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Skye Bank Is Dead! Polaris Bank Takes Over After Skye Bank Licence Revocation By CBN – See Reason



A prestigious financial institution in Nigeria, Skye Bank’s Licence has recently been revoked by the Nigeria Apex bank, ‘Central Bank of Nigeria’ and renames the revoked bank (Skye Bank) to Polaris Bank Limited.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.

READ: How to Easily Save for Travel or Vacation

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.

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    Cardless Withdrawal in Nigeria: How to Withdraw Money from ATM Without Card



    Cardless Withdrawal in Nigeria

    (Learn how to use Cardless Withdrawal in Nigeria to withdraw money from your bank on any ATM gallery without your ATM card or making a bank transfer to anybody. This tutorial applies to all Banks in Nigeria)

    You urgently need to withdraw some money but you’re not with your ATM card (MasterCard, Verve or VISA), does that mean there’s no possible way except you make a bank transfer or get your card?

    Definitely No!

    The Cardless Withdrawal in Nigeria got you!

    Right in this blog post, I will show you how you can withdraw money from any ATM stand in Nigeria without your ATM card.

    I’m not going to bore you with long text, but straight to the point. 

    But before I start the easy tutorial, kindly note that Cardless Withdrawal is 100% legal and safe as long as someone who knows your banking details didn’t steals your phone to perform the transaction.

    So, that’s a warning for you; don’t ever let anybody have access to your phone without your consent or lock your banking apps and ensure you don’t reveal your banking PIN to anybody.

    Now, let’s talk about how you can withdraw cash from an ATM without using your MasterCard, VISA or Verve.

    How to Use Cardless Withdrawal in Nigeria

    I’m going to split this tutorial into two methods and you can choose (or use) any of them.

    1. Using Your Banking Mobile App
    2. Using Your Bank USSD Code

    Basically, if you want to use cardless withdrawal, you need to generate a token or what is called Paycode. This paycode is what you will punch on the ATM with the selected 4-digits PIN and amount.

    How much is the cardless withdrawal fee in Nigeria?

    Kindly note that N100 will be deducted for using the Cardless withdrawal service in Nigeria. If you want to withdraw N5000, have it in mind that N5100 will be debited from your account.

    How to perform Cardless Withdrawal Withdrawal via Banking Mobile App

    Note that this cardless withdrawal procedure is the same for all banks (GTBank, First Bank, UBA, Diamond, VFD Bank etc.), although, it might be slightly different due to how the banking mobile apps are designed. 

    And we are going to do this in two easy steps;

    STEP 1: On your Mobile App

    • Open your banking mobile app (if you don’t have, go to Playstore or Appstore to download your bank’s mobile app e.g GTWorld)
    • Sign in with your preferred method
    • Go to your mobile app menu and click on Cardless withdrawal (on GTworld app, click on Cashout in the home screen)
    • Select the account to debit (simply select your savings account or account with money)
    • If your app ask for the cashout terminal (such as GTBank), choose ATM
    • Select or write the amount you want to withdraw
    • Choose any 4-digits PIN to authenticate the cardless withdrawal at any ATM stand
    • Click on continue or submit

    That’s all you need to do on your mobile app.

    Now an automated 11-digits number known as PAYCODE or TOKEN will be sent to your phone number attached to that account number. Now, the next and final step!

    STEP 2: On the ATM Gallery

    Please make sure you have received SMS that have your Cardless withdrawal Paycode or token. Open your message system app on your phone.

    • After getting your 11-digits PAYCODE or TOKEN for cardless withdrawal, click on any button on the ATM
    • Now, select Cardless Withdrawal or Paycode feature >> Click on PROCEED
    • Now, you will be asked to enter your paycode or token: Enter the long number sent to you from your bank correctly
    • Type amount (you don’t need to include the N100 fee, it’s automatic)
    • Finally click on PROCEED

    The ATM will process your transaction and if the details you entered are correct, the money will be dispensed within one minute or less.

    ALSO READ: How to Start a POS Business in Nigeria

    That’s how you use cardless withdrawal in Nigeria via the mobile bank app.

    But what if you want to withdraw money and the internet connection is poor or you’re not with your browsing phone? You can use the banking USSD, here is how;

    How to Do Cardless Withdrawal Withdrawal in Nigeria via the Bank USSD Code

    • Dial the bank USSD code: In case you don’t know your Bank’s USSD CODE, check below
    • Choose Cardless or Cardless withdrawal (if you don’t see this option on first page, go to NEXT till you find it)
    • Select or write amount
    • Choose a PIN (4-digits)
    • Submit

    An SMS will be sent to you within 3 seconds. The SMS contains your Paycode or Token.

    If you have seen that, go to the nearest ATM gallery and follow the STEP 2 under Mobile app method above.

    NOTE: If you have account with VERVE, you can as well use it to generate the cardless withdrawal token by logging onto the Verve mobile app or generate Paycode using *322*8*Amount#

    Just in case you don’t know your bank USSD code, check them here:

    Full List of Nigerian Banks USSD Code for Banking Transactions

    • Access (Diamond) Bank — *901#
    • EcoBank — *326#
    • Fidelity Bank — *770#
    • First Bank — *894#
    • First City Monument Bank (FCMB) — *389*214#
    • Guaranty Trust Bank (GTB) — *737#
    • Heritage Bank — *322*00#
    • JAIZ Bank — *389*301#
    • Keystone Bank *7111# 
    • Polaris Bank *833#
    • Stanbic IBTC Bank *909#
    • Sterling Bank — *822#
    • United Bank for Africa (UBA) — *919#
    • Union Bank — *826#
    • Unity Bank — *7799#
    • VFD Bank  — *5037#
    • Wema Bank — *945#
    • Zenith Bank — *966#

    Conclusion: How to Withdraw Money with Cardless Withdrawal in Nigeria

    kindly be aware that I’m not a banker, an affiliate, partner or representative of any Bank in Nigeria. I’m just sharing the useful information you need, this may help you one day when you’re stranded.

