The Central Bank of Nigeria (CBN) has asked banks to vacate a post-no-debit restriction placed on the bank accounts of 440 individuals and companies.A post-no-debit means that all debit transactions, including ATMs and cheques, on the accounts, have been blocked but can receive inflows. The circular, signed by A.M. Barau […]
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7 Facts about the National Domestic Card Scheme System
MYTH: ATMs, Cards will no longer be in use as CBN, NIBSS move to unify Payment through the National Domestic Card Scheme. FACT: This is FALSE. Existing ATMs, Cards and POS will still function without interruption. MYTH: The establishment of National Domestic Card Scheme will affect the usage of other card […]
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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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Nigerian fintech startup Duplo raises $4.3m seed round to launch new products
Nigerian startup Duplo, a B2B payment platform that makes it easier for African businesses of all sizes to pay each other, has raised US$4.3 million in seed funding to launch new products and expand into new business verticals. Founded by Yele Oyekola and Tunde Akinnuwa in September 2021, Duplo allows B2B companies […]
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Meet the top eight Web3 developers and innovators from the Hack the Mara Hackathon
Top eight teams to compete in physical hackathon taking place in the Mara, Kenya from 17th-26th of September 2022 As part of its commitment to inspire developers to “build the future of Africa on Web3”, Mara, the Pan-African blockchain platform, has announced the top eight finalist teams of the “Hack The Mara” […]
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Nigerian retail-tech startup Omnibiz raises $15m pre-Series A round to accelerate growth
Founded in June 2019 by Deepankar Rustagi, Omnibiz allows retailers to place orders at their convenience and have goods delivered to their doorstep with zero delivery costs. Retailers can stock up their shops using the company’s mobile apps, WhatsApp channel, or a dedicated care number. The startup, which raised a US$3 million seed […]
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Artel Africa to provide secure and reliable financial services across Nigeria.
Two months after Airtel Africa was granted full Payment Service Bank (PSB) licence by the Central Bank of Nigeria (CBN), the telecom company, which has operations in 14 African countries, including Nigeria, on Thursday, launched its Smartcash Payment Service Bank, to further deepen financial inclusion in Nigeria. Airtel Africa, six […]
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Kora opens UK office as it evolves its pan-African payment infrastructure
Kora, the company building Africa’s high-fidelity payment infrastructure, today announces the launch of its UK office. Kora partnered with the Government of Birmingham to power this expansion via the West Midlands Growth Company, an organisation responsible for driving regional investment promotion and economic development for the West Midlands and the […]
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Abeg changes name to PocketApp, gets AIP to operate as mobile money operator
Abeg, now PocketApp, a social payments company owned by PiggyVest has been granted an approval in principle (AIP) by the Central Bank of Nigeria (CBN) to operate as a Mobile Money Operator (MMO), consequently becoming Nigeria’s first social commerce platform to secure the CBN’s AIP for an MMO license. In […]
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Nigerian BNPL startup CredPal secures backing from Cairo Angels Syndicate Fund
Nigerian “buy now, pay later” (BNPL) startup CredPal has raised funding from the Cairo Angels Syndicate Fund (CASF), a micro-venture capital fund that invests in early-stage startups in the Middle East and Africa. Launched in 2018 by Fehintolu Olaogun and Olorunfemi Jegede, CredPal is a consumer credit platform that gives buyers the […]