Banking

There are 43 primary mortgage financial institutions in Nigeria, they are:

Nigerians will now pay a 0.5% cybersecurity tax on transfers made, following an announcement by the Central Bank of Nigeria (CBN) on Monday, May 6, 2024. According to the CBN circular, the levy will go to the national cybersecurity fund and will be administered by the Office of the National Security Adviser (NSA). Although 16 … Read more

Blocking your Debit Card is the first action you must take when your card is stolen, lost or misplaced. The option to do this is available on the GTWorld. Here is how to do it: If you don’t use the app, other options to block your debit card are: Via USSD code Blocking your GTB … Read more

Zenith Bank has 393 branches (as of March 29, 2024) spread across Nigeria’s states and geopolitical zones. Each branch has a sort code for easy identification and to track financial-related transactions. In Lagos State alone, Zenith bank has over 100 branches, each with its unique sort code. Note: And you should also know that sort … Read more

Introduction to American Express Savings Accounts Are you looking to make your money work harder for you? American Express Savings Accounts may be the key to unlocking your financial goals. With competitive interest rates and a trusted name in the finance industry, American Express provides several advantages over other banking organizations. Let’s dive into what … Read more

What is Unbanked? The term ‘unbanked’ refers to people, typically adults, excluded from the traditional banking system. These individuals lack access to basic financial services such as credit cards, savings accounts, and other banking facilities. Essentially, unbanked individuals do not use any banking institution and as a result, they are generally deprived of professional financial … Read more

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 … 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, … 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 … Read more