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Critical Role Analytics Plays in Africa’s Banking and Payments Industry, Today and in the Future

Africa’s fintech industry is booming, driven by the rapid penetration of Internet access and the digitisation of businesses across the continent.

Banks Lend N947b to Customers amid Cash Crunch

According to the Monetary Policy Committee of the Central Bank of Nigeria (CBN), Nigerian banks offered 130,854 new credits worth N974.46 billion to their customers in December 2022. Adeola Adenikinju,…

Adaora Umeoji Retires as Zenith Bank Deputy Managing Director

Dr. Adaora Umeoji, Deputy Managing Director of Zenith Bank Plc, has retired from the financial institution following the Central Bank of Nigeria’s recent announcement of new tenure limits for bank…

CBN to Release CVFF Funds to 5 Banks After Hitting $50m

Central Bank of Nigeria (CBN) will release the Cabotage Vessel Financing Fund (CVFF) to the five selected primary lending institutions whenever the money reaches $50 million from the 2 percent…

[JUST IN] CBN Debunks Report Directing Banks to Accept Old N500, N1000 Banknotes

The Central Bank of Nigeria (CBN) has denied a news report quoting a bank source as saying the apex bank has ordered commercial banks to begin accepting the old N500…

[BREAKING] CBN Orders Banks to Accept Old N500, N1,000 Notes

“No, we didn’t”, CBN clarifies The Central Bank of Nigeria has reportedly directed banks to begin collecting old N500 and N1,000 notes from the public as soon as possible. The…

Bank Directors to Address Naira Scarcity

The current naira scarcity, occasioned by the currency swap policy of the Central Bank of Nigeria (CBN), is taking a toll on every Nigerian. To address this situation, the Bank…

[Naira Scarcity] Bank Officials now Dress Casually to Work

The circumstances surrounding the Naira’s scarcity have led some Nigerians to resort to violence in some parts of the country, prompting bankers to dress casually to work. According to reports,…

FG Orders Filling Stations to Accept Payment via POS Machines, Bank Transfers

The Nigerian government has ordered filling station owners and operators across the country to accept POS machines and bank transfers from customers or face sanctions. The nation had recently been…

CBN Makes U-turn, Daily Withdrawal Limit on ATMs now N20k from N100

On Thursday, reports claimed that the Central Bank of Nigeria (CBN) initiated a new directive that will reduce the daily cash withdrawal limit from banks’ ATMs to N20,000 from N100,000.…

Over 6,000 BVNs come under CBN Watch as Fraud Surges

According to information released by the Central Bank of Nigeria (CBN), there are at least 6,047 Bank Verification Numbers (BVNs) on its watch list due to fraudulent activities. This was…

Cash Outside Banks now Stands at 80%, According to CBN

According to the Central Bank of Nigeria (CBN), more than 80% of the currency in circulation is now held in cash outside of commercial institutions. This information was made public…

Nigerian Banks Hike Interest Rates on Outstanding Loans

Nigerian banks have made adjustments to interest payments on loans collected by Nigerians.   The modifications happened after the CBN recently raised interest rates by 100 basis points to 16.5…

US Biggest Bank JP Morgan Officially Registers Cryptocurrency Trademark

  JP Morgan has officially registered a cryptocurrency trademark. Aptly titled, “JP Morgan Wallet”, the brand is set to support virtual currency transfer, exchanges, and cryptocurrency payment processing. Now, the…

Interswitch says Value Financing will Spur Growth in the Payment Ecosystem

Essentially, these solutions will help remove costs that businesses would have incurred to develop enabling systems that foster seamless collection and disbursement of funds.”