Nigerians can now easily receive FastCash loans of up to N200,000 (two hundred thousand Naira) in minutes to fulfill emergency financial needs, pay children’s school fees, and pay rent.
FastCash is an instant loan product sponsored by First City Monument Bank that is quick, easy to use, and free of collateral (FCMB).
According to the bank, getting a FastCash loan requires no collateral or…
Stanbic IBTC announced the appointment of new board members in its group companies.
January 3, 2023
Following receipt of the necessary regulatory approvals, Stanbic IBTC Holdings Plc (Stanbic IBTC), a member of Standard Bank Group, has announced the appointment of new directors throughout the Group.
These nominations were in accordance with Stanbic IBTC’s history of…
The African Export-Import Bank’s (Afreximbank) Fund for Export Development in Africa (FEDA) has announced that it has received internal approvals to acquire a strategic minority stake in Geregu Power Plc.
FEDA is the development impact investment platform of Afreximbank…
Africa’s payments scene has been defined by a constant influx of technologically advanced new solutions. While businesses changed the way they operated to keep up with trends around the world, some failed to adapt and lost market share due to a lack of innovation. Therefore, it is impossible to overestimate the value of technology and the necessity of innovation.
Payment is a vital human…
CBN cash limit claim to fix inflation counterfactual, says Bismarck Rewane
December 20, 2022
The cash withdrawal cap and new currency policies, which seek to lower inflation, increase the value of the naira, and minimize vote buying, have been criticized by Bismarck Rewane, managing director and CEO of Financial Directives, as being contrary to economic theory.
The…
The World Bank has warned Nigeria to avoid a recession like the one it experienced in 2016.
December 20, 2022
According to the World Bank, Nigeria could experience a recession akin to that of 2016 if significant reforms are not carried out before the price of crude oil falls significantly.
According to the multilateral lender, Nigeria’s inability to take full advantage of the…
As earnings increased to N13.4 billion in September 2022, up 41.6 percent from N9.46 billion in September 2021, Sterling Bank announced its best nine-month profits in seven years.
The bank’s most recent financial statement shows that it earned N90 billion in interest income in September 2022, an increase of 8.8% from N82.7 billion in September 2021.
From N35 billion in September 2021 to…
The Nigerian Inter-Bank Settlement Scheme (NIBSS) data for the past eleven months reveals that the amount of Point of Sale (PoS) transactions climbed by 20.5 percent to 1.06 trillion from 883 million in the same time of 2021.
However, its worth increased by 32% from N5.73…
Cherry Finance has been introduced by Payday to boost international money transfers.
December 17, 2022
Payday, a Pan-African Fintech startup, unveiled Cherry Finance, a new remittance product that would make it easy and safe for African immigrants in North America (the US and Canada) to send money home.
With a flat fee of $2 for each transaction or transfer, Cherry Finance…
Visa promises to invest $1 billion in Africa's payment system over the next five years.
December 17, 2022
Visa has committed to spending $1 billion over the following five years to improve Africa’s payment environment. The international payment company made the investment announcement on Wednesday during the US-Africa Business Forum.
The investment will, in the company’s words, “seek to advance resilient, innovative, and inclusive economies across the continent” and…