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E-Financial

Ecobank Upgrades Core Banking Application, Apologizes for Disruptions

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Mr. Patrick Akinwuntan, managing director of Ecobank Nigeria, has announced that the bank has upgraded its core banking application being part of the bank’s commitment to ensuring customers receive the best service possible. Patrick Akinwuntan, managing director, Ecobank Nigeria

“Our upgraded system has superior functionalities which will help us deliver our brand promise as the Bank of choice for convenient, reliable and affordable services to our customers.

“The new platform also promises improved performance of our digital channels as well as top range security as you carry out your transactions”, Mr Akinwuntan stated.

The Ecobank Nigeria managing director also apologized to customers over disruptions that they experienced during the period of the upgrade. The bank MD in a letter to Ecobank customers in Nigeria and made available to the media expressed excitement for the support during the time of the upgrade.

According to Mr Akinwuntan “during the period our ATMs, Cards, and Mobile App were available for use, however, we experienced some post migration issues which affected transfers in and out of the bank and have now been mostly resolved.

I apologise for any service hitches experienced during the upgrade and appreciate our customers’ commitment and partnership with Ecobank. We value their relationship greatly and are committed to ensuring they receive the best service possible”.

He appealed to customers of Ecobank to contact their dedicated Relationship Managers or call the Bank’s Contact Centre, should they have any feedback, enquiries or insight they wish to share about their experience with the system upgrade.


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E-Financial

Secret Service Seizes $400M in Crypto, Cold Wallet among World’s Largest

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US Secret Service has quietly seized nearly $400 million in digital assets over the past decade, amassing one of the world’s largest crypto cold wallets, Bloomberg reported at the weekend, citing people familiar with the matter.

Secret Service Seizes $400M in Crypto, Cold Wallet among World’s Largest

The agency’s Global Investigative Operations Center (GIOC) has tracked funds through open-source tools, blockchain analysis, and patience, Jamie Lam, an investigative analyst with the US Secret Service, reportedly told law enforcement officials in Bermuda last month.

The agency’s crypto trove, much of which sits in a single cold-storage wallet, results from a string of investigations into scams. Scammers lure targets into seemingly legitimate crypto investment platforms in one typical scheme.

Victims often see initial profits before the sites vanish with their deposits.

“That’s how they do it,” Lam said. “They’ll send you a photo of a really good-looking guy or girl. But it’s probably some old guy in Russia.”

Lam’s team uses domain records, blockchain transactions, and VPN slip-ups to identify fraudsters. In one case, a cryptocurrency payment led investigators to another wallet. In another one, a brief VPN failure exposed an IP address, helping agents piece together the scam’s digital trail.

At the helm of the Secret Service’s crypto strategy is Kali Smith, who directs a team that has trained officials in over 60 countries to unmask online financial crimes.

The agency has focused on jurisdictions with weak oversight or programs selling residency to foreign nationals. “Sometimes after just a week-long training, they can be like, ‘Wow, we didn’t even realize that this is occurring in our country,’” Smith said.

The Secret Service’s work has uncovered scams ranging from romance-investment schemes to sextortion cases. One investigation involved an Idaho teenager who sent a nude photo to an online stranger. The scammer extorted $300 twice before the teen went to the police.

Analysts traced the payments through another coerced teenager acting as a money mule, leading to an account tied to nearly $4.1 million in transactions under a Nigerian passport.

British police arrested the suspected extortionist when he arrived in Guildford, England, where he remains in custody pending extradition.

 

 


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E-Financial

Ascensia Finance Commences Operations in Abuja

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Ascensia Finance Company has officially commenced operations to provide financial intermediation services in Abuja.

Licensed by the Central Bank of Nigeria (CBN) in April, the financial institution aims to support individuals and small businesses through customised financial solutions delivered via efficient and accessible channels.

It offers a broad range of services, including loans, investment products, and financial advisory services tailored to meet the evolving needs of its customers.

In a statement, Mr. Jude Ezeami, Managing Director/Chief Executive, Ascensia, stated that proud member of the Finance House Association of Nigeria (FHAN), and in partnership with the Nigeria Interbank Settlement System Plc (NIBSS) and Remita, the company is leveraging strong institutional relationships and digital infrastructure to offer reliable financial services.

He said, “At Ascensia, we are committed to the growth of our clients by delivering inclusive, customer-centric financial services that empower individuals and small businesses to thrive.

“Our suite of products is designed to address the financing needs of Nigerians — whether through accessible personal loans, business financing, or innovative investment solutions.”

He said with the company’s strong foundation, experienced leadership, and a deep understanding of the local market, Ascensia remained poised to become a key player in Nigeria’s financial services industry.

The company is driven by a team of seasoned professionals with extensive experience in Nigeria’s resilient financial services sector.

Anchored on the core values of Trust, Resilience, Integrity, Creativity, and Empathy (TRICE), the company introduced a suite of innovative financial products.

These include personal loans of up to N5 million for self-employed professionals, with a repayment tenor of up to 12 months.

The company also provides SME loans of up to N10 million, specifically designed to support shop owners and small business operators engaged in trade of fast-moving consumer goods, with financing available for inventory and working capital needs.

The Ascensia PayEasy, a “Buy Now, Pay Later” solution, enables individuals and companies to acquire consumer goods or assets with a minimum 30 per cent deposit, and repay the balance over a six-month period.

For salaried employees in both the public and private sectors, the company offers PayDay Loans of up to ₦5 million, repayable over 12 months.

Through its Contract Finance offering, Ascensia supports vendors, suppliers, and contractors working with credible companies, NGOs, and public-sector agencies.

The product facilitates timely order fulfilment and improves liquidity by providing early access to funds through invoice discounting on confirmed invoices from approved counterparties.

The company also offers group loans for traders, artisans, farmers, and producers of fast-moving goods.

These loans are structured around group-based cross-guarantees, making financing accessible to individuals with strong cash flows but limited collateral. Eligible borrowers can access up to N3 million, repayable within 180 days.

 


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CBN Sets Record Straight on Diaspora BVN Fee, Confirms No Hidden Charges

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Central Bank of Nigeria (CBN) has addressed growing concerns surrounding the newly introduced Non-Resident Bank Verification Number (NRBVN) platform, firmly stating that there are no hidden charges and that BVN enrolment for Nigerians residing within the country remains entirely free.

Speaking in Abuja, the bank’s acting director of corporate communications, Mrs. Hakama Sidi Ali, explained that the fee recently reported in the media applies solely to Nigerians living abroad who choose to enrol through the NRBVN platform.

She clarified that the approximately $50 charge is not a fee for obtaining a BVN, but a recoverable processing cost tied to remote biometric and due diligence verification.

Mrs. Sidi Ali highlighted that the charge supports secure identity authentication, data management, and the technological infrastructure needed to facilitate the overseas enrolment process.

She noted that Nigerians in the diaspora previously paid up to $200 for the same service, and the current fee reflects a reduction designed to enhance accessibility.

“The associated fee of $50 is strictly a processing charge for remote verification and not a payment for the BVN itself,” she stated. “The NRBVN system is a voluntary, secure, and convenient solution for Nigerians in the diaspora.”

She dismissed reports circulating on social media as misleading and inaccurate, advising the public to disregard claims that suggest the imposition of new or excessive charges on Nigerians. The NRBVN platform, she stressed, is a critical part of the CBN’s digital transformation strategy aimed at extending financial services to Nigerians globally.

Developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN platform enables Nigerians overseas to obtain a BVN without physically visiting a bank branch in Nigeria. The remote system facilitates access to banking services, reduces travel costs, and supports secure transactions in line with international standards of digital identity management.

Mrs. Sidi Ali encouraged the public to seek information about the NRBVN initiative only through official channels of the CBN and NIBSS.


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