Opay, Moniepoint, others to begin N50 deduction
This mandatory deduction by FIRS brings to an era of free banking services that some of the fintechs provide, even though the charges go to the federal government.
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Tinubu Gov’t Increases Fees For Nigerian Passport
President Bola Tinubu’s administration has approved the increment of the country’s passport fees to “maintain the quality and integrity of the travel document”. This was announced in a press statement issued on Wednesday night by the Nigeria Immigration Service spokesperson, DCI K.T. Udo, stating the new fees will take effect from September 1, 2024. The…
Flutterwave directs merchants in Nigeria to accept American Express payments
For shoppers, there is more choice when it comes to being able to select their preferred method of payment when transacting with Flutterwave merchants.
Flutterwave Faces Legal Setback As Court Denies IGP’s Request To Reverse N21.2b Fraudulent Withdrawals
The controversy originated from a 2023 system glitch on Flutterwave’s platform, which led to fraudulent transactions involving approximately N21.2 billion. Flutterwave reported a potential loss of N11 billion but claimed to have blocked the breach and retained N7.2 billion.
Twice In Two Months, CBN Jacks Up Interest Rate
The Monetary Policy Committee of the Central Bank of Nigeria has again raised the benchmark interest rate by 150 basis point from 24.75 percent to 26.25 percent. The committee also retained asymmetric corridor at +100 and -300 basis point. The MPC also retained the Cash Reserved Ratio at 45 percent and liquidity ratio at 30…
CBN officially withdraws cybersecurity levy
Central Bank of Nigeria (CBN), has withdrawn a controversial 0.5% cybersecurity levy on electronic transfers three days before it was supposed to take effect. The Cybersecurity Act was amended in 2024 and the scope of the levy was extended to cover fintechs, payment service providers and other financial institutions and introduced a 900% increase from…
Nigerians To Pay More As CBN Orders Banks To Charge 0.5% Cybersecurity Levy
The Central Bank of Nigeria(CBN) has ordered banks operating in the country to start charging a cybersecurity levy on transactions. A circular from the apex bank on Monday disclosed that the implementation of the levy would start two weeks from today. The circular was directed to all commercial, merchant, non-interest and payment service banks, among…
Diesel price drop, a patriotic decision- Dangote
Chief Executive Officer of Dangote Group, Aliko Dangote, hinted on Saturday that in a few days, diesel will be sold at N1,000 per litre nationwide, adding that profiteers over time have benefited from the astronomic rise. Dangote spoke on Saturday in Gombe in an interview with journalists. According to him, his firm thought it expedient…
Giwa Brings The American Dream To Lagos With Disney World-Like Park
As part of efforts to make Nigeria a tourist centre, and provide the needed comfort, Morenikeji Giwa has launched the Giwa Gardens Water Park in Sangotedo, Lagos. Giwa Gardens is the largest water park in West Africa by water mass (two million litres) providing the perfect family-friendly destination for endless aquatic adventures. As the most…
Air Peace: Just Before The Crash
Air Peace: Just Before The Crash By Joseph Edgar In this article, Edgar who is known as Duke of Shomolu warned Allen Onyema, the owner Air Peace that he may not be able to win the price war with bigger airlines who have been in the business before him. He wrote Mr Onyeama would be…