The Central Bank of Nigeria (CBN) is the country's apex monetary authority, established by the CBN Act of 1958 and officially commencing operations on July 1, 1959
As algorithms shape financial inclusion, accountability must keep pace
AI is being used in Nigeria's fintech sector to influence credit access and fraud detection. Formal financial inclusion in Nigeria rose to 64% in 2023, up from 54% in 2020.
“We had no clear path about how this was going to turn out”: Day 1-1000 of Blaaiz
Ifelade Ayodele launched Blaaiz in 2023 as a cross-border payments startup. Initially, Blaaiz was a Telegram bot that facilitated money transfers.
Stabyl emerges from stealth with $2.7 million for Africa’s FX infrastructure
A conversation between MBA students at the University of Oxford led to the founding of Stabyl. Stabyl has secured a $2.7 million pre-seed investment led by Konga.
CBN data localisation push raises concerns among fintech executives
The CBN's directive requires all payment-related data to be stored and processed within Nigeria by January 2027. Fintech executives express concerns about the local data ecosystem's readiness to handle the migration of payment data.
CBN gives banks and fintechs 6 months to localise payment data
The CBN has directed banks and payment service providers to store transaction data on local servers by January 1st, 2027. The new regulations are part of a broader effort to strengthen oversight of Nigeria's digital payments ecosystem.
