E-Financial
FMDQ Approves O3 Capital’s N5bn CP Programme

O3 Capital Limited has announced the approval of its N5billion Commercial Paper (CP) Programme Registration with the FMDQ Exchange.
A statement from the company, which disclosed this noted the approval was granted on the 7th of February 2023.
While commenting on the successful registration, the company’s CEO, Mr Abimbola Pinheiro, described the CP Programme as a strategic move for O3 Capital towards achieving the next phase of the growth plan.
According to the statement, the objective is to expand the existing credit card portfolio and achieve international acceptance with a new Credit Card product in partnership with an international card scheme for the Nigerian market.
In his remarks, Director of UCML, Mr Egie Akpata, expressed delight with the successful registration of the O3 Capital Limited ₦5billion Commercial Paper Programme.
He said, “This reinforces our commitment to enable all our clients access the debt capital market and optimize their capital structure. We are glad that UCML Capital Limited was instrumental in the successful registration of the programme and thank the board and management of O3 Capital Limited for the opportunity to work with them.”
The opportunity to access the CP market as an alternative source of funding will further enhance O3 Capital’s ability to unlock value for all stakeholders with a platform to raise short-term finance within the Nigerian debt markets.
The approval of the CP Programme by FMDQ Securities Exchange represents a major milestone in the company’s growth aspirations. UCML Capital Limited was sole arranger of the CP Programme.
O3 Capital is a digital bank licensed by Central Bank of Nigeria that offers Credit and Prepaid Cards. O3 is a pioneer non-bank Fintech in Nigeria that continues to innovate customer centric products by providing instant access to credit and prepaid cards.
O3 Capital also offers other financial services like fixed income investments and funds management. The strategic thrust of the company is to issue Naira denominated cards; both credit and prepaid cards to the Nigerian market. This objective correlates to that of the Central Bank of Nigeria’s Financial System strategy to create a “cashless Nigeria.”
E-Financial
Naira Gains Strength, Hits N1,600/$ in Parallel Market

The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.
Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.
As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.
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.
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