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CBN’s New Deposit/Withdrawal Policy: Who Pays the Penalty, Client or Agency

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By Anthony Elikene

The Central Bank of Nigeria (CBN) recently introduced a policy it has been tinkering with since 2011 which is embedded in its Cashless Policy scheduled to take effect nationwide from March 31, 2020. This new Deposit and Withdrawal Policy will see depositors of cash being penalized when they exceed 500,000 thousand Naira.

The CBN circular reads, ref BPS/DIR/GEN/CIR/04/004 “We write to inform all Deposit Money Banks (DBM) that the CBN has approved that Charges on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT, in addition to already existing charges on withdrawals, effective from September 18, 2019.”

The circular further explained that corporate accounts will be charged, a processing fee of 5 percent for withdrawals, and 3 percent for deposits of amounts above 3 million Naira.

Still on a corporate account, for instance, you make a deposit of 6 million Naira cash in your account, the first 3 million Naira will be free but the remaining 3 million will be subject to a 3 percent charge.

But how does this new policy affect the business community especially the consulting industry such as marketing communications where cash still plays a vital role. Public Relations practitioner, and Senior Consultant Public Relations, Dijo Communications, Anthony Elikene, a member of the Nigerian Institute of Public Relations, asks a vital question.

According to Elikene “let’s assume I bill my client 6 million Naira after much bargaining for an event activation that will need paying several suppliers cash and make purchases of items crucial for the event. Let’s also say the consultancy withdraws the full amount paid by the client which has already been underpriced to the limit by my client, now the CBN is also going to deduct 150,000 from 3 million of the same money.”

“My dilemma here is a moral one. Is the consultancy going to survive to do business if it bears all the penalty alone or is the client expected to bear this penalty or share a part of it? Because this policy will hit consultants from every angle. Will the client be magnanimous to pay this especially after the proposed increase in VAT and introduction of the Police Fund Levy?” He concludes.

Even individuals are not spared as deposits of N1m cash in your own account, the first N500k will be free but the remaining will be subject to a 2 percent charge. Meaning you’ll be charged N10,000.

The CBN is commencing pilot operations in seven states namely Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the Federal Capital Territory, Abuja.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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IVI PR Opens Registration for IviTrybeSage Masterclass

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IviTrybeSage Masterclass

By Modupe Gbadeyanka

Lagos-based strategic communications firm, IVI PR, has called for registration for its exclusive masterclass designed specifically for the modern PR professional known as IviTrybeSage.

A statement from the company said registration would remain open until capacity is reached. Given the exclusive nature of the IviTrybeSage programme, spaces are strictly limited to ensure an intimate, high-impact learning environment.

Interested professionals can secure their spot by completing the form via https://forms.gle/sqvTe1sNM4ure8iJ7.

Business Post gathered that the curriculum will cover brand personality and storytelling, public relations strategy, media relations, crisis management, social media and digital PR, influencer marketing, and more.

Participants will learn how to move beyond traditional press releases into the realm of strategic influence and creative storytelling, transitioning from foundational PR tactics towards the sophisticated demands of today’s global market.

IviTrybeSage is open to fresh graduates seeking the skills necessary for an upward trajectory in strategic communications, as well as entry-to-senior level PR and marketing practitioners, corporate communications executives, and ambitious agency leads.

In an era where the media landscape shifts daily, IviTrybeSage serves as a bridge between academic theory and real-world PR and communication demands. The programme focuses on providing practical, cutting-edge skills to create a pipeline of highly competent talent.

The PR industry is a dynamic field defined by rapid digital transformation and shifting audience behaviour. For PR practitioners to transition from mere messengers to high-value strategic partners, continuous skill acquisition is imperative.

Today’s practitioners must master a diverse toolkit that includes data and trend analysis, crisis management in the age of ‘cancel culture’, and strategic storytelling.

By proactively sharpening these skills, PR professionals ensure they can navigate complex algorithmic changes and evolving social trends, allowing them to protect brand reputations with precision and command a well-earned seat at the executive table.

The chief executive of IVI PR, Mr Nosa Iyamu, while commenting on the initiative, said, “In an era of noise, it is imperative that clarity is prioritised through strategic communication. The industry is evolving at breakneck speed.

“IviTrybeSage isn’t just a training session; it’s a community for those ready to lead the conversation rather than just follow it. It is for those who want to understand how to drive clarity rather than join the bandwagon of those who merely sell noise.”

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PR Firm Wimbart Creates Subsidiary for Africa’s Early-Stage Companies

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Maria Adediran Wimbart Lite Jessica Hope Wimbart CEO

By Adedapo Adesanya

Wimbart, an award-winning Public Relations agency specialising in business and technology sectors across Africa and emerging markets, has launched a subsidiary called Wimbart Lite, designed specifically for pre-seed and early-stage startups that have raised under $1 million.

To lead the new division, the agency has appointed Ms Maria Adediran, Associate Director and founding team member, as Head of Wimbart Lite.

Launched in 2015, Wimbart has built a strong track record across African markets, including Nigeria, Kenya, South Africa, and Egypt, specifically helping companies navigate the continent’s most complex news cycles.

