The Central Bank of Nigeria, CBN, in line with the Banks and Other Financial Institutions Act (BOFIA), 2020, on Monday, May 22, ordered the revocation of the operating licences of over 100 microfinance banks and other financial institutions. Making the announcement, the CBN governor, Godwin Emefiele stated that the bank came to the decision because …
In a recent development, the Central Bank of Nigeria (CBN) revoked the licenses of 132 microfinance banks and other financial institutions. Read the full list here. In this blog post, we will delve into the implications of the license revocation for depositors and shed light on what it means for their overall financial stability. On …
CBN Revokes Licenses Of 132 Microfinance Banks: What this Means for Depositors
Money makes the world go round" is a phrase that we all have heard at least once in our lifetime. The importance of money in our daily lives is undeniable. However, financial literacy is not something that is widely taught in schools or even at home. In his best-selling book, "Rich Dad, Poor Dad," Robert …
The IWD season is a great time to celebrate some iconic women who have contributed to bridging the inequality gap. Marked annually on March 8, this year’s theme, #EmbraceEquity is depicted with photos of individuals embracing themselves. This is to denote hat equity begins from within. Difference between equity and equality explained. Belgium-based YouTuber …
The 2023 International Women’s Day, IWD, is around the corner and there is no better time to highlight some of the money secrets to learn from Ibukun Awosika. One of Nigeria’s few female powerhouses, Mrs Awosika embodies the saying that women are the architect of the society. An accomplished entrepreneur, banker, philanthropist and motivational speaker, …
This IWD, let us embrace equity by celebrating the success of women in finance and encouraging more women to enter the field. In this blog post, we will discuss why it is so important to have greater representation of women in finance and what we can take to make this a reality. We will also …
As International Women’s Day draws closer, it is important to celebrate the progress made by women with regards to their finances. Despite historical and systemic disadvantages, women have proven that they have the ability to effectively manage their finances and achieve financial success. Women have made huge progress in recent years towards having equal rights, …
AfriGo: All You Need to Know About CBN’s Domestic Card Scheme. In an effort to strengthen the national payments system, the Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-bank Settlement System (NIBSS) has launched AfriGo, a new payment system. The first domestic card scheme in Africa, the CBN Governor, Godwin Emefiele, formally …
AfriGo: All You Need to Know About CBN’s Domestic Card Scheme.
You may be committed to storing your money in a safe place, but how do you calculate interest on a savings account? One very good reason why people save is not just for the rainy day, but also to get added income from the interest on their savings. Interest on a savings account is the …
The Central Bank of Nigeria (CBN), through its Monetary Policy Committee (MPC), has announced an interest rate hike. Read below to learn what the CBN interest rate hike means for borrowers in Nigeria. The MPC, which held its first meeting for 2023 on the 23rd and 24th of January, increased the country’s monetary policy rate …
What The CBN Interest Rate Hike Means for Borrowers In Nigeria
Are you committed to making a change and taking control of your finances? Here are 10 expensive habits that prevent you from saving money. If that is the case with you, how do you go about identifying the loopholes and plugging them? It all starts with self-reflection and honesty. You can’t lie to yourself or …
There are steps you need to take to attain financial discipline, but these three ways to curb impulse buying and save more stand out. When it comes to consumer behaviour, impulse buying occurs after shoppers experience an urge to buy products without planning or budget considerations. Such forms of purchases are often spontaneous without any …
