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CBN Asks Nigerians to Embrace e-Naira to Curb Fake Alerts

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Central Bank of Nigeria (CBN) has charged the banking public to key into its e-Naira platform to avoid fake mobile money transfers.

CBN Asks Nigerians to Embrace e-Naira to Curb Fake Alerts

Mr Godfrey Boyor, Lagos branch Controller, stated this  during the e-Naira Sensitisation  for traders, bureaux de change, socio-cultural groups, and other stakeholders, organised in collaboration with Bizi Mobile Cashless Consultant Limited in  Lagos.

He said that the e-Naira is designed with the best security and monitoring procedure that mitigate against fraud. So there will be no fraudulent transfer; no fraudulent alert. Nobody can deceive you with e-Naira transaction. It is fool proof.”

Boyor explained that the apex bank used the Oshodi Market because of its unique nature, strategic location, size, diversity and heterogeneity. “We believe from here, we can reach the whole of Lagos and by extension, the whole of Nigeria. And the whole world at large,” he stated.

Urging Nigerians to onboard the digital currency platform, he added: “We encourage you to actively participate in the e-Naira campaign. Tell your friends , tell your customers , download the e- Naira application, install it in your handsets, fund the e-Naira Wallet, use it and enjoy it and let me assure you of  the backing of CBN, which is 100 per cent guaranteed. We don’t go for what is not good. If there is any issue arising, we assure you, we will do our best to make sure no innocent person suffers a dime loss.

“The e-Naira was launched by President Muhammadu Buhari.  It was the first to be launched in the whole of Africa and among the earliest in the whole world. The e-Naira is also called the Giant Naira and the wallet is often referred to as the speed wallet.

“Why are we canvassing for the e-Naira? Like I said, it is designed for you; to suit you.Now there is enough room for every one of us to enjoy  very reliable, efficient banking services.The process is very easy and simple for anyone to be able to benefit and enjoy. We are working on this more and more. The e-Naira is also 100 per cent local and it is 100 per cent global. It is made in Nigeria for Nigerians and it can interface with any applications and any banking system all over the world, both for individual transactions as well as for corporates.” As for its features, he explained: “The e-Naira is very fast for transactions and also for Diaspora remittances. If you want to receive money from abroad, e-Naira is there for you; very cheap, direct.It also helps government to reach the people too and it helps us to make local payments. As we said, we are giving assurance that it is very secure, so secure.For business, the e-Naira is very good for us and it is easy to help you make your sales. You can easily make your sales through the e-Naira and get the payment. The issue of receiving money with fake currency , that is, they buy money from you and the money is counterfeit, that  will not be there. With the e-Naira, there is no counterfeit, your money is intact, marks one to one, what is in your pocket, what is in your bank account, then you can do any transaction . And you wont run out of cash. The issue of I don’t have money , I want to buy something or I don’t have change, all those issues will be eliminated.

“It is also good for government too to transact financial services and to interface with the people, even people that are in remote places. These days that many people have phones, no matter the type of phone you have, you will be able to download and use the e-Naira and get money and access it anywhere. No situation where they say the transaction did not go through. Once your transaction is gone from your own end, it reaches the other person at the same time. Those that suffer financial exclusion, this is an opportunity for you. E-Naira is there to include everybody. You don’t have to have million before you can open e-Naira wallet. With N100; N200, you can get a wallet.”

In his address, Dr Aminu Bizi, managing director of Bizi Mobile Cashless Consultant Limited, said e-Naira would soon take over Points of Sale (PoS) business in the country, adding that there is a lot of opportunities that the CBN gave for people to make money out of the e-Naira. “Today, you can be a merchant, a merchant aggregator to CBN. Push the product and see them with figure.And you make money from every e-Naira wallet that you open.”

Chief Obinna Umeh, secretary of one of the market associations in Kairo Market Oshodi, said one of the problems confronting the traders on daily basis is fake alert and transferring money without getting alert and not releasing goods Or  carrying goods with fake alert.

