Commercial Banks Killing SMEs With High Lending Rates—Lawmakers

By Bliss Okperan Users of neo banks like Opay, Carbon, Kuda, Moniepoint, and PalmPay, among others, are worried over the new directive of the Central Bank of Nigeria (CBN), which intends to freeze bank accounts not linked to a Bank Verification Number (BVN) and a National Identity Number (NIN). Last week, the apex bank directed deposit money banks (DMBs) to place a “Post No Debit (PND)’ on any accounts with BVN and NIN from next year. For most neo banks, account numbers are opened with just users’ phone numbers without the BVN, unlike the traditional banks. However, they cannot make

By Modupe Gbadeyanka For supporting Micro, Small and Medium-scale Enterprises (MSMEs) with credit facilities, Ecobank Nigeria Limited has won big at the 2023 Development Bank of Nigeria (DBN) Annual Service Ambassador Awards ceremony held in Lagos. The DBN Ambassadors Programme was designed to increase the sense of ownership among participating financial institutions, build capacity, increase on-lending small businesses and ultimately deepen financial inclusion in Nigeria. Ecobank is a participating financial institution in partnership with DBN to provide credit facilities, credit guarantees and technical support to MSMEs. It got an award for Platinum Service Ambassador; Bank with the Highest Impact on

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has directed banks across the country to continue issuing and accepting old as well as the redesigned Naira banknotes following the order of the Supreme Court. Business Post reported on Wednesday morning that the apex court granted the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, scrapping a previous deadline of December 31. In a statement after the judgement, the central bank “directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old

By Adedapo Adesanya Klasha, a leading global cross-border payments company, has been granted a Money Services Business (MSB) license by the Financial Crimes Enforcement Network (FinCEN) to operate in the world’s largest economy, the United States. This license authorizes Klasha to operate as a currency exchange and money transmitter in the US. With this MSB license, Klasha can now offer its innovative cross-border payment solutions and financial services to businesses in the United States that want to send and accept cross-border payments from Africa and carry out foreign exchange services and international money transfers with ease and security. “We are

By Dipo Olowookere A total of 14 new deaths believed to be caused by coronavirus disease (COVID-19) have been reported in Nigeria in the last 24 hours. The Nigeria Centre for Disease Control (NCDC), in an update on Wednesday night, said deaths from the virus in the country jumped to 469 from 455 of the previous day. Furthermore, the agency said the country recorded 587 new cases of COVID-19 during the period under consideration, bringing the total number of confirmed cases to 17,735, while 5,967 persons have been successfully treated of the virus and discharged. A breakdown of the new

By Adedapo Adesanya For the second trading day, the NASD Over-the-Counter (OTC) Securities Exchange recorded growth, this time, it was spurred by an appreciation in the equities of FrieslandCampina WAMCO Nigeria Plc. The performance of the milk maker contributed to the 1.3 per cent gained by the unlisted securities market at the close of business on Thursday, January 7. Consequently, the NASD Unlisted Security Index (NSI) increased by 9.62 points when activities were wrapped up at the session, ending at 752.34 points as against the 742.72 points it finished a day earlier. In the same vein, the milk-producing company energised

By Modupe Gbadeyanka The Nigerian Association of Zoological Gardens and Wildlife Parks (NAZAP) has charged the Imo State government and securities operatives to quickly secure the release of Mrs Bola Abioye from the kidnappers’ den. The group, in a statement by its president, Mr Dipo Bali, specifically urged the Commissioner of Police for Imo State Command, Mr Mohammed Ahmed Barde, to ensure the woman is safely rescued and the perpetrators of the crime made to face the full wrath of the law. Mrs Abioye is the wife of the former president of NAZAP and General Manager of Imo State Zoological

By Adedapo Adesanya MTN Nigeria has recorded a  28.1 per cent rise in profit after tax (PAT) to N181.6 billion in the first half of the year, with profit before tax (PBT) up by 24.9 per cent to N268.6 billion and earnings per share (EPS) rising by 28.1 per cent to N8.92. According to the company in its unaudited results for the half-year ended June 30, 2022, the capital expenditure (Capex) rose by 67.1 per cent to N311.6 billion (up 78.6 per cent to N204.5 billion, excluding the right of use assets. The financial statements also showed that there were

By Adedapo Adesanya The Bureau of Public Enterprises (BPE) has named members of the interim management team for the Abuja Electricity Distribution Company (AEDC) as part of plans to quell the recent scandal that hit the company. A statement issued on Thursday outlined the interim management team to include Bada Akinwumi as managing director; Sani Usman as the chief business officer; Babajide Ibironke as the chief finance officer; Donald Etim as the chief marketing officer; and Femi Zacchaeus as the chief technical officer. The Abuja DisCo was recently taken over by the United Bank for Africa (UBA) following the failure

By Dipo Olowookere The United Kingdom authorities have rejected a consignment of agricultural produce from Nigeria worth N5 million for failing to meet up with the expected requirements. Head of Inspection at the Nigerian Agricultural Quarantine Service (NAQS) in the South West Zone, Dr Moses Adewumi, made this disclosure at a news conference. He disclosed that the consignment contained bitter leaf, wrapping leaf, pumpkin leaf, waterleaf, native pear, backyard eggs, amongst others. Mr Adewumi, however, emphasised that the goods were rejected because they did not have phytosanitary certificates. Business Post reports that a phytosanitary certificate is an official document issued

By Adedapo Adesanya The federal government has launched the Digital Nigeria Portal (www.digitalnigeria.gov.ng) and a corresponding mobile app to drive digital literacy in the country. This was unveiled by the Minister of Communications and Digital Economy, Mr Isa Pantami, on Monday in Abuja. According to Mr Pantami, the program will provide a national platform for improving the digital literacy of Nigerians as well as enable Nigerians from all walks of life to acquire high-level digital skills. He noted that the unveiling of the Digital Nigeria portal and its mobile app equivalent was part of the implementation the President Muhammadu Buhari-led

By Adedapo Adesanya The National Agency for Food and Drug Administration and Control (NAFDAC) has stopped the registration of new alcoholic drinks in sachet, small volume PET and glass bottles above 30 per cent ABV (alcohol by volume). This information was contained in a statement issued on Monday in Abuja by the Director-General of NAFDAC, Mrs Mojisola Christiana Adeyeye. She disclosed that the ban followed the recommendation of a high powered committee of the Federal Ministry of Health and the agency. The NAFDAC chief added that this also followed other recommendations from Federal Competition and Consumer Protection Commission (FCCPC) and