Dr. Omolara Akanji, former Director, Trade & Exchange Department, CBN, has called for enhanced financial inclusion stating that a significant portion of transactions in the informal sector is yet to be captured by the banking system data base.

Central Bank of Nigeria (CBN), has formally joined International Islamic Liquidity Management Corporation with an initial investment of $5 million. The investment accords Nigeria the full membership of the body. What is not clear, however, is if the investment has the backing of the Presidency that has the power to approve such investment.

Last week, Financial Vanguard had an interactive session with Ade Ashaye who is the regional director, Visa card in Lagos. He spoke on the role cards will play in Nigeria’s bid for a cashless economy, the difference between debit and credit cards, the deployment of SIM card-enabled and battery-powered points of sale terminals in Lagos. Excerpt:

The consensus in the financial markets is that while the Committee at its meeting this week may again raise the bench mark interest rate to further tighten money supply, there is however no need for further tightening.

The number of payment cardholders in Nigeria has reached the 10 million mark. Director of Payment and Business Expansion, Interswitch, Mr. Charles Ifedi disclosed this during the commencement of the second edition of the Verve Card national promo.