Payment Solutions

Central Bank of Nigeria has ordered banks and other financial institutions to close customer accounts used in trading cryptocurrencies and other related transactions. In a circular seen circulating on social media on Friday afternoon, the Nigerian bank regulator ordered deposit money banks, non-bank financial institutions and other financial institutions to “identify persons and/or entities transacting in […]

The Nigerian government generated a total sum of 1.53 trillion naira revenue from Value Added Tax (VAT) in 2020, up by 29.3% when compared to 1.18 trillion naira recorded in 2019. This is according to the Sectoral value-added tax report, recently released by the National Bureau of Statistics (NBS). Sectoral distribution of Value Added Tax […]

The Central Bank of Nigeria (CBN) has issued a circular setting out the Modalities for Payout of Diaspora Remittances. The apex bank has frowned at activities of some International Money Transfer Operators (IMTOs) and unlicensed companies who continue to facilitate diaspora remittances into the country in Naira instead of dollars. The apex bank’s reaction follows […]

Ths Central Bank of Nigeria has taken proactive steps towards ensuring more flexible ways of engaging with operators in the payment solutions/fintech space, in a bid to tacitly regulate how operators churn out their new products and services.   To this end, CBN has introduced Regulatory Aandbox which is a formal process for firms to […]

Elon Musk with a new net worth of more than $185 billion has Claimed the World’s Richest Person Status From Jeff Bezos According CNBC news report, Thursday’s increase in Tesla’s share price pushed Musk past Jeff Bezos, who had been the richest person since 2017 and is currently worth about $184 billion. Musk’s wealth surge […]

The Central Bank of Nigeria (CBN) has revoked the operating licenses of Seven (7) Payment Services Providers. This was contained in an official gazette document published on the CBN website. Read Also: Access Bank brings Banking to the doorstep of Nigerians with over 50,000 Closa Agents The affected service providers were listed under schedule I […]

In its bid to continue driving and leading in Innovation by leveraging technology to deliver affordable and convenient banking services to the unbanked and underbanked segment of the society, Nigeria’s leading retail financial institution, Access bank Plc, has successfully commissioned and empowered over 50,000 Closa agents to provide financial services to customers across Nigeria.   […]

The number of individuals with at least a stake in the world’s flagship crypto, Bitcoin (BTC), has broken into new all-time highs. Data obtained by popular crypto data aggregator, Glassnode, revealed that Bitcoin’s number of non-zero addresses just reached an all-time high of 33,158,407. A previous ATH of 33,147,842 was observed earlier today. Metric Description: […]

In response to the recent announcement by the Central Bank Nigeria (CBN) that recipients of international remittances can now receive their funds in Dollars or to have funds paid directly into their domiciliary accounts, Access Bank plc has announced that customers can visit any of their branches nationwide to receive funds sent from family and […]

Elon Musk is now the second richest person in the world as he has knocked off Bill Gates off the second spot after his wealth increased rapidly in recent days. Telsa CEO Elon has accumulated an impressive $127.9bn (£95.8bn) to his name which saw him take the title of the second richest man in the […]