17

May

Polaris Is Preparing To Launch A New Digital Bank

Polaris Bank Limited announced the launch of a new digital bank. It announced this in a statement released on Sunday titled, “Polaris Bank set to boost Nigeria’s digital banking ecosystem, unveils a new digital bank.” With the growing opportunities in e-payment systems accelerated by the COVID-19, the bank said this was appropriate. “Feelings indicate that the bank’s new digital bank, which has been in test mode among its employees and customers for some time, is set to grow its market share, targeting a new generation of digital natives and immigrants who are socially and financially aware of innovations in self-service […]

14

May

In 2020, Remittance Inflows To Nigeria Was Down By 28%, According To The World Bank

According to the World Bank, the COVID-19 pandemic reduced remittance inflows to Nigeria by 28% in 2020. According to the bank’s Migration and Development Brief 33 Phase 11 titled “COVID-19 Crisis Through a Migration Lens” published on Thursday, remittance flows to Sub-Saharan Africa dropped by 12.5%. According to the survey, the drop in remittance flows to Sub-Saharan Africa is largely due to a decrease in remittance flows to Nigeria. “The drop in remittance flows to Sub-Saharan Africa was almost entirely due to a 28% drop in remittance flows to Nigeria,” says the study. “With the exception of Nigeria, remittances to[…]

11

May

Nigeria Needs Immediate Economic Diversification – African Development Bank

Nigeria, Africa’s largest economy, requires urgent economic diversification to step away from a single source of income (oil and minerals) and toward multiple sources of income, according to the African Development Bank. Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at the African Development Bank (AfDB), said this on Monday at the 22nd Founder’s Day Lecture of the Igbinedion University, Edo’s first private university. What the African Development Bank said about diversification “In order to achieve long-term recovery and development, Nigeria requires immediate economic diversification. Nothing illustrates the dangers of over-reliance on a single or limited range of resources more[…]