The Central Bank of Nigeria’s (CBN) directive limiting cash disbursement is causing ripples among Point of Sale (POS) agents in Lagos, many of whom are raising withdrawal fees to cope with the changes. The directive, issued on Tuesday, imposes a daily transaction limit of ₦1.2 million for each POS agent […]
BANKING
The Central Bank of Nigeria (CBN) has reaffirmed that the old and redesigned N1000, N500, and N200 banknotes will remain in circulation indefinitely and continue to serve as legal tender alongside the newer versions. In a statement issued by Mrs. Sidi Hakama, Acting Director of Corporate Communications, the CBN emphasized […]
PalmPay, Nigeria’s leading fintech platform, was awarded the Most Outstanding Fintech Driving Financial Inclusion at the prestigious BrandCom Awards 2024, held on October 26th. The award, presented by Brand Communicator, celebrates Palmpay’s remarkable contribution to expanding financial inclusion across Nigeria. The recognition from Brand Communicator reflects PalmPay’s commitment to bridging […]
First Bank of Nigeria Limited has announced that its digital banking platform, Firstmobile, is fully operational again. Folake Ani-Mumuney, the Group Head of Marketing & Corporate Communications, emphasized the bank’s dedication to providing seamless and innovative financial services to enhance the digital banking experience for customers worldwide. In her statement, […]
The Central Bank of Nigeria (CBN) has announced the upcoming implementation of an Electronic Foreign Exchange Matching (EFEM) system, aimed at streamlining foreign exchange transactions in the interbank market. In a circular issued by Dr. Omolara Duke, Director of Currency Operations at the CBN, it was confirmed that a two-week […]
Zenith Bank, one of Nigeria’s premier financial institutions, has fully restored and enhanced services across its electronic transaction channels, ensuring customers can once again enjoy uninterrupted access to a wide range of banking services. In an announcement made on Thursday via its X (formerly Twitter) handle, the bank confirmed that […]
Nigeria’s definitive bank for small and medium-sized businesses, as well as their customers and employees, Moniepoint Microfinance Bank has made securing digital payments a top priority, implementing the need for additional Factor of Authentication by customers when making payments. It has introduced a Multi Factor Authentication, MFA on its mobile […]
PalmPay, a leading financial platform with over 30 million users on its smartphone app in Nigeria, today announces the launch of its USSD code. This service offers Nigerians an additional way to manage their finances without the need for internet connectivity. With the PalmPay USSD code, customers can now perform […]
FBNQuest Trustees Limited has issued a public statement to address and refute claims of a supposed business relationship with Maihomm Trustees/Maihomm Management. The company firmly denies any such partnership or collaboration, stating that these allegations are entirely unfounded. In the notice, FBNQuest Trustees emphasized that it has not entered into […]
The Central Bank of Nigeria (CBN) has approved a significant merger between Unity Bank Plc and Providus Bank Limited, aimed at bolstering the stability of Nigeria’s financial system and mitigating potential systemic risks. The announcement was made by Mr. Hakama Sidi Ali, a spokesperson for the CBN, in Abuja. In […]