A prestigious financial institution in Nigeria, Skye Bank’s Licence has recently been revoked by the Nigeria Apex bank, ‘Central Bank of Nigeria’ and renames the revoked bank (Skye Bank) to Polaris Bank Limited.
The banking revocation was announced by Mr. Godwin Emefiele who is the CBN Governor and MD of Nigeria Insurance Deposit Corporation (NDIC) in Lagos state at a media briefing.
The take over was automatically confirmed after the official twitter username of Skye Bank was changed to Polaris Bank Limited.
But Why was Skye Bank’s Licence Revoked And Taken Over By Polaris Bank limited?
This is the question that flood the social media after the sudden disclosure and I also believed they’re a reason for that.
According to the CBN Governor, Skye Bank Licence is revoked due to the inability of the bank owner to shore up the capital of N350 billion intervention received by the revoked bank in July 2016.
CHECK OUT: How to Make Money Online
Emefiele added that Skye Bank needs urgent recapitalization because they can no longer operate as a financial institution in Nigeria on ‘borrowed times’ with indefinite liquidity support from Central Bank of Nigeria, CBN.
Central Bank of Nigeria had also injected the sum of N786 billion with the Asset Management Corporation of Nigeria (AMCON) in order to comment on sales processes in the new bank, Polaris Bank Limited starting from Monday, 23rd of September, 2018.
Is Skype Bank’s License Revocation And Renaming to Polaris Bank Limited Helpful or Not?
The only reason revealed by CBN is that they can no longer inject or lend funds to Skye Bank anymore because the owner and the entire bank management are unable to returned the money lend to them since July 2016.
To save you (as ‘customer’) and CBN funds not to be wasted into the non-profitable bank again, I think you guys should be happy because CBN made the right choice.
The Licence revocation didn’t affect anybody (I don’t know about the bosses) but the staff of previous Skye Bank will still remain as Polaris Bank’s staffs.
After Skye Bank’s license revocation, their share price increased by 4.05 percent at 77 kobos which shows a good start for Polaris Bank limited.
‘Polaris Bank’ is not really a new bank but Skye Bank reformation bank by Central Bank of Nigeria and we can say it’s owned by CBN. So tell me how they will fall into debt again?
The bridge bank, Polaris will start sourcing for investors to buy out AMCON after the full operation on Monday.
But, what do you think about this new development? Do you think Polaris Bank will perform more than formal Skye Bank?
Kindly let’s exchange interesting comments and memes using the comment box below.
VBank in Nigeria: Save Money, Get Loan, Invest & Earn on Referral
Hello guys, have you heard about VFD Microfinance Bank or simply VBank in Nigeria? Not really? Well, I’m about to tell you what’s up about this bank; how you can save money, apply and get a loan, invest your savings wisely and get financial tips that will spark your financial curiosities.
NOTE: This is not a sponsored post (i.e., I’m not paid to write about VBank or promote any of their services). This is just like other posts I write from my personal experience and what’s working for people.
But I’m going to give you honest reviews about their products (or services), their mobile apps and their website. I will start the basics;
What to Know about VFD Microfinance Bank
According to the company’s overview, VFD Microfinance Bank is a financial services institution based in Lagos State, Nigeria. They operate fully in the ‘Microfinance Banking Sector’ and have different finance experts who come together to help transform their customers’ goals to reality.
According to the company;
We’re in the business of helping all our customers achieve their desires, solve intermittent problems and create wealth, through high yield savings accounts and low interest rates on loans.
Although Vbank has its head office in Lagos, you can bank with them anywhere you are in Nigeria. You know this is made possible by virtue of advancement in financial technology – thanks to that.
In fact, I’m living in Osun State and I have an account with them which I hope to grow my savings with them.
But you may be thinking that you’ve heard about different digital banks and some seemed to be a fraud. And that may bring a particular question to your mind that;
Is VFD Microfinance Bank or VBank Scam or Legit?
Without much ado, VFD Microfinance Bank is Legit!
Why do I say that?
In the title of the post, you read that it’s Don Jazzy Endorsed, right?
I believe Don Jazzy won’t put his global reputation on risk in order to vouch for a scam or fraudulent banking company.
