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eNaira Nigeria’s Official Digital Currency backed by the Naira

eNaira is more or less like a digital version of the physical Naira. It is a Central Bank Digital Currency (CBDC) issued by the Central Bank of Nigeria (CBN) and will exchange 1:1 to the physical Naira. The eNaira was launched by Nigeria's former President flanked by the then VP and CBN Governor on October 25, 2021 and circulates in parallel with the physical Naira as legal tender in Nigeria. 500 million units of the eNaira were issued at launch. The new digital currency is built on a Distributed Ledger Technology and is aimed amongst other things to improve financial...

Introducing the New UBA Mobile App

Every bank has a banking app now but unfortunately not all understand what their customers need. UBA has continued to innovate its digital platforms, seeing as it was the first bank in Nigeria to introduce artificial intelligence (AI) into its banking services. As recent as the mid-2020, there was an upgrade of their mobile banking app and early this year the bank released a new app with even more advanced features. I’ve been impressed with this journey and I’ll run through the new features briefly. One of the most impressive improvements is the sleek and seamless user interface that makes the...

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PiggyBank.NG – What there is to know about the Automated Savings Platform

Remember how kids (and adults, too) used to save pennies, coins, and notes in physical piggybanks some decades ago PiggyBank.NG is an innovative, digital, and new-school version with an improved, fun, and rewarding model of saving. Basically, Piggybank.NG is a platform available on Web, Android, and iOS that allows individuals with debit cards easily save and invest money with ease. Asides from curtailing excessive and uncontrolled spending by allowing users save periodically towards specific goals or targets, PiggyBank.NG adds a bit of fun, reward and convenience to the used-to-be-difficult act of saving. But before delving to the details of the...

Advances in Technology Present New Challenges, Opportunities for Credit Unions

It would be difficult to overstate how much the day-to-day operations of the financial sector have been impacted by advances in technology over the past generation. Where transactions once took place under very circumscribed conditions, app-powered electronic banking has completely re-written the rules around customer service in the finance industry. It is now possible for individuals to manage just about every aspect of their personal finances through their phone — from depositing money by taking a picture of their cheque, to moving money between accounts at a tap of the screen to making investments and purchasing stock via app. But just...

Diamond Bank Excites Youths with Game-enabled Digital Savings Platform

Leading retail banking giant, Diamond Bank Plc, has raised higher the bar in the delivery of unique financial services that suits customers changing lifestyles and needs. In partnership with Women’s World Banking with support from Financial Sector Deepening Africa (FSD Africa) funded by UK aid from the UK government, Diamond Bank worked with Gamsole, Commonwealth (formerly D2D Fund) and Microsoft to open another window of money management opportunities for youth. The simplified digital financial platform will enable youths to plan their financial future, save, chat, and update their financial knowledge while playing games. The financial service known as Dreamville, does not...

Going Cashless and Cash Lite in Nigeria: What are your E Payment Solutions

You must have heard about the cashless policy of the Central Bank of Nigeria, CBN by now. Well, if you have not, it is a policy aimed at reducing the volume of physical cash circulating in the Nigerian economy and encouraging e-payment options. Core to the cashless (more like cash-lite) policy is the introduction of daily bank deposit/withdrawal limits above which account holders pay huge transaction costs. Most articles on the cashless policy so far have focused on either announcing the policy or highlighting the challenges facing it. Very few have actually focused on what payment and transaction options are available...

Internet Banking Security Tips

Internet banking may be easy and convenient, but you need to be conscious of security. Anybody with your authentication details can access your bank account. That is why your Internet banking details is a major target in identity theft schemes. So, the key to Internet banking security is protecting your authentication information as well as making sure you access your internet banking platform from a secure and clean computer connected to a secure network. Here are a few Internet banking tips to serve as a guide. Follow these tips and you will go a long way in protecting yourself from...

Internet Banking – Bank from anywhere

Thanks to Internet banking or online banking, you can now handle most of your banking needs without visiting the banking hall. Internet banking services bring the bank to you. It is easy to use, convenient, and offers you 24/7 access to your bank account. But is it safe? Internet banking is as safe as you make it. Your login details is a major target of identity theft schemes. Like with ATM cards, anyone with your login details can access your account and depending on the persons knowledge, can steal your money or at least cause a malicious damage. So knowledge...

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