The Monetary Policy Committee decided to increase interest rates by 150 basis points, raising them from 24.75% to 26.25%. This move, albeit moderate, contrasts with the more aggressive rate hikes witnessed in February and March. The decision reflects a consensus that additional time is required for the earlier rate adjustments […]
BANKING
Nigeria’s central bank has reversed its decision to implement a contentious 0.5% cybersecurity levy on electronic transfers just three days prior to its scheduled enforcement. The revision comes following an amendment to the Cybersecurity Act in 2024, which expanded the levy’s coverage to include fintechs, payment service providers, and other […]
According to data, supportive legislation, and the Nigerian ecosystem’s easy-to-do business environment, the unbundling of the country’s fintech sector has undoubtedly grown exponentially over time.. However, In every evolving economy like Nigeria, concerns must be observed and have been observed in the digital FinTech Space. Among them are challenges with […]
FBNQuest Merchant Bank, the investment banking and asset management arm of FBN Holdings Plc, recently concluded its 9th Annual General Meeting, during which it presented its Annual Report and Financial Statements for the fiscal year ending December 31, 2023. Despite facing economic hurdles, the Bank showcased a strong financial performance […]
Olusegun Alebiosu has been appointed as the Acting Managing Director/Chief Executive Officer of First Bank of Nigeria Limited (FirstBank Group), effective April 2024. Stepping into this crucial role from his previous position as the Executive Director, Chief Risk Officer, and Executive Compliance Officer, Alebiosu brings over 28 years of extensive […]
At the ongoing Spring Meetings of the International Monetary Fund (IMF)/World Bank in Washington DC, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, made a statement emphasizing the bank’s stance on defending the naira. In a departure from past practices, Cardoso clarified that it is not the […]
FBNQuest, the investment banking and asset management arm of FBN Holdings Plc, recently organized a financial literacy and enlightenment session in commemoration of the 2024 Global Money Week as part of its Corporate Responsibility & Sustainability (CR&S) activities. The theme for this year’s Global Money Week was “Protect Your Money, […]
The Diamond Lady Family Support Foundation issued a press statement on Friday evening to extend congratulations to Dr. Adaora Umeoji on her recent appointment as the Group Managing Director and Chief Executive Officer of Zenith Bank. The Foundation’s President General, Mrs. Nkiru Uzoechina, and the Secretary General, Mrs. Maria-Fidelia Ubah, […]
OPay, the top financial technology business in Nigeria, with its headquarters in Lagos, has transformed customer service by emphasizing user pleasure and introducing state-of-the-art solutions to improve client experiences. OPay is pioneering a customer service revolution built on convenience and efficiency. Recognizing the diverse needs of its users, OPay offers […]
Nigeria has seen an improvement in the rate of financial inclusion. Mature Nigerians with bank accounts now make up over two-thirds of the financially included population, up from a small percentage before the nation adopted an inclusion policy in 2012. The 2023 Report on Access to Financial Services in Nigeria […]