Managing Director/CEO of 9 Payment Service Bank (9PSB), Branka Mracajac has reiterated that the firm, as an enabler, provides products and services via robust and scalable Application Programming Interfaces (APIs) for fintechs to innovate and scale up in a cost-effective manner. In his keynote address at the second Nigeria Fintech Forum recently, Mracajac, who was represented by acting Head of …

The Senate on Tuesday said it would revisit the Central Bank of Nigeria (CBN) Act to address governance gaps in its structure. Senate President Godswill Akpabio gave the hint during the screening of former CBN Deputy Governor, Mr. Adebayo Adelabu, who was nominated as minister by President Bola Ahmed Tinubu. Adelabu had faulted the lack of comprehensive oversight of the …

The President/CEO of the popular financial service company of OPay Nigeria, Mr. Olu Akanmu has resigned from his position. Announcing his exit from the company in a tweet on Monday, Akanmu did not give reasons for his decision. He expressed gratitude to his colleagues at OPay for their collaborative efforts in deepening financial inclusion in Nigeria. A former Executive Director …

President Bola Tinubu, on Friday, appointed the Chief Executive Officer of Financial Reporting Council of Nigeria, Mr. Jim Osayande Obazee as Special Investigator to investigate the Central Bank of Nigeria (CBN) and related entities. In the letter signed by the President, he said the appointment takes effect immediately, and the Special Investigator is to report directly to his office. He said …

The Central Bank of Nigeria (CBN) has said that Nigeria is still 60 years behind in terms of technology. It also said that the country is left behind in the issue of currency management, saying cash is no longer in vogue. During an e-Naira sensitisation exercise for the management, staff and students of Kaduna Polytechnic, CBN’s state Branch Controller, Muhammad …

Wema Bank has raised the salaries of its employees to cushion the effect of fuel subsidy removal. It said this was necessary because it prioritised its employees’ welfare. The bank said the current economic realities, which had witnessed recent spikes in fuel, electricity, and other prices, required employers to prioritise the welfare of their workers. The bank disclosed the salary …

The Central Bank of Nigeria (CBN) has directed 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 by Automated Teller Machines and cheques, on the accounts have been blocked but can receive inflows. The circular, signed by A.M. Barau on behalf of the CBN Director …

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has moderately hiked monetary policy rates to 18.75 per cent, acting Governor, Mr. Folashodun Shonubi said on Tuesday at the press briefing at the end of the 292nd MPC meeting. In its last MPC meeting, CBN tightened the economy by raising the interest rate to 18.5 per cent. “The …

Despite the order by the Federal High Court sitting in Lagos, the Department of State Services (DSS) has returned the suspended governor of the Central Bank (CBN), Mr. Godwin Emefiele to custody. The court had earlier granted bail to Emefiele after he pleaded not guilty to the two-count charge bordering on the alleged illegal possession of firearms and ammunition. Justice …

The Federal Competition and Consumer Protection Commission (FCCPC) has delisted two digital money lenders (DMLs) for illegal, prohibited and unregulated activities. In a statement on the commission’s official Twitter handle on Friday, its Executive Vice Chairman, Mr Babatunde Irukera said that it had also set a deadline for all DMLs to comply with its regulations. FCCPC said the firms were …