Digitalisation has Simplified Financial Processes—Banker

By Bliss Okperan Users of neo banks like Opay, Carbon, Kuda, 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 transactions

By Modupe Gbadeyanka A call for a comprehensive policy action to dismantle the structures that enable gender-based violence in Nigeria has been made by the Managing Director of Unity Bank Plc, Mrs Tomi Somefun. “I urge policymakers to enact stringent laws against gender-based violence, ensuring swift and severe consequences for perpetrators. Our homes and various organisations must also be a catalyst for change, inspiring others to follow suit,” the banker said at the premiere of a new movie, BECKMA, in Lagos. Mrs Somefun, represented at the event by Unity Bank’s Group Head of Compliance, Mrs Patricia Ahunanya, citing a recent

By Adedapo Adesanya President Bola Tinubu has thrown his full weight behind the plan by the Central Bank of Nigeria (CBN) to increase the capital base of banks in the country. The President expressed his views on this move, which last occurred in 2005, through his Special Adviser on Information and Strategy, Mr Bayo Onanuga, in his message at the 40th anniversary of The Guardian Newspapers in Lagos on Tuesday. He said bank recapitalisation was crucial to Nigeria achieving a $1 trillion economy. “Amidst the general lull in a global economy, our ambition to attain a $1 trillion economy appears

By Adedapo Adesanya Visa has opened applications for start-ups to participate in the first cohort of the Visa Africa Fintech Accelerator programme, which opens startups operating in Africa to gain unparalleled expertise, valuable industry connections, cutting-edge technology, and potential investment funding. The programme will run over 12 weeks twice a year with up to 20 startups per cohort. In a statement, Visa noted that startups up to Series A stage are encouraged to apply through the Visa website for a chance to join any of the cohorts. Applications will close on August 25, and the first cohort will be announced

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has disclosed that it supplied $13.99 billion into the foreign exchange market between January and June 2020. The bank made the disclosure in its quarterly statistical bulletin on ‘Supply of forex’ for the month of June. According to the apex bank, the amount was supplied to the various levels ranging from the interbank segment, the Bureau De Change (BDCs) operators, and also the Investors & Exporters window, Small and Medium Enterprises and Invisibles markets. At the interbank from January to June, it supplied a total of $375.06 million. Giving a supply

By Dipo Olowookere The upper legislative chamber of the National Assembly, the Senate, has put the passage of the controversial Grazing and Ranches Bills on hold. Three bills are presently before the Senate on the regulation of cattle rearing in the country, but the lawmakers stopped the second reading of them on the floor on Wednesday. According to the Deputy Senate President, Mr Ike Ekweremadu, who raised a point of order when the bills were raised for deliberations today, noted that the Senate lacked the powers to deal with matters because they were on the Concurrent List. He urged the

By Modupe Gbadeyanka A group known as the Progressives Yoruba Youth Congress (PYYC) has cried out to the international community over a alleged plot by the United States of America’s backed self-styled human rights watchdog, Amnesty International, to use fictitious reports to create tension in the country. It said the report was targeted at discrediting the Nigerian military on its fight against insurgency and then called on AI and its agents to come out clean on their plots to heat up polity in the country through its conjured report. Comrade Akintola Festus, national leader of the group, while addressing newsmen

The Lagos State Civil Service Commission has announced the promotion of 4,653 civil servants who are statutorily due for elevation to the next level after undergoing the mandatory Structured Training Programmes. According to the Commission, the recent release of promotion letters signified the conclusion of the year 2019 Promotion Exercise which kicked off on March 20, 2019, with the briefing of eligible candidates on the conduct of the exercise and the subsequent Structured Training. Speaking on the development, the Chairman of the Civil Service Commission, Mrs Taiwo Adeyinka Oyemade, assured that the commission will continue to discharge its core duties

By Dipo Olowookere Monday, February 5, 2018, has been fixed for ruling on the case brought against Diamond Bank Plc by one of its customers, Mr Olajide Friday. The plaintiff, a car dealer, accused the bank of sending a fake credit alert of N2.5 million to him, value of a vehicle he sold to a customer. Counsel to the auto dealer, Mr Cyril Nwaogu, informed Justice Angela Otaluka of the FCT High Court, Lugbe, that his client, three days after the said transaction, approached the bank to withdraw the money only to be told that the amount was not in

By Modupe Gbadeyanka A Memorandum of Understanding (MOU) has been signed between the Nigeria Deposit Insurance Corporation (NDIC) and its South Korean counterpart, the Korea Deposit Insurance Corporation (KDIC) for the benefit of financial institutions in both countries. A statement issued by the NDIC disclosed that the deal was sealed at an elaborate ceremony within the premises of the KDIC in Seoul, South Korea on Wednesday, August 7, 2019. The partnership between both African and Asian agencies, which are key members of the International Association of Deposit Insurers (IADI), centres on a wide range of issues intended to facilitate the

By Modupe Gbadeyanka As part of efforts to sanitise the capital market, boost confidence of investors and safeguard their funds, the Securities and Exchange Commission (SEC) said it was partnering with relevant agencies in the sector to flush out fraudulent investment companies. Speaking on Wednesday in Lagos at the 2017 World Savings Day and Financial Literacy Week, Director General of SEC, Mr Mounir Gwarzo, stated that the agency was committed to ensuring zero tolerance to fraudulent activities in the market. According to him, SEC is partnering with the Central Bank of Nigeria (CBN), Central Securities Clearing System (CSCS) Limited, Nigeria