Informal Finance News

Nigeria: No Legal Backing for Virtual Currencies, CBN Warns

01.03.2018

 | Source: Premium Times - All Africa

 

The Central Bank of Nigeria (CBN) on Wednesday cautioned Nigerians to be wary of investments in cryptocurrency, stressing that virtual currencies are not legal tender in Nigeria.

A statement issued by the bank on Wednesday, said cryptocurrencies such as bitcoin, ripples, monero, litecoin, dogecoin, onecoin and exchanges such as NairaEx were not licensed or regulated by the CBN.

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography (the art of...

South Africa: High Bank Charges Force Immigrants to Send Money Home 'Hand-to-Hand'

11.05.2017

 | Source: GroundUp: All Africa

A new survey by Cape Town-based refugee rights advocacy group The Scalabrini Centre has found that the high cost of sending money has kept migrants from using formal remittance systems.

New loans from Cameroon's banks up 12 per cent

29.10.2015

A report shows that new loans significantly increased in the past months.

Digital Solutions to Steer Financial Inclusion in Africa

05.08.2015

ICT can radically transform the market for financial products and services for poor Africans

Banks in Zambia lose millions to the informal saving culture

12.05.2010

Less than one third of Zambia's population has a bank account. Especially the informal sector is seeking alternatives to the formal banking. Barbara Namisango explains how the Zambian system called Chilimba works.

Women come together

08.03.2010

The majority of unemployed women in Zambia face untold challenges after the death of a husband. The only way out is economic empowerment for innovative widows to support their little businesses. Some organisations jump on board to support such vulnerable groups. Dennis Chanda reports.