Well, I didn’t register an account with VFD immediately I learned about them from Don Baba, but had to check on their website and reputable to see if they will woo my darling self. And you know what? They seduced me with their services and had to register for an account immediately.
I also learned (through research on Google) that VFD Microfinance bank is featured in Guardian Online Magazine, Techpoint Africa, Business Day, Nairametrics, and they’re in UNILAG – a reputable university in Lagos State.
Now, let talk about what you can do with VFD Microfinance Bank.
Why Using VBank in Nigeria?
You know that temptation is a real bastard when it comes to money.
Sometimes, you may find it difficult:
- To save money in your piggy bank at home (because you might find yourself spending it easily)
- Save with a bank (because the money will be deducted for some charges like SMS alert and other arrant charges)
- Apply and get a loan easily in Nigeria
But what If I tell you that with VBank in Nigeria, these challenges are eliminated because they created the platform for you in mind.
Overview of VFD Microfinance Bank’s 5 Top Products and How They Help
- Employee Loan
This is one of the loan packages for employees by VFD Microfinance bank and if you’re working with any company, you might be eligible.
Note that your company must be able to sign a MoU with VFD and agree to pay back the loan from the salaries.
How this helps
If you are a staff of a company and you’ve been looking for a way to get loan, this package is for you and you’ll enjoy good interest rate, get the money within 6 hours after applying and you can back from the company salaries for 12 months (that’s a year)
APPLY HERE: https://vfdbank.com/employee
- Travel Loan
You’ve been trying to enjoy yourself somewhere outside the country and you don’t have enough money for the vacation, right? Don’t feel sad, VBank is now in Nigeria to help you with their travel loan package.
VFD Microfinance Bank partnered with WONTRA, a company where you can book your flight, accommodation, rental cars and help you with amazing attractions and holidays.
With this partnership, VFD Microfinance Bank will help you fulfill your dream to travel and enjoy yourself outside the country.
Before you can be eligible, you will have to meet their requirements and accepts their terms and conditions. For more, read and apply here: https://vfdbank.com/travel-loan
- Secured Loan
You may need an urgent loan to take care of something like medical bills or anything, VFD Microfinance Bank understands that at this junction, you are seriously in need of cash and some people or bank might turn down your request for loan…
That’s why they offer this package for anyone who can provide a collateral for the quick loan.
Such collateral (or assets) must be proved by you by providing the necessary documents and other requirements.
The good news is that you can get a loan up to N2millon as long as you secured it with an original asset.
To learn more and Appy, check here: https://vfdbank.com/secured-loan
- Unsecured Loan
Unlike Secured loan package where you’ll have to provide a collateral, VBank offers loan to professionals informal employment of blue chip/multinational organization.
In simple words, people who can apply for this loan are however banking professionals or regular customers and the maximum you can be given is N250k within 6 months.
You will be given the fund within 24 hours of providing necessary documents.
To learn more and to apply, check here: https://vfdbank.com/unsecured-loan
Your case may be different, you may not need a loan but would like to save some money. IF that’s the case, VFD Microfinance Bank offers a hybrid savings package.
You’re not just keeping your money here but you’re making your money to work for you while you save.
With the VFD_MFB hybrid or Vbank saving package, you’ll earn a compounded monthly interest of 14% per annum on whatever you save.
Note, this campaign is designed to help people who’re ready starting investing for as low as N50k.
For more details about this and getting started, check here; https://vfdbank.com/startnow
Let talk about registering;
How to Register an Account on VFD Microfinance Bank
I will not go deep into this, because the registration steps are easy and I trust that it’ll be easy for you. To register with VBank, you’ll need:
- Download the app – Click here to download for Android | iOS
- A working email address
- A passport photograph on your phone (to upload a profile pic)
- Your BVN and/or Bank Account Details (Name of Bank and Account Number)
- Use this code 👉 N8AXD – as your referral code or ID.
If you have these ready, go to their website to register and follow the prompt steps.
I personally use their android mobile app (which is free), you can get it on Google PlayStore (as shared above)
Before registering, make sure that the phone number linked with your BVN is active because you’ll be sent a 4-digits PIN to validate your registration on VFD Microfinance Bank.
