Browsing: Central Bank of Nigeria

• The situation involving Binance in Nigeria has turned sour due to several events.
• For a few years, the Binance marketplace seemed to work well enough, but in 2023, the Nigerian government ended the naira’s peg to the US dollar as part of sweeping economic reforms.
• In what is now a testament to the sprained relationship between Binance and Nigeria, the authorities filed tax evasion charges against the cryptocurrency exchange.

Binance Under Regulatory Spotlight

Binance’s journey from a small start-up to one of the largest cryptocurrency exchanges globally has been impressive but not a smooth run. The platform’s rapid growth and global expansion brought it under the regulatory spotlight globally.

• Nigeria’s central bank has awarded the startup a PSSP licence, enabling it to operate as a payment solutions service provider within the country.
• This serves as a demonstration of the Nigerian central bank’s commitment to supporting fintech startups in the country.

Nigeria’s central bank, the Central Bank of Nigeria (CBN), has recently shown its commitment to supporting fintech startups in the country through its decision to award a Payment Solutions Service Provider (PSSP) license to fintech startup, Fincra.

This comes six months after the bank issued Fincra an approval-in-principle. This licence falls within the relatively new categorization of licences introduced by the apex bank in December 2020, which confers financial institutions the legal right to “engage in payment processing gateway and portals, develop payment solutions or merchant service aggregation and collections services”.

Founded in 2021 by Wole Ayodele, multiple-time founder and co-founder of the crypto exchange platform Quidax, Fincra was …

The Central Bank of Nigeria (CBN) has announced that it would redesign the country’s N200, N500 and N1, 000. The change would be done to reduce the amount of money in circulation and control inflation, according to the CBN Governor, Godwin Emefiele.

The CBN highlighted concerns of “illicit” funds in circulation, which it said bandits and kidnappers had been exploiting in perpetrating their crimes.

The regulator said as much as 85 per cent of currency in circulation were outside the vaults of the country’s banks, encouraging criminality, currency hoarding and reducing the efficacy of the central bank’s monetary policies.…

The Central Bank of Nigeria (CBN) has accorded a Switching and Processing License to Flutterwave, an African payments technology business. This is widely regarded as the CBN’s most significant payment processing licence.

Flutterwave can provide customers with transaction switching and card processing services with this licence. Other benefits include non-bank acquisition, agency banking, and payment gateways.

• The Central Bank of Nigeria (CBN) has accorded a Switching and Processing License to Flutterwave, an African payments technology business.
• Flutterwave can provide customers with transaction switching and card processing services with this licence.
• Flutterwave is permitted to facilitate transactions between banks, fintechs, and other financial institutions thanks to the Switching and Processing licence
• Additionally, the company can handle card transactions, participate in agency banking, and provide payment services directly to customers

Flutterwave is permitted to facilitate transactions between banks, fintechs, and other financial institutions thanks to the Switching and Processing licence.

Additionally, …

The licensing follows a solid end to 2021, which saw DPO partner with a global leader in travel technology, Amadeus. Customers can now accept local payments, including via mobile money and card payments, allowing international airlines to operate locally and African airlines to expand globally. As a result of the partnership, DPO is connected to multiple regional and international airlines via Amadeus’s airline passenger system.

DPO Group plans to Further extend its growth in 2022, targeting new product innovation and territory launches.

The increased partnerships momentum follows the 2021 landmark acquisition by Network International, a globally renowned facilitator of e-commerce in the Middle East and Africa region.…

• The evolution has allured intensive participation in the lending sector, stimulating the growth of the Nigeria Domestic Credit by 16.2 per cent year on year as of December 2021.
• There is no lending limit for the MFBs, and the Central Bank of Nigeria charges N400,000 to N500,000 for their registration. Operations are limited to Lagos State.
• The Money Lenders license is issued and regulated by the money lenders laws of the 36 states in Nigeria.

The business of lending in Nigeria has metamorphosized from the traditional system to a more digitally enabled flexible system for a faster and more convenient process.

The evolution has allured intensive participation in the lending sector, stimulating the growth of the Nigeria Domestic Credit by 16.2 per cent year on year as of December 2021.

The present state of the Nigerian economy, the need to expand for companies and businesses, and the insatiable desire for …

Buhari said that the rice pyramids would aid efforts to reduce the price of rice in Nigeria. He expressed his expectations for other agricultural organizations to join the Central Bank of Nigeria (CBN)-funded Anchor Borrowers’ Programme (ABP) that supports Buhari’s drive for food sufficiency.

Speaking at the event Central Bank’s governor, Godwin Emefiele, said that CBN collaboration with RIFAN increased the national output of rice to over 9 million metric tonnes in 2021, up from about 5.4 metric tonnes in 2015.

Productivity per hectare of smallholder farmers has also increased from 2.4 metric tonnes to about five metric tonnes over the same period.…

• TLG’s investment supports their digital banking aspirations and helps position FairMoney to grow their share of wallet
• FairMoney operates a credit-led strategy: offering credit via an app and subsequently offering bank accounts
• The average loan size is 30 Euros and customers can grow their loan limits up to 1,000 Euros over time

TLG Capital has announced an investment it has made into a Paris based fintech company, FairMoney in Nigeria.

FairMoney, which operates a neo-banking platform in Nigeria provides underbanked users with bill payment solutions and collateral-free lending. The company has a microfinance bank license from the Central Bank of Nigeria, which permits it to officially operate as a financial services provider in the country.

The company’s Co-Founder and CEO, Laurin Nabuko Hainy, says TLG’s investment supports their digital banking aspirations and helps position FairMoney to grow their share of wallet while offering services to the financially excluded and …

Nigeria has made a move to stop the rejection of the country’s crops by other nations.

The move is being spearheaded by the Central Bank of Nigeria (CBN) in collaboration with the International Institute of Tropical Agriculture (IITA), government agencies and private firms.

The plan was announced in a statement that was issued at the end of a one day workshop.

that was organized by Harvest field industries Limited and IITA.

The workshop was aimed at sharing results of aflatoxin levels in maize sampled nationwide under the CBN Anchor Borrowers Programme 2020 Wet Season Project.

The plan to stop the rejection of crops produced in Nigeria follows the adoption of appropriate technologies for the reduction of aflatoxin in crops, food, feeds and livestock which is expected to help achieve zero rejection of commodities exported from Nigeria.

Also Read: Investors to pump $8.4billion into Nigeria’s economy

The one-day workshop in Abuja …

Blockchain technology has for long been associated with cryptocurrencies but there is so much more that it has to offer. …