Federal Competition and Consumer Protection Commission (FCCPC) has asked Google to delete 18 digital money lending companies’ (DMLs) apps from the Play Store, over violation of registration rules. The commission spoke in a statement issued on Wednesday, signed by Babatunde Irukera, its chief executive officer (CEO). The DMLs include; Getloan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan Personal Loan, and Joy Cash-Loan Up to 1,000,000. Others are Cashme, Easynaira, Swiftcash, Crediting, Swiftkash, Hen Credit loan; Nut loan; Cash door; Cashpal, and Nairaeasy gist loan. FCCPC said the aforenamed companies, although registered, will cease to operate unless they provide a…

Our interactions with others greatly influence our thoughts and actions. When we surround ourselves with individuals who embody qualities, values, and behaviors that we admire, we are more likely to emulate those traits. One of the best business and life tips I have ever received is finding the right inner circle to push you toward career growth or business success. The advice I got comes down to one simple sentence: Choose to surround yourself with people who are smarter and better than you. The Lesson As the saying goes, "Birds of a feather flock together." We tend to adopt the…

Central Bank of Nigeria (CBN) has exempted microfinance banks (MFBs) and primary mortgage banks (PMBs) from paying processing fees for withdrawals above the cash withdrawal limits. This is contained in a circular issued on Monday and signed by Musa Jimoh, director of payments system management department. “Central Bank of Nigeria hereby directs the exemption of microfinance banks and primary mortgage banks that provide banking services to the economically active poor from paying the processing fees for withdrawals above the cash withdrawal limits for direct cash withdrawals from their correspondent banks,” the circular reads. “This is to enable them continue to…

Risk is uncertainty that matters. To prevent this, we try to control, mitigate, standardise and manage people and processes. This principle was revealed to me years ago when I hosted a speaker at the South African Reserve Bank. He was an expert in risk, there to do a lunchtime presentation. What I learned that day has stayed with me over the many years since. What it ultimately boils down to is that risk is uncertainty that matters. There is one such kind of uncertainty with which we are all familiar – the risk that bad things will happen. A different…