E-Financial
Okonjo-Iweala Calls for Social Protection Measures for Africa

Dr. (Mrs) Ngozi Okonjo-Iweala, Nigeria’s Finance and Coordinating Minister of the Economy said that despite Africa’s recent strong growth and rising middle class, many poor households are being left behind.
According to her the gap between the rich and the poor is widening, which calls for an introduction of a social protection measures targeting these poor households.
Delivering a keynote address during Harvard Africa Business Club Conference, Okonjo-Iwuala cited the Arab Spring revealed the rising inequality and youth discontent could have serious political consequences.
The Minister said: “In Africa, we must take deliberate actions to address this by introducing social protection measures, which target these poor households. In Nigeria, we recently introduced the Community Services Scheme which aims at engaging unskilled youth in labor-intensive activities, and also a Graduate Internship Scheme. About 119,000 youth across the country are to be engaged in the first quarter of this year.”
“Just last week, The Financial Times newspaper reported cheekily that: There is a second scramble for Africa under way…Nigerian stocks have returned almost 63 percent in US dollar terms during the past 12 months, Kenya’s Nairobi All-Share index has returned 46 percent and Ghana’s market has climbed more than 17 percent”
“The African middle class has tripled since the 1980s with a total size of about 313 million people or 34 percent of the population. This middle class is growing largely because of sustained economic growth, more salaried jobs and the growth of the services sector. So I am convinced that there is an emerging story on Africa today. The question is: What role would each of you play in this new story?”
“Despite Africa’s recent strong growth and rising middle class, many poor households are being left behind, and the gap between the rich and the poor is widening. As the Arab Spring has taught us, rising inequality and youth discontent could have serious political consequences.”
She urged African leaders to build institutions which promote transparency and accountability in the management of the resource revenues.
“In Nigeria, we are building and maintaining institutions for managing our natural resources. Today, we have built a buffer of excess crude savings of about $9 billion, while establishing a Sovereign Wealth Fund with an initial capitalization of $1 billion. Clearly, transparency and fighting corruption will be critical to harness as much of our domestic resources as possible,” The Coordinating Minister of Economy said.
The conference which had Honorable Miles Sampa,dDeputy financemMinister, Zambia, Professor Adebowale Ibidapo Adefuye, Nigerian ambassador to the United States,Mr. Jean-Louis Ekra, President of the African Export-Import Bank, Mr. Acha Leke, head, McKinsey Lagos Office, Professor Wole Soboyejo, president and provost, African University of Science and Technology, Mr. Leslie Nelson, managing director, General Electric West Africa, Ms. Louisa Mojela, chairman and CEO, WIPHOLD, a prominent black and women focused investment group in South Africa in attendance, was tagged: Redefining Africa
E-Financial
Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards

Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.
This is coming nearly three years of suspension.
United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.
In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.
“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.
“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.
E-Financial
Flutterwave Secures 20 more US Money Transmitter Licences

Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).
This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.
Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.
Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.
Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.
Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.
This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.
Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”
Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.
E-Financial
Court Affirms NIBSS Authority to Manage BVN

Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.
This is according to a judgment delivered by Justice James Omotosho on Friday.
Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.
This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.
However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.
“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.
“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.
“The court grants the reliefs of NIBSS as prayed,” he stated.
- Telecom1 day ago
MTN Nigeria Debuts Game-Changing CPaaS Platform at NextNow Forum
- Telecom2 days ago
NCC Approves MTN, 9Mobile Roaming Collaboration Deal
- E-Financial1 day ago
NAICOM Issues New Licenses to SanlamAllianz Life, General Insurance
- E-Financial1 day ago
GTCO to Become First Nigerian Bank to List on London Stock Exchange
- E-Financial2 days ago
World Bank Approves Extra $65m for Nigeria’s SPESSE
- E-Business1 day ago
Domain of Deception as Attackers Deploy Spyware Under Guise of Legal Threats
- News1 day ago
AMCON Confirms ₦100Bn Sale of Ibadan DisCo Amid Legal Disputes
- E-Financial2 days ago
Ecobank Taps Google Cloud to Deepen Financial Inclusion