    If you have any questions, kindly contact the bank customer care and please don’t share your banking or confidential details here. I will not be responsible for anything that puts you into risk simply by putting your details here.

    So, that’s all about withdrawing money from an ATM without your card.

    If you have done this before, can you please share your experience on Cardless withdrawal in Nigeria with us? Mine has been so smooth and fast.

    Help share this content with your friend also, so that they can learn how to withdraw money with an ATM card, you don’t know who this might help….

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    PayPal to Allow Buying, Holding and Selling of Cryptos By 2021



    Open PayPal Account in Nigeria

    This is nothing but good news as the digital payment giant, PayPal set to allow the buying, holding, and selling of cryptocurrencies by early 2021. Although Skrill and CashApp have this feature in their product it’s not as popular enough as PayPal.

    PayPal boasts of 26 million customers across the world, where most of these customers are cryptocurrency enthusiasts but they had no choice but to stick to their cryptocurrency wallet apps.

    PayPal Holdings, Inc. gladden the hearts of its users when they announced on the 20th of October, 2020 that we can be able to buy, sell, or HODL cryptocurrencies on our PayPal accounts without connecting or linking to an external crypto exchange service.

    Just in case you don’t know;

    PayPal is an American company offering online payment systems for its users since 1998. The company allows its users to send, receive money, and also buy or pay for something online.

    Since the company has been actively operating, they deal with currencies like USD, EUR, GBP, and other popular currencies spend in different countries of the world, but since cryptos are not used popularly as means of exchange of goods and services, PayPal hasn’t added cryptos to its platform.

    You might be thinking…

    Will this Cryptos Features Be Available on Nigeria PayPal Accounts?

    Well, I’m not sure until when PayPal finally offers the Cryptos services by early 2021 as they’ve announced. But the chance that we will have this Cryptos feature in our Nigeria PayPal accounts is very lean.

    Recall that PayPal itself is not 100% available in countries like Nigeria, Pakistan, etc… Nigeria’s PayPal can only be used to purchase something online, it cannot send out funds not to talk of withdrawing money to your local bank account.

    RELATED: How to Create and Verify PayPal Account in Nigeria

    But if this PayPal cryptos service really works in our PayPal, then, that will be the best thing that has ever happened in Nigeria’s global payment sector after the acquisition of Nigeria’s fintech startup, Paystack by Stripe.

    But let’s just hope for the best, as PayPal said they plan to make sure its crypto service is available as a source of funds to its 26 million users across the world (They haven’t made any exemption yet).

    But why is PayPal venturing into Cryptos all of sudden?

    That’s one of the questions people may need to find answers to.

    Of course, PayPal has been existing since two decades ago, and Crypto is neither a new thing as well. But according to a press statement quoted by Nairametrics, the president and CEO of PayPal, Dan Schulman said the reason why Paypal is going into cryptocurrency is that:

    “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of speed, the ability for governments to disburse funds quickly, resilience, efficiency, financial inclusion, and access.”

    The PayPal CEO further said they’re working with central banks and financial regulators around the world to offer their support in shaping the impact of digital currencies globally.

    The digital payment company has been granted conditional Bitlicense by the NYPDFS, the New York State Department of Financial Services in other to encourage or support New York consumers through a partnership with the city authorized virtual currency companies.

    How PayPal is going to achieve this Cryptos’ Feast?

    A licensed and regulated crypto services provider company known as PAXOS Trust Company made it possible for PayPal to achieve their dream of offering crypto services to its 26 million (and new users) across the world.


    This is a great development and we are expecting to see this amazing feature soon! Even if PayPal will not allow Nigeria’s PayPal accounts to enjoy this crypto service, I believe it will still be of benefit to those currency exchangers in Nigeria – provided they play along smartly.

    Since you’re here;

    #EndSARS #PoliceBrutalityinNigeria #BadGovernance

    I feel so disturbed seeing unarmed protesters being killed by Nigerian security agencies just for protesting peacefully against the bad omens in the country.

    Everywhere is risky and in chaos, war is subtly escalating!

    I really wish I can call every and each reader of my blog, pertaining to this our dear country – Nigeria.

    A lot has been happening in the country which has negatively affected us democratically. Nigeria is the world poverty capital of the world but yet, we have the richest politicians in the world. Our reputation is not good globally and the whole Nigeria system (Education, infrastructure, employment, government, and everything)  is a SCAM.

    ….and, it’s time things change for the better.

    For example, we need a country where foreign investors and company will be glad to work with. That’s why thousands of patriot Nigerian youths are protesting against Bad governance, Police brutality, and other bad things happening in the country.

    But right now, as your brother, friend or son, kindly stay INDOOR for now. This is not the right time to REVENGE, let’s stay SAFE and come back stronger.

    World powerful organizations such as the UK parliament etc., are interfering. And hopefully, the ICC and the United Nations won’t ignore us.

    Please stay INDOOR, that’s the best precaution to stay SAFE, this is not Corona Virus, this is more brutal than COVID-19.

    Stay at HOME, Stay SAFE!!!



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    VBank in Nigeria: Save Money, Get Loan, Invest & Earn on Referral



    VFD Microfinance Bank VBank

    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?

    Yes, Don Jazzy openly endorsed VFD Microfinance Bank via his verified social media handle (here @Donjazzy) and that’s how I personally learned about this digital Microfinance bank in Nigeria.

    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

    1. 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)


    1. 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:

    1. 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:

    1. 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:

    1. Savings

    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;

    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.

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