Nigeria Sees Surge in Digital Payments as Cash Transactions Decline
Nigeria's digital payment landscape is undergoing a significant shift, with bank transfers and POS transactions surging in popularity, while cash and ATM transactions decline.
Fintech
Nigeria Seizes 753 Properties Linked to Jailed Ex-Central Bank Governor
Nigeria's Economic Financial Crimes Commission seizes 753 houses in Abuja, reportedly linked to detained ex-central bank governor Godwin Emefiele, amid fraud and bribery allegations.
Nigerian Cross-Border Payments Startup Juicyway Raises $3 Million in Pre-Seed Funding
Juicyway, a Nigerian cross-border payments startup, has secured $3 million in pre-seed funding to expand its marketing and business development teams, improve its technology, and scale its business in Nigeria, the US, the UK, and Canada.
Nigerian Fintech Billboxx Raises $1.6 Million Pre-Seed Funding to Scale Operations
Billboxx, a Nigerian fintech offering invoicing and cash flow solutions to SMEs, has secured $1.6 million in pre-seed funding to expand its operations and product features.
Nigerian Fintech Marasoft Pay Embroiled in Fraud Allegations, Employees' Accounts Frozen
Marasoft Pay, a Nigerian fintech, faces fraud allegations after paying employees from a suspected fraudulent source, leading to account freezes and a legal battle.
Nigerian POS Agents Face Uncertainty as CBN Imposes New Withdrawal Limits
The Central Bank of Nigeria's new directive limiting daily cash disbursements to ₦1.2 million per POS agent and capping withdrawals at ₦100,000 per customer sparks concerns among POS operators, who fear increased costs and reduced business.
Nigerian Senate Proposes Bill to Ban Use of Dollar and Other Foreign Currencies for Local Transactions
Nigeria's Senate introduces a bill to outlaw the use of foreign currencies for local transactions, aiming to promote economic stability and reduce reliance on foreign currencies.
Nigeria's Cash Crisis: POS Agents Emerge as Most Reliable Way to Access Cash
Despite policy changes, commercial banks in Nigeria have lost the cash arms race to POS agents, who have become the most reliable way to access cash across the country.
Nigeria's Central Bank Cracks Down on Fraud with New Directive for Banks and Fintechs
Nigeria's Central Bank introduces a new directive to hold banks and fintechs accountable for fraud, effective January 2025, to curb financial sector fraud.