Commercial Banks in Nigeria are informing customers that they can no longer make instant online transfers out of their domiciliary accounts without proper documentation.

Before now, all a customer had to do was log into their banking application on their mobile phone or via a browser to make transfers without the need to provide any documentation. However, emails sent to customers by banks as seen by Nairametrics contain new documentation requirements that must be provided before the transfers are allowed to proceed.

Here is an excerpt of an email seen by Nairametrics

“This is to inform you that instant completion for international transfers on our digital platforms will cease from March 20, 2021. All international third-party transfers initiated on any of our digital channels will be completed at the back office after receipt of relevant supporting documents. Kindly ensure you send relevant supporting documents for your international transfers immediately transaction is initiated online to……….”

The bank also advised its customers on the type of supporting documents required as follows;

“Samples of supporting documents to be provided for international transfers to third parties are;

Invoices
Bills
Demand Notes

“For Medical, insurance, school fees, subscriptions and other similar invisible payments. For transparency and in line with CBN eligibility requirement, purpose of payment must be clearly indicated for all international transfers in the narration section provided.”

The advice from the bank also informed its customers that transfers that do not include the supporting documents listed above will be rejected after the assigned cut off time.


What this means
Nairametrics inquired from one of the banks to get an understanding of what this means and how it affects customers seeking to make transfers.

Where does this rule apply?
This rule applies only to online transfers outside of a bank using your mobile app or internet banking.
To make the transfer, you will attach documents via email and then wait for them to be approved by the backroom staff of the banks before the transfer is finalized. Without the approval of those in the backroom, the transfer will not be completed.

Transfer from your account to your personal account – We understand this will not be affected by this rule as no supporting document is required to make transfers from your personal account to another personal account or from one company account to the same account overseas.
Transfer from your account to a third party – You will be required to provide any of the respective documentation required above for any transfer between your account and a third-party account abroad.

This rule will affect how people transfer forex from one account to another and will impact everything from you transferring money to your spouse, sibling, or family member, payment of invoices, and other forms of online transfer that did not need documentation.

Why this matters
Nairametrics analysts understand this is yet another attempt by the central bank to track the flow of forex within the banking system, reducing incidences of undocumented transfers or currency exchanged occurring outside of the banking sector.

Critics believe this is another desperate attempt by the apex bank to restrict foreign currency flows via banks and outside of the official systems.
Millions of dollars of transactions occur on a daily basis outside the banking system as Nigerians prefer to transact foreign exchange at black market rates rather than the official rates which they do not believe reflects the true value of the exchange rate.
This rule will gross affect Nigerians seeking to make peer to peer cryptocurrency transfers as they will not need to provide documentation for their transfers to be processed.





https://nairametrics.com/2021/03/11/banks-to-stop-instant-completion-for-international-transfers-online/

Hearing the word recession creates a feeling of discomfort for many. After all, recessions come with a lot of negatives. For instance, stock market declines, job losses, and more. But what does it really mean for your personal finances, and what can you do to still thrive financially during a recession? Preparing for a recession is essential to your financial security.

Knowing how it affects the economy and your finances and taking key steps will help you during an economic downturn. Let's get into what it all means and how you can prepare for a recession.

So, what is a recession?
Well, economies are cyclical. That means they go through periods of expansion and growth, as well as periods of decline known as recessions. Or more severely, depressions. For example, You know about the great recession of 2008 triggered mainly as a result of the housing bubble in the United States. There's also the COVID-19 Pandemic that emerged globally, severly impacting 2020.

During a recession, there is typically a decline in industrial and trade activity. Some major implications that come with recessions include job losses and unemployment, a drop in real estate values, and the decline of investment values. And as a result, this decline can severely impact your personal finances.

This is why it's essential for you to know how to prepare for a recession.

That being said, regardless of whether there's a recession going on or not, life goes on, and bills need to be paid. The last thing you need is for a recession to become a personal financial crisis for you.

