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E-Financial

Luno Takes Cryptocurrency Awareness to Eastern Nigeria

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As part of its commitment to improving cryptocurrency education and awareness for consumers across Nigeria, Luno, the global cryptocurrency platform, held a successful meetup in Enugu on Saturday, 21 September to boost the understanding of cryptocurrencies and its potential benefits.

The Luno Meetup is a free quarterly event that gathers people with different levels of understanding of cryptocurrencies, from experienced traders to beginners, and provides a platform for them to learn and share ideas on the evolving trends of the market.

Speakers at the Enugu event included cryptocurrency enthusiast, Professor Olaleye Awe, who is a serial entrepreneur with experience in fintech. As one of the most influential voices on cryptocurrencies in Nigeria, he also hosts weekly training sessions for anyone eager to learn about cryptocurrency.

Topics discussed included “Improving cryptocurrency literacy in Eastern Nigeria”, “Addressing myths around Bitcoin and other cryptocurrencies” and “Industry information on where cryptocurrencies stand today”.

Speaking at the event, which was held at BON Hotel Sunshine, Chinedu Obidiegwu, Marketing and Community Lead for Luno Nigeria, said, “We strongly believe the world needs to upgrade to a new financial system and that cryptocurrencies can play a huge part in that. As early pioneers in this industry, we feel it’s our duty to bring this knowledge and excitement to the world as best we can.

“This is why we hold regular meetups and organise cryptocurrency literacy tours across Africa to raise the understanding and level of awareness of cryptocurrencies. It’s about ensuring this happens across the board for consumers, the media and broader stakeholders.”

Recent research from Luno suggests that Africans are more open to adopting cryptocurrencies than people from other continents. When asked the question “Do you think a single global currency would make the current financial system better or worse?” more than three times as many respondents from Nigeria (23 percent) said it would make it better compared to the UK (7 percent).

Where traditional ways of exchanging value are very expensive, prohibited or subject to fraud across Africa, Luno believes savvy people will love the distribution and access cryptocurrencies provide. Luno also predicts that African markets may be quicker to adopt cryptocurrencies than more developed markets.

Luno is one of the largest cryptocurrency platforms in Africa, with operations in more than 40 countries across Europe, South East Asia and Africa, and more than three million users on its platform. Since Nigeria is one of its biggest markets, Luno continues to host educational meetups, having already held sessions in Lagos, Abuja and Port Harcourt.


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E-Financial

Allegations of Fraud against us Unfounded, False — First Bank

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FirstBank has formally denied allegations of fraud in an ongoing court case filed by customer Dr. Agbai Eke, describing the claims as “entirely unfounded and false.”

Allegations of Fraud against us Unfounded, False — First Bank

According to a statement from the bank, their internal investigation points to “unprofessional and unethical dealings” between Dr. Eke and a former bank employee.

FirstBank claims these individuals used a personal relationship to conduct unauthorised transactions without the bank’s knowledge or involvement.

The bank said it has reported the matter to law enforcement authorities for further investigation.

Officials noted that suspects have already provided statements to investigators.

FirstBank also declined to provide additional details, citing the ongoing court proceedings.

“We will refrain from further comments to allow the Court to dispassionately determine the issues before it,” the bank stated.

The case gained public attention following reports by Thisday Newspaper and Arise Television, as well as through a circulating video regarding the legal dispute.


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E-Financial

Nigeria’s Cash Payments to Decline 32% by 2030 on Digital Transaction Surge

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Nigeria is undergoing a significant shift toward digital payment methods, with cash payments projected to decline by 32 percent by 2030, according to Worldpay’s Global Payment Report 2024 (GPR).

This is because access to financial services in remote areas via smartphones has transformed millions of people’s access to the global economy.

According to the report, Nigeria led Middle Eastern and African countries in cash dominance for point-of-sale transactions, accounting for 40 percent of 2024 PoS value from 91 percent in 2019.

The report said the use of cash in Nigeria is higher when compared to the MEA region including Saudi Arabia with 22 percent in 2024, South Africa (30 percent), and the UAE (17 percent).

“Over the past decade, Nigeria has witnessed progress in financial inclusion. According to the World Bank, the percentage of banked Nigerians increased from 30 percent in 2011 to 45 percent in 2021. Similarly, South Africa’s banked population grew from 54 percent in 2011 to 85 percent in 2021,” it said.

