E-Financial
Lack of Enlightenment Still Limit Blockchain Technology – Ozinegbe
As VaultBridge Global gears up to organize its maiden edition of a public enlightenment workshop on Blockchain Technology, organisers have expressed worry over the pace of adoption, attributing it to the low level of enlightenment.
According to the organisers, this event is a public enlightenment venture and a process to further engage on education, training and advocacy in order to bridge the gap of knowledge deficit of Cyber Security and Blockchain Technology.
It is also to further unravel the benefits that government, commerce and industry stands to derive from the introduction, adoption and application of the Blockchain Technology.
Speaking on the coming event, Executive Director of VaultBridge Global, Mr. Harrison Ozinegbe noted that from recent surveys, it has been observed that even the average elite in Nigeria do not have proper and adequate knowledge about this innovative technology called Blockchain.
“Both the Public and Private sector economies have a lot to benefit from the Blockchain Technology.
“Unfortunately, operators of the economy are either ignorant or are afraid to venture into an uncharted terrain, just as people trod the path of caution at the introduction of the internet in the 90s.
“On the other hand, even the few individuals who claimed to have some knowledge about Blockchain end up tagging Blockchain with CryptoCurrency as the only solution that Blockchain can deliver. Blockchain is a disruptive and innovative technology built on trust, an answer to an immutable record, storage, transmission of any form of data or transaction.”
To demystify this myth, he said VaultBridge Global in collaboration with their foreign partners, KIPYA Connect and Bit2Big are organizing this workshop scheduled for November 10, 2018 where arrays of experts in the Blockchain including the CEO of KIPYA and Bit2Big Michael Kiberu Nagenda would present papers.
Mr. Ozinegbe further noted that what is lacking in the drive to get Blockchain technology accepted in Nigeria include the need for adequate enlightenment, education and training.
There is the need for players in the economy both government and private to constantly engage in adequate studies and research into the Blockchain Technology.
Also, there is need for practitioners to come up with Blockchain Technology core solution architecture in real sectors as Power, Health, Energy, Agriculture, Transportation, etc., in order to enhance the economy.
He said the workshop and conference seeks to further address some of these issues and many more that needs to be attended to in order to bring Blockchain technology to work to the growth of the Nigerian economy.
“Our purpose at VaultBridge in putting up this event is to educate and enlighten the general public, create advocacy for what inherent and unfolding benefits that the emergence of Blockchain Technology holds in the future development of Nigeria and Africa at large.”
The Central Bank of Nigeria (CBN) has slammed a ₦250 million fine on Paystack for operating Zap, its peer-to-peer payment app, as a wallet in breach of its regulatory approval.
The apex bank flagged Zap as a deposit-taking product, a function reserved exclusively for institutions with microfinance or banking licences, according to a report by TechCabal.
Launched in March, Zap allows users to send and receive money, positioning itself as a consumer-facing digital wallet.
However, Paystack only holds a switching and processing licence, which permits it to facilitate transactions but not to hold customer funds. This regulatory limitation is at the heart of the CBN’s sanction, sources familiar with the matter said.
“Paystack is working closely with the regulator as they further review Zap, and out of respect for the process, we won’t be making any public comments at this time,” a company spokesperson said.
The penalty comes amid a legal dispute between Paystack and Zap Africa, a Nigerian crypto startup, which has accused the fintech of trademark infringement.
In Nigeria’s highly regulated financial services space, digital wallets are considered deposit-taking entities, and offering such services without the requisite licence raises compliance concerns for the regulator.
Although Zap reportedly does not directly hold customer funds, it operates in partnership with Titan Trust Bank, which is authorised to accept deposits.
This is Paystack’s most significant publicly disclosed regulatory sanction since it received CBN approval in 2016. It reveals the growing scrutiny facing fintech firms as they transition from enterprise-focused offerings to consumer-facing financial services.
Guaranty Trust Bank (GTBank) has announced an increase in its SMS transaction alert fee from ₦4 to ₦6 per message, effective May 1, 2025. The bank cited a recent rise in telecommunication tariffs by service providers as the reason for the adjustment.
In a message to customers, GTBank explained that SMS alerts sent to international phone numbers would attract higher charges due to varying telecom costs. The bank emphasized the importance of transaction alerts in helping customers monitor account activity
Customers who no longer wish to receive SMS alerts have the option to update their alert preferences by submitting a form available on the bank’s website via email. This move allows customers to manage their notification preferences according to their needs.
The fee increase affects GTBank customers, who will now be charged ₦6 per SMS alert for transactions
Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts.
The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds.
Court filings reveal that the cybercriminals exploited a critical system glitch, discreetly transferring the money in small amounts across 54 financial institutions to evade detection.
Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that tracking the transactions has been challenging due to their fragmented nature.
Acting swiftly, the bank filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, requesting an emergency order to halt further withdrawals. On April 2, 2025, the bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being actively moved—suggesting an ongoing laundering operation.
In response, Justice Deinde Dipeolu granted a Post No Debit (PND) order, freezing all implicated accounts pending further investigation.
This crisis comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board over governance failures. Under the leadership of MD Yetunde Oni, the bank now faces intense scrutiny as customers demand accountability.
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