After you’ve either registered with BVN or Bank details and might have done the validation successfully, the next thing is to navigate through your account!
How to Send Transfer Money from Your Bank to VBank or VFD
This is one of the problem people seems to be facing when using Vbank mobile app, but I’m going to show you how you can transfer or send money from your regular bank account to your new-found love, Vbank.
Just let do this in 4 easy steps;
- In your Vbank mobile app (after sign-in) at the homepage, long press on your account number to copy it, or simply write it down somewhere.
- Go to your other bank app (either GTbank, Zenith or any bank), start sending normally like you usually do put your copied Vbank account number where it is necessary (where it suppose to be na – Beneficiary account number)
- Now, you need to choose the Beneficiary Bank by searching for “VFD” and you’ll see the logo
- Then complete the transaction as usual!
This is very easy if you do send money through mobile apps, you can as well use USSD, but make sure you choose VFD Microfinance bank as the Beneficiary or receiving bank.
Now, let’s talk about the;
Added Benefit of VFD Microfinance Bank
- You can become one of their sales agents and make money while helping to know about this helpful company, and follow-up until they start maintaining a certain balance on their account
- You Can pay for bills such as Cable, Data, etc.
- You can set and monitor a budget for each month
- You are shown the analysis of your account (both inflow and outflow)
- And you can rest assured of high security from their end.
So, that’s what I can write about VBank in Nigeria
Let me tell you that you need to be patient when registering because of internet service and you might encounter delay or validation errors (token). But if you notice this, wait for a while and try again. I faced this difficult, I entered requested and entered my token more than 8 times but finally, I register successfully.
Also note that the 3 key agendas of VFD Microfinance Bank are Nigeria are to help you SAVE, INVEST, and gives LOAN if you meet their requirements.
I will be updating you in case anything changes or added about VBank, till then, don’t forget to subscribe to my mailing list in other to receive free banking tips, how to make money online, business ideas that work in Nigeria, and a lot of useful info.
Also, kindly share this post with your friend if this helps.
List of BIC or SWIFT Codes of Nigerian Banks – for International Money Transfer
Have you ever been asked to input your Nigerian Banks’ Swift Code when you’re trying to make a payment with your card or want to receive some funds through wire or international money transfer? If yes, and that’s why you’re here, I will show you all the SWIFT codes of Nigerian Banks as it is in 2020.
If you’ve been trying to receive some money through “international transfer” to your local bank in Nigeria from oversea countries like USA, Holland etc., you’ll be required to enter IBAN, Name, Name of your Bank, Address, Swift code and other personal data before the transaction can be successfully processed.
Unlike inter-bank transactions in Nigeria where you only need to give your Name, Bank Name and account Number to the person hoping to send you money and you’re good to go. Without this swift code, you won’t be able to receive your money to your local bank in Nigeria.
But you may be asking that…
What is Swift Code
First, SWIFT is an abbreviation for ‘Society for Worldwide Interbank Financial Telecommunication’.
From the acronym, a SWIFT code is a worldwide accepted unique form of identification to identify and locate a bank or a financial institution. This enables all banks in the world to exchange transactions without any problem.
No wonder, SWIFT code is also referred to as BIC
BIC is also an abbreviation which stands for ‘Business Identifier Code’
In my own experience, it’s either you’re asked of SWIFT code or BIC. So, always remember that SWIFT CODE and BIC are the same code which I will be showing you (Nigerian Banks’ Swift Codes or BIC).
Also note that SWIFT code or BIC is used to identify headquarter of your bank. If they need to identify your bank’s branch (that you’re using exactly), they’ll ask for your bank sorting code instead which is just 6 characters which are figures.
SWIFT Code or BIC is usually 8 or 11 characters. And if it’s 8, it identifies the headquarters but if it’s 11 characters, it identifies the branch. But all Swift codes of Nigerian Banks are just 8 characters, meaning that it will identifies the headquarter of your bank.
You may also want to know how they get these SWIFT codes for Nigerian Banks right? Okay, I’ll tell you.
