DMBs
Archbishop Sam Zuga: CBN lacks power to stop cryptocurrency
Archbishop Sam Zuga has reacted to the Central Bank of Nigeria’s (CBN) new order on Cryptocurrency. The Apex bank had directed Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who are using their systems for cryptocurrency trading. Reacting to the shocking news, Archbishop Sam Zuga, the CEO of one of Africa’s fastest growing currency, Zugacoin expressed his disappointments at the CBN’s decision, while allaying the fears of Zugacoin investors and intending buyers. According to the Cleric’s message obtained from his social media page, “Cryptocurrency doesn’t need bank account to operate or exist.” He wrote, ”RICH PEOPLE WANT THE POOR TO REMAIN POOR. NOT AGAIN! This is is not news. It has been like this since the beginning of Cryptocurrency. But right n...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