“I was happy when the CBN said they would sensitise us about the e-Naira.It is a way to eliminate fraud and fake transfer in the market.”


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E-Financial

First Asset Management Launches National Initiative to Raise 100m Investment-Smart Nigerians

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First Asset Management, one of Nigeria’s leading investment managers and a subsidiary of FirstHoldCo Plc, launches the 100 million Smart Inventors campaign.

Nigeria’s investment market has huge potential, yet it remains underutilised due to widespread distrust, misinformation, and past losses suffered through fraudulent schemes. Trillions of Naira have been lost, leaving many Nigerians fearful and excluded from real, rewarding investments and leaving them on the economic sidelines.

Reports show that less than 5% of adult Nigerians currently participate in the formal capital market, and as low as 0.25% invest in Mutual Funds, a stark contrast to participation rates often exceeding 50% in developed economies like the United States. This highlights the urgent need to restore trust and improve access to credible investment education.

In response to this critical challenge, First Asset Management has announced the launch of a landmark national movement, the “100 million Smart Investors Initiative”. The campaign is positioned as a direct strategy to rebuild investor confidence and democratise financial knowledge across the nation.

According to the firm, the initiative was conceived from the need to address the anxieties that have historically prevented countless Nigerians from participating in real wealth-building investments. Drawing on its track record of trust and market expertise, First Asset aims to cultivate a new generation of informed, confident investors.

At the heart of the initiative is a comprehensive investor education programme. The goal is to transform casual interest in investing into active participation within a supportive, well-informed community.

Beyond expanding investor numbers, the movement seeks to improve the quality of investment decisions by equipping individuals with the tools to evaluate opportunities and avoid fraudulent platforms.

For everyday Nigerians, the initiative promises simplified, practical financial education that demystifies investing. By building a strong peer network through a nationwide community platform, it seeks to reduce the isolation often faced by new investors and promote collective financial empowerment.

Ultimately, the 100 Million Smart Investors movement represents a significant investment in Nigeria’s human capital. By providing actionable steps, success stories, and sustained education, First Asset Management aims to usher in a new era of financial literacy and participation.

This initiative would not only enhance the financial well-being of individuals and families but also contribute to the broader economic prosperity of the nation by channelling dormant capital into productive sectors of the economy.

To kickstart this bold quest, the brand has planned a series of free educational bootcamps, podcasts and community engagement with industry experts and leaders. The inaugural event will take place live on 26 July 2025.

Follow @FirstAssetManagement on all social media handles to stay informed and visit https://first-assetmanagement.com/smart-investors for details on how to join the movement.


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PalmPay Named Among CNBC and Statista’s World Top 300 Fintech Companies 2025

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PalmPay, a leading neobank and fintech platform focused on emerging markets, has been recognised in CNBC and Statista’s 2025 Top 300 Fintech Companies in the World list. This marks the second year in a row that PalmPay has earned a place among the world’s most innovative and impactful financial technology firms.

The selection is based on a rigorous evaluation of thousands of companies globally, assessing growth, innovation, market penetration, and impact.  This year’s list includes a mix of global leaders – including Revolut, Nubank and Ant Group –  alongside rising stars from high-growth markets, underscoring the growing influence of emerging-market fintechs like PalmPay.

PalmPay’s inclusion reflects its continued momentum as one of Africa’s leading fintech platforms. With over 35 million registered users and up to 15 million transactions processed daily, the company offers a comprehensive suite of digital financial services tailored to the needs of underserved communities.

In its main market, Nigeria, PalmPay operates as a full-service neobank, offering consumer financial services such as transfers, bill payments, credit, savings, and insurance – all accessible through its user-friendly app and supported by a nationwide network of over 1 million agents and merchant partners. The company also provides POS and API-driven B2B solutions tailored to the needs of merchants and enterprise clients.

