Every licenced financial institution makes an effort to know who their customers are. This process is called customer identity verification. That’s why your bank will, as a banking culture, take you through the Know Your Customer or KYC process. In doing this, you will be asked to prove your identity, to prove that you are what … Read more
When you walk into a bank to open an account, one of the first things they will ask you to do is something called “KYC.” This might sound complicated, but it’s just a way for the bank to get to know you better. What is KYC? KYC or Know Your Customer is a basic check … Read more
Interest income is the money you earn from keeping your savings or investments in a bank or financial institution over a certain period. It’s like getting paid for allowing the bank to use your money for a while. How interest income works Imagine you have ₦100,000 in a savings account. The bank agrees to pay … Read more
A joint account is a bank account that is shared by two or more people, and everyone who is part of the account can access the money. This means they can deposit (add money), withdraw (take money out), or transfer funds whenever they need to. Example: Let’s say you and your spouse open a joint … Read more
An instant transfer is a quick and easy way to send money between people or businesses, where the money moves almost immediately. Unlike regular bank transfers that can take a couple of days to go through, an instant transfer happens within seconds. Example: Imagine you want to send money to a friend who just paid … Read more
“Insufficient funds” is a message you see on an ATM or in your online banking app when you don’t have enough money in your account to make a payment or withdraw cash. Example: Let’s say you want to buy groceries that cost ₦5,000, but you only have ₦3,000 in your account. If you try to … Read more
Banking mobility is a service that makes it easy for people to switch from one bank to another. It is also known as Mobilité bancaire in French because that is where it is most popular. When you want to change your primary bank, the new bank will help by notifying all the companies that take money … Read more
If you’re planning to move to the U.S. and want to drive, getting a U.S. driver’s license is a good idea. Whether it’s for exploring your new area, picking up groceries, or going out with friends, a local license will make things much easier. Keep in mind that your home country’s license may not be … Read more
Starting May 7, 2025, if you live in the United States, you will need a Real ID to fly within the country, access certain government facilities, or enter places like military bases and nuclear power plants. Without it, you’ll have to use your passport for those purposes, even for domestic flights. The Real ID isn’t … Read more
SpaceX has announced the launching of Starlink in Yemen, making it the first Arab country to join the high-speed internet. The Arab country is coming on board almost four years after Starlink debuted in the United States on October 27, 2020. Getting an operating licence and launching such technology in an Arab country is significant … Read more
Compressed natural gas (CNG) is a type of fuel mostly made up of methane (a natural gas). It is stored under high pressure, taking up much less space than it would in normal conditions. This gas is kept in strong, hard containers shaped like cylinders (long, round shapes) or spheres (balls) to store it safely. … Read more
The buzz around transitioning from a petrol-powered vehicle to a Compressed Natural Gas (CNG) vehicle is overwhelmingly interesting among motorists across Nigeria. This is a sequel to the removal of subsidy on petrol, shooting the price of a litre of petrol up by more than 700%, pushing the Presidential Compressed Natural Gas Initiative (PCNGI) to … Read more
The adoption of Compressed Natural Gas (CNG) is growing rapidly among Nigerians at a time the government removed the petrol subsidy, which is currently priced above N1,000 per litre compared to CNG which is capped at N230 per kg in some locations across the country. However, it is nearly impossible to discuss CNG without mentioning … Read more
When you deposit into your bank account, that’s a top-up. You can also top up a virtual card or a prepaid card that isn’t connected to your bank account. The idea behind top-up is to add money to your existing balance. Top-up is not limited to banking, the term is also used in the telecommunication … Read more
Apart from co-ordination and monitoring of the implementation of Government policies and decisions, the Office of the Secretary to the Government of the Federation also supervises the activities of some government agencies. These agencies are: Federal Road Safety Corps (FRSC) Nigerian Christian Pilgrim Commission National Hajj Commission of Nigeria National Lottery Trust Fund Bureau of Public … Read more