PoS operators in Nigeria raised fees due to a new ₦50 levy. The ₦50 levy applies to transactions of ₦10,000 or more. The charge affects both fintech platforms and bank-affiliated PoS agents. Point-of-Sale (PoS) operators across Nigeria have increased their withdrawal fees, now charging between ₦150 and ₦200 for every ₦5,000 transaction, up from ₦100 … Read more
The Economic and Financial Crimes Commission (EFCC) has raised concerns over the role of Nigerian banks in facilitating financial crimes, urging them to avoid becoming tools for fraud. EFCC Chairman, Ola Olukoyede, issued this caution on Friday during a courtesy visit by the management of Moniepoint, led by its Founder and Group CEO, Tosin Eniolorunda, … Read more
The Presidency has emphasized that Nigeria’s economic significance and population size position the country as a strong candidate for admission into the G20 economic group. In a statement released on Monday, the Presidency highlighted that President Bola Tinubu’s participation in the G20 Summit in Brazil serves as an opportunity to advocate for Nigeria’s inclusion in … Read more
The Corporate Affairs Commission (CAC) has announced the commencement of strict measures, including the potential shutdown of Point of Sales (PoS) businesses that have failed to register by the September 5 deadline. This was disclosed in a public notice released on Friday. The Commission expressed concerns over the low compliance with its registration directive and … Read more
Nigeria’s Securities and Exchange Commission (SEC) has granted approval in principle to two cryptocurrency exchanges, Quidax and Busha, officially recognizing them as legal crypto trading platforms in the country. EKO HOT BLOG reports that these approvals were issued under the Commission’s Accelerated Regulatory Incubation Program (ARIP). Additionally, the SEC has admitted four other companies—Trovotech Ltd, … Read more
Nigerians attempting to pay for new passports through the Nigeria Immigration Service (NIS) portal have faced significant challenges due to technical difficulties with the online payment platform. The NIS confirmed these issues, acknowledging the disruption on its online payment platform for passport applications. EDITOR’S PICKS Dangote, Elumelu, Otedola Lead New Fight Against Malaria In Nigeria … Read more
Nigeria plans to integrate 30 million unbanked citizens into the formal financial sector as part of President Tinubu’s Renewed Hope Agenda. EKO HOT BLOG reports that Nigeria’s Vice President, Kashim Shettima, has announced the federal government’s initiative to integrate 30 million unbanked Nigerians into the formal financial sector. This move aligns with President Bola Tinubu’s goal … Read more
OPay has taken legal action and received court approval to freeze customer bank accounts after a system glitch resulted in a ₦714 million debt due to undebited card payments. EKO HOT BLOG reports that the OPay, a leading fintech firm backed by Chinese investment, has taken legal action following a system glitch that allowed customers to … Read more
The Tinubu-led administration has initiated the establishment of the Nigerian Academy for Cultural Studies. NACUS has received approval and accreditation from NBTE and NSUK. This development underscores Nigeria’s recognition of cultural importance. EKO HOT BLOG reports that the Tinubu-led administration has initiated the establishment of the Nigerian Academy for Cultural Studies (NACUS) as a specialized institution … Read more
President of the Africa Fintech Network (AFN), links regulatory issues for Nigerian fintechs to their dynamic business models. Recent CBN directive halting customer onboarding by fintechs like OPay and Kuda Bank is due to suspicions of crypto trading exploitation. Aina emphasizes the need for innovation-friendly policies and improved corporate governance for sustainable fintech growth in … Read more
Eko Hot Blog reports that popular Fintech platform, OPay has disclosed that it has taken down the bank account verification feature which offered a loophole for people to create accounts using other people’s identity. There have been reports that OPay and PalmPay accounts are being fraudulently opened using the identities of unsuspecting individuals. The digital … Read more
The vacancy for the post of Internal Audit Senior Analyst at Renmoney can be accessed here Renmoney – We are a passionate team determined to challenge the status quo and make financial inclusion count for the millions of under-banked individuals and small business owners in Nigeria. We provide loans, savings, and fixed deposit solutions to … Read more
Flutterwave partnership with PayPal will boost eCommerce massively in Africa It will connect more than 300 million PayPal users to Flutterwave’s platform It is expected to increase Africa’s share of global trade. Leading African payment technology company Flutterwave, has announced a partnership with global payment giant PayPal. EKO HOT BLOG gathered that the move will … Read more