How to prepare your finances for a recession
Here are 7 key tips to help you prepare your finances in the event of a recession.

1. Bulk up your emergency savings
As you work on recession-proofing your finances, it's very important to have emergency savings in place. In a recession, having an emergency fund can save you a lot of stress. It can also help you avoid becoming financially over-extended or having to leverage debt just to get by.

To start, you want to put aside 3 to 6 months of your basic living expenses in an emergency account in the unfortunate event that you become unemployed.

And since recessions can be pretty unpredictable, aim to boost your emergency savings to 12 months of your basic living expenses. This will give you ample time to find a new job. But remember, jobs can be harder to come by in an economy experiencing a recession.

Keep in mind that your basic living expenses are the essential things you need to survive; food, housing, core utilities, and transportation. Building your emergency fund is one of the most important steps when preparing for a recession.

2. Diversify your investments
Ever heard the saying, don't put all your eggs in one basket? Well, the same line of thinking applies to your investments. It's important to have a well-diversified investment portfolio. That means your investments should not all be tied up in one stock or one real estate property.

You want to make sure your investments are spread across multiple industries and areas, so if one industry or area experiences a decline, it doesn't sink your entire portfolio.

For example, if you are invested in the stock market, you can spread your investments across multiple sectors such as consumer goods, healthcare, technology, etc. Mutual funds and index funds are both great ways to diversify. You can also choose to invest in the stock market (funds and bonds), the real estate market, and in small businesses.

Whatever you invest in, be sure to do your research, be clear on your investment objectives and understand your risk tolerance. This will create less panic for you if a recession comes along.

A big mistake people make is that they start selling every investment they own when the economy dips. This is a bad idea.

If you have a clear plan for your investments and you're in it for the long term, you are in a good place. Your investment is likely to weather a bad economy and come out on top. Talk to a financial advisor if you are confused or feeling stuck regarding what to do. Prepare for a recession by diversifying your investments wisely.

3. Pay off debt
The last thing you want to do is worry about having to pay off debt in a bad economy, especially with the increased rates of unemployment.

Paying off your debt will save you a ton of money in interest payments. Plus, you'll also be able to put your extra funds toward bulking up your emergency savings and other financial goals.

It's a good idea to focus on paying off your high-interest debt before you consider ramping up on investing. This is because if you have high-interest debt the cost of your interest payments may far exceed the return on your investment.

For instance, if you have a credit card that has a 19% interest rate, then it makes more sense to pay off that debt as soon as you can, given that the average long-term rate of return on the stock market is ~8% to 10%. Obviously, your rate of return could be much high but you want to avoid speculating or trying to time the market.

Once your debt is gone, you can focus on ramping up on investing. Learn more about creating a smart debt repayment plan and just how investing works.

4. Learn how to budget and live within your means
Living within your means is the key to building wealth. It also means you eliminate having to leverage debt to live your life—no more using credit cards to pay your bills.

Wondering how to prepare for a recession and live within your means? Learn how to budget and determine what budgeting style works best for you. Your budget will help you track your expenses compared to what you earn and highlight areas you can cut back on.

Your ultimate goal should be to widen the gap between your income and expenses as much as you can. You do this by increasing your income and reducing your expenses. The money you have left over is money you can use toward the things that really matter to you, like your savings and investment goals.

5. Create multiple streams of income
The average millionaire has 7 sources of income, and for good reason. Creating multiple streams of income ensures that you increase how much you have coming in. It also acts as a buffer in case you lose a source of income.

Is there something you're passionate about doing? Something you do that you get complimented on all the time? Consider turning it into a side hustle to generate some additional income. There are also a variety of recession-proof businesses you can consider.

6. Live on one income and save the other
One of the savviest financial moves you can make to prepare for a recession is shifting to live on one income and save the other. Getting frugal with your budget and reducing expenses can free up a lot of money to save for a rainy day. The goal is to reduce your cost of living enough to free up the second salary altogether. You will bulk up your emergency fund and not rely on a second income in the event of a job loss. Living below your means is the best way to prepare for the unexpected.

