The Central Bank of Nigeria (CBN) has announced new guidelines that will subject banks using third party electronic payment solutions not been licensed by the central bank NGN10 million (US$60,000). The new guidelines on spell out the roles and responsibilities of all stakeholders in the end-to-end electronic payment of salaries, pensions, suppliers and taxes. “When
Ecobank shareholders meeting at an Extraordinary General Meeting today passed the Governance Action Plan proposed by the Board of Directors in compliance with the recommendations of the Securities & Exchange Commission (SEC) of Nigeria and contained in a joint report by SEC and the international firm, KPMG. The implementation of the detailed 51 point plan
Teasy Mobile has appointed VeriFone Mobile Money, a joint venture between VeriFone and Mobilis Networks Limited, to widen mobile money services in Nigeria. Under the agreement, VeriFone will deploy its retail enablement solution integrating mobile wallet, banking and telecommunication provider networks with point-of-sales (POS) to drive mobile money. Teasy will partner with stakeholders in Nigeria
The number of mobile money subscribers of Nigerian commercial bank Stanbic IBTC will soon reach one million, says Gbenga Agboola, the bank’s mobile platform product manager. Agboola said the bank’s mobile money service is unique in that it does not require users to open an account, as the user’s phone number serves as the account
iKaaz, a Bangalore based mobile payments provider has entered the rapidly growing African market with the launch of its innovative tap and pay offering in Nigeria. Very soon Nigerian consumers will be making NFC payments at select merchant outlets thanks to iKaaz’s NFC powered mobile payments platform running on the cloud. “It is encouraging to
Holders of UBA payment cards like Visa, MasterCard and Verve are being given an opportunity to get significant discounts on their card payments as UBA enters into a partnership deal with Parolz.com, an online platform which offers exclusive discounts and benefits from top outlets in Nigeria. The offers range from Dinning to Lifestyle,Hospitality, Transportation and
The Central Bank of Nigeria’s high value payment system has gone live on SWIFT. The move to SWIFT is a key element of the Central Bank of Nigeria’s Payment System Vision 2020 (PSV2020), which calls for a “Nationally Utilised and Internationally Recognised” payments system and provides a robust platform to support Nigeria’s continued economic growth.
Diamond Bank, one of the leading retail banks in Nigeria, is exciting Nigerian youths with the launch of the Diamond S.W.A.G Account at the Obafemi Awolowo University (OAU), Ile-Ife venue of this year’s on-going National Universities Games Association (NUGA) games. S.W.A.G, an acronym for ‘Student With A Goal’ is a newly designed proposition targeted at helping
Nigerian e-commerce site Konga.com has opened its platform to all businesses in the country in a bid to fuel e-commerce through structured universal participation, naming its new service Konga Marketplace. Konga.com had previously allowed select businesses to list their products and services on the so-called Konga Mall as of last year, but today announced the
Guaranty Trust Bank plc (GTBank) has now concluded the acquisition of a 70% stake in Fina Bank Group, after securing the required regulatory approvals in the 3 East African countries – Kenya, Rwanda, Uganda as well as in Nigeria. GTBank acquired a 70% stake in Fina Bank Group through a combination of capital injection as
