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E-Financial

CBN Releases Regulatory Guidelines for eNaira

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Following the launch of the enaira by the President, Muhamadu Buhari  the application for the digital currency introduced by the CBN has become available for download, with more than 5,000 downloads within hours of the launch.

This is as the apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the eNaira platform will be free in the first 90 days commencing from October 25.

After this period, applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions will become effective.

The eNaira speed wallet app meant for individuals had at 4pm seen more than 5,000 downloads while the eNaira speed merchant wallet had seen close to 1,000 downloads.

According to the regulatory and issuance guidelines, banks will automatically be onboarded by the CBN while merchants will be onboarded once they download the app and individuals will have to onboard by themselves.

The guideline revealed that there would be different wallets for different stakeholders.

“The eNaira stock wallet belongs solely to the CBN and it shall warehouse all minted eNaira,” the guideline stated.

It said that financial institutions were expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet.

“Financial Institutions (FI) may create eNaira sub-treasury wallets for branches tied to it and fund them from its single eNaira treasury wallet with the CBN and FI may create eNaira branch sub-wallets for its branches.

“The eNaira branch subwallet shall be funded from the treasury eNaira wallet.

“eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services. eNaira speed wallets shall be available for end users to transact on the eNaira platform.”

To ensure security of funds, the eNaira is expected to have two-factor authentication and other measures.

Meanwhile, daily transaction limits for Tier 0, which is just phone number without verified National Identity Number was set at N20,00 with a balance limit of N120,000.

Tier1 category, which has a verified number has an N50,000 transaction limit and N300,000 balance limit.

Tier2 and Tier3 categories have daily transaction limits of N200,000 and N1 million as well as a N500,000 and N5 million balance limits while merchants have no limit.

According to a circular signed by Mr Chibuzo Efobi, the CBN director Financial Policy and Regulation Department, the eNaira will compliment cash as a less costly, more efficient, generally acceptable safe and trusted means of payment and store of value.

“Additionally, it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions, provide an alternative less costly channel for collection of government revenue and boost remittances through formal channels.

“The guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system,” it reads in part.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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E-Financial

CBN Introduces AML to Fight Financial Terrorism, Gives Banks Deadline

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Central Bank of Nigeria (CBN) has directed all financial institutions to implement real-time transaction alert systems as part of enhanced anti-money laundering (AML) compliance.

CBN Introduces AML to Fight Financial Terrorism, Gives Banks Deadline

The directive was conveyed in a letter dated May 20, 2025, with reference number BSD/DIR/CON/AML/018/033, and titled “Exposure of Draft Baseline Standards for Automated Anti-Money Laundering (AML) Solutions – Request for Comments.”

The letter, signed by Olubukola Akinwunmi, director of banking supervision, was addressed to all financial institutions and outlines the regulatory expectations for modern AML compliance.

The apex bank emphasised that the initiative is part of its broader commitment to safeguarding the integrity and stability of Nigeria’s financial system, especially in the face of rapid digital transformation and the rise of innovative financial products.

The draft standards, which are now open to feedback from stakeholders, are designed to promote operational efficiency and ensure compliance with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) regulations.

“This standard is informed by a comprehensive assessment of existing solutions within the industry and aligns with global best practices, including recommendations by the Financial Action Task Force (FATF),” the document stated.

According to the CBN, the draft baseline standards are developed with key objectives in mind.

These include strengthening the AML capabilities of financial institutions through advanced, technology-driven solutions; encouraging the adoption of emerging technologies for real-time detection and reporting of suspicious transactions; reducing the inefficiencies associated with manual compliance processes; and ensuring alignment with evolving regulatory expectations both locally and internationally.

The draft document is available for download on the official website of the Central Bank of Nigeria, and all stakeholders have been encouraged to review and provide feedback.

“We look forward to receiving your valuable feedback,” the letter noted, highlighting the collaborative approach to shaping the final version of the standards.

Among the critical requirements outlined in the draft are real-time alerts for transactions considered high risk.

These include cross-border transactions, excessive cash deposits, cryptocurrency-related dealings, and other activities flagged under existing AML regulations.

The document specifies that the time taken to review and act on such alerts must not exceed a predetermined timeline, reinforcing the need for swift response and decision-making.

The CBN mandates that financial institutions implement transaction monitoring systems capable of supporting multiple risk scenarios.

These systems should use configurable filtration rules and customer segmentation techniques to effectively detect suspicious behavior. Institutions are also required to conduct regular stress testing and system validation exercises to minimise false positives.

“Each institution must define a predetermined threshold for false positives and ensure that the rate remains below this threshold,” the document stated, underlining the importance of maintaining a balance between alert sensitivity and accuracy.

The draft also mandates that AML solutions incorporate artificial intelligence and machine learning (AI/ML) capabilities.

These technologies should support anomaly detection, behavioral pattern recognition, automated risk scoring, and adaptive learning based on insights from previously flagged alerts and their resolutions.

The aim is to ensure that the systems not only detect suspicious activity but also evolve over time to become more efficient and accurate.

Real-time access to Customer Due Diligence (CDD), Know Your Customer (KYC), and Know Your Customer’s Business (KYB) data is another essential feature prescribed in the draft standards.

Financial institutions are expected to automate customer onboarding processes with real-time identification and verification in line with existing AML/CFT/CPF regulations.

