Nigerian cryptocurrency exchange, Bitmama, has successfully resumed fiat deposits on its platform after a temporary suspension earlier this month. The decision to halt deposits was attributed to essential maintenance activities carried out by the exchange’s partners, with Bitmama emphasizing that this measure was taken to safeguard the interests of its users. In a statement posted…
Nigeria’s Central Bank has recently reversed the two-year prohibition on cryptocurrency transactions, marking a significant shift towards a more favorable stance on digital assets. The initial restriction in 2021 was attributed to concerns related to money laundering and terrorism financing. In its latest move, the Central Bank of Nigeria (CBN) has not only reversed the…
Leading fintech firm PalmPay has unveiled an enhanced security in-app version, marking a significant stride in compliance with the Central Bank of Nigeria’s (CBN) recent directive to fortify the Know Your Customer (KYC) procedure for customers and reinforce financial system stability. Championing this strategic move is Chika Nwosu, the Managing Director of PalmPay, who expressed…
In the face of Nigeria’s economic challenges, a recent report reveals a surprising surge in alcohol consumption, with Nigerians collectively spending N2.18 trillion on liquor in 2022, accounting for 13.3% of the national budget. This unexpected trend is attributed to the growth of online alcohol vendors, such as drinks.ng and naijaliquor.com, transforming the industry through…
Flutterwave, the foremost payments technology company in Africa, has proudly declared its acquisition of money transfer licenses for 13 U.S. states. This strategic move is poised to revolutionize the landscape of international money transfers, ensuring faster, more cost-effective, and secure transactions between the United States and Africa. The acquired licenses span across a range of…
Former Kaduna state governor, Nasir El-Rufai, is set to revolutionize Nigeria’s startup landscape with a $100 million venture capital fund. Pledging an initial $2 million of his own, El-Rufai is on a mission to propel emerging businesses, particularly in the thriving tech sector of Kaduna. In a bold move, El-Rufai plans to attract investors by…
Starting from April 2024, Nigerian financial institutions are required to enforce more stringent Know Your Customer (KYC) measures. Customers seeking to open accounts or wallets must now furnish either their Bank Verification Number (BVN) or a national identification number (NIN). This regulatory shift, initiated by Nigeria’s Central Bank, responds to heightened concerns surrounding fraudulent activities…
Key highlights The National Directorate of Employment, NDE, mandated by the Federal Government yesterday, began the registration of unemployed persons in the 20 local government areas of Lagos State. The NDE state office in Lagos, which announced the exercise, said it will hold between April 17 and April 28, 2023, at the directorate’s office in Onike, Yaba,…
In a remarkable turn of events, Bitcoin, the flagship digital asset, has once again surpassed the $41,000 mark for the first time since April 2022, signaling a robust bullish trend as the year concludes. Recent data from Coinmarketcap reveals that Bitcoin, which has been hovering around the $40,000 level, experienced a surge from under $39,500…
In 2006, Oluseye Olusoga, a former investment banker at Lehman Brothers, found himself contemplating a return to Nigeria. However, he recognized the need for substantial resources to maintain the quality of life he had experienced in London. Leveraging his expertise, Olusoga began exploring opportunities to trade financial instruments in Nigeria, starting with treasury bills obtained…