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CBN, FintechNGR Chart the Way Forward to Enhance Nigeria’s Fintech Ecosystem

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In light of recent developments aimed at strengthening Nigeria’s fintech sector, Ade Bajomo, President of FintechNGR, led a team from the Association’s Governing Council in an engagement with the Central Bank of Nigeria (CBN) to chart the way forward.

Receiving the team at the CBN headquarters in Abuja, Philip Ikeazor, Deputy Governor, Financial System Stability, commended FintechNGR’s active advocacy efforts that have significantly improved the fintech ecosystem.

The Central Bank emphasized the need for the Association to work closely with stakeholders to operate within regulatory provisions, facilitate compliance, and establish robust risk management frameworks and governance structures.

Mr. Ikeazor stated, “The Central Bank understands the critical roles of fintechs in driving financial inclusion to the last mile. Our efforts are geared towards helping fintechs become more attractive to investors and achieve greater success.”

During the meeting, Ade Bajomo noted that while stakeholders strive to comply with regulatory requirements, they sometimes face challenges beyond their control.

“The common understanding within our ecosystem is that compliance makes the environment safer for all to innovate, scale, and collaborate. FintechNGR will ensure the co-creation of a support structure with the CBN to enhance compliance.”

Some of the initiatives the regulators plan to pursue with the ecosystem include making the 2024 Nigeria Fintech Week more impactful, enriching the activities of the Regulators Forum, organizing fintech learning series for various stakeholders, and exploring self-regulation status for FintechNGR to foster closer relationships with regulators.

FintechNGR remains committed to working with all regulators to better position the ecosystem to be more inclusive and impactful.

 


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NIMC Warns against Using Unauthorised Websites for NIN Changes

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National Identity Management Commission (NIMC) has warned Nigerians against modifying their National Identification Number (NIN) data on unauthorised websites.

NIMC Warns against Using Unauthorised Websites for NIN Changes

Dr Kayode Adegoke, head of Corporate Communications, NIMC, issued the warning in a statement released on Monday.

Adegoke stated that modifications to NIN data could only be carried out on the official NIMC self-service portal.

He therefore cautioned that attempting to modify NIN data on unauthorised websites could compromise personal information and expose individuals to identity theft.

According to him, using the official NIMC self-service portal ensures that data remains secure and protected.

“By using the self-service portal, individuals can also enjoy the convenience of updating their information from anywhere, at any time.

“NIMC therefore advises Nigerians to use only the official portal for all NIN modification needs and to avoid unauthorised websites to prevent any potential risks,” he said.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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FG Partners China to Crack Down on Chinese Nationals in Financial Crimes

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Nigeria and China said this week they will cooperate in efforts to crack down on the increasing number of Chinese nationals taking part in financial crimes in the African country.

FG Partners China to Crack Down on Chinese Nationals in Financial Crimes

The joint effort comes after Yu Dunhai, Chinese Ambassador visited Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-graft agency, in Abuja.

In a statement posted to the EFCC website, Dunhai expressed regret over the rising trend of Chinese nationals engaged in financial crimes in Nigeria.

He assured Nigerian authorities that the Chinese government is ready to send delegates to work with local law enforcement agencies to address the issue.

At the same time, Dunhai urged authorities to protect the rights of Chinese citizens while investigations are conducted.

Since November, Nigerian authorities have arrested at least 400 Chinese nationals suspected of cybercrime, telecom fraud and illegal mining. Many of them are facing trial.

 

But Nigerian political analyst Chukwudi Odoeme warned that China’s influence over the process could undermine the rule of law.

“The collaboration looks good, but then the relationship between Nigeria and China is something that is suspicious in this particular arrangement,” Odoeme said. “The collaboration may be defeated in the sense that China will have undue influence, and it may even lead to political release of those persons instead of subjecting them through the criminal trial system in Nigeria.”

In the first quarter of last year, Chinese companies provided 23% of Nigeria’s total imports.

