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E-Financial

Banks instant payments hit 1.65m New Year’s Day

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Bank customers carried out over 1.65 million transactions on Nigeria Interbank Settlement System (NIBSS) Instant Pay platform on New Year’s Day.

Banks instant payments hit 1.65m New Year’s Day

Live updates provided by the NIBSS stated that as of 3.54pm on the first day of the year, NIP deals hit exactly 1,646,443.

Nigerians and other residents in the country visited different entertainment  spots nationwide with families and friends to celebrate the beginning of another decade.

Analyses of the live electronic payment data indicated that a low failure rate of 0.91 per cent was recorded on the platform, with customers experiencing a total of 14,985 failed transactions and 1.631 million successful payments.

NIP has been adjudged the most preferred platform for electronic payment having grossed more transactions in monetary terms than the PoS and e-Bills Payment over the years.

Instant payments reached a peak at 9.50am of Wednesday, recording a total volume of 22,572 at that time.

The statistics also showed that the PoS transactions carried out by merchants and retailers in the country were low at 555,976 as of 3.54pm on the same day.

The data indicated that transactions on the PoS had a  failure rate of 12.92 per cent as the volume of failed transactions on the terminals stood at 71,715 as of the same time.

Electronic payment on PoS peaked also at 11.40am, recording a volume of 6,057.

Data on the e-payment platform efficiency showed the  system malfunction, transfer limit exceeded and account name mismatch were some of the factors responsible for failed NIP though the number of unsuccessful payments was insignificant.

The report indicated that errors originating from customers, acquirer banks and issuer banks accounted for about five per cent of the unsuccessful PoS payments.

Meanwhile, the reviewed bank charges by the Central Bank of Nigeria took effect on Wednesday.

The new guidelines stated that the withdrawal fee charged for the use of other banks’ ATM had been reduced from N65 to N35.

On electronic transactions, the CBN introduced a graduated fee scale for electronic transfers to replace the current flat fee of N50, as transfers below N10,000 will attract a maximum charge of N10; and transfers above N50,000, N50.

Card maintenance fee on the current account was  removed while savings accounts will now attract a card maintenance fee of N50 per quarter (three months) from N50 per month.

 

Yearly card maintenance fee on foreign currency denominated cards was reduced to $10 from $20.


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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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