Clickatell partners with Central Bank of Nigeria to provide eNaira banking service

NIGERIA – Clickatell, a leader in global mobile messaging and pioneer in mobile technology, has partnered with the Central Bank of Nigeria (CBN) to deliver eNaira banking services to all Nigerians using the USSD channel. The two partners have launched a USSD channel for its eNaira Central Bank Digital Currency (CBDC) as part of the country’s drive to make basic…

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Fintech firm Flutterwave receives Switching and Processing License from CBN

NIGERIA – The Central Bank of Nigeria (CBN) has awarded Flutterwave, the top payments technology firm in Africa, with a Switching and Processing License, widely considered the most important payments processing licence held by the CBN. With the use of this license, Flutterwave can provide clients with transaction switching and card processing services. Non-bank acquiring, agency banking and payment gateway…

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Central Bank of Nigeria partners fintech Bitt Inc to launch its own digital currency

NIGERIA – The Central Bank of Nigeria (CBN) has announced that it will partner with Bitt Inc. as a technical partner in its bid to launch its own digital currency, the eNaira. The apex bank made this known during the formal engagement of Bitt Inc., a global fintech company, as the technical partner for its digital currency, eNaira. Bitt Inc.…

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Nigeria’s Central Bank issues new forex exchange directives to tame abuse by dealers

NIGERIA – The Central Bank of Nigeria has issued new directives aimed at eliminating foreign exchange abuse and other practices by dealers which affect goods purchased by the average Nigerian consumers. In a circular addressed to foreign exchange dealers, the Central Bank of Nigeria directed authorized dealers to desist from opening of Form M whose payments are routed through a…

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Nigeria’s central bank to form US$39B company focused on infrastructure upgrade projects

NIGERIA – The Central Bank of Nigeria (CBN) is set to form a US$39.4 billion infrastructure development company which will focus on investment in the country’s critical infrastructure. This is after the apex financial institution secured the Federal Government’s approval to set up the company in collaboration with the Sovereign Wealth Fund and the African Finance Corporation. The venture, which…

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Non-performing loans held by Nigerian banks drop to US$3.1bn in spite of COVID-19- CBN says

NIGERIA – The Central Bank of Nigeria has reported that Nigerian banks have made tremendous steps towards reducing the amount of non-performing loans in their inventory despite the economic challenges occasioned by COVID-19 pandemic. According to the latest figures from CBN, banks’ non-performing loans stood at N1.2tn (US$3.1 billion) as of the end of June. This figure according to CBN…

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Maize Farmers Association of Nigeria secure US$41.2m financing from CBN

NIGERIA – The Maize Farmers Association of Nigeria (MFAN) has disclosed that it has secured N16billion (US$41.2m) funding from the Central Bank of Nigeria for the 2020/2021 planting season. This comes after the ban on importation of maize by the apex ban to boost local production, stimulate a rapid economic recovery, safeguard rural livelihoods, and increase jobs which were lost as…

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Central Bank of Nigeria funds production of nine agricultural commodities with US$1.1bn

NIGERIA – The Central Bank of Nigeria (CBN) has targeted to fund the value chains of nine agricultural commodities in the 2020 wet planting season to the tune of N432bn (US$1.1bn) to prevent the country from sliding into a recession, as is currently being experienced in some major economies of the world. The commodities to be funded include rice, cotton,…

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Nigeria’s central bank launches healthcare scheme to boost local manufacturing of drugs

NIGERIA – The Central Bank of Nigeria (CBN) has unveiled a grant Scheme to help strengthen the public healthcare system with innovative financing of research and development (R&D) in new and improved drugs, vaccines and diagnostics of infectious diseases in response to the Covid-19 pandemic in the country. The Scheme, called the Healthcare Sector Research and Development Intervention Scheme (HSRDIS)…

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