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The banking industry in Nigeria started during the colonial era with the establishment of Colonial Banks, with the primary aim of meeting the commercial needs of the Colonial Government. [1] The banking system in Nigeria is regulated through the Central Bank of Nigeria. This apex bank started operation on July 1, 1959.
Treasury Single Account (TSA) is a government financial policy to use a single bank account for all inflows of funds from all government agencies. The policy is in use in several countries around the world. [1] Such a unified structure is recommended by the IMF, as all government funds are collected in one account which could reduce borrowing ...
The BOI-Microfinance Bank Limited is a limited liability company duly incorporated in Nigeria under the 2002 Companies and Allied Matters Act and regulated by CBN. The bank offers a broad range of financial services to micro, small and medium-sized enterprises and various low-income earners both as individuals and as groups.
Brass is a Nigerian fintech tackling these challenges by providing banking services to small and medium businesses. The company has secured a $1.7 million funding round to scale its offerings for ...
In 2011, the Nigerian government launched a financial inclusion initiative and set a target to include 80% of the country’s adult population. Although only a target of 64% was met by the end of ...
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. [3] The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country; promote monetary stability and a sound financial environment, and act as a banker of last resort ...
Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In July 2009, it was rated the 556th largest bank in the world and the 14th largest bank in Africa. [2] As of March 31, 2018, the bank's asset base was estimated at NGN1, 381 billion (US$4.1billion).
The portal for registration was supposed to close on 25 July 2016, but was extended till 31 August 2016, allowing a total of 350,000 Nigerians to apply. [ 8 ] [ 9 ] On 21 November 2016, 200,000 Nigerian youths out of the 350,000 that applied were selected based on their performances in an online assessment test.