The Central Bank of Nigeria (CBN), has nailed contactless daily transaction limits to N50,000 payment. Platforms such as pre-paid, debit/credit cards, key fobs, mobile electronic devices, and wearable devices are Contactless payments used as a secure and convenient method of making transactions without physical contact between a payment device. It utilises near-field communication (NFC), technology, allowing users to simply tap or wave their payment device near the terminal to complete a transaction. In October 2022, the financial regulator issued guidelines to commercial banks, financial institutions and payment service providers on contactless payments in order to promote innovation in the sector.…
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In bid to further better life for older citizens in the country, the Federal Government of Nigeria, on Tuesday met with the officials of Deposit Money Banks (DMB), and other related institutions in Abuja, to plan the production of functional three-in-one identity cards for older citizens across the country. While briefing participants at the Roundtable Meeting with Banks on the Production of Senior Citizens Identity Cards, the Director-General, National Senior Citizens Centre, Emem Omokaro, said the initiative would improve the quality of life of older persons across the country in various ways. Omokaro called for public-private partnerships in the production…
The federal government has stopped funding of professional bodies and councils with effect from year 2026 to further cut cost of expenditure and increase revenue. The Director General of the Budget Office, Ben Akabueze disclosed this in a circular, DG/BDT/GEN.CORR/2016/XII/3067 dated 26th June 2023 to the Nigerian Council of Food Science & Technology, Federal Ministry of Science, Technology & Innovation. According to Akabueze, the decision was in line with the decision of the Presidential Committee on Salaries, PCS. He noted that the implementation would be effected from 31st December, 2026. “I wish to inform you that the Presidential Committee on…
Nigerian Electricity Regulatory Commission has distanced itself from the proposed electricity tariff hike from July 1, 2023 by Power Distribution Companies of Nigeria, claiming such idea lack its’ approval. Preceding information making the rounds has the Discos sent public notices maintaining that the electricity tariff would be raised by about 30 to 40 per cent for selected categories of consumers on July 1, 2023. In a public service announcement from the Abuja Electricity Distribution Company, for instance, the Disco had said, “Effective July 1, 2023, please be informed that there will be an upward review to the electricity tariff influenced…
The National Commissioner of Nigeria Data Protection Bureau, Dr. Vincent Olatunji has deflated the demand by the Central Bank of Nigeria for banks to request their customers’ social media handles as needless. While granting an interview session on Channels Television on Monday, Olatunji commented on the supposed demand by the apex bank. Recall that the CBN mandated banks to obtain customers’ social media handles in its latest Due Diligence Regulations 2023 report. Olatunji noted that the newly signed Data Protection Act by President Bola Ahmed Tinubu is to protect the privacy rights of all Nigerians. “The whole idea of data…
The new sheriff in acting Comptroller General capacity of the Nigeria Customs Service – (NCS), Bashir Adewale Adeniyi, has guaranteed to dismantle obstacles and foster a new culture of consultations and compliance in Nigeria’s trade pattern. This, the new sheriff made known has he took over the Nigeria Customs leadership on Monday. According to him, hindrances will no longer impede trade at the country’s seaports and border points. Adeniyi said, “I stand before you as the newly appointed Comptroller General humbled and honoured by the trust placed in me by our esteemed President, His Excellency Bola Ahmed Tinubu GCFR. “Over…
The President of African Development Bank – (AfDB), Akinwumi Adesina, has pledges the African apex Banks’ readiness to support President Bola Ahmed Tinubu. Mr. Adesina also hinted on the establishment of entrepreneurship Development Bank in Nigeria, which he stresses is in alignment with President Bola Tinubu’s plan and vision for young people in Nigeria. The African Development Bank President was in attendance at the new global financial pact summit in France’s Palais Brongniart, spoke after he paid a visit to President Tinubu. The AfDB president said he is impressed with the president’s plans and vision for Nigeria, pledging his support…
When using the Google app, you may sometimes come across situations where you wish to delete your recent search history. Whether it’s for privacy reasons or to remove any trace of your browsing activity, Google provides a handy feature that allows you to delete the last 15 minutes of your search history quickly. In this guide, you’ll know your way through the steps to delete the last 15 minutes of your search history. Before proceeding with deleting your search history, here are a few important points to know: Time Limit: Google’s feature to delete the last 15 minutes of search…
President Bola Tinubu has encouraged Nigerians in France to keep hope alive, has he recounts his hustles in the United States and the United Kingdom. Tinubu recalled working as a night guard and doorman in the US and UK. Speaking over the weekend while interacting with the Nigerian community in France, Tinubu said he achieved his aim doing menial jobs abroad. Tinubu pledged his administration’s effort towards ensuring more creative and innovative policies that would impact the livelihood of Nigerians. Admitting that the challenges before his government were enormous, Tinubu however, said “but do we have hope? Yes. With perseverance,…
Nigeria apex financial institution, The Central Bank of Nigeria – (CBN), and the Bill and Melinda Gates Foundation – (BMGF), are set to partner on financial inclusion. Following the recent strategic meetings between CBN management and BMGF, CBN’s Acting Governor, Mr. Folashodun Shonubi, revealed the commitment of the apex bank to continually partner with BMGF and other developmental bodies to explore innovative solutions for driving access to finance. Shonubi, who was accompanied by the Deputy Governor, Financial System Stability (FSS), Mrs. Aisha Ahmad, disclosed that though much progress had been made in various aspects of financial inclusion, some challenges remained…
The Nigeria Labour Congress stand-off against the electricity tariff inflation seems to change nothing as the Power distribution companies on Sunday night insisted that the tariffs payable by electricity consumers across the country would increase from July 1, 2023. Preceding reports in the past week has suggested that Discos, The Nigerian Electricity Regulatory Commission and Nigeria Labour Congress could be up for a collision over the planned hike in the tariffs payable by electricity consumers nationwide. Joe Ajaero – NLC President, had said “the plan to increase electricity tariff by 40 per cent by July 1 was both insensitive and…
The Joint Admissions and Matriculation Board (JAMB), has fixed the minimum scores for candidates to secure admission into universities in Nigeria at 140. The Board also pegged the minimum cut off marks of Polytechnics at 100, while that of Colleges of Education was fixed for 100 as well. The decision was reached at the 2023 Policy Meeting on Admissions to Tertiary Institutions in Nigeria taking place at the National Judicial Institute, Abuja.