A Court in Nairobi, Kenya has frozen 45 bank accounts and 10 mobile money wallets belonging to Flutterwave, a Nigerian-owned financial technology firm battling multiple money laundering allegations, as scorned individuals and companies begin to queue up for billions the firm has stashed away in local banks. According to Business Daily, the […]
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CBN Releases Names of 10 Digital Banks Licensed to Operate as MFBs, Issue POS Services
Digital banking is becoming increasingly popular in Nigeria as operators harness the best technological tools to address the transaction challenges faced by Nigerians. In addition, digital payment platforms have been authorized by the Central Bank of Nigeria to provide microfinance banking and Point of Sale (PoS) services in the country, […]
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IFIC’22: Nigeria convenes global stakeholders to accelerate financial inclusion
The National Financial Inclusion Steering Committee headed by the Central Bank of Nigeria (CBN) will host Nigeria’s maiden International Financial Inclusion Conference (IFIC’22) on the 24th and 25th of November 2022 in Abuja, Nigeria. Themed “Financial Inclusion for all: Scaling Innovative Digital Models”, the conference is the first to be held since the […]
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Broadband penetration pushes cashless transactions to N278tn
Increasing broadband penetration has pushed cashless transactions in Nigeria to N277.61tn in the first nine months of 2022. This is a 41.58 per cent increase from the N196.08tn reported in the corresponding period of 2021. Electronic payment transactions are monitored on the Nigeria Inter-Bank Settlement System through the Nigeria Instant […]
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Momo PSB appoints brand ambassador
Mobile money operator, MoMo Payment Service Bank, has announced popular comedienne, Anita Asuoha, popularly known as ‘Real Warri Pikin’, as its first brand ambassador. A statement said the unveiling took place at the MoMo PSB headquarters in Lagos. According to the statement, Asuoha is expected to use her popularity among […]
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Technical glitch hits MTN’s fintech subsidiary
Momo Payment Service Bank Limited, the fintech subsidiary of MTN Nigeria, has approached a Nigerian court seeking an order to recover funds erroneously transferred to several bank customers after a technical glitch affected its system. According to reports, the PSB is seeking a court order in its bid to retrieve […]
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Firm launches biometric payment offerings
Torche has launched a biometric payment offering that allows customers to process payments with their face or fingerprint. In a statement, the firm said this solution will enable merchants to benefit from improved customer experience and capitalise on operational efficiencies. Chief Executive Officer, Torche, Sisan Dorsu, said, “I think when […]
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Access Bank pledges funding for MSMEs
Nigeria’s tier 1 lender, Access Bank, has pledged to fund entrepreneurs and create market access for small businesses by putting them in the right community. Speaking during a conversation with customers in the micro-, small- and medium- scale category, Deputy Managing Director, Access Bank, Victor Etuokwu, said the bank remained […]
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Financial transactions remain safe and secure – Wema Bank
Wema Bank has said that it will ensure data confidentiality of its customers. It said in a statement that its attention had been drawn to recent reports of members of the public receiving text messages with account numbers. The bank said, “We implore members of the public that, as a […]
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FCMB to reward 23,000 customers in digital promo
First City Monument Bank has said it plans to reward 23,000 customers in its Season 8 Millionaire Promo. It said in a statement that the promo, which would reward and empower new and existing customers of the bank with prizes, had gone fully digital. “The FCMB Millionaire Promo Season 8, […]