What is a SWIFT Code? A swift code is an 8 or 11-digit code or characters associated with a financial institution for making international transactions. SWIFT code is a standard format for Business Identifier Codes (BIC) which is used to identify banks and financial institutions globally. It says who and where they are — a sort of international bank code […]
SWIFT Code vs Sort Code: What’s The Difference? Read More »
BitForex, an exchange that used to be one of the leading crypto exchanges, has gone under after allegedly disappearing with at least $57 million in customers’ funds. A few days before the Hong Kong-based exchange’s disappearance, it published on its now inaccessible site that its CEO and co-founder Jason Lou stepped down as CEO. Background On February
Will BitForex Exchange Ever Come Back To Refund Customers’ $57 Million? Read More »
Every year, financial institutions around the world post voluminous profits even when there is poverty or when there has been no significant change in the poverty level. Economically, the fact that financial institutions are making more profits does not translate to poverty reduction. But it is baffling that even when there is hunger, economic difficulties,
Why Do Banks Make Profit Amidst Poverty? Read More »
A Tier-1 bank account or level-1 bank account is a type of bank account that can be opened with minimal or no form of documentation. Tier-1 bank accounts can be opened with a passport photograph and phone number. This category of bank account is popular among unbanked nations such as Nigeria to bring them under
What Is a Tier-1 Bank Account? Read More »
From outright ban to hefty fines worth billions of U.S. dollars, Binance continues to face harsh regulatory challenges around the world, making it difficult to make its services available in the affected locations. The largest cryptocurrency exchange by volume experienced a push back recently in Africa’s largest crypto market, Nigeria, and in the United States,
List of Countries Where Binance Exchange Faced Regulatory Sanctions Read More »
The Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited have been suspended for a month over breaches of the country’s foreign exchange regulations. In a statement obtained by infomediang.com, the Bank of Ghana (BOG) says the suspension of the FX trading of the two Nigerian-owned banks is for
Bank of Ghana Sanctions GTB, FBN Over Fraudulent FX Documentation Read More »
The recent guideline by the Central Bank of Nigeria (CBN) says your bank account will be blocked if you fail to link it to your National Identification Number (NIN). Even though you already have your Bank Verification Number (BVN), the apex bank is saying your NIN and BVN have to be linked to your financial
How to Link Your NIN with Your Bank Account (Online Method) Read More »
To some people, cryptocurrency investment is the new oil-money, but it comes with lots of risks and the major challenges facing it is scams, which come in different forms. Research indicates that existing scams persist, albeit with modified tactics aimed at deceiving cryptocurrency holders, especially during the Bitcoin boom. For instance, scammers may be particularly
15 Types of Crypto Scams During Bitcoin Boom Read More »
A degree is okay to practice as a stockbroker, but most employers in the United States, United Kingdom, and Nigeria would prefer a degree holder in Economics, Finance, Accounting, Banking and Finance, Marketing, and Business Administration plus a professional certification. The body that issues the professional certificate to stockbrokers varies from country to country. Here
How To Become a Stockbroker Read More »
If you have taken a loan from a financial institution and are unable to repay or fail to fulfill the repayment obligations due to circumstances beyond your control, that constitutes a bad loan. Definition Also referred to as bad debts, bad loans arise when the borrower no longer pays loans they obtained from a bank or
Types of Bad Loans and Their Impact on the Lender and the Borrower Read More »
The best of Business news, in your inbox.