As the African tech ecosystem continues to mature, competition for attention has become increasingly intense. In this environment, clear and consistent communication across online, broadcast, and print media is no longer a luxury for startups but a business necessity.

Wimbart Lite responds to this need by bridging the communications gap for early-stage companies. It provides focused, fast-turnaround support for startup teams, venture capital portfolios, and global partners seeking credible, well-positioned storytelling that cuts through a crowded media landscape.

Specifically curated for African companies that have raised under $1 million, Wimbart Lite adopts a service-led, menu-based approach built around three core strategic routes. Each route is designed to meet the communications needs of early-stage businesses as they scale visibility, credibility, and investor confidence.

The milestone announcement pack focuses on press releases and strategic media outreach to support key moments such as product launches, partnerships, and major company updates. This ensures that important developments are clearly articulated and positioned to reach relevant audiences.

The founder profile pack centres on thought leadership, using op-eds and interview pitching to amplify leadership voices. It helps founders articulate their vision, share category insights, and establish authority within their industries.

The fundraising pack delivers coordinated funding communications tailored to early-stage rounds and venture capital portfolios. It supports clear, consistent messaging during fundraising activities and includes a 15 per cent discount for portfolio companies.

Speaking on this, the chief executive of Wimbart, Ms Jessica Hope, said, “Wimbart was built in the trenches with African tech founders – before the market had fully caught up with their vision. Wimbart Lite has been in development for some time, as a service for early-stage companies who may not require full-blown month-on-month public relations support, but do need to get a news story “out there”.

“Maria is Wimbart’s day one and has grown with the company, and with dozens of African tech start-ups over the past decade; she understands exactly how to turn a good story into something that actually travels.”

With over a decade of experience across consumer and corporate PR, Ms Adediran has led multi-market campaigns for VCs and high-growth companies from early-stage to unicorn, including Andela, M-KOPA, TLcom, and Kobo360. As Head of Wimbart Lite, she will set the division’s vision and lead its growth, overseeing new business and delivery standards.

The new Head of Wimbart Lite added, “I joined Wimbart at a time when African tech was still small enough that a $1M raise felt like a massive milestone for the whole ecosystem. Now that the market has matured, early-stage teams are put under the microscope much earlier. Wimbart Lite exists to turn real work and traction – early milestones, partnerships, and fundraises – into a clear, credible story the ecosystem can understand and trust.”

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Investors Inject $9.2m into AI Dating App Ditto for Yacht Blind Dates

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AI Dating App Ditto

By Dipo Olowookere

About 9.2 million funding round has been secured by an AI-dating app, Ditto, for the expansion of its iMessage-based matchmaker, with the participation of Peak XV Partners, Gradient, Scribble Ventures, Alumni Ventures, and Llama Venture.

The iMessage-based matchmaker plans real dates for users, handling everything from the match to logistics, so students can focus on showing up and connecting in real-life. Users grow tired of endless swiping and stalled conversations.

College students swipe endlessly, juggle multiple chats, and still struggle to turn matches into actual dates. Ditto was created to remove that friction entirely.

The business was established by two Berkeley undergraduates, Mr Allen Wang and Mr Eric Liu, who saw friends spend hours on dating apps without forming meaningful connections.

The platform initially launched at UC San Diego and went viral across sorority group chats before quickly expanding to UC Berkeley, USC, UCLA, and UC Davis.

It operates entirely over iMessage, where users already communicate daily. Users tell Ditto their preference for a date, such as ‘a 6 ‘2 hot nerd that brings me flowers’ or ‘an ABG who mastered leetcode’. After sharing their preferences and availability, users receive a text with a complete date plan, including the time, place, and details of their match, all centred around the campus they are near.

After each date, Ditto collects feedback and incorporates these feedbacks into the user’s profile to improve future matches. The result is a system that feels personal, efficient, and low-pressure, while removing much of the anxiety and inefficiency associated with modern dating apps.

“Our goal was to build something that actually helps people go on dates, not stay stuck in an app. When you remove swiping and chatting, you remove a lot of the toxicity and anxiety that people associate with online dating.

“We plan the date, people show up, and real connections have a chance to form. About 20 per cent of our matches turned into actual dates,” Mr Wang stated.

With this funding, Ditto is kicking off 2026 by hosting 10 yacht parties across the US, starting in Los Angeles on Valentine’s Day.

Each yacht will host 100 college singles, matched into 50 couples. This will be the biggest yacht party in college history. Ditto is co-hosting these parties with the hottest school clubs and Greek life organisations in Los Angeles, New York, Boston, and more.

A Partner at Gradient, Vig Sachidananda, while commenting on the new funding package, said, “Ditto is leveraging AI in a creative way to build a novel online dating experience — one which resembles a true matchmaking service.

“We’ve seen a great early response from users to this approach, and we’re excited to continue to work with Ditto as they expand to college campuses across the US.”

Since launching, Ditto has grown to more than 42,000 users across four college campuses, with over 25 per cent of users coming through referrals.

Looking ahead, Ditto plans to expand beyond college campuses and eventually support other forms of connection, including professional networking and group social experiences. The long-term vision is to become a matchmaker for modern life, helping people turn intent into meaningful, real-world interactions, one plan at a time.

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