BIC or Swift codes of Nigerian Banks are gotten just like other banks or financial institution in the world. Here is how they’re gotten;
How SWIFT Codes or BIC Are Gotten in Nigeria (all over the world)
Note the first 8 characters long and then the next 3 characters. And I will be using GT bank swift code (GTBINGLA) as specimen for you to understand better;
- 4 characters that comes FIRST stands for BANK Code which are letters (e.g GTBI)
- 2 characters that comes NEXT stands for country code (for Nigeria, it is NG)
- The NEXT 2 characters stands for Location code of headquarter Bank (for GT, it Lagos, so Location code is LA)
That’s how Guaranty Trust Bank got their own Swift code, which is GTBI + NG + LA which is equal to GTBINLA.
Can you see how they form the swift code for Nigerian banks? If I don’t tell you, you won’t know right? Now clap for me, lol.
But what if you see 11 characters long swift code, what does the last 3 characters stands for?
- The LAST 3 characters stands for Branch code.
But in most cases, only the 8 character will be good especially if you’re using your Nigerian Bank Swift Code.
And Note that ‘NGLA’ comes last in all swift codes of Nigerian Banks because all head offices of banks in Nigeria are located in LAGOS, Nigeria except Stanbic IBTC.
Now, let talk about what you’re here to check – all BIC or Swift codes of Nigerian Banks;
All SWIFT Codes of Nigerian Banks in 2020
Here are the SWIFT codes for all Nigerian Banks in ascending order:
Access Bank SWIFT Code – ABNGNGLA
Central Bank of Nigeria SWIFT Code – CBNINGLA
CITI Bank SWIFT Code – CITINGLA
Diamond Bank SWIFT Code – DBLNNGLA
ECO Bank SWIFT Code – ECOCNGLA
Equitorial Bank SWIFT Code – EQUTNGLA
First Bank of Nigeria SWIFT Code – FBNINGLA
First City Monument Bank (FCMB) SWIFT Code– FCMBNGLA
Fidelity Bank of Nigeria SWIFT Code – FIDTNGLA
Guaranty Trust Bank (GTB) SWIFT Code – GTBINGLA
Heritage Bank SWIFT Code – HBCLNGLA
Unity Bank SWIFT Code – ICITNGLA
Jaiz Bank SWIFT Code – JAIZNGLA
Polaris Bank SWIFT Code – PRDTNGLA
Sterling Bank SWIFT Code – NAMENGLA
Bank PHB SWIFT Code – PLNINGLA
Keystone Bank SWIFT Code – PLNINGLA
Skye Bank SWIFT Code – PRDTNGLA
Stanbic IBTC SWIFT Code – SBICNGLX
Standard Chartered Bank SWIFT Code – SCBLNGLA
Union Bank SWIFT Code – UBNINGLA
United Bank for Africa (UBA) SWIFT Code – UNAFNGLA
WEMA Bank SWIFT Code – WEMANGLA
Zenith Bank SWIFT Code – ZEIBNGLA
SO, that’s the list of all SWIFT Codes of Nigeria Banks
If you think this article is helpful, can you share it with your friends for them to gain as well? Cool, kindly click on the floating social media ICONS and the article will be automatically shared on your social medias’ timelines.
7 Best Ways to Send & Receive Money from Abroad in Nigeria
Are you looking for risk-free, convenient and best way to send and money from abroad in Nigeria? Then this page is for you! If you’re a freelancer, online business person or you have family living outside the country, you may need to send money to them or they send to you here in Nigeria. But what’s the best and easier way to do this?
Typically, it’s much easier to send or receive money right here in Nigeria from anyone within the country, at least, we have the financial institutions and their internet banking services. But in case with international payments, it’s not easy and sometimes, risky.
There are many reasons why sending money to Nigeria from abroad is risky such as certain financial rules apply may be exclusive to a particular nation, logistics, trust (fear of being scammed) and many more.
- Despite all these differences, people still receive money from abroad in Nigeria, and you too can.
Most of these payment methods or services to receive money in Nigeria are online based, and as such you should be familiar with navigating the internet while you can also try some offline without the internet. These payment services – either online or offline have their strong points and weaknesses, this implies that there’s NO 100% ‘best way’ to receive money in Nigeria from foreign countries, rather you could choose the most suitable option based on your situation and recipient, and in some cases the originating country.
