E-Financial
FG Urged to Disburse TraderMoni through Lendtech Platforms

Lendtech platform operators in the country have urged the federal government through the office of the Vice President Yemi Osinbajo, to disburse TraderMoni loans through the technology platforms in order to attract more Nigerians into the financial inclusion net.
TraderMoni is an empowerment scheme of the federal government created for petty traders and artisans across Nigeria. It is a loan programme.
Faith Adesemowo, Co-founder and CEO, Social Lender, said that lending technology companies across the country have been using technology to disburse loans to people irrespective of their status with different measures to determine their ability and willingness to pay back.
She cited the example of Social Lender’s social reputation score, which can be used to profile applicants’ details in order to ascertain who is eligible for loan and loan repayment.
A similar procedure should be extended to the “petty traders and artisans who are a direct beneficiary of TraderMoni”, she said.
She added that the score will evaluate the type and size of formal credit the trader requires for her business or personal needs.
According to her, if TraderMoni partners with the lendtech firms’ such cooperation will ensure that before loans are disbursed, recipients would have gone through financial literacy sessions to educate the applicants on money management, investment instruments and the benefits accruable from such venture.
“Currently our loan default ratio is under 5%. This is good for unsecured lending if you compared with the microfinance and other conventional lenders.”
She explained that Social Lender is a digital financial services platform that financial institutions can leverage to extend service and value to the under-served and unbanked demography.
Co-founder, Kiakia, Olajide Abiola said that Kiakia has disbursed loans to over 10,000 members of Nigeria Farmers’ Group and Cooperative Society (NFGCS) and the Association of Vocational Artisans in Nigeria (ASVAN) and the process has allowed members of these organizations to operate bank accounts for the first time in their lives. “They are now financially included”, he said.
Olajide stressed that with the huge impact KiaKia has had on people’s lives, the federal government should view the platform as a veritable vehicle for the disbursement of loans to traders across the country.
He said that the approach of KiaKia to lending has fostered growth through responsible borrowing and application of funds. This, according to him, has resulted in non-perform-loan [NPL] of below 2% in the last 3 years.
“As a digital lending platform, we combine a mix of strategies that have made loan repayment of its unsecured and secured credit facilities effective”, he said.
He said KiaKia leverages insurance and movable assets as collaterals to enable SMEs access to critical working capital.
Oluwadare Owolabi, Managing Director/Chief Executive Officer, Xpress Payments, said that financial inclusion allows people and businesses to have access to useful and affordable financial products and services that meet their needs.
Owolabi said that Xpress Payment’s agency banking is one of the tools adopted to bring more Nigerians into the financial inclusion space.
“In many parts of the world, including Nigeria, agency banking is gaining momentum as a key tool for driving financial inclusion”, he said
He explained that agency banking allows customers to access financial services through a third party (agent) on behalf of a licensed deposit-taking financial institution and/or mobile money operator.
E-Financial
Secret Service Seizes $400M in Crypto, Cold Wallet among World’s Largest

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.
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.
E-Financial
Ascensia Finance Commences Operations in Abuja

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.
E-Financial
CBN Sets Record Straight on Diaspora BVN Fee, Confirms No Hidden Charges

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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