Tags: CBN

CBN targets financial inclusion to reach 20 per cent from 46.3 percent by 2020

  Financial inclusion means that individuals and businesses have access to useful and affordable information about financial products or services that meet their needs in term of transactions, payments, savings, credit and insurance that delivered in a responsible and sustainable way   If Central Bank of Nigeria (CBN)’s financial inclusion vision is aiming at enabling the Nigerian…

CBN injects $297m into forex market as External Reserves hits $31.6bn in 39-month high

The Central Bank of Nigeria CBN yesterday deepens forex market with $297 million in other for the Retail Secondary Market Intervention Sales (SMIS) segment of the forex market raising the total intervention for the week to $547 million.   Confirming the figures, the CBN spokesman, Isaac Okorafor, disclosed that the bank was resolute in its…

CBN introduces two new financial instruments to boost Non-Interest Banking

  The Central Bank of Nigeria (CBN) said on Thursday released a circular introducing two financial instruments to provide liquidity support to the non-interest paying lenders. The two instruments are Funding for Liquidity Facility (FfLF) and Intra-Day Facility (IDF) for non-interest banks According to the circular addressed to all non-interest financial institutions licensed by The…

CBN: FinTechs Won’t Usurp Banks’ Traditional Roles

The Central Bank of Nigeria (CBN) has assured that Financial Technology (FinTech) companies will not take over the roles played by commercial banks in delivering services customers. Speaking at the Bi-Monthly Forum of the Financial Correspondents Association of Nigeria (FICAN) in Lagos at the weekend, CBN Director, Banking and Payments System Department , ‘Dipo Fatokun…

E-Frauds: CBN partnering NCC to Tighten SIM Card Swap Process

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) would soon come up with regulations to tighten the process of Subscriber Identification Module (SIM) card swap for telecom subscribers. The Director, Banking and Payments System Department, CBN, Mr. ‘Dipo Fatokun, disclosed this at the weekend, when he delivered a presentation titled: “Electronic…