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
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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
How to Link Your NIN with Your Bank Account (Online Method) Read More »
Every bank in Nigeria has an assigned enterprise code which they can use to verify their customers presenting their improved National Identity Number (NIN) slip or virtual NINs as proof of their identity. These codes are also important for generating Virtual NIN. Also known as agent code, you’d need the enterprise code if you want
List of NIN Enterprise Codes for Banks in Nigeria Read More »
What is Islamic banking? Islamic banking entails banking activities that are compliant with Shariah. Also known as Islamic finance, it encompasses financial activities, particularly in the banking world, which adhere to Islamic law. This article is about the advantages of Islamic banking for business growth. Tenets of Islamic Banking The religious system forbids the payment
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Commercial banks in Nigeria (Deposit Money Banks) operate under seven different categories of banking licences issued by the Central Bank of Nigeria (CBN). They are: Commercial banking licence with international authorization Commercial banking licence with national authorization Commercial banking licence with regional authorization Non-interest banking licence with national authorization Merchant banking licence with national authorization
Full List of Banks in Nigeria Read More »
Domiciliary Account allows individuals, businesses and corporate organisations to receive and make payments in foreign currencies. The Central Bank of Nigeria (CBN) frowns at using such accounts for illicit activities. So, what are the benefits of having a domiciliary account in Nigeria? As such the apex bank issued a circular on the domiciliary account and
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There are 955 Microfinance banks in Nigeria, the Nigeria’s apex bank licences them and are also insured by the Nigerian Deposit Insurance Corporation (NDIC). They are: Check the list of commercial banks, merchant, mobile money operators, and other organizations that provide financial-related service.
Full List of 955 Microfinance Banks In Nigeria Read More »
Are you looking for ways to top up your Opay account? Of course, there are several transactions you can perform on the app, but it is important you know how to fund your Opay balance. This article will guide you. What you can do on your OPay Account Some of the transactions you can perform
2 Easiest Steps To Fund Opay Account Without An Agent in Nigeria Read More »
If you bank with the United Bank for Africa (UBA), you would need its sort codes to receive online transfers from another country. NOTE: The Swift code of UBA is UNAFNGLA. You can check the swift codes of all Nigerian banks in one of our articles. The branches have been divided into headings that vividly indicate
List of Sort Codes of UBA Branches in Nigeria Read More »
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