raise about $100 million cash in the next two years to expand its footprints across Africa. This comes as it announced processing N30 trillion ($20.6 billion) in total transactions over the 2025 financial year, over 100 per cent more…
Premier Cool, Nigeria’s leading antibacterial cooling bar soap, has announced the launch of its nationwide consumer promotion, “10K for 10K”, in partnership with Palmpay, Nigeria’s leading digital bank. This promo is designed to reward 10,000 Nigerians with ₦10,000, amounting to a total of ₦100 million in cash rewards paid instantly via PalmPay wallets. Running from…
Telecom sector regulator, the Nigerian Communications Commission (NCC) said mobile network operators (MNOs) and Deposit Money Banks (DMBs) have refunded subscribers over N10billion cash for failed airtime and data purchase. Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett who disclosed this said the framework jointly drawn by the Commission and the Central Bank…
Manufacturers have raised the alarm over Nigeria’s current average lending rate of 36.6 per cent, which they described as “high and restrictive.” They lamented that the asphyxiating lending rate of 36.6 per cent has forced a reduction in credit access to the manufacturing sector to N7.72 trillion as at March 2025, down from N8.53 trillion…
Kuda Microfinance Bank has announced the release of My Year on Kuda, the 2025 edition of its much-anticipated yearly money recap. The recap gives Kuda customers a detailed review of how they spent, saved and managed money on their Kuda app throughout the previous year. The recap turns transaction activity into money insights that are…
NIGERIA has posted an overall balance of payments surplus of $4.60 billion in third quarter (Q3) of 2025, a radical shift from the deficit position in the preceding quarter according to data released by the Central Bank of Nigeria (CBN). Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali (Mrs.), also announced that…
The Central Bank of Nigeria (CBN) has revoked the operational licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc. In a statement, CBN Acting Director, Corporate Communications Department, Mrs Hakama Sidi Ali said the action is part of its efforts to re-position the mortgage sub-sector and promote a culture of…
The Federal Government of Nigeria has secured a $1 billion innovation fund to support start-ups operating in the marine and blue economy sector, as the country intensifies efforts to diversify its economy away from oil. The Chief Executive Officer, Maritime Innovations Hub, Mrs Ronke Kosoko, disclosed during a press conference organised in collaboration with the…
The Central Bank of Nigeria (CBN) has directed the newly inaugurated Board of the Agricultural Credit Guarantee Scheme Fund (ACGSF) to ensure that lack of collateral or remote location no longer prevents Nigerian farmers from accessing credit. CBN governor, Mr. Olayemi Cardoso, gave the directive in Abuja during the inauguration ceremony, describing the Scheme as…