Below are some of the best ways you can receive or send money from (or to) abroad in Nigeria.
How to Receive Money from Abroad in Nigeria
1. Western Union
First on my list in the popular Western Union (WU) services that lets you send and receive money from friends and family members living outside Nigeria. Western Union is also listed as a means of payment in some online freelance marketplace across the globe.
It being first on this list doesn’t make it the best means of receiving payment from abroad. In term of reputation and general market awareness, Western Union seem to be the most recognized platform for receiving international payments.
How to Receive Money from Abroad in Nigeria with Western Union
This means of receiving payment involves:
- Visiting the nearest commercial bank, as almost all commercial banks in the country are agents to this service and I advise you use this medium when you receiving a huge sum of money.
- Tell the bank you need to set up a way you can receive money from foreigners with Western Union and they will set everything up for you.
- You can do better without visiting the bank by creating an account on Western Union’s website.
- After setting up your account, the next thing is to send your details to the foreigners in order to send you the money
- After sending him/her your details, ask for the MTCN
- After 24 hours, go to any commercial bank to withdraw your money.
Frequently Asked Question about Western Union
- QUES 1: What’s the requirement to open a Western union account to receive money from Abroad in Nigeria?
ANS: You will need an ID card that bear the name and address you want to use to receive the money.
Note that using the Western Union service to receive payments offers little to no convenience as you’d be bombarded with lots of paper works; a valid mean of identification, the Money Control Transfer Number (the sender will send this to you), amount to be credited as indicated by the sender, the sender’s country and name. These are just the basics as several banks have varying requirements.
- QUES 2: Do I need my account number to receive money with Western Union?
ANS: No, you don’t need your account number.
- QUES 3: How much does it cost to send money with Western Union in Nigeria?
ANS: According to CNN Money, Western Union charges $5 for a money transfer of up to $50, but a transfer of $900 could cost $76.
- QUES 4: What’s the meaning of MTCN in Western Union?
ANS: MTCN stands for Money Transfer Control Number. It’s a tracking number or a 10-digit reference code assigned to every single money transfer made with western union.
Okay, let check the second option if it’ll be more easier;
More like the PayPal service, but Nigeria are still plagued with the inability to receive funds; more like a one-way street! With issues like this, many Nigerians have decided to switch while awaiting the good news from PayPal.
Payoneer is a pretty new services and not well known, it packs lots of feature like what’s found on PayPal and also offers you a MasterCard or Visa card which you can use locally in withdrawing your funds. Many freelance sites such as FIVERR are integrating this service as a means of payments.
Such wide acceptance goes to show the credibility and efficiency of such a means of payment.
As a freelancer, it makes life easier as it keeps you away from the banks (and all its stress) and lets you focus more on your job while using your Payoneer card on the go.
- Here is how to open a Payoneer account in Nigeria and everything you need to know.
Amazing Offer: Click here to open a payoneer account and earn $25 bonus!
Many compare MoneyGram to Western Union, well they’re not wrong as these two has similar structure and close looking features, but what is MoneyGram and how can one use it in receive money from abroad in Nigeria.
MoneyGram is world payment system that eases the means of payment across the world, this process made it possible by its affiliation with commercial banks across the globe. You can use the MoneyGram service by visiting any commercial banks in Nigeria – most banks with Western Union also supports MoneyGram, and as with its counterpart lots of paper work awaits you.
Requirements to Receive Money in Nigeria from Abroad with MoneyGram
You will need stuffs like:
- A valid ID card having the name and address you gave the foreigner.
- Reference number, Sender’s name and his/her country in order to withdraw the money.
Other requirements will be requested depending on the bank you visit.
N/B: It’s important you use your current bank as this makes the process much easier.
4. World Remit
Another wonderful service you could use in receiving funds internationally in Nigeria is World Remit.
World Remit is an online based money transfer service that facilitates the easy transfer of money from overseas to Nigeria. This service was launched primarily with the intention of easy cash transactions for international workers. As a freelancer or relative to someone overseas, you’d find the service pretty useful and straight-forward.
