PalmPay is happy to report that onboarding has resumed for both users and merchants on its mobile app, after the Central Bank of Nigeria’s prohibition on onboarding new clients. This significant achievement reflects PalmPay’s continuous dedication to transforming the Nigerian financial services industry by offering seamless, safe, and effective financial […]
BANKING
FBN Holdings Plc has reported a great profit before tax (PBT) of N238.53 billion for the first quarter ended March 31, 2024, representing an impressive 325.2% increase from the N56.1 billion recorded in the same period of 2023. This surge reflects the company’s strong performance and resilience amid both domestic […]
First Bank, a Nigerian bank with a market valuation of ₦829 billion, has filed a lawsuit to reclaim substantial sums of money allegedly stolen by an employee at its head office team in Iganmu, Lagos. The suspect, who is currently at large, is accused of transferring the funds to 98 […]
The Central Bank of Nigeria (CBN) has announced the imminent resumption of new customer enrollment for mobile money operators, including prominent fintech firms such as OPay, Palmpay, Kuda Bank, and Moniepoint. CBN Governor Olayemi Cardoso disclosed this during the 295th Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday. […]
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 […]
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 […]