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Travelex, CBN, EFCC Collaborate On Best Practices For BDCs

Travelex Nigeria Limited, a subsidiary of Travelex UK, in collaboration with the Central Bank of Nigeria (CBN) and the Economic & Financial Crimes Commission (EFCC), has concluded plans to engage the Bureau De Change (BDCs) on international best practices. The collaborative initiative is part of  the efforts of Travelex and its partners towards ensuring transparency […]

Banking

CBN Indicts Banks On Non-Compliance With Money Laundering Guidelines

The Central Bank of Nigeria (CBN) has indicted majority of Deposit Money Banks (DMBs) in the country for their failure to comply with the regulatory anti-money laundering requirements of the banking sector. The apex bank, in its latest anti-money laundering system examination report contained  in 2017 CBN Half-year Economic Report, indicated that the anti-money laundering […]

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CBN Begins Disbursement Of N26bn Agribusiness Fund To MSMEs

The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee yesterday started the disbursement of N26 billion Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS) fund to the first set of beneficiaries. The Governor of the apex bank, Mr. Godwin Emefiele, who flagged off the inauguration of the scheme in Abuja, said that […]

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NCC, CBN Seal Pact To Boost Financial Inclusion

In a major move that is bound to improve banking services efficiency and bring more unbanked people into the banking net nationwide, the Nigerian Communication Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) on the nation’s payment system. Speaking on the partnership, the Executive Vice Chairman of […]

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Bank customers drop to 59m in 2017, as BVN accounts grow

The number of bank customers in the country dropped significantly in 2017 when compared with the depositors’ number in 2016, indicating that more Nigerians are not really positioned to save. Official data on the depositors sourced from the Nigeria Inter-Bank Settlement System’s, NIBSS’, website showed that the total number of bank customers dropped from 61 […]

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Moody’s Analysts Say Lower Capital, Bane Of Nigerian Banks’ Growth

Analysts at Moody’s Investor Service have identified lower capital of Nigeria’s midsize banks as a major constraint to the financial institution’s capacity to grow their business. The rating agency in its report published Monday titled ‘Nigeria’s midsize banks’ declining capital is credit negative’ noted that the capital deficiency would also harm the banks’ revenue and […]

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CBN Promises Improved Financial Services For Women

Determined to further support women’s productive initiatives in the country, the Central Bank of Nigeria (CBN) today promised to improve access to financial services for women, especially credit through its various intervention programmes. Making the pledge at the CBN 2018 International Women’s Day workshop tagged “Women Inspiring Change”, the apex bank’s Director, Development Finance Department, […]