One selling point of this services is its less charge rate when compared to it counterparts. Not much of paper work is required, just some few clicks online and you good to go. It’s not advisable to use this service for receiving large amounts!
5. Ria Money
Ria Money is a similar service like that of Western Union and MoneyGram. One distinction is that Ria Money also uses local kiosk and shops in and around major cities in the facilitation of cash transfers. It’s quite similar to WU in terms of structure, lesser transaction fees are charged thereby leading to longer transaction times.
The service can be accessed online or via its local agents scattered around in Nigeria and can be used in receiving money. You can also receive your funds via credit cards, bank accounts, but you’d incur more charges when you make use of either credit or debit cards.
Skrill has been around for a while now, it’s built mainly for skilled workers who intend to monetize their skills online. Mainly freelancers especially in this side of the world find it difficult to receive payments after doing a job for their clients.
PayPal which is widely supported by most of these sites still doesn’t allow users in Nigeria to receive money – you could say that this is a substitute for PayPal. Skrill is now widely supported by freelance sites and beginning to garner global acceptance.
The service which is online based will allow you to link either your credit card or local bank account to its site, with this you could be rest assured of getting all your payments in a timely manner.
7. Wire Transfer
Last on this list is the good old Wire transfer which transfers the cash directly to your bank account. A major drawback in using this means in receiving payment from abroad in Nigeria is the time it takes the money to arrive your account, and other technical difficulties that may arise from using Wire Transfer.
As long as you have a functional bank account, you could use this service in receiving funds, but be ready to wait for at least, 3-5 business days.
Rounding Off: How to Receive Money from Abroad in Nigeria
Some people would expect PayPal to be on the list but, I’ve intentionally skipped them. Reason is due to the technicalities involve if you choose to go through the back door, not everyone will be comfortable with that as PayPal Nigeria doesn’t support receiving of funds.
In conclusion, these medium however easy or complicated they may be, have their best use cases and you should choose your preferred method based on the current situation.
I hope you’ve learnt a lot, let me know which of this services you use to receive money from abroad in Nigeria and I’ll be glad t0 update this post with your new method if its result is great.
8 Effective Ways to Reduce Your Household Expenses
Olamide Biography: Net Worth, Nominations, Awards, Cars, Kids and Lifestyle
Davido Biography: Net Worth, Nominations, Awards, Cars, Kids and Lifestyle
10 Surefire Ways to Make Money on Facebook in Nigeria & Globally
Wizkid Biography: Net Worth, Nominations, Awards, Cars, Kids and Lifestyle
Fashion Blogging: How to Start a Fashion Blog (and Make Money from it)
How to Get a Payoneer Account in Nigeria (FREE) & Obtain MasterCard Easily
11 Best Ways to Promote or Market Your Music in Nigeria and Beyond
Top 10 Money Making Apps in Nigeria (2020) – Earn Money Using Smartphone
Top 10 Freelance Websites to Make Money Online in Nigeria
Top 10 Agricultural Businesses in Nigeria with Little Capital but Huge Profit
10 Best Affiliate Programs In Nigeria to Make Money Fast
Earn $25 for Free While You Send & Receive Money Online Easily!
Interested in Recharge Card Printing Business?
Subscribe to Receive Free Updates;
Buy a Reliable Web Hosting or Server
- Business51 years ago
Top 10 Agricultural Businesses in Nigeria with Little Capital but Huge Profit
- Business51 years ago
Malthusian Theory: Is Corona Virus a Man-Made Weapon to Control the Population?
- Business51 years ago
How to Dress Like a Smart Entrepreneur in Nigeria
- Make Money Online5 months ago
20 Ways to Make Money from Home in Nigeria During this COVID-19
- Business51 years ago
How to Write a Business Proposal in Nigeria – and Possibly Woo Investors!
- Business51 years ago
Top 10 Hot-selling Products for Mini-Importation & Dropshipping in Nigeria
- Business51 years ago
How to Start a Junk Hauling Business in Nigeria – Make Money from Trash/Waste
- Business51 years ago
5 Smart Ways to Save Money in Nigeria – Save & Earn Money Passively