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Central Bank of Nigeria

CBN Appoints New Executives In Response to Alleged Infractions

The Central Bank of Nigeria, announced in a statement on January 10, 2024, its appointment of new executives for Union Bank, Keystone Bank, and Polaris Bank following the dissolution of the banks on the same day. The newly appointed executives,...

Fintech: Clickatell Partners the Central Bank of Nigeria to Increase eNaira Services

Clickatell, a CPaaS innovator and Chat Commerce leader, has partnered with the Central Bank of Nigeria (CBN) to deliver fast, simple, and cost effective eNaira banking services to all Nigerians using the USSD channel, eliminating the need for data...

MTN Nigeria Attains Approval to Operate Mobile Money Bank (MoMo)

MTN Nigeria received approval from the Central Bank of Nigeria on Monday to operate Mobile Money (MoMo). MTN Nigeria's Mobile Money (MoMo) service has more than 9-million users since it launched in 2019. According to TechCabal, the approval means that...

Airtel Africa Could Soon Operate as a “Super Agent” in Nigeria

Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces that its subsidiary Airtel Mobile Commerce Nigeria has been granted approval in principle by the Central Bank of Nigeria...

Nigeria’s eNaira Launches But Why Are Banks Suddenly Getting Cold Feet?

Nigeria is set to become the first African country to launch a digitised version of its currency today. The historic rollout of the 'eNaira' is an effort that Nigeria's Central Bank (CBN) is calling a milestone in a "long...

Nigeria’s Central Bank Launches eNaira Website

The Central Bank of Nigeria (CBN) has officially launched its Central Bank Digital Currency (CBDC) website for the eNaira. Last month, the CBN announced that it was working with Barbados-based fintech firm Bitt Inc as a technical partner to launch...

Nigeria Prepares to Launch Own Cryptocurrency – “eNaira”

Nigeria is working with fintech Bitt Inc as a technical partner to launch the country's own cryptocurrency - the eNaira - according to the Central Bank of Nigeria (CBN). The Barbados-based Bitt Inc earlier in 2021 led the development of...

Nigeria’s Central Bank Freezes Accounts of 4 Major Fintech Platforms

The Central Bank of Nigeria (CBN) has sought to freeze the bank accounts of four major Nigerian fintech platforms, namely Risevest, Bamboo, Trave and Chaka. These four platforms will have their accounts frozen for the next six months, according to...

New Guidelines for Mobile Money Operators Issued by CBN

The Central Bank of Nigeria (CBN), the country's top regulator of banking activities, has released new guidelines to further regulate the services provided by mobile money operators (MMOs) in Nigeria. Changes in regulations mostly focus on streamlining and increasing the...

Why the Central Bank of Nigeria is Cracking Down on Forex Sales

The Central Bank of Nigeria (CBN) has banned the sales of foreign exchange (FX/Forex) to Bureau De Change (BDC) operators in Nigeria. The registration of new BDC operators has also been halted with immediate effect. Godwin Emefiele, CBN's governor, made...
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Empowering African Businesses for Secure African Payments

Mastercard and Onafriq (formerly MFS Africa), a pan-African payments company, have joined forces to introduce secure, cost-effective, and innovative...
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