E-Financial
Appzone Relaunches BankOne, Digital Core Banking Solution for Fintechs & Neobanks

Appzone, the Pan-African fintech software provider building proprietary solutions for the continent’s banking and payments industries, has announced the Pan-African launch of BankOne, its digital core banking solution now re-engineered to serve the continent’s leading Fintechs, neobanks and challenger banks.
BankOne’s relaunch follows Appzone’s Series A raise in April 2021, the largest locally led raise in Nigeria which repositioned the organization to roll-out new innovative offerings that help financial institutions function in a fully digital and automated way.
Having previously built out functionality to automate and run traditional Banking operations, Appzone is now deploying BankOne as a platform for technology-driven financial institutions intending to adopt a 360-degree digital approach that does not involve physical branches or human interaction.
Originally launched in 2011, BankOne is delivered and run by Appzone Core, a subsidiary of the Appzone Group. The platform played a significant role in the first digitization phase of Nigeria’s financial sector and came to further prominence and adoption as digital challengers and neo-banks began to emerge.
As Africa rapidly accelerates towards a fully digital banking future, BankOne is being positioned to provide affordable and purpose-built digital infrastructure to enable this transition.
Speaking on the relaunch of BankOne, the CEO of Appzone Core, Mr. Mudiaga Umukoro said: “For over a decade, BankOne has played an active role in driving the digitization of Nigeria’s financial services industry. The platform has now been repositioned to serve the continent’s growing number of Fintechs and neobanks.
BankOne’s major advantages are market fit and affordability which allow financial institutions deliver highly relevant products at a fraction of cost while leveraging our numerous integrations with mainstream payment systems to achieve instant interoperability with other industry players at no extra cost”
Buoyed by the economic and work-place realities emerging due to the Covid-19 pandemic, Africa’s financial sector has aggressively adopted digital banking, with more individuals and organizations bypassing physical structures, paper trails and physical cash in favor of self-service offerings on digital devices.
As the continent’s traditional banking system continues to evolve, embracing new platforms, technologies, and architecture, technology-driven offerings from Fintechs on the continent will revolutionize customer experience, crash operating costs and accelerate financial inclusion.
BankOne provides functionality that enables digital Banks to engage customers and deliver services without human interaction. BankOne provides digital equivalents of all product offerings including account opening, card issuance, deposits, payments, and loan origination amongst others.
The platform also provides an open platform with developer tools and robust APIs to support the level of innovation and agility required in a highly dynamic and rapidly evolving environment.
In addition, Appzone Core has positioned the new offering to support the digital transformation efforts of traditional Banks, many of which are still stuck with legacy systems that limit their ability to compete effectively.
With operations in Nigeria, Ghana, Gambia, and Kenya, BankOne currently hosts over 10 million customer accounts with balances totaling $105 million while managing over $650 Million in annual loan disbursements, and $2.9 Billion in total transaction value.
Asides managing customer records, loans, deposits, and accounting, BankOne provides an omni-channel self-service platform, USSD interfaces, Payment ecosystem integration, agent banking capabilities, and card management services.
These functionalities are available to Fintechs like digital lenders and neobanks, as well as traditional banks like MFIs, Mortgage Banks, Consumer Lenders and Commercial Banks.
Currently, challenger and traditional banks in Africa are limited to using foreign technology solutions tailored for Western markets, and many of these solutions are hindered by prohibitive pricing, poor market fit and a lack of local tech support.
BankOne’s major differentiation lies in its fit-for-purpose functionality and integrations with the local ecosystem of third-party services. These characteristics in addition to ease of customization and availability of local support ensure that the platform seamlessly plugs into the needs of African Banks and Fintechs.
E-Financial
CBN Issues Advisory on Scammers Flaunting Fake Contracts

Central Bank of Nigeria (CBN) has issued a fresh advisory warning the public about the persistent activities of fraudsters peddling fictitious contracts, loans, grants and intervention funds under the guise of affiliation with the apex bank.
This is aimed at protecting Nigerians from financial fraud.
The advisory, signed by Mrs Hakama Sidi-Ali, acting director, Corporate Communications, noted that despite an earlier advisory issued on November 18, 2024, these criminal elements continue to exploit unsuspecting individuals with fake offers falsely attributed to the CBN.
The apex bank has once again disclaimed any association with such claims, describing them as entirely fraudulent and misleading.
“The Central Bank of Nigeria has not authorised, licensed, or appointed any individual, group, or organisation to act on its behalf in offering contracts or financial benefits to the public,” the statement clarified.
According to the CBN, it does not engage in unsolicited communications, via emails, phone calls, SMS, WhatsApp or any social media platforms, to award contracts or disburse funds. It also stressed that the bank does not request payments or fees in exchange for any financial service or opportunity.
The apex bank urged the public to remain vigilant and to immediately report any suspicious approaches to law enforcement agencies or the nearest CBN branch.
“The Central Bank remains committed to safeguarding the financial interests of the Nigerian public and continues to work closely with security agencies to investigate and curb fraudulent activities,” the statement added.
This advisory, the CBN spokesperson noted, comes as part of the regulator’s wider mandate to ensure transparency, financial integrity and public trust in Nigeria’s financial system.
E-Financial
SEC Intensifies Fight Against Ponzi Schemes With Market