7. Consider a recession-proof job
Another way to prepare for a recession is to consider a recession-proof job. Healthcare workers, teachers, pharmacists are types of jobs in demand even during a recession. Expanding your skills is excellent for job security, especially when it comes to working remotely. Companies are shifting towards remote positions now more than ever. Since work from home jobs are on the rise, why not consider starting your own home-based business? You can make a great living doing a variety of different jobs at home.

What happens during a recession
Recessions can be damaging to the economy and also to your finances. Again it results in fewer jobs and reduced hours from employers trying to reduce expenses. That's why it's important to bulk up your emergency savings and have multiple streams of income.

A recession could also cause interest rates to drop. The Federal Reserve cuts rates to make it cheaper to get loans and try to stimulate the economy. However, this means you will see rates drop on your savings accounts too. The government debt may rise as they pass bills for stimulus packages to assist those in need and help the economy recover.

Recessions can be damaging to stocks and assets, causing them to lose value. This happens when there is a negative GDP for two consecutive months. Nonetheless, this doesn't mean you shouldn't invest during a recession. In fact, it can be a great time to invest if you do it right and work on tackling any investing fears you might have.





https://www.clevergirlfinance.com/blog/how-to-prepare-for-a-recession/

Let me just leave you.

I thought u have something reasonable to say, instead u went ahead to deactivate your account before u are banned.
Mod need to do something about you cos your activities on Nairaland is becoming unethical and against so many rules.

Mirannda:

Sense is far from your father and your stupid mother.

The more u keep insulting childishly without presenting prove to you claims shows the kind of person u are which will make the sensibles ones ignore u and not take u seriously. I don't need to exchange words with u here cos I don't even know you and I don't have any dealings with u. I was only supposed why u quoted me for no reason and why your other several monikers are busy going round my thread tagging me for no reason without one single story of what transpired between us if we actually had any.
Keep ranting your insults here until you are banned while I keep ignoring u until you have something useful with prove to say.
Cc
Dominique

Available

Mirannda:

Don't send first to this idiot
or use escrow

U just quoted me to call me idiot and tag me for no reason when I have no business with u. And this your quote is your first post on Nairaland which shows u are the same person with the other alternate monikers going around labelling people for no reason..sense is truly far from u.

....

Tolu181:
P2p is no more working .


What's the cause?

I thought I was the only one experiencing this that is why I kept mute. I wanted selling off $103 Eth through P2P but experienced same thing. Now I don't know how to sell cos i needed the cash. Or is there anyone here that is buying Eth presently so we can deal?

esmarcq:
This list is ridiculous, they had to show the world the dad is a heavy smoker, and they are out to exploit the man. Is the dad a black belt holder that they want to but knife for 20k, haba na, this is why some people in Nigeria see their wives as properties they purchased

Lol

Amid widespread concern regarding WhatsApp's new privacy policy, 15-year-old Pakistani app developer Nabeel Haider has a solution: an alternative instant messaging app that he claims works even better.

Haider hails from Karachi and has a keen interest in app development.

Federal Minister for Information Technology and Telecommunication Syed Amin-ul-Haque, who met and praised the teenager for his dedication, has offered him a chance to refine the app under expert supervision.

I met with 15 y/o Nabeel Haider, who developed ‘FF Family’ - an advanced version of WhatsApp."

"I loved his dedication and have offered an internship via MoIT at the NIC in Karachi, where his app will be floated & groomed," the minister wrote on Twitter.

"Our youth and technology is the future," he added.

The application, called FF Meeting (family & friends meeting), is already available on the Google Play Store.

Many users have termed it similar to Telegram; however, the teenager claims that his app is more advanced than WhatsApp.

