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
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 … 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
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, … Read more
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 … 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
This Virtual NIN is a tokenized version of the person’s actual NIN which another party verifying the number cannot retain and use in a way that puts the individual’s data privacy at risk. Takeaways Generating you VNIN On the app are four methods available for you to generate your Virtual NIN 1) By searching the … Read more
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 … Read more