E-Financial
FXTM Analysis: Equities Rally On Stimulus Hopes, Yen Slumps

The combination of upbeat U.S. data and more stimulus hopes contributed to the risk-on trade environment, sending Asian equities higher on Tuesday after the S&P 500 set a new record high on Monday.
Investors are betting on major central banks to keep taps wide open for the foreseeable future, and expectations of a large fiscal stimulus by Japan’s Prime Minister, Shinzo Abe, after his victory over the weekend’s upper house election will add additional support to risk-on trades.
Clarity on the U.K.’s leadership was another factor boosting investors’ appetite as Andrea Leadson suddenly dropped out of the race paving the way for Theresa May to become Britain’s new prime minister on Wednesday.
However, the big question remains as towhen Article 50 is going to be triggered, and how investors are going to react to U.K.’s official departurefrom the EU. Meaning that investors shouldn’t get over excited.
The British pound extended its recovery early Tuesday to trade above 1.3050, after dropping to a low of 1.2849 against the greenback on Monday.
The relief rally led by political clarity is likely to be short-lived as many questions remain unanswered, and the immediate risk will be the BoE’s meeting on Thursday, which is likely to announce new stimulus measures in response to Britain’s shock vote to leave the EU.
Today BoE’s Mark Carney will probably provide some hints as he appears in front of MP’s to answer questions on the central bank’s measures post the Brexit vote.
USDJPY lost 3 big figures after touching 100 briefly on Friday. A coordinated action from Japan’s fiscal and monetary side is required to put an end for the Yen’s strength on the short run, and this is likely to happen in the weeks ahead, but it remains to be seen the exact size of the fiscal stimulus package to be announced.
The Aussie is the best performing currency today, up more than 0.7% against the greenback after data this morning from National Australia Bank showed that the business confidence index jumped to 6 in June from 3 in May.
The upbeat data might provide some relief for Reserve Bank of Australia, despite most recent worries from Brexit and the potential downgrade to Australia’s credit rating.
Hussein Sayed is Chief Market Strategist at FXTM
E-Financial
Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards

Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.
This is coming nearly three years of suspension.
United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.
In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.
“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.
“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.
E-Financial
Flutterwave Secures 20 more US Money Transmitter Licences

Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).
This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.
Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.
Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.
Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.
Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.
This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.
Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”
Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.
E-Financial
Court Affirms NIBSS Authority to Manage BVN

Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.
This is according to a judgment delivered by Justice James Omotosho on Friday.
Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.
This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.
However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.
“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.
“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.
“The court grants the reliefs of NIBSS as prayed,” he stated.
- Telecom1 day ago
MTN Nigeria Debuts Game-Changing CPaaS Platform at NextNow Forum
- Telecom2 days ago
NCC Approves MTN, 9Mobile Roaming Collaboration Deal
- E-Financial1 day ago
NAICOM Issues New Licenses to SanlamAllianz Life, General Insurance
- E-Financial2 days ago
World Bank Approves Extra $65m for Nigeria’s SPESSE
- E-Financial1 day ago
GTCO to Become First Nigerian Bank to List on London Stock Exchange
- News1 day ago
AMCON Confirms ₦100Bn Sale of Ibadan DisCo Amid Legal Disputes
- E-Business1 day ago
Domain of Deception as Attackers Deploy Spyware Under Guise of Legal Threats
- E-Financial2 days ago
Ecobank Taps Google Cloud to Deepen Financial Inclusion