Money Glossary
Money words, in plain English.
No jargon. No textbooks. Just the words you'll actually meet in your money life.
- APR
- Annual Percentage Rate — the yearly cost of borrowing, including interest and fees.
- BVN
- Bank Verification Number — your unique CBN identifier across Nigerian banks.
- Cashback
- A small percentage of a payment returned to you as a reward.
- Chargeback
- A reversal of a card payment, usually after a disputed transaction.
- FX
- Foreign exchange — converting one currency to another at a given rate.
- KYC
- Know Your Customer — the checks we run to confirm you're really you.
- NDIC
- Nigeria Deposit Insurance Corporation — insures your bank deposits.
- NIBSS
- The national rail behind instant bank transfers in Nigeria.
- POS
- Point of Sale — a card terminal (or phone) that accepts payments.
- Stablecoin
- A crypto token pegged to a stable asset like the US dollar.
- USSD
- Short codes you dial (e.g. *737#) to bank without internet.
- Virtual Card
- A card number issued instantly — for online use, no plastic needed.
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