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E-Financial

AG, CBN Plug N126Bn Loss with Treasury Single Account

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Godwin Emefiele, CBN Governor
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Chief Olu Falae, a former Secretary to the Government of the Federation, has said that one of the ways to enthrone fiscal regime in the country is to stop a regime where government agencies and parastatals are allowed to operate accounts with commercial banks.

According to him, the ideal thing is to have a situation where all funds meant for ministries, department and agencies [MDAs] are kept with the Central Bank of Nigeria (CBN) from where the MDAs will withdraw to fund their operations and projects.

“I am speaking from a position of knowledge because I have been there before and I know that it is possible to operate these accounts under the CBN without any bottleneck as some people may want us to believe. What is happening now is that people will lodge huge sums belonging to government at various levels in commercial banks and after a time they will withdraw the interest accrued from these lodgements that in most cases runs into billions of naira. To me that is part of corruption”.

According to reports, while Falae’s proposition is valid, his declaration did not take into cognizance the fact that the rules of engagements have since changed within Government. One of the cardinal components of the Federal Government’s Economic Reform Programme (ERGP) that commenced in 2004 is the implementation of a Treasury Single Account [TSA] for the Federal Government, an initiative that is more comprehensive, and goes well beyond what Chief Falae envisioned.

TSA is a unified structure of government bank accounts that gives a consolidated view of government’s cash resources, based on the unity of cash and treasury.

It is a centralized cash position of the treasury, where the revenues of all MDAs are consolidated and all cash outflows (payment and transfers) are executed in a single account within the custody of the CBN.

Championed by the Office of Accountant General of the Federation (OAGF), and the CBN, TSA initiative commenced in January 2012 after rigorous planning and extensive stakeholders’ engagement.

According to documents released by the CBN, objectives of TSA are to help government unify banking arrangements; assist the federal government in the efficient utilization of government funds for approved projects; promote transparency and accountability in government operations; and reduce the amount, and cost of government borrowing by maximising the use of available government resources to deliver projects.

CBN sources confirmed that the success of TSA was predicated on the highest political support it enjoyed from Nigeria’s number one citizen. President Jonathan in his 2014 New Year address to the nation affirmed that TSA project would be completed in 2014.

“We shall complete the deployment of the three electronic platforms in 2014 – namely, the Treasury Single Account (TSA), the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS) – which are all geared towards improving efficiency and transparency in our public finances. Through these reforms, we have already saved about N126 billion in leaked funds and intend to save more,” President Jonathan said.

TSA has two main parts namely, the payment of salaries, suppliers, taxes and the collection of independent government revenues.

While the payment side of TSA commenced in January 2012, the collection side would start nationwide in January 2015. With the activation of the payment side of TSA in January 2012, the processing of payment transactions by MDAs which hitherto was done largely via manual mandates to DMBs or the CBN are now processed electronically in line with the CBN National Payments Strategy Vision (NPSV) 2020 initiative and the recent CBN circular on end-to-end electronic payments.

Under the TSA initiative, all government payments are routed from GIFMIS to CBN’s Payment Gateway to effect e-payments into the accounts of individual or corporate beneficiaries in DMBs, micro finance banks [MFBs] and primary mortgage institutions [PMIs], thereby creating a fully automated payment and collection process for the Federal Government.

 


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E-Financial

Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards 

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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.

Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards 

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.


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E-Financial

Flutterwave Secures 20 more US Money Transmitter Licences

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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).

Flutterwave Secures 20 more US Money Transmitter Licences

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.

 


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E-Financial

Court Affirms NIBSS Authority to Manage BVN

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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.

Court Affirms NIBSS Authority to Manage BVN

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.


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