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
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 … 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 … Read more
The career paths for bankers in Nigeria are hierarchical. In some banks, you begin as a graduate trainee, progress to executive trainee, and then advance up the ladder. This progression varies from one bank to another. We have some of the top billionaire bankers in Nigeria today who entered the banking sector in their early … Read more
Domiciliary account holders can now convert their dollars to Naira instantly on GTBank internet banking platform. In a message sent to infomediang.com Monday, June 26, 2023, Guaranty Trust Holding Company Plc (GTCO Plc) said: “You can now convert US dollars in your GTbank domiciliary account to naira directly on our platform. It’s instant as a regular … 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 … Read more
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 … Read more
What Is Dollar Debit Card? A dollar debit card is a debit card that carries out transactions in US Dollars. It operates like the Naira Debit card, the major difference is that it’s denominated in USD or whatever foreign currencies’ transactions it’s designed to perform. Some banks in Nigeria have Pound Debit Card, which means … Read more
A domiciliary account is an account designed to receive foreign currencies such as the US dollar, Pounds Sterling, EUR, among others. It allows individuals, businesses, and corporate organizations to receive and make payments in foreign currencies. Some of the banks with the best services in terms of domiciliary account include Standard Chartered Bank, Providus, GTBank, … Read more
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.
There are three major ways to fund your opay account, but without an agent, you should be able to top up your account with an agent: After downloading the App from Google Play Store if you use an Android Phone, fund your account either using your ATM card, and bank app thus: Via your bank … 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 … Read more
Do you know that you can change the phone number and email attached to your GTBank now to Guaranty Trust Holding Company PLC (GTCO) right on your phone? You can do this in two major ways: Through internet banking Via ATM For those who looking for how to get the PTA paid directly pay to … Read more
Financial institutions have codes which are used to identify banks and their branches. Here is the comprehensive list of sort codes for Guaranty Trust Bank across Nigeria. Note: Guaranty Trust Bank Swift Code is GTBINGLA. With the combination of your bank’s swift code and sort code, you can receive international payments successfully. Below are the … Read more