Nigeria Central Bank Rolls Out New Digital Platform to Unlock $1B Monthly Remittances
CBN launched the NRBVN platform to help Nigerians abroad obtain BVNs remotely. The initiative aims to boost monthly diaspora remittances to $1 billion.
CBN licences in Nigeria: types, costs & what fintechs should know
The Central Bank of Nigeria requires fintech startups to obtain specific licenses based on their services. The Switching and Processing Licence is essential for companies processing payments and requires a minimum capital of ₦2 billion.
Inside the rise of global accounts among everyday Nigerians
Victor Olulewa faced challenges in accessing payments from a foreign client due to Nigeria's currency crisis. Many Nigerians are turning to dollar, Pound, and Euro-denominated accounts to protect their wealth from inflation.
Cardoso’s CBN cuts government advances by 58%, signaling new fiscal discipline
Governor Yemi Cardoso leads the Central Bank of Nigeria in reducing direct lending to the federal government. Ways and Means advances decreased by 58% to ₦3.26 trillion in 2024 from ₦7.94 trillion in 2023.
Paystack fined ₦250m as CBN tightens fintech oversight in Nigeria
The CBN imposed a ₦250 million fine on Paystack for operating its Zap product without the appropriate license. Zap, a peer-to-peer money transfer app, requires a microfinance or banking license to function as a wallet.
