CBN’s Digital Currency To Launch Before 2022 – Bankers’ Committee
CBN’s Digital Currency To Launch Before 2022 – Bankers’ Committee Search Categories Business (3) Client (4) Computing (1) Credit Score (3) Education (2) Enquiry Portal (1) Farmer (1) FCB (2) Finance (4) FirstCentral Blog (11) Loan (1) News (3) Nigeria (3) OECD (3) Office (1) Video (3) Work (1) Tags February 12, 2025 CBN’s Digital Currency To Launch Before 2022 – Bankers’ Committee Mrs Rakiyat Mohammed, Director of the Central Bank of Nigeria’s Information Technology Department, has stated that the banking authority will create a digital currency by the end of 2021. Muhammed made the announcement during a news conference following the Bankers’ Committee meeting on Thursday. “As I stated before the end of the year, the Central Bank will make a special announcement and possibly launch a pilot scheme to be able to provide this type of currency to its citizens,” she said. She stated that approximately 80% of central banks around the world were looking into the prospect of releasing central bank digital currency, and Nigeria could not be left out. She went on to say that the CBN had been researching technology for over two years and had made significant progress. She explained that there are presently two types of money in the country when asked what the Central Bank digital currency will be. “At the moment, we have two types of currency in Nigeria: notes and coins,” she continued. “As a result, the Central Bank currency will be the third form of money, implying that, like electronic money, digital money is not new in Nigeria. “As far as advancement in the use of digital money is concerned, we are about third or fifth in the world. “So this will work in conjunction with the coins and cash we already have. “The Central Bank digital currency will be just like having cash in your pocket, and you will have cash on your phone just like you have cash in your pocket.” She stated that the Central Bank was looking into several use cases, including remittances. “We all know how money has to travel for someone to send money from Nigeria to abroad, and it is a huge amount of money in Africa,” the director stated. “We also know that according to a recent EfiNA report, our goal was to achieve 80% financial inclusion. We’re approximately 60% of the way there, and if we keep moving at this pace, we won’t make it. “The Central Bank’s digital currency will help us meet this goal faster.” Share: Twitter Facebook Linkedin Email FirstCentral Writer FirstCentral Writer is a passionate blog writer who specializes in business, finance and everything FirstCentral. With a knack for storytelling and a love for clear, engaging content, FirstCentral Writer brings fresh perspectives to every post. Drop a Comment
The Best Way To Check Your Credit Score
The Best Way To Check Your Credit Score Search Categories Business (3) Client (4) Computing (1) Credit Score (3) Education (2) Enquiry Portal (1) Farmer (1) FCB (2) Finance (4) FirstCentral Blog (11) Loan (1) News (3) Nigeria (3) OECD (3) Office (1) Video (3) Work (1) Tags February 12, 2025 The Best Way To Check Your Credit Score The credit score in Nigeria has been simplified thanks to Firstcentral Credit Bureau. You need to become more aware of your score so you don’t fall on the negative side of life issues when you need a good score for a loan or even a credit card. Below are ways you can get your credit score today in Nigeria using Firstcentral. Using The Firstcentral Credit Bureau Website Simply visit the Firstcentral Credit Bureau website (www.firstcentralcreditbureau.com). Then click on “Get Free Credit Score” (you are entitled to a free credit score check once a month t&c applies). Fill out the form that appears and submit it, your credit score will be displayed to you in an instant. Using Email You can request for your credit history via email, by sending an email to info@firstcentralbureau.com requesting for your credit history. Follow the instruction which will be mailed to you and your credit history will be right in your inbox. Your credit score is a numerical representation of your creditworthiness based on your credit report. Scores are also known as credit ratings and are also referred to as a FICO® Credit Score, ranging from 300 to 850. Also Order your report here: https://firstcentralcreditbureau.com/order-your-report/ Share: Twitter Facebook Linkedin Email FirstCentral Writer FirstCentral Writer is a passionate blog writer who specializes in business, finance and everything FirstCentral. With a knack for storytelling and a love for clear, engaging content, FirstCentral Writer brings fresh perspectives to every post. Drop a Comment
The FG has increased the loan amount for MSMEs to N5m at a rate of 9% interest.
The FG has increased the loan amount for MSMEs to N5m at a rate of 9% interest. Search Categories Business (3) Client (4) Computing (1) Credit Score (3) Education (2) Enquiry Portal (1) Farmer (1) FCB (2) Finance (4) FirstCentral Blog (11) Loan (1) News (3) Nigeria (3) OECD (3) Office (1) Video (3) Work (1) Tags February 12, 2025 The FG has increased the loan amount for MSMEs to N5m at a rate of 9% interest. In an endeavor to promote inclusive economic growth, the Federal Government has increased the maximum amount of funds that small businesses can access under a single interest rate to N5 million. Dr. Olasupo Olusi, the Managing Director and Chief Executive Officer of the Bank of Industry (BOI), expressed the government’s dedication to promoting the growth of Micro, Small, and Medium Enterprises (MSMEs) during a town hall sensitization on the Federal Government Grant and Loan Scheme in Lagos. Olusi, who was represented by Umar Shekarau, Executive Director, MSMEs, BoI, commended President Bola Tinubu for the N200 billion Presidential Intervention Fund for Micro, Small, and Medium Enterprises (MSMEs). Of this amount, N75 billion was designated for MSMEs. He further stated that the presidential conditional grant and loan scheme aimed to create thousands of direct and indirect jobs nationwide, allocating N75 billion to MSMEs. He stated that the Bank of Industry (BOI) nationwide prepares the fund for disbursement to beneficiaries at an annual interest rate of nine percent. He urged business owners to register online or approach the BoI directly for a loan without going through intermediaries. He stated that over 800,000 Nigerians have benefited from the loan, and there is still space for the inclusion of youths, women, physically challenged individuals, and all Nigerians. Read on: https://firstcentralcreditbureau.com/the-cbn-raises-the-interest-rate-to-17-5/ Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, stated that the purpose of the increase in loan size from N1 million to N5 million was to address the financial and infrastructural challenges that small and medium-sized businesses in the country face. He stated, “The loan has a nine percent interest rate and a three-year term.” Up to N5 million in single digits can be collected by a single MSME.We anticipate this initiative will create thousands of direct and indirect employment opportunities throughout the country. The Ministry of Finance, the Ministry of Industry, Trade, and Investment, the Presidency, and other stakeholders collaborated to devise a more comprehensive federal strategy that included the initiative. Additionally, the Minister of Finance, Mr. Wale Edun, who was represented by Ahmed Gazalli, underscored the significance of MSMEs in the national economy. He characterized the initiative as a significant stride in Nigeria’s pursuit of sustainable development and economic empowerment. He maintains that “MSMEs are the foundation of our economy.” It is imperative to foster their expansion in order to realize our aspiration of an inclusive, prosperous economy. He reaffirmed the government’s commitment to repositioning Nigeria’s economic landscape by removing barriers that impede the expansion of MSME and strengthening the manufacturing sector. Share: Twitter Facebook Linkedin Email FirstCentral Writer FirstCentral Writer is a passionate blog writer who specializes in business, finance and everything FirstCentral. With a knack for storytelling and a love for clear, engaging content, FirstCentral Writer brings fresh perspectives to every post. Drop a Comment
