The Central Bank of Nigeria has announced a plan to redesign the N200, N500, and N1,000 notes. Godwin Emefiele, the CBN governor stated this at a special briefing on Wednesday. Details later …
Inflation: CBN plans redesigning N200, N500, N1,000 notes Read More »
The yawning need for personal and business loans by borrowers, who continue to face difficulties in getting the same from the traditional banks, has yielded a multitude of digital lenders within the Nigerian financial ecosystem. A major challenge consumers face is the lack or insufficient information about digital lenders and contractual terms. As part of Consumertrics advisory series
20 digital lenders and what borrowers should know about them Read More »
The World Bank has approved $750 million for the Nigeria State Action on Business Enabling Reforms (SABER) Programme-for-Results. This is contained in a statement obtained from the World Bank website on Friday in Abuja. The statement said the $750 million International Development Association (IDA) credit, will help Nigeria accelerate the implementation of critical actions that
World Bank releases $750 million to boost Nigerian businesses Read More »
The naira, on Thursday, plummeted to a record low at the black market, trading at a minimum of N730/$1. This is according to Aboki Forex, a platform that captures market value of the naira and black market operators. Black market operators are said to be buying at N725 per dollar and reselling at N730 to
Naira plummets to N730/$ at open market Read More »
Nigeria’s Securities and Exchange Commission (SEC) has proposed the prohibition of ponzi/pyramid schemes or ten years jail for anyone found promoting such. This is part of the SEC proposed bill currently before the national assembly. Lamido Yuguda, SEC director-general, said the bill also aims at making SEC operations more competitive. He said, “The bill introduces an
SEC proposes 10 years jail for Ponzi promoters Read More »
The British pound hit a record low against the dollar Monday amid rising fears about the UK economy after the government unveiled a huge tax-cutting budget. The pound fell below $1.10 for the first time since 1985 as new finance minister Kwasi Kwarteng announced his controversial mini-budget. It traded at an all-time low of $1.0350
Pound falls to 1985 level against dollar, amid recession fears Read More »
Africa-focused fintech firm Flutterwave said on Wednesday it has added eNaira as a payment option for merchants, a move that could help boost adoption of the digital currency. Nigeria, the first African nation to launch a digital currency, is targeting 8 million users for the app launched in October. But adoption has been slow as
Flutterwave adds eNaira as payment option for merchants Read More »
Flutterwave, a Nigerian-own tech company, has been cleared of the money laundering charges preferred against it by the Kenya’s Asset Recovery Agency (ARA). According to Peoples Gazette, Justice, E.N Maina, who is hearing the matter, granted the ARA’s request for termination of the suit on September 7. Consumertrics is reporting that the Kenyan authorities had
Flutterwave cleared of money laundering charges Read More »
NowNow Digital Systems, a fintech startup, has raised $13 million in seed funding, in its bid to expand its services and creating new products. The fintech said the funding will further strengthen its operations, comprising consumer banking, agency banking, and merchant payment solutions. “With the secured funding, we look to not only provide services that
Fintech gets $13m in seed funding Read More »
Some experts including the representatives of the Federal Competition and Consumer Protection Commission (FCCPC); Nigerian Communications Commission (NCC); and the Lagos State Consumer Protection Agency (LASCOPA) have reinforced the need for proper regulation of digital lending and borrowing. This happened at the recent Consumertrics workshop, themed Responsible Borrowing and Lending: Balancing Access to Credit and
FCCPC, NCC, LASCOPA others push for regulation of digital lending Read More »
