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E-Financial

MasterCard Debuts MSMEs Focused Acceptance Development Program in Nigeria

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(L-r): Brian Lang, group head, Market Development, Middle East and Africa, Omokehinde Ojomuyide, vice president and area business head, West Africa, Patricia Bateson, vice president, Mobile POS, and Daniel Lanre Monehin, division president, Sub-Saharan Africa, all from MasterCard during the MasterCard Thought Leadership Forum on Small Medium Enterprises Acceptance Thought Leadership Forum in Lagos.
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MasterCard has launched Nigeria’s first Micro, Small and Medium Enterprise (MSME) focused Acceptance Development Program that will extend the security and convenience of electronic payments to merchants and their customers who previously depended on cash to transact.

To kick off the program, MasterCard is partnering with First Bank of Nigeria and Guaranty Trust Bank Plc (GTBank) to roll out hundreds of Mobile Point of Sale (MPOS) devices to retailers including Fast Moving Consumer Goods outlets, grocers and leading online stores allowing them to process debit, prepaid and credit card transactions by using a smartphone connected to a secure card reader.

“MSMEs are an important sector in our economy, representing 95% of registered businesses in Nigeria.  However, nearly 98 percent of all MSME transactions are still made with cash,” said Omokehinde Ojomuyide, vice president and area business head, MasterCard, West Africa. 

“Using innovative payment technology, this program will help MSMEs reduce the costs of cash, increase sales, grow their customer base and improve cash flow, while making it easier and safer for their customers to pay.”

The MPOS solution comprises a MPOS payments application and a physical card reader with a secure PIN pad for PIN entry that connects to the merchant’s smartphone using Bluetooth.

This negates the need for merchants to access a fixed data or telephone line, and helps them to overcome connectivity challenges as the devices use a range of data connectivity options including EDGE, 2G, 3G, and 4G.

They also adhere to the ‘CHIP and PIN’ certifications mandated in Nigeria, meaning consumers can be assured that their transactions are safe and secure.

To further encourage MSMEs to adopt electronic payments, MasterCard is working with MPOS solution providers to introduce a range of value added services including loyalty programs, air-time top up, person-to-person remittances, bill payments, inventory control and others.

These services will enable merchants to grow their revenues and increase efficiencies.

“The rapid growth of smartphones in Nigeria provides a huge opportunity for innovation across all industries – especially in payments,” said Ojomuyide.

“This program uses smart technology that transforms mobile devices into tools of commerce, and delivers services that will benefit all stakeholders in the payments ecosystem. It also supports the Central Bank of Nigeria’s Cashless Nigeria policy, and will help this vital sector to connect more efficiently to the national and global economy.”

MasterCard remains a technology company in the global payments industry, operating the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.

Guaranty Trust Bank plc is also a foremost financial institution with vast business outlays spanning Nigeria, Cote d