Tagged: nigeria

Nigeria’s SEC Proposes Hefty Fee Hike for Crypto Exchanges

The Securities and Exchange Commission (SEC) of Nigeria has announced proposed revisions to the regulatory framework for cryptocurrency service platforms. The adjustments include a substantial increase in the registration fee for cryptocurrency exchanges, escalating from 30 million naira ($18,620) to 150 million naira ($93,000). The… Read More

Nigerian Authorities Seeking to Extend Detention of Binance Execs

Nigeria is reportedly planning to further extend the detention of Binance executives. As reported by Reuters, Nigerian authorities have requested an Abuja court to prolong the detention of key Binance executives who are allegedly now part of the nation’s wide-ranging cryptocurrency crackdown. This, after an… Read More

Nigeria’s Crypto Clampdown: Binance Withdrawal Sparks Concern

The departure of cryptocurrency giant Binance Holdings Ltd from Nigeria has raised concerns among experts and cryptocurrency enthusiasts about its potential to exacerbate youth unemployment in the country. The firm announced last week that it would cease all operations for the Nigerian naira, discontinuing support… Read More

Fintech to Lead Nigeria’s Service Sector Growth in 2024, Central Bank Gov Says

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso forecasts mobile money and digital lending as key drivers of Nigeria’s service sector growth in 2024. Speaking at the Nigerian Economic Summit Group’s 2024 Macroeconomic Outlook Report launch, Cardoso emphasized the service sector’s role in the economy,… Read More

Nigerian Audit Chiefs Urge Tighter Oversight of Fintech Sector

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has urged for tougher regulations in the fintech sector and the operations of Bureaux de Change. This call was made by ACAEBIN Chairman, Prince Akamadu, during the association’s 57th quarterly general meeting in Lagos…. Read More

Binance Nigeria Ltd Is Neither Registered, Nor Regulated by the Securities and Exchange Commission in Nigeria, Regulator Warns

The attention of the Securities and Exchange Commission (the Commission) in Nigeria has been drawn to the website operated by Binance Nigeria Limited, “soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms.” Binance Nigeria Limited is “neither registered nor… Read More

Nigeria Limits ATM Withdrawals in Attempt to Encourage Digital Payments, Use of CBDC the eNaira: Report

Nigeria is attempting to cajole its population into using digital payments as opposed to cash, according to multiple reports. One method of encouragement is limiting ATM withdrawals to just $45, making it difficult to use physical money. Of course, some point to this harsh policy… Read More

Fintech Kuda Launches the Money App for Africans in Nigeria and the UK

The all-new Kuda app has arrived on the Play Store and the App Store with features including investments and UK-to-Nigeria transfers. Financial inclusion is in “our soul,” the company claims, while noting that since 2019, they have worked “with almost five million users to build… Read More

Meta and Fintech Chime to Reportedly Sue Alleged Phishing Scam Artists Operating in Nigeria

Mark Zuckerberg‘s Meta is teaming up Fintech Chime in order to go after (alleged) Nigerian scammers that the firms claim have been using social media channels to trick or deceive unsuspecting users out of their hard-earned cash. As reported by Newsweek, the lawsuit marks the… Read More

ThankUCash, a Nigeria-Based Rewards App, Closes $5.3M Seed Round

ThankUCash, a loyalty, deals, and rewards platform targeting African markets, this week announced the close of a $5.3 million seed funding round. The company launched in 2018. The round was led by venture capital firms 500 Global and Unicorn Growth Capital. U.S.-based accelerator Expert Dojo,… Read More

Wiseasy Group, UnionPay International to Grow QR Payments, Digital Banking in Ghana, Nigeria

Digital banking and payments firm Wiseasy Group this week announced a collaborative partnership with UnionPay International (UPI) to accelerate digital banking and QR payments in Ghana and Nigeria. The two companies worked together to develop a unified mobile payment standard and coordinate the management of… Read More

Nigeria Updates Mobile Money Operator Guidelines

Nigerian banking regulators have released new guidelines governing the services offered by the country’s mobile money operators (MMO). It is the first update in six years and is meant to address the sweeping changes seen since 2015. Ibrahim Moshood, an associate with Centurion Law Group,… Read More

Nigeria-Based Banking Group Polaris Bank Unveils Digital Bank Platform “VULTe”

  Polaris Bank, a Nigeria-based retail bank, recently announced it launched its own digital banking platform called VULTe. according to Polaris, VULTe’s products and services are designed to help customers’ lifestyles as individuals and make their business become “bigger and better.” Polaris revealed: “At VULTe,… Read More

Nigerian Fintech Bankly Reportedly Secures $2 Million Through Seed Funding Round Led By Vault

Bankly, a Nigeria-based fintech, has reportedly secured $2 million through its seed funding round, with was led by Vault. Founded in 2018 by Tomilola Adejana and Fredrick Adams, Bankly states it provides a USSD based savings product where users fund their account using Bankly vouchers nationwide. “We… Read More

Nigerian Senate Admits they Can’t Ban or Control Pseudonymous Bitcoin (BTC) Transactions

A Nigerian crypto trader is claiming that they sold off all their coins (crypto-assets) following the government’s directives regarding cryptocurrencies. The trader also noted that they’ve now withdrawn all their proceeds, but they haven’t “seen a dime” in their bank account and it’s been more… Read More

Nigerian Full Service Digital Only Bank Kuda Secures $10 Million Through Latest Investment Round Led By European Venture Capital Group Target Global

Kuda, a Nigeria-based digital-only banking startup, announced earlier this week it secured $10 million through its latest investment round, which was led by European venture capital Target Global, with participation from Entrée Capital and SBI Investment. Founded in 2018 and launched in 2019, Kuda describes itself as… Read More

Payments Platform Stripe Acquires Nigerian Fintech Paystack which will Continue to Operate Independently

Payments platform Stripe has acquired Nigeria-based Paystack, which is a startup that aims to make it easier to integrate various payment services. The acquisition may be valued at over $200 million, according to TechCrunch which cited sources familiar with the matter. Patrick Collison, CEO at… Read More

Nigerian Fintech Okra Secures $1 Million Through Pre-Seed Funding Round From TLcom Capital

Nigerian fintech platform Okra announced on Monday it has secured a $1 million pre-seed fundraise from Sub Saharan Africa focused tech venture capital firm, TLcom Capital. The funding will go toward Okra’s efforts to build the infrastructure for Africa’s next wave of fintech innovation. Launched… Read More

African Payment Startup PalmPay Waives Fees; Announces ₦100 Million COVID-19 Payout Fund

PalmPay, an Africa-based payment startup, announced this week it is waiving fees on all money transfers and has launched a new ₦100 million COVID-19 support fund. According to PalmPay, the waiving of fees offer is now available for any amount to any Nigerian bank until… Read More

Bill and Melinda Gates Foundation-backed Catalyst Fund Launches $15 Million Commitment from J.P. Morgan, UK Aid

Although the overall progress on reducing poverty has been steady during the past few decades, about half or 50% of the global population still has to live on less than $6 per day. Catalyst Fund is a newly established VC fund with a goal to… Read More

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