Nigeria: CBN Unveils Palliative Measures to Cushion Impact of Coronavirus on Economy
The measures include a moratorium of one year on all principal repayments as well as interest rate reduction on all applicable CBN intervention facilities from nine to five percent per annum for one year effective 1 March, 2020.
Experts Harp on Restructuring of Loans to Benefit Women
Experts have called for the restructuring of loan facilities in Nigeria, to alleviate the adverse effects of some government policies on women.
United Nations Federal Credit Union Partners With Thunes for Mobile Money Transfers
The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.
IFC Supports Nigeria’s FCMB to Finance SMEs Facing COVID-19 Related Challenges
IFC announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.
CBN Adds $120M to COVID-19 Pandemic Relief Fund for Loans to MSMEs, Households in Nigeria
The government previously allocated NGN 2.3 trillion (USD 6 billion) to pandemic relief efforts, including microfinance and other programs.
More Nigerians to Benefit From COVID-19 Loan
The Central Bank of Nigeria, through NIRSAL Microfinance Bank, has announced the reopening of its portal for Micro Small and Medium Enterprises and households affected by COVID-19 to access up to $70,000.
Nigerian Digital Lender Payhippo Acquires Microfinance Bank
Payhippo says this acquisition will enable them to directly access Nigeria’s Inter-bank Settlement System.
LAPO MfB Wins Microfinance Bank of The Year Award
A release by the Head of Communications & Branding at LAPO indicates that “LAPO MfB has won this award category for the ninth consecutive times."
Central Bank Digital Currencies: Five Lessons From Three Trailblazers
Experiences from the Bahamas, China and Nigeria help illuminate the rocky path for other central banks interested in implementing their own digital currencies.