Critics argue that Chinese nationals are exploiting trade routes and immigration loopholes to enter Nigeria illegally and engage in criminal activities.

Authorities say many of the arrested Chinese nationals were found to be living in Nigeria without proper documentation.

Public affairs analyst Jaye Gaskia raised concerns about the transparency of the collaboration.

“On what basis are you going into this collaboration? For what purpose?” he asked. “The conversations around trying to develop such collaborative strategies also need to be transparent, so that citizens will be able to interrogate the process to see whether national interest is going to be somehow undermined.

“We have to be careful, and we have to ensure who does the prosecution,” Gaskia said.

“The best-case scenario is for the country not to cede its own sovereignty in terms of how this is going to happen.”

Nigeria’s debt to China exceeds $5 billion — more than the bilateral loans owed to all other countries combined.

Meanwhile, Nigeria is seeking China’s backing to join the grouping of the world’s 20 largest economies, the G20, and secure a permanent seat on the United Nations Security Council.

But political analyst Rotimi Olawale believes the debt should not influence how Nigeria handles criminal cases.

“I don’t think that the debt we owe China, $5 billion, will affect anything,” Olawale said.

“That’s government-to-government relations. The most important thing is that the case should not be politicized. We must clearly define our rules and uphold our laws.”

Previously, Nigeria’s parliament called for the mass deportation of illegal Chinese migrants.

 

VOA


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QNET’s Push for Women’s Financial Inclusion Gains Traction Amid Global Gender Gap Concerns

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As gender disparities in financial access persist, QNET, a global wellness and lifestyle direct-selling firm, is intensifying efforts to bridge the gap through entrepreneurship. In line with International Women’s Day 2025, QNET is aligning with this year’s theme, “Accelerate Action,” advocating direct selling as a viable economic lever for women’s financial independence.

Recent findings from the United Nations Development Program (UNDP) 2024 report highlight the severity of financial exclusion among women. Despite making up nearly half of the global population, 40% of women worldwide remain unbanked—with a 20% lower likelihood than men to hold bank accounts and 17% less access to formal credit lines. This exclusion, affecting 1.1 billion women, is not just a socio-economic challenge but a barrier to sustainable growth.

For companies like QNET, the case for intervention is compelling. Direct selling—often dismissed in traditional financial inclusion discourse—presents an alternative pathway for women to generate income, build financial resilience, and scale entrepreneurial ventures. Through its platform, QNET provides structured mentorship, training, and business resources designed to help women establish independent enterprises.

Biram Fall, Regional General Manager, QNET Sub-Saharan Africa, said, “As part of the United Nation’s Social Development Goals, achieving gender equality to empower all women and girls is a fundamental human right and a necessary foundation for a peaceful, prosperous and sustainable world.

“At QNET, we are committed to accelerating their success by equipping them with business skills, mentorship, and financial opportunities. By offering a flexible and low-barrier platform, we aim to enable women to become entrepreneurs and contribute meaningfully to their families and communities.”

QNET’s commitment to women’s empowerment is evident through various initiatives, such as its signature financial literacy program, FinGreen, which was launched in Nigeria in 2022 to develop healthy financial habits through education and training in the most vulnerable communities, particularly for youth, women and those stepping into entrepreneurship in emerging economies. The programme is important in achieving the UN SDGs and establishing a stable and healthy economy in developing nations.

Akeem Ajisafe, Managing Director of Transblue Nigeria Limited, QNET’s local partner in Nigeria, speaking on the special observance, said, “At QNET, we believe that true empowerment comes from providing women with the right opportunities to succeed. Through our various initiatives, we hope to highlight our commitment to equipping women with the skills and resources they need to achieve economic independence and long-term success – addressing gender disparity in Nigeria and across Africa.”

With a strong focus on financial inclusion and skills development, QNET continues to support women in building sustainable businesses, fostering independence, and driving economic growth. As the world pushes for gender equality, QNET remains steadfast in its commitment to accelerating action and creating a more inclusive future where women thrive as leaders, innovators, and entrepreneurs.


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