This includes integration with Bank Verification Number (BVN) and National Identification Number (NIN) databases to ensure instant verification.

Moreover, the draft outlines the need for comprehensive KYC and KYB functionalities.

These must include automated customer risk profiling, transaction behaviour analysis, historical data tracking, and the inclusion of various risk factors derived from money laundering, terrorist financing, and proliferation financing risk assessments and typologies.

The solutions must also enable continuous classification of customers into risk categories to facilitate more targeted and effective risk management.

The Central Bank’s move to expose the draft for industry-wide input reflects its intention to build a robust, technologically advanced AML compliance culture across Nigerian financial institutions.

It signals a significant step towards enhancing transparency, operational efficiency, and international alignment in Nigeria’s financial regulatory environment.

 


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E-Financial

Peter Obi Denies Secret Meeting with Tinubu over Fidelity Bank

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Peter Obi and Bola Tinubu
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Peter Obi, presidential candidate of Labour Party for 2023 elections, has publicly dismissed recent allegations linking him to a secret meeting with President Bola Tinubu over a fabricated debt scandal involving Fidelity Bank, describing the claims as “baseless, malicious, and entirely false.”

Peter Obi Denies Secret Meeting with Tinubu over Fidelity Bank

Peter Obi and Bola Tinubu

In a statement posted on his official X handle on Thursday, Obi expressed deep concern over what he called a growing business of blackmail targeting his public image.

“It’s obvious that the biggest business for blackmailers now is talking about Peter Obi from every negative perspective,” he wrote, adding that even his “solemn spiritual trip to Rome” had been twisted into a “blackmail campaign.”

Obi addressed a viral claim suggesting he travelled to Rome for a private meeting with President Tinubu in connection with a purported ₦225 billion debt crisis involving Fidelity Bank.

He categorically denied the allegation, clarifying the nature of his brief interaction with the President.

“I have never sought an audience with, nor met, President Tinubu since he assumed office,” Obi stated.

“Except (for a) one-minute meeting at the arena of Saint Peter’s Basilica, Rome during the inauguration Mass of Pope Leo XIV, where I was seated behind, and had to respectfully greet him and other dignitaries present.”

According to Obi, he was in Rome on May 9 for the lying-in state of Pope Francis and departed for London immediately after the Mass before returning to Nigeria.

The former Anambra State governor also refuted renewed claims that he owns Fidelity Bank.

He acknowledged his previous role as Chairman and Director of the bank, but emphasised that he does not own it.

“Fidelity has over 500,000 shareholders, none of whom hold a majority stake,” Obi explained.

“What this blackmailer seeks is to harm these hardworking Nigerians and cause them needless distress.”

He described the individual behind the allegations as a “self-proclaimed blackmailer-in-chief” and criticised the ongoing efforts to tarnish his reputation for political or financial gain.

Obi offered a prayer for those responsible for spreading falsehoods against him: “May God grant you the virtues of gratitude and understanding to know that we came here with nothing and will go with nothing, (and) that they cannot profit from their evil ways.”

 


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PremiumTrust Bank Reassures Customers of Continued Security after Cyberattack Foil

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PremiumTrust Bank, a Nigerian commercial bank, has reassured its customers of the maximum security of their funds after an attempted cyberattack on the bank was foiled by a law enforcement agency.

The bank said in a statement that the swift detection of the breach proves that its system functions precisely as intended, detecting, blocking, and escalating threats without compromising customer trust or data.

“In light of the recent release issued by the Economic and Financial Crimes Commission (EFCC) concerning an attempted cyberattack by some unscrupulous elements, PremiumTrust Bank wishes to reassure our valued customers, stakeholders, and the general banking public that our security architecture remains resilient,” the bank said.

“The attempt to gain unauthorised access to our database and infrastructure was swiftly detected and completely neutralised by our Internal Information Security and IT Surveillance Teams through real-time monitoring and advanced security protocols,” it added.

The bank revealed that the culprits are now facing trial at the Federal High Court, Lagos, as they were prevented from executing their “malicious plan”, underscoring the effectiveness, vigilance, and sophistication of PremiumTrust Bank’s cybersecurity framework.

The EFCC Lagos Zonal Directorate 1, on Tuesday, arraigned two employees of the bank, namely, Kehinde Odeyemi and Matthew Adeniyi Damilola, before Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos.

They were arraigned alongside three others, Samson Latshin Dakup, Bolaji Omotosho Yinka, and Sunday Badeniyi Okunola, on a seven-count charge bordering on conspiracy to steal.

According to the EFCC, the defendants allegedly attempted to manipulate the bank’s server and domain credentials in an effort to gain unauthorised access to its database and steal customer funds. The commission said the planned fraudulent activity was intercepted before any loss occurred.

PremiumTrust Bank has, however, lauded the EFCC for its swift and highly professional response in not only foiling the cyberattack but also diligently tracking down the syndicate and their collaborators.

“We deeply value the Commission’s unwavering commitment towards safeguarding the integrity of Nigeria’s financial system.

“We remain unwavering in our duty to protect customers’ data and deposits, using a world-class, multilayered security infrastructure,” the bank said.

The lender encouraged customers to practice safe digital banking habits and remain vigilant even as it continues to invest in innovative cybersecurity solutions to prevent breaches.

 


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