11

Jun

The Central Bank Of Nigeria (CBN) Has Denied Plans To Nationalize Unity Bank

A media allegation that the Central Bank of Nigeria (CBN) was considering nationalizing Unity Bank Plc was dismissed as “fake news” by the CBN yesterday. In a statement, CBN spokesman Osita Nwanisobi advised customers and other stakeholders to disregard the report, describing it as the work of swindlers. “The report is fake news,” he remarked. It contains an iota of truth.” He went on to say that such information should be ignored by the general population. According to the report, the apex bank’s targeted investigation of Unity Bank revealed that the Tier 2 lender is in “grave financial condition,” with […]

11

Jun

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[…]

03

Jun

Wema Bank Improves SME Financial Literacy

Wema Bank Plc has reaffirmed its commitment to improving financial literacy and optimisation among its customers, particularly in the country’s Small and Medium Enterprises (SMEs). Facilitators presented thoughts on how SMEs may upscale their operations and the Wema products/services they can employ in a recent webinar titled “Unbundling Tax, Legal, and Compliance – Issues for SMEs.” The webinar is one of the ways the bank is educating its stockholders about financial literacy and business optimization. Hilary Ajodo, Head, Legal Services, Wema Bank; Taiwo Oyedele, Fiscal Policy Partner & Africa Tax Leader, PricewaterhouseCoopers (PwC); Linda Ochugbua, Head, Online Sales & Digital[…]