“To be recognised as one of the world’s top fintech companies by CNBC and Statista is a powerful affirmation of our mission to build a more inclusive financial system,” said Sofia Zab, Founding Chief Marketing Officer at PalmPay.

“Through cutting-edge technology, deep local distribution, and a customer-first mindset, we’ve built Nigeria’s leading neobank. As we scale PalmPay to more emerging markets, including Tanzania and Bangladesh, our focus remains on closing financial access gaps for everyday consumers and businesses, while expanding the partner ecosystem that fuels our reach and impact.”

As part of its broader expansion strategy, PalmPay recently launched in Tanzania and Bangladesh through a smartphone device financing model that serves as an entry point to digital financial services.

“PalmPay is building a neobanking platform tailored to the realities of emerging markets,” said Jiapei Yan, Group Chief Commercial Officer at PalmPay. “We are creating the infrastructure for a connected digital economy – where people and businesses can thrive through reliable, inclusive financial tools.

This recognition from CNBC and Statista affirms our progress and also the scale of the opportunity ahead. As we expand across more emerging markets, we are committed to creating lasting value for our users, partners, and the communities we serve.”

PalmPay’s inclusion follows another major recognition earlier this year: the company ranked #2 overall and #1 in the financial services sector on the Financial Times  – Africa’s Fastest-Growing Companies 2025 list. The ranking, based on revenue growth between 2020 and 2023, highlighted PalmPay’s rapid scale and market traction across Africa.

PalmPay currently operates in Nigeria, Ghana, Tanzania, and Bangladesh, and is expanding its presence across Africa and Asia through device financing, digital banking, and B2B payment services. Backed by a robust neobanking platform and a partnership-led approach, the company is committed to shaping the next chapter of inclusive financial growth.


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E-Financial

Fidelity Bank Champions Education in Nasarawa with CSR Project

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L-R: The Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka; Vice Principal, Government Secondary School, Aso Pada, Maraba, Mr. Abdullahi Idris; Project Co-ordinator, Elite Bankers 2025 Inductee Class, Fidelity Bank Plc, Onyinyechi Ihesiaba; Vice Principal -Academics, Government Secondary School, Aso Pada, Maraba, Mr. Ela Isa; during the commissioning of a renovated block of classrooms and the distribution of Back-to-School Materials at Government Secondary School Aso Pada, Maraba, Nassarawa State recently.
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Fidelity Bank Plc has reaffirmed its commitment to quality education and youth empowerment with the renovation of a classroom block and donation of textbooks to Aso Pada Government Secondary School in Karu LGA, Nasarawa State.

L-R: The Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka; Vice Principal, Government Secondary School, Aso Pada, Maraba, Mr. Abdullahi Idris; Project Co-ordinator, Elite Bankers 2025 Inductee Class, Fidelity Bank Plc, Onyinyechi Ihesiaba; Vice Principal -Academics, Government Secondary School, Aso Pada, Maraba, Mr. Ela Isa; during the commissioning of a renovated block of classrooms and the distribution of Back-to-School Materials at Government Secondary School Aso Pada, Maraba, Nassarawa State recently.

The project was executed through the Fidelity Helping Hands Program (FHHP), a corporate social responsibility initiative that enables staff to identify community needs, raise funds, and receive matched support from the bank.

Speaking at the handover ceremony, Dr. Meksley Nwagboh, Divisional Head, Brand and Communications, said the school was chosen due to its impact on the local community and its lack of renovation in over 15 years.

Vice Principal Abdullahi Idris praised the bank’s gesture, calling it “an investment in the future of our nation,” and expressed hope for a lasting partnership.

The initiative follows Fidelity Bank’s recent donation of 1,000 solar-powered schoolbags to pupils across Ogun State, aimed at improving study conditions in areas with limited electricity.

Fidelity Bank serves over 9.1 million customers and has received multiple awards for innovation and SME support, including the 2024 Excellence in Digital Transformation Award and Best Bank for SMEs in Nigeria by Euromoney.


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