It’s exciting to know that financial institutions in Nigeria are deepening their interest in supporting micro-traders through soft loans. The latest on the list credit facility available for small business owners is ‘I Go Trade’ which was launched by Sterling Bank, where SMEs and artisans can access up to N300, 000 It is a new … Read more
Who received the N75Bn CBN loan? That is one of the questions on the lips of millions of Small and Medium Enterprises (SMEs) who applied but were not selected for the National Youth Investment Fund (NYIF) loan. The NYIF loan is an initiative of the Federal Ministry of Youth and Sports in collaboration with the Central … Read more
Access Bank recently says it has over 70,000 as agents spread across Nigeria, disclosing that its aim is to reach unbanked and under-banked millions of Nigerians in communities and cities. What are the requirements to become Access Closa Agent in your community? Do I need millions of naira to register as POS agent? For Small … Read more
On May 27, 1967, the military regime of Yakubu Gowon carved 12 states out of the four regions. On February 3, 1976, seven states were added, bringing the states in Nigeria to 19. Takeaway: And in 1987 Katsina and Akwa Ibom states were created and by 1991, 9 more states were created while total number of states … Read more
No democratic government has created any state in Nigeria from 1967 to date. All the present 36 states were created by military governments. But in August 8, 2021, the Senate Committee on Constitution Review proposed that 23 more states be created in addition to the existing ones. The history of state creations in Nigeria dates … Read more
Have you ever wondered where Bureau De Change operators in Nigeria obtain the large volumes of foreign currency they handle and sell to their customers every day? At inception, their primary source of foreign currency was the Central Bank of Nigeria. However, today they have more than 10 sources from which they acquire forex. Their strategic … Read more
In the 1990s, business owners had their tables filled up with files and record books. Those have become archaic in today’s world. Files and other important documents can be stored in the cloud and such files can be accessed anywhere on a device. The beauty of this is that there are firms that offer free … Read more
Financial analyst, Bismarck Rewane, said the latest position of the Central Bank of Nigeria (CBN) not sell foreign exchange to Bureau De Change operators could push them out of the forex market. The renowned economist who is also an analyst at the Financial Derivatives Company Limited (FDC) said it would take the market a few … Read more
One of the cardinal motivating factors that can make an investor deposit a certain amount in his savings account and leave it there for a year or more is the interest rate his bank is ready to turn in. In the past, the highest interest rate you could get on your savings from any Nigerian … Read more
Loan applicants under the Agri-Business Small Medium Enterprises Investment Scheme (AGSMEIS) since the beginning of August 2021, started receiving messages from the Nirsal NIRSAL microfinance bank about the status of the fund applications. What is Loan Decline? Loan decline is a situation whereby a lender feels your application for a credit facility doesn’t meet the required … Read more
Ever wondered why wealthy businessmen have easy access to loans? It’s because money lenders have brighter chances of recouping their money through the visible or invisible collateral they can provide. The reverse is the case for an upcoming business owner, who struggles with office space, funds, and human capital. Banks hardly grant their loan request, … Read more
There are fears that the Central Bank of Nigeria (CBN) might use its financial powers to convert foreign currencies in domiciliary accounts to Naira as one of its desperate moves to stabilize the forex market. Although, there was no statement to such a move by the apex bank, its recent action against the activity of … Read more
Saka T Entertainment has announced the official launch of a new range of customized T-Shirts under the brand Saka T Collections to be available in Lagos and across Nigeria. The new product which is done in quality material, Saka T Customize T-Shirts come with your images, text, design, or logo, depending on customers’ preferences. CEO … Read more
The foreign exchange market or forex has several definitions for hundreds of people around the world, the most important thing is that FX is a market where currencies across the world are traded 24/7. When you buy Euro with Naira or USD with Pounds, that’s forex. To a Nigerian who needs dollars for personal travel … 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