Sometime in February, 2021, the Central Bank of Nigeria (CBN) pursuant to a CIRCULAR directed all banks to desist from transacting in and dealing with entities dealing in cryptocurrency. The CBN also directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems. This directive as contained in a circular…
Entering a wrong digit when typing in bank details can instantly change the beneficiary. Same thing can apply when the correct digits are entered but the wrong bank is chosen. You can read more about mobile money and how is it governed here. While checking the beneficiary name can easily solve this, however as humans errors are sometimes unavoidable. Given the…
We have all been hearing about mobile money, but do we know what it is really about or how it is governed? By the end of this article, you will understand what mobile money is, the bodies responsible for regulating mobile money, the participants of mobile money, its benefits and the laws by which it…
Generally speaking, the relationship between the Bank and its customers is contractual. Contract therefore, is a legally and enforceable binding agreement which recognises and governs the rights and duties of the parties to the agreement. Put rather nakedly, a contract is a duty fixed by the parties, the breach of which confers on the aggrieved…
More than 70% percent of Nigerians have an account in a bank and this statistic keeps on increasing daily. As a result of the responsiveness of commercial banks in Nigeria, more and more Nigerians presently are comfortable with storing up their life savings and petty cash in these commercial banks. Despite this fact, a fear…
