Kudimoney Gets CBN’s MFB Licence, Rebrands

By Aduragbemi Omiyale Deposit Money Banks (DMBs) have been directed by the Nigeria Inter-Bank Settlement System (NIBSS) Plc to yank off all financial institutions not licenced to hold customers’ funds from their NIBSS Instant Payment (NIP) outwards platforms. In a circular dated December 5, 2023, the agency said allowing these firms, which obtained licenses to operate as Payment Solution Service Providers (PSSPs), Switching Companies, Super Agents and others from the Central Bank of Nigeria (CBN), to collect funds from customers was in contravention of the law. NIBSS said only commercial banks and others authorised by the central bank to receive

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 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

The acquisition of a majority stake in a global leader in Environmental, Social and Governance (ESG) research, data and assessments firm known as Vigeo Eiris has been announced by Moody’s Corporation. This furthers strengthens Moody’s objective of promoting global standards for ESG for use by market participants. With products and capabilities based on ESG assessments and an extensive ESG database, Vigeo Eiris offers specialized research and decision-making tools for sustainable and ethical investments. Vigeo Eiris will continue to be headquartered in Paris, operating under its existing brand, and it will be an affiliate of Moody’s Investors Service. The acquisition recognizes

By Modupe Gbadeyanka To celebrate 2023 Children’s Day, Wema Bank Plc held a skill acquisition programme for some teenagers, inviting influencers, experts and others to spice up the workshop. It was gathered that the participants were taught valuable digital skills in coding, data analysis, graphics design, and much more. They also had the unique opportunity to learn and engage with industry experts, acquiring practical knowledge and developing their capabilities in coding, data analysis, and graphics design. Wema Bank came up with this initiative to equip teenagers with essential skills for the future, empowering them to embrace the digital age and

By Modupe Gbadeyanka Former Gambian President, Mr Yahya Jammeh, has finally left the country after agreeing to relinquish power to the new President, Mr Adama Barrow. Mr Jammeh, who seized power through a coup in 1994, surprisingly lost to Mr Barrow in an election held in December 2016. He had earlier conceded defeat and congratulated the President, but later rescinded his decision, calling for a fresh election. However, he was pressured to handover to the President on January 19, 2017 or risked being forced out of power. Though the forceful ejection did not take place on that day, however, Mr

By Adedapo Adesanya The African Development Bank (AfDB) and the Bank of Central African States (BEAC) have signed a grant agreement to support a project for a unified financial market of the Economic and Monetary Community of Central Africa (CEMAC). The deal, which was signed recently, is made up of $994,638 from the African Private Sector Assistance Fund (FAPA), funded by Japan and Austria and hosted at the AfDB. It is in addition to resources already released by the bank in support of the regional financial market. The resources are the technical assistance approved by the lender in 2019 to

By Dipo Olowookere Football fans attending the FIFA Confederations Cup 2017 will have a front row seat to enhanced payment experiences at official FIFA stadiums, Visa, the Official Payment Service Partner of FIFA has disclosed. Visa is implementing 1,600 point-of-sale terminals and deploying 120 mobile concessionaires throughout the stadium concourses, enabling a cash-free experience from kick-off to the final match. These enhancements ensure official FIFA stadiums are equipped with the latest in payment innovation, giving fans safe and secure ways to pay – whether it is a click, dip, tap or swipe. Understanding football fans want to focus on the

By Ellie Richards Recently, the entire world has been affected by the wave of inflation. From the United States to Australia, every part of the world has witnessed the ballooning inflation. Whether it is a rise in the prices of daily commodities or an increase in property rates, the effects of inflation could be seen in every single sector. While inflation affects the entire economy of a nation at a larger extent, its effects can also be observed in the daily lives of the common people. As the prices of goods and services rise, the amount of money spent earlier

Alibaba Group’s Tmall, China’s largest consumer platform for brands and retailers, announced that it has become an official partner of New York Fashion Week: The Shows, in association with Suntchi, to help US designers and brands leverage Alibaba’s scale and technology to reach the China market for the first time. As part of the collaboration, Alibaba has selected designers from NYFW to be featured in Tmall’s 2017 second-annual ‘see-now buy-now’ fashion show, a global fashion event taking place this October in the run-up to Alibaba’s 11.11 Global Shopping Festival, the biggest shopping day in the world. Last year, Alibaba livestreamed