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CBN approves $20,000 for eligible BDCs at ₦1,580 per dollar

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This is according to a statement issued by Dr Williams kanaya, the Acting Director, Trade and Exchange Department of the apex bank.

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This is to inform the BDC operators and the general public that we are providing more liquidity into the market.

“To this end, the CBN has approved the sale of 20,000 dollars to each eligible BDC operator at the rate of ₦1,580/dollar. This is to meet the demand for invisible transactions.

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“All BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.

“Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN deposit account numbers with them,” he said.

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He said that payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches in Abuja, Awka, Kano and Lagos for collection of the 20,000.00 dollars.

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Business

5 Insights on leveraging Fintech to reduce banking fees in Nigeria

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Traditional banks often impose high charges that burden individuals and businesses alike. Fintech companies offer cost‐effective alternatives through digital platforms and streamlined processes.

By harnessing technology, these firms provide transparent, efficient, and affordable financial services that cut transaction costs and improve access. Fintech not only eases the financial load on users but also intensifies competition within the sector, fostering innovation and better services.

Below are 5 key insights on how leveraging fintech can reduce banking fees and create a more efficient financial ecosystem in Nigeria.

ALSO READ: 7 Nigerian banks with increased e-banking income

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  1. Digital Wallets and Mobile Payments

    Digital wallets and mobile payment systems empower users by facilitating seamless, low-cost transactions. These platforms eliminate the need for physical bank visits and significantly reduce transaction fees compared to traditional methods. They offer real-time transfers, secure payment processing, and a user-friendly experience that collectively result in substantial cost savings and enhanced convenience.

  2. Peer-to-Peer Payment Platforms

    Peer-to-peer payment platforms enable direct fund transfers between individuals, effectively bypassing intermediaries that add extra costs. By streamlining the exchange process, these systems minimise processing fees and give users greater control over their finances. This direct approach simplifies tracking transactions and fosters a more efficient, cost-effective financial management system.

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  3. Automation and AI-Driven Services

    Fintech companies are integrating automation and artificial intelligence to streamline operations and customer interactions. These technologies reduce reliance on manual processes, cutting operational costs and enabling faster service delivery. The resulting efficiency leads to lower banking fees for users while simultaneously improving risk assessment and fraud detection for a more secure financial environment.

  4. Transparent Fee Structures

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    Many fintech platforms prioritize clear and straightforward fee structures, eliminating the hidden charges common in traditional banking. By openly displaying all fees, these companies build trust and allow users to make informed financial decisions. This transparency encourages healthy market competition, driving overall reductions in service costs and fostering fairer pricing practices.

  5. Integration of Multiple Financial Services

    By combining banking, investing, and payment services into a single digital ecosystem, fintech platforms reduce the need for multiple transactions across different providers. This integration not only simplifies the user experience but also minimises cumulative fees, resulting in overall cost savings. A unified approach to financial services promotes a more interconnected and efficient system for managing money.

EXPLORE: 8 Common reasons banks reject small business loan applications

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These insights show that leveraging fintech solutions can effectively lower banking fees and improve financial access in Nigeria. As digital platforms gain ground, consumers benefit from reduced costs, enhanced transparency, and faster services.

Embracing these strategies paves the way for a more efficient and user-friendly financial ecosystem that meets the evolving needs of Nigerians.

RECOMMENDED: Top 10 most influential tech entrepreneurs in Nigeria – only 1 woman is on this list


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Saving the Senate

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Akpabio and Natasha

The Nigerian Senate, a crucial pillar of democracy, stands at a crossroads. The ongoing crisis culminating in the suspension of

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Title: Dollar Investment: Your Money, Your Global Playground

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Invest in dollars! You’ve probably heard this advice a thousand times but honestly, not everyone knows how to do it or has access to make it happen. That’s about to change because BaigeWallet is bringing dollar investment opportunities right to your fingertips.

In a world where inflation is constantly eating into the value of money, keeping all your savings in Naira is like leaving ice cream out in the sun. The Naira depreciated by over 50% in 2023 alone, making it clear that if you want to protect your money, you need to start thinking globally.

With BaigeWallet’s upcoming dollar investment feature, you’ll be able to invest in stable, high-yield dollar assets without needing a foreign bank account or millions in capital. This means your money won’t just sit idle, it will grow in value, helping you beat inflation and secure your financial future.

We’re making dollar investments accessible to everyday Nigerians. Looking to build wealth? Save for a big goal? Just trying to protect your hard-earned money? You’ll have the right tools at your disposal. It’s time to make smarter money moves. Download BaigeWallet now on the Play Store and App Store, and follow us on Instagram, Twitter, TikTok, and Facebook to stay updated on all the exciting new features.

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Download BaigeWallet on:

AppStore: https://apps.apple.com/us/app/baigewallet/id1658484814

Play store: https://play.google.com/store/apps/details?id=com.baige.wallet&hl=en

Visit the website:

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