The Nigerian Inter-Bank Settlement System (NIBSS) reported that the number of active bank accounts surged to 311 million in 2024, further underscoring the country’s rapid financial transformation.

The global report disclosed that account-to-account (A2A) transfers via the NIBSS Instant Payments (NIP) have emerged as the leading e-commerce payment method in Nigeria.

Furthermore, A2A payments via NQR are now the second most popular payment method at the PoS, trailing only cash. This surge in A2A usage underscores the growing adoption of instant payment systems in the country.

Recent data shows that electronic payment transactions in Nigeria rose to an all-time high of N1.07 quadrillion in 2024. This is a 79.6 percent increase from the N600 trillion recorded in 2023.

Beyond transaction value, the volume of e-payments also saw a substantial increase. The total number of transactions processed by NIBSS rose from 9.7 billion in 2023 to 11.2 billion in 2024, representing a 15.5 percent year-on-year growth.

Also, PoS transactions soared to N19.4 trillion in 2024, marking an 81 percent increase from N10.73 trillion in 2023.

Industry experts attributed the surge in electronic transactions to a combination of factors, including the cash scarcity experienced in early 2023 and the continued implementation of the Central Bank of Nigeria’s (CBN) cashless policy.

The GPR report highlights MEA’s progress in digital payments, with e-commerce transactions accounting for 29 percent of total value in 2014. By 2024, digital payments represented 49 percent, nearly matching the combined value of cash and card transactions (51 percent). By 2030, digital payments are expected to dominate e-commerce, making up 65 percent of transaction value.

“The shift is even more pronounced at PoS. In 2014, digital payments accounted for only 1 percent of PoS transaction value. By 2024, they had grown to one-third of the market. Worldpay projects that by 2030, digital payments will account for 47 percent of PoS transaction value, nearly equalling traditional cash and card payments,” it said.

 


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E-Financial

NCS Raises Concern over Nigeria’s Replacement of Remita

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Nigerian Computer Society (NCS) has expressed concern over the Federal Government’s decision to replace Remita Payment Service Ltd with the Treasury Management and Revenue Assurance System.

NCS Raises Concern over Nigeria’s Replacement of Remita

Dr. Sirajo Aliyu, president, NCS, who spoke a press conference in Lagos, highlighted the potential impact of the decision on Nigeria’s indigenous Information Technology (IT) sector.

Remita, a subsidiary of SystemSpecs Software Technology Group, has provided payment solutions for individuals and organisations for nearly two decades, maintaining a 100 per cent Nigerian workforce. The government’s move, announced on 4 March, has raised concerns about its implications for local IT firms and the wider economy.

Dr Aliyu warned that replacing Remita could send the wrong message to local IT companies, discouraging investment in homegrown technological solutions.

He emphasised that the Treasury Single Account (TSA), powered by Remita, was a fully indigenous project that had been globally recognised for its success.

“We are concerned that this decision could undermine confidence in Nigeria’s IT industry.”

“While the government has the right to make changes, such decisions should involve extensive consultation with stakeholders to avoid unintended consequences,” Aliyu stated.

He added that the TSA had improved transparency, increased government savings, and enhanced operational efficiency in fund management. The sudden replacement of the platform, he cautioned, could disrupt these benefits.

Prof. Charles Onyeukwu, vice-president, NCS, also urged the government to reconsider its decision, noting that Remita had been selected through a rigorous process involving both local and international firms.

He suggested that instead of replacing the system, an Application Programming Interface (API) could be introduced to allow additional service providers to integrate with it.

“We believe a collaborative approach would ensure continuity while enhancing the system’s functionality,” Onyeukwu said.

A memo from the Office of the Accountant-General of the Federation confirmed that the Treasury Management and Revenue Assurance System would be implemented in two phases, starting on 4 March 2025.

The new system is designed to streamline revenue collection and payments across ministries, departments, and agencies.

The NCS, Nigeria’s premier body for computing and IT professionals, has called on the government to engage with Remita and other stakeholders to find a solution that supports both national development and the growth of the indigenous IT sector.

 

 

 

 

 

 

 


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