Securities and Exchange Commission (SEC) has ramped up its fight against Ponzi schemes in Nigeria, vowing to take decisive action against illegal fund operators while educating the public to prevent further victimisation.
At an awareness campaign held in Abuja, the SEC emphasized its commitment to saturating public spaces with information about illegal investment schemes before enforcing the law on perpetrators.
Speaking at the event, Ms Frana Chukwuogor, executive commissioner Legal and Enforcement, Securities and Exchange Commission, warned of the dangers of patronising illegal fund operators known as Ponzi schemes.
She said that the Commission deemed it crucial to sensitize traders, empowering them to make informed decisions when approached with investment requests.
She explained that the campaign is a proactive step to combat the surge in fraudulent investment schemes in Nigeria, aligning with the Commission’s broader strategy to educate the public about Ponzi scheme risks and unregistered investment platforms before enforcing regulatory action.
“Our approach is simple but firm. We are not just a regulator that barks and does not bite. We believe in engaging, enlightening, and empowering the Nigerian people before enforcing the law. We will sensitize before barking and biting,” she stated.
She explained that too many Nigerians, especially those at the grassroots, fall victim to Ponzi schemes due to lack of information or false promises of quick, unrealistic returns, emphasizing that many of these schemes are not registered or regulated by the SEC, making them dangerous and illegal.
“We have seen people lose their life savings, their businesses, and their peace of mind.
That is why we are taking this message to the markets, motor parks, online platforms, anywhere Nigerians are making financial decisions. Prevention through education is our first line of defense,” she added.
Mr Abdusalam Khalid, head of Enforcement Department, Securities and Exchange Commission, warned that while education is the first step, it will not hesitate to prosecute illegal operators who refuse to cease their fraudulent activities
He urged the public to verify all investment opportunities through official channels and report suspicious activities through the SEC helpline.
E-Financial
Bank customers to ditch SMS alerts for email amid rising charges

Some bank users in Abuja have declared they will opt for electronic mail alerts from their banks to cut costs and reduce charges on their accounts.
Some of them who spoke to the News Agency of Nigeria (NAN) on Sunday said they would deactivate the Short Message Services transaction alert linked to their accounts.
Mrs Dorathy Azinge, a customer of GTCO, described the increase in SMS charges as exploitative.
Azinge said that in spite of various transaction charges debited from her bank account on a daily basis, the bank still increased SMS charges.
”This move of increasing SMS charges is very exploitative even though they cited telecommunication charge.
”What about all the numerous unwarranted debits that I get from my account, and they are using telecommunication increase as yardstick to increase theirs.
”GT will remove different charges from my account until they give me minus balance,” she said.
Another customer, Ms Elizabeth Abu, said she would visit her bank to opt for her transaction alerts to be sent to only her e-mail address.
Abu who complained about the reduction in her capitalised interest on her account, said the numerous debits were becoming frustrating.
” It does not make sense for the bank to charge me for a transaction I did and also charge me for the alert they sent.
” It means that customers are the ones paying heavily for all these services.
” These charges are reflecting on the profits declared by these banks, and we are the ones paying for this,” she said.
Mr Clement Arubu, a customer with First HoldCo Plc, said he received various transaction debit alerts from his bank totalling N1, 050 monthly.
Arubu said the debits were huge, especially when calculated between 10,000 customers of the bank.
” Most customers receive these alerts and neglect them because to them, the money is small but when you debit the same money from about 10,000 customers then, you can be sure that the money is huge,” he said.
Mrs Catherine Itoha,, said a bank had yet to reverse over N20,000 debited from her account through various failed Point of Sale transaction since about 11 months.
Itoha urged some banks and their staff to adopt principles of fair practice in handling their customers.
” Customers are the reason why banks are in existence so, we deserve to be treated fairly.
”GTB debited me in about four different transactions that I did but up till now, they did not reverse any of these monies.
”I visited the bank, filled forms, spoke to their staff personally but still the issue was not resolved since last year.
”If this money did not go to a staff, it means it is part of their profit,” she alleged.
Mrs Esther Arthur, a Fidelity Bank customer alleged that some of the banks were making profits from charges on customers for their transactions.
Arthur described the situation as sad and frustrating, recounting,”I withdrew N10,000 from a First Bank Automated Teller Machine and the machine showed me that I will be charged N100 because it wasn’t my bank.
”When I finished the transaction, to my greatest surprise an alert came into my phone and when I checked it, it was an alert of N630.00 against the N100 on-site ATM charges that the Central Bank of Nigeria instituted.
”This is so sad,” she said.
Mr Augustine Ode, a Zenith Bank customer, appealed to the CBN to check excesses of some banks that were allegedly defrauding customers.
The News Agency of Nigeria (NAN) reports that GTCO had informed its customers of the SMS transaction alert fee increase from N4 to N6 per message.
The bank had said that the adjustment was due to a recent increase in telecom rates.
Credit: NAN
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