Senate debates bill to allow banks debit loan defaulters’ accounts through BVN

A new bill that will allow banks to deduct money from the accounts of loan defaulters has passed second reading at the Senate. The bill seeks to allow the creditor bank to track the account(s) of loan defaulters through the Bank Verification Number (BVN) and recover past and due obligation without recourse to the borrower. The legislation... Continue Reading →

Survival Fund: Nigerian govt commences payment to beneficiaries

The federal government has commenced payment to beneficiaries of the payroll support scheme under the MSME Survival Fund. Presidential spokesman, Laolu Akande, confirmed this in a statement Wednesday night. He said so far, 101,567 verified employees drawn from 16,250 companies have received their first monthly payment. The official noted that the initiative was designed to... Continue Reading →

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