The apex bank directed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 percent above the purchase price, implying the BDCs are not expected to sell above N1,269/$1. Recall that on July 27, 2021, the CBN discontinued the sale of foreign exchange to BDCs, accusing them of trading FX wholesale […]
Trade Lenda, a prominent digital bank focusing on empowering small and medium-sized enterprises (SMEs), has officially launched a fund aimed at supporting women and Shariah-compliant businesses. Adeshina Adewumi, the founder/CEO of Trade Lenda, emphasized the core mandate of empowering SMEs through strategic financing. Since May 2021, Trade Lenda has facilitated over $5 million to support […]
Zeeh Africa, a financial technology company specializing in Open Banking, has unveiled its loan recovery solution powered by Global Standing Instruction (GSI) technology. This innovative system offers a direct and automated approach to fund recovery, providing lenders with a seamless solution to address recovery challenges. The GSI technology addresses the issue of loan repayment for […]
Leatherback, a global provider of financial services, has partnered with YES BANK, a prominent private bank in India, to streamline money transfers and Indian Rupee (INR) payouts for its users in India. This collaboration aims to simplify trade and travel connections between Africa and India. The increasing trade volume between Africa and India, which reached […]
buyletlive, an online real estate marketplace, has released the second edition of its annual “Nigeria Property Price Index Report”, according to Techeconomy. The Nigerian’s first AI-powered real estate portal, facilitating swift transactions for real estate buyers and sellers, launched the report today. The 38-page document analyzes price movements in Nigeria’s real estate market in 2023 […]
Zone, Africa’s rapidly growing payment infrastructure company, has successfully raised $8.5 million in an oversubscribed seed funding round, led by esteemed VC firms Flourish Ventures and TLcom Capital. This investment marks a significant milestone for Zone as it continues its mission to construct a blockchain-based decentralized payment infrastructure for financial service providers across Africa and […]
Moove, the world’s pioneering mobility fintech platform, has initiated its ‘Moove Cares’ initiative, unveiling a significant aid program aimed at alleviating the adverse impacts of escalating inflationary pressures in Nigeria. Acknowledging the hurdles posed by surging fuel costs for its clientele in managing business operations and the added strain of inflationary spikes in food prices […]
The Nigerian Customs Service (NCS) has significantly lowered the exchange rate for cargo clearance and import duties collection, dropping from N1,572.5/$ to N1,448.38 to the USD. This marks a decrease of N124.12 compared to the previous rate. The updated rate reflects the current exchange rate on the CBN’s official platform. Import duties payment on the […]
SIFAX Logistics Company Limited, a subsidiary of SIFAX Group, has contributed modern office equipment to the Lagos State Traffic Management Authority (LASTMA). The donated items consist of two air conditioners, a refrigerator, an executive office table, and a chair. During the handover ceremony in Lagos, Basil Agboarumi, executive director of Corporate Affairs and Governmental Relations […]
OCP Africa and BlackCountry Farms have been revealed as the main sponsors for the Brightest National Agric Science Quiz Competition, set to premiere on top TV stations in Nigeria and Africa starting Saturday, April 6, 2024. Brightest, dubbed the largest and most captivating high school contest with a special emphasis on food production, preservation, and […]