Day: August 16, 2019

The People’s Bank of China has transferred $1 billion worth of funds to Turkey in, Beijing’s biggest support package ever for President Recep Tayyip Erdogan, Bloomberg reported at the weekend. The cash infusion boosted Turkey’s foreign reserves around the time of Istanbul local elections that had left international investors fretting about the country’s political and financial stability. The Chinese funds also show Turkey is making headway in its efforts to diversify sources of foreign investment amid unprecedented tensions with the West. Treasury and Finance Minister Berat Albayrak has said the…

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Interswitch’s Verve and Discover Global Network, the payments brand of Discover, have launched the Verve Global Card that will be accepted in more than 190 countries and territories. The event which took place in  New York City, saw  senior executives from First Bank, Access Bank and Fidelity Bank purchasing  various items from Swarovski using their Verve Global Card on the Discover Global Network. The agreement with Discover Global Network will facilitate new international and cross border transaction capabilities for Verve Global Card customers, meeting the needs of its increasingly global customer base. Holders…

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 Payment card standards body, EMVCo, at the weekend released proposed specification changes for payment systems to accommodate longer number on credit and debit cards for identifying the card issuer. The issuer identification number, as it is called, is the first part of the 10- to 19-digit primary account number that appears on the front of debit or credit cards and identifies the card issuer. Currently, the Issuer Identification Number (IIN) consists of the first six digits of the Personal Area Network (PAN) but will transition to being eight digits long…

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The country’s external reserves have been on a downward trend in recent weeks mainly due to decline in oil prices. Data obtained from the Central Bank of Nigeria (CBN) shows that the reserves stood at $44.5billion as at August 14, 2019 compared with $45billion a month earlier. In a report obtained by Newsfieldglobal at the weekend, the FDC also forecast that the country’s oil revenue would drop to $9-$10billion in the third quarter of this year even as it predicted that oil prices will hover around $60-$62 in this month.…

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