Nigeria’s President Bola Tinubu has directed financial and capital market regulators to monitor the growing use of stablecoins and digital currencies in the country, warning that the shift away from traditional banking channels poses challenges that must be managed proactively. Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers…
The Central Bank of Nigeria (CBN) has rolled-out Bank Customers’ Bill of Rights and Obligations to members of the banking public. The report, released at the “CBN Fair” held in Lagos, under the theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, insisted that a bank customer has a…
The Central Bank of Nigeria (CBN) has clarified that there are no hidden charges attached to transactions on Non-Resident Bank Verification Number (NRBVN) platform. The apex bank affirmed that no hidden fees have been introduced and that the BVN enrolment for Nigerians residing within the country remains entirely free of charge. The bank’s Acting Director…
In a bold move to redefine promotion of financial literacy, Nigeria’s retail lender, Unity Bank Plc, has unveiled GenFi, a new digital banking platform tailored to empower kids and teenagers between the ages of 8 and 18 with essential financial skills. The launch follows a report by the Central Bank of Nigeria, which found that…
A leading full-service digital bank, PalmPay, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals. This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized…
Retail lender, Unity Bank Plc, has unveiled GenFi, a new digital banking platform tailored to empower kids and teenagers between the ages of eight and 18 with essential financial skills and deepen financial literacy. The launch is coming on the heels of a report by the Central Bank of Nigeria (CBN), which found that only…
The Federal Government has directed the Economic Management Team (EMT) to chart a fresh path for Nigeria’s economic future, targeting a medium-term growth rate of seven per cent. This next phase of the economic roadmap is expected to focus on unlocking rapid and sustained inclusive growth, anchored on a mix of fiscal discipline, investment incentives,…
The global crude oil market continues its turbulent descent, driven largely by the unpredictable tariff regime of United States (U.S) President Donald Trump, with rippling effects now hammering Nigeria’s oil-dependent economy, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Speaking at the State House yesterday during the Meet-the-Press series organised by the…
A former Chairman of Manufacturers Association of Nigeria (MAN), Dr Wale Adegbite, has called on the Federal Government to stabilise the exchange rate as a means of controlling inflation in the country. Adegbite made the call in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun State on Wednesday. The former MAN…
