Category: Uncategorized
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No hiding place for borrowers with no intention to pay back
The Chartered Institute of Bankers of Nigeria (CIBN), has called for a change in the borrowing and lending culture such that there should be no hiding place for perpetual borrowers that will borrow money without intention to pay back. Mr Uche Olowu, President and Chairman of Council, CIBN at a press conference on the Institute’s…
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Recapitalisation’ll enhance corporate governance in MfBs — MD Advans MfB
Obinna Ukachukwu is the Managing Director, Advans La Fayette, Microfinance Bank, MfB, which recently opened its first branch in Lagos. In this interview, he spoke on the necessity for recapitalisation in the MfB sub-sector and why it took Advans La Fayette MfB, seven years before it opened its first Lagos branch. He also shares his…
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Nigerian Women ‘Burning Their Breasts’ To Stay In Business
Banjo Damilola The scale of their business is hardly enough to secure a loan in any conventional banks. When the business is big enough, many of them are illiterate, unbanked and have no significant collateral. Iya Bisi, as she asks to be addressed, sits by the junction of Brown street at Oshodi, a popular Lagos…
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Expanding Financial Inclusion in Nigeria.
Hamid Ayodeyi The linkage between financial inclusion and economic development of developing countries has provided the impetus for countries to develop and implement improved strategies to financially include their unbanked citizens, according to the latest financial inclusion report of the Central Bank of Nigeria (CBN). Also, a study by the World Bank in 2017, revealed…
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The Role of Agent Banking in solving the Financial Inclusion challenge.
By Oluwatosin Sam-Amoye The EFInA 2018 survey revealed that several factors were responsible for the unbanked population being financially excluded. These factors include: Unbanked population not aware of what products and services are available Unbanked population do not know the benefits of financial products and services Low literacy level Lack of trust of the services…
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How Nigeria will achieve 95% financial inclusion target – Emefiele
By Bamidele Samuel Adesoji The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has disclosed how Nigeria will achieve 95% financial inclusion by 2024, stating that the CBN had explored new techniques and policies to drive financial inclusion target in the country. According to the information contained in the CBN financial inclusion newsletter for July 2019, the CBN Governor disclosed this…
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Financial Inclusion: CBN Sets Monthly Customer Target For MFBs .
The Central Bank of Nigeria has set a new target of 64 new customers for micro finance banks in Nigeria, as part of its efforts to achieve its financial inclusion target. The banking regulator stated this in a letter to all microfinance banks on the revised National Financial Inclusion targets on Tuesday. In a bid…
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Nigeria’s pensions potential attracts foreign interest.
Pension savings in Nigeria average out at just over $2,700 per saver. It is a dismal figure, but these people are the fortunate ones: most of the country’s workers do not belong to a retirement scheme at all. A Nigerian who is in a scheme and retires at 50, the age set by the country’s pension system,…
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Stanbic IBTC introduces initiative to drive micro pension.
Nike Popoola Following the formal introduction of the micro pension plan by the Federal Government in March, Stanbic IBTC Pension Managers Limited, has unveiled a nationwide micro pension campaign tagged ‘Game Plan – Retire Well.’ The Pension Fund Administrator said the effort was aimed at sensitising and stimulating the informal sector not covered by the…
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Financial inclusion drive is gaining momentum in the country as Nigeria embraces electronic payment channels.
Nigerians transacted businesses worth N183.4 billion through mCASH in the first three months of this year. New Telegraph learnt that the mobile payment platform, which was recently re-launched by the Nigerian Inter-bank Settlement Systems (NIBSS) in partnership with banks and telecom operators, is now gaining traction among mobile users. mCASH is a mobile payment system…