CBN/Commercial Banking

Only Applicants From Federal Institutions Can Access Students Loans – FG

CBN/Commercial Banking, Education, FGN, News Flash

Only Applicants From Federal Institutions Can Access Student Loans – FG Managing Director of Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has revealed that a maximum of 1.2 million students across federal tertiary institutions will access the students’ loans in its opening phase. Speaking ahead of the portal’s formal launch for applications on Friday, he stated that students enrolled in federal tertiary institutions whose institutions have finished uploading their data would be able to apply in the first phase. Sawyerr stated that potential candidates can start the application process as early as May 24, but stressed that the loan application…

May

2024

CBN Withdraws Circular On Implementation Of National Cyber security Levy

CBN Withdraws Circular On Implementation Of National Cybersecurity Levy The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing financial institutions to implement the national cybersecurity levy. The circular, issued on May 6, 2024 with reference PSMD/DIR/PUB/LAB/017/004, mandated commercial banks, mobile money operators, and other financial institutions to collect a 0.5 percent levy on all electronic transactions. This move comes amid widespread public criticism and concerns raised by various stakeholders regarding the levy’s potential impact on the financial sector and the overall economy. Critics argued that the levy would be an additional burden on Nigerians already grappling with…

May

2024

Emefiele Arraigned For Printing N684m Notes With N18.96bn, Pleads Not Guilty

Emefiele Arraigned For Printing N684m Notes With N18.96bn, Pleads Not Guilty The Economic and Financial Crimes Commission (EFCC), on Wednesday, arraigned a former Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele for approving the printing of N684.5m at the rate of N18.96bn. Emefiele pleaded not guilty to the four count charge when he was arraigned on these counts before Justice Maryann Anenih of the FCT High Court, Abuja. In the four-count charge filed against him, the EFCC alleged that Emefiele disobeyed the direction of law with intent to cause injury to the public during his implementation of the…

May

2024

Its Official: Tinubu Suspends Cybersecurity Levy

CBN/Commercial Banking, Economy, News Flash, Presidency

IT’S OFFICIAL: Tinubu Suspends 0.5% Cybersecurity Levy The federal government confirmed on Tuesday the suspension of the implementation of the cybersecurity levy, the imposition of which was recently announced. Minister of Information and National Orientation Mohammed Idris told correspondents after the meeting of the Federal Executive Council (FEC) presided over by President Bola Tinubu at the Presidential Villa in Abuja that the 0.5% levy on electronic transactions has been put on hold to enable the government to review it. He affirmed that the federal government did not want Nigerians to be overburdened at a time when things are already difficult.…

May

2024

IMF Advises Nigerian Govt Over Crypto Trading Platforms

IMF Advises Nigerian Govt Over Crypto Trading Platforms The International Monetary Fund has advised the Nigerian government to ask global crypto trading platforms to register or obtain licences before operating in the country. This recommendation was made in the IMF’s latest staff report, released on Thursday following the conclusion of its 2024 Article IV consultation with Nigeria. According to the report, compelling global crypto trading platforms to register will subject them to regulatory requirements. The IMF emphasised the need for Nigeria to establish a robust regulatory framework to oversee the growing cryptocurrency market, ensuring financial stability and protecting investors. It…

May

2024

FG Orders Registration Of All POS Operators In Nigeria

CBN/Commercial Banking, Economy, FGN, News Flash

FG Orders Registration Of All POS Operators In Nigeria The Federal Government through the Corporate Affairs Commission has issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria. The agreement was reached on Monday during a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja. According to the Nigeria Inter-Bank Settlement System, there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide. Speaking at the meeting, the CAC boss said…

May

2024

16 Banking Transactions Not Affected By New CBN’s Cyber security Levy

CBN/Commercial Banking, Business, Economy, News Flash

16 Banking Transactions Not Affected By New CBN’s Cybersecurity Levy The Central Bank of Nigeria (CBN) has ordered all banks to start charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country excluding 16 listed banking deals. According to a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa; the cybersecurity would commence two weeks from May 6, 2024. The apex bank, in the circular, directed to all commercial, merchant, non-interest, and payment service banks, among others; to start the implementation of the cybersecurity…

May

2024

We’ll Block Loan Apps That Harass Customers – FCCPC

We’ll Block Loan Apps That Harass Customers – FCCPC The FCCPC has said it will block loan app that harasses customers. This was disclosed on the Commissions X page on Saturday, 4 May 2024. The acting Chairman of FCCPC, Adamu Abdullahi, made it known that it won’t happen again as they have begun to address the issue. Adamu said, ” It would soon be history in the country that online platforms that many people know as loan sharks, where some Nigerians access money quickly to solve urgent issues.” However, if they don’t pay back on time, some of these loan…

May

2024