Meaning Insurance is a form of risk management whereby two parties sign a legal agreement to cover unforeseen financial losses that a party (insured) may incur and the insurer i.e the insurance company agrees to compensate the insured in the event of a certain loss, injury or damage. In the United States, Germany, and the […]
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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
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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
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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,
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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
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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,
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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
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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
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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
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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
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