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The Central Bank of Nigeria has issued a series of new regulations and sanctions that will govern the use of electronic payments by deposit money banks, payment solution service providers, mobile money operators, and other financial institutions. Termed ‘Regulations on Electronic Payments and Collections for Public and Private Sectors in Nigeria’, CBN says the new regulation is a…

Similoluwa Bolaniran As an individual account holder, imagine the difficulty you may have had to encounter if you attempted to get a loan 5 years ago. The often rigorous conditions of providing all or a combination of your six months bank statement, letter of salary domiciliation, letter of employment/confirmation, confirmation of your terminal benefits, two…

Over the years, the growth in economic activities and the upsurge in population had necessitated the rise in the volume of banknotes in circulation. The volume of naira notes in circulation in the country as of the end 2012 rose significantly by 10.34 per cent to 7.9tn pieces, as of half year of 2018, according…

In a gathering of capital market stakeholders and FinTech experts, last Friday, InfoWARE Limited launched Grow my Kudi – a revolutionary platform that is going to help Nigerians and Africans as a whole gain the skills they need to successfully tackle economic and capital market challenges such as lack of financial inclusion, lack of innovation,…

Determined to boost financial inclusion, Access Bank Plc says it is targeting a customer base of 65 million by 2022, through financial digital products.Access Bank’s Head, Business Development and Planning, Mr Chinedu Onuoha gave the figure at the unveiling of ‘Access Money Wallet’, a product introduced to drive financial inclusion in Lagos last Friday.Onuoha said…

The Nigerian Stock Exchange (The NSE or The Exchange) is set to launch X-Mobile, a dynamic and user-friendly mobile app, to enhance investors’ participation in the Nigerian capital market. The NSE mobile app which is currently in its Beta state will be launched at the 2019 NSE Market Data Workshop taking place on Wednesday, September 11,…

Financial services agents across the North-Central region of Nigeria, have called on the Central Bank of Nigeria and the Nigerian Inter-Bank Settlement Systems, NIBSS, to work out measures to speedily resolve the rate of failed and delayed transactions on the point-of-sales, POS, machines while carrying out their mobile money and agency banking operations. This was…

The Central Bank of Nigeria (CBN) has sought standard practice from financial technology companies (fintechs). The apex bank said there was a need for fintechs to adhere to its policy framework that guides their operations in the financial sector.  Samuel Okojere, the Director, Payment Systems Management Department, CBN, explained that the Central Bank was trying to build an ecosystem that would allow everyone to have the…