"It includes options like 'secret chat' and features for the visually impaired," Daily Times quoted Nabeel Haider as saying in a report.




https://www.geo.tv/latest/338845-15-year-old-pakistan-prodigy-develops-advanced-version-of-whatsapp

The Holy Spirit is the Spirit of God that guide and direct us in all things. I declare that the Spirit of the Almighty God continue to dwell and direct my soul in all things and may he abide in my life forever more. Amen.

AlexJustin:
Good day all,

Which is better for a Civil Engineer, construction company or a Real estate firm.

your opinion will be highly appreciated especially if you're a professional in the construction industry.

Do you want to start up any of the companies or u want to choose which one of them to work with? Also, if u want to work with them, can u give of a clue about both salary for better conclusion

Killed a POS operator becos of how much. These local murderers should rot in jail.

Knife, 20k. It is well

A male Boss

Sure. I can stay on the ground floor

DuBLINGreenb:
Make dem come acquire my own la

What's your own

Yea he's right cos he's my friend. There is love in sharing.

PayPal Holdings, Inc. (NASDAQ: PYPL) today announced that it has agreed to acquire Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets. Curv is a leading provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel.

In October 2020, PayPal announced its commitment to help shape the role that digital currencies will play in the future of financial services and commerce. To drive sustained growth and innovation in this area, the company recently created a business unit focused on blockchain, crypto and digital currencies. Curv will join the newly formed group, with its strong team of technologists adding technical expertise to PayPal.

"The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system," said Jose Fernandez da Ponte, vice president and general manager, blockchain, crypto and digital currencies, PayPal. "During our conversations with Curv's team, we've been impressed by their technical talent, entrepreneurial spirit, and the thinking behind the technology they've built in the last few years. We're excited to welcome the Curv team to PayPal."

Curv was founded in 2018 by CEO Itay Malinger and CTO Dan Yadlin.

"As a pioneer in security infrastructure for digital assets, Curv is proud to be recognized as an innovator and trusted partner to leading financial institutions around the world," said Malinger. "Now, as the adoption of digital assets accelerates, we feel there's no better home than PayPal to continue our journey of innovation. We're excited to join PayPal in expanding the role these assets play in the global economy."

PayPal expects to complete the acquisition in the first half of 2021. Financial terms of the deal were not disclosed.

About PayPal
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 375 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.

About Curv
Curv is a global trusted provider of digital asset security technology that is delivered as a fully scalable, enterprise-grade and compliant cloud service. Curv's multi-party computation (MPC) technology simultaneously provides institutions the protection, instant availability and total autonomy over digital assets required to thrive in the digital economy. For more information, visit curv.co.

Forward-Looking Statements
This announcement contains "forward-looking" statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance and reflect PayPal's expectations regarding the impact of this transaction on PayPal's and Curv's business and the timing of the closing of the acquisition. Forward-looking statements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", expect", "project, "forecast", or "intend", and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and any other similar expressions.

Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made, and, accordingly, readers should not place undue reliance on forward-looking statements and information. Factors that could cause or contribute to such differences include, but are not limited to, the timing and satisfaction of closing conditions in connection with the transaction, the possibility that the transaction may not close, the reaction to the transaction of Curv's customers and business partners, the reaction of competitors to the transaction, the retention of Curv's employees, PayPal's plans for Curv, economic and political conditions in the global markets in which PayPal and Curv operate, the future growth of PayPal's and Curv's businesses and the possibility that integration following the transaction may be more difficult than expected.

More information about these and other factors that could adversely affect PayPal's results of operations, financial condition and prospects or that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in PayPal Holdings, Inc.'s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (the "SEC", and its future filings with the SEC.

The forward-looking statements contained in this announcement speak only as of the date hereof. PayPal expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.


https://newsroom.paypal-corp.com/2021-03-08-PayPal-to-Acquire-Curv

Poison

Smart kid

Nigerians have so bad due to the poverty level and bad governance. People are suffering, hence it brings out the worse in people. Imagine there are adequate jobs for these people, they won't have time to go to the IDP Camp in the morning to look for food.