CBN to Close Bank Accounts Without BVN

cbn news

Central Bank of Nigeria (CBN) to Close Bank Accounts Without BVN

The CBN has announced its plans to close millions of bank accounts in various financial institutions that are not linked to a Bank Verification Number (BVN).

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SunTrust Bank declares 1.5bn profit for 2022 fiscal year

SunTrust Bank Nigeria’s Profit Before Tax for 2022 Fiscal Year

SunTrust Bank Nigeria Limited, a rapidly expanding commercial bank in Nigeria, has announced a Profit Before Tax of N1.5bn for the year ended December 31st 2022. The Bank’s 2022 Audited Financial Result has been published on its website.

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PoS Terminals in Nigeria Surpass 1.8 Million Mark in March 2023

Key Points

  • In March 2023, the total count of PoS terminals installed in Nigeria reached 1.8 million, as reported.
  • Compared to the same period last year, the number of deployed terminals has increased by 75%, when it was at 1.04 million.
  • Additionally, the platform observed a surge in transaction value over PoS terminals, with N1.1 trillion being the highest monthly record.

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Cost of cooking gas rises as high as N11,000 per 12.5kg refill

cooking gas

Regional Variations in Average Prices of 12.5kg Cooking Gas Refill in Nigeria The National Bureau of Statistics (NBS) recently released a report detailing the average retail prices of 12.5kg cooking gas refill across six geopolitical zones in Nigeria. The report revealed significant regional variations in the average price of 12.5kg cooking gas …

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AfDB and ILX Partner to Boost African Investments

African Development Bank (AfDB) and ILX Management B.V. Partnership Agreement

AfDB and ILX Management B.V. have partnered to promote sustainable investment in African countries.

The agreement aims to mobilize institutional investor capital and bridge financing gaps to achieve AfDB’s High Five priorities, including improving energy access, food security, and industrialization.

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FG Begins Registration of Unemployed Persons in Lagos

FG Registration

The Nigerian government has begun a registration exercise for unemployed individuals in Lagos State.

The National Directorate of Employment (NDE) will conduct the exercise for a period of ten days, from April 18 to April 28, 2023, in the 20 local government areas of Lagos State.

The aim of the exercise is to provide accurate data on the number of unemployed individuals in the country, which will help policymakers in addressing Nigeria’s unemployment challenges.

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CBN Approves Name Change for Nigerian Banks – Here’s the Full List

Nigerian banks are currently undergoing significant changes to improve their operations, increase profitability, and better position themselves in a highly competitive industry.

Major Nigerian banks, such as First Bank, Sterling Bank, and Zenith Bank, have recently announced significant changes in their name, organizational structure, and operations.

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CBN Prohibits Banks from Operating POS: What it Means for Electronic Payments

CBN Prohibits Cash-in and Cash-out Transactions via PoS for Agents

The Central Bank of Nigeria (CBN) has released a circular announcing the Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria.

As per Section 8.3 of the guidelines, the CBN has prohibited agents from using PoS terminals for cash-in and cash-out transactions.

This action was taken to streamline activities and ensure that stakeholders take appropriate risk mitigation measures.

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