Dear Subscriber,

New Year, New You & the New Deal

The start of a New Year and decade often calls for introspection and reflection on accomplishments. It also offers an opportunity for renewed commitment to goals and targets which may end up with the tag line, ‘New Year, New Me’. President Buhari in his New Year/Decade message drew some lessons from Franklin D. Roosevelt’s ‘The New Deal’ approach to economic rejuvenation and recovery program of the 1930s (Great Depression). Hence, the cliché ‘New Year, New You and the New Deal’ is most appropriate for these times.

However, research shows that not more than 8% of people actually stick to their New Year resolutions. This is because most resolutions are often vague and unachievable. To avoid a repetition of broken promises in 2020, it is important to do things differently or else you stand the risk of being called ‘insane’. As you craft your vision for the New Year, remember to be determined, realistic and audacious. The Lifestyle Section of this Digest contains tips on how to have a productive New Year.

CBN slashes charges on electronic transfers and leaves telcos hanging

In a bid to boost financial inclusion and make financial services more accessible, the CBN has announced a slash in bank charges. The apex bank has also clarified its stance on the N50 POS service fee that has resulted in the groaning of Nigerian consumers. Whilst the apex bank has heightened its consumer protection drive, the telcos feel side lined over the notable silence about the USSD charge. A resolution of this headstrong dispute between both parties has become a necessity in order to align the interest of the telcos with the banking system.

In this New Year edition of the Unity Bank digest, you will find the usual mix of economic and social news such as Fitch’s outlook downgrade for Nigeria, Q3’19 Foreign Trade breakdown as well as social gist.

It promises to be a great read.

Happy New Year!