Sole proprietorship is the simplest and most common structure chosen by individuals starting a business. It refers to a business that is owned, controlled, and operated by one person without needing to formally register with the state as a business entity. Understanding the characteristics of sole proprietorship and its structure is critical for entrepreneurs since …
Sole Proprietorship: What it is, Pros, Cons & How to Fund It
Deciding on the most suitable business structure is one of the most critical choices entrepreneurs make when starting a business. The options typically boil down to sole proprietorship, partnership, corporation or limited liability company (LLC). Each has its own advantages and disadvantages relating to ownership, liability, taxes, profit-sharing and raising capital. In this blog post, …
Sole Proprietorship vs Partnership: How to Choose the Right One
The Central Bank of Nigeria (CBN) has issued new guidelines regarding Bank Verification Numbers (BVN) and National Identification Numbers (NIN) for bank accounts and wallets. By January 2024, all commercial banks and fintech companies will implement these changes. Here are the key takeaways from the CBN circular: Mandatory BVN or NIN for Tier-1 accounts and …
The value of Nigeria's currency, the naira, has been a concerning issue for the country's economy and its people. Over the past few years, the naira has faced increasing pressure, leading to a significant devaluation against major global currencies like the US dollar. This current Nigerian exchange rate has wide-ranging implications for Africa's largest economy. …
The financial landscape in Nigeria is rapidly evolving. With a large unbanked population and increasing smartphone penetration, there is a growing demand for quick and easy access to loans. As a result, digital lending via mobile apps has exploded in recent years. This blog post will guide you through the top 10 personal loans in …
In today's dynamic Nigerian economy, accessing the right financial support can be a game-changer. Whether you're nurturing a budding business, seeking to further your education, or simply bridging a temporary gap, a loan can be a powerful tool to propel you forward. But with a diverse range of options available, navigating the loan landscape can …
Inflation significantly impacts savings as it erodes purchasing power but what is its effect on your savings? As of August 22, 2023, the inflation rate in Nigeria today is 22.79%. This is the highest inflation rate in Nigeria since September 2005. The main drivers of inflation rate in Nigeria today are listed as the rising …
Inflation Rate in Nigeria Today and its Effect on Your Savings
It's great that you're thinking about saving for retirement early on so that you can make the necessary plans to ensure a comfortable and secure future. The earlier you start planning, the more time you have to save and invest, and the more likely you are to achieve your retirement goals. The Nigerian Pension Act …
Saving money in Nigeria can be challenging, especially given the current economic climate and rising inflation. Saving money is an important part of financial planning and can be beneficial for individuals and families in a variety of ways. In addition to creating a sense of financial security and providing access to emergency funds, consistently saving …
The Nigeria Interbank Settlement System (NIBSS) recently issued a directive that could have a significant impact on how you use financial technology (Fintech) platforms in Nigeria. This article aims to simplify the directive and explain its potential implications for you. What is the new directive about? The directive prohibits Nigerian banks from allowing certain Fintech …
The Implications of the New NIBSS Directive: Is Your Money Safe?
Nigeria is a bustling country with tons of opportunities for people to start businesses. But some of the best ideas are hidden away! Forget the usual stuff, we're going to explore 10 hidden business opportunities that are just waiting to be discovered. This blog post will show you how to find these hidden gems and …
As part of nairaCompare's commitment to empowering Nigerians with the information and tools they need to succeed, we are thrilled to announce the addition of 4 new savings products from the Alternative Bank on our platform! These offerings are designed to cater to various financial needs, providing you with diverse options to grow your funds …
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