E-Financial
EMTECH, Global InfoSwift Partner to Provide Capacity Building on Regulatory Sandbox, Others for Nigerian Financial Sector

EMTECH, a Fintech for Central Banks and GIC announce its partnership to deliver capacity building in three core and interrelated areas: Central Bank Digital Currency, Regulatory Sandbox Framework, and API & Open Banking.

L-R: Afolabi Oke, Founder/CEO, Global InfoSwift Consulting Limited; Mrs. Adeola Azeez, Independent Non-Executive Director, Global InfoSwift Consulting; Carmelle Cadet, Founder/CEO, EMTECH, and Tunji Odumuboni, Executive Director- Africa, EMTECH, at the media briefing in Lagos.
This partnership will enable regulators, banks and fintechs to accelerate the transformative changes seen in the evolving financial services regulatory environment.
African central banks are moving forward with their innovation and digitization efforts, and with change, there is a need for collaboration and regulatory frameworks to enable successful outcomes that will impact over a billion people across the continent.
This program is set to launch in the next 90 days with engagements of key stakeholders across the ecosystem.
Carmelle Cadet, the Founder and CEO, EMTECH, in her overview of the ‘Capacity Building Programme’ said “EMTECH is pioneering a new approach as a Fintech for Central Banks, and as such, also other financial services regulators and financial services providers. We are positioned to serve as a bridge between the regulator and regulated within the financial services industry by providing modern technology platforms and tools to enable an inclusive and resilient financial market.
That’salways been our mission and we’re doing so with our Modern Central Bank Sandbox(™) Platform and a Modern CBDC Platform built with an Open Banking architecture. With that, we recognize the need to complement this by providing enhanced education and understanding of the impact of technological innovation on regulatory and policy approaches to the ecosystem players.
The Capacity Building Program will facilitate the convergence of knowledge on innovative solutions – enabling supervisory agencies’ regulatory frameworks to foster innovation, financial inclusion, financial system resilience as well as compliance of financial service providers’ (FSPs) emerging product and business models with relevant regulatory and consumer protection requirements.”
Tunji Odumuboni, Executive Director – Africa, EMTECH, elaborated, “The program will provide deep and broad-based insights on Central Bank Digital Currency, Regulatory Sandbox Framework, and API & Open Banking – these three domains were selected as they represent the core pillars enabling regulators and innovative financial services providers with the tools to enhance financial inclusion while fostering resilience of the entire financial market infrastructure.
The program will offer global perspectives tailored for the nuance of the Nigerian financial ecosystem as a whole and individual players on the selected knowledge domains.
We are delighted to join forces with GIC, because of their expertise and experience in facilitating technology– related capacity building programs for different players within the Financial Services regulatory environment, including regulators and financial service providers.
Afolabi Oke, Founder and CEO, Global InfoSwift Consulting Ltd, added, “Our objective is to provide this ‘Capacity Building Program’ to the entire financial services ecosystem in Nigeria. This means attracting all financial services regulatory agencies and all financial services providers, from commercial banks to FinTechs.
We are excited to team up with EMTECH, who have hands-on experience with their API-led Modern Regulatory Sandbox™ Platform, in enabling Central Banks and other financial services regulators in getting actionable regulatory insights into the broad ecosystem of private-sector innovators while accelerating the readiness of FinTechs for regulatory reviews and go-to-market approvals.”
Mrs Adeola Azeez Independent Non-Executive Director Global Infoswift added: “New technologies help us level up our lives. Rapid advances in financial innovations (FinTech) provide new opportunities for financial services and allow new products, services and players to enter markets. FinTech is able to strengthen financial development, inclusion, and efficiency both domestically and globally. With this, it forces the modern financial community to face new challenges in regulation, in particular associated with data privacy, consumer protection and operational risks.
There is therefore a need to consistently build capacity as technology evolves, the partnership with EMTECH is very timely to enable us bridge the knowledge gap within the financial ecosystem
E-Financial
CBN Spending on Naira Printing, Distribution up by 306 Percent

Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
E-Financial
PalmPay Reaffirms Commitment to Advancing Contactless Payments

PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
E-Financial
First Asset Management Surpasses ₦1 Trillion in Assets Under Management

First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).
This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.
Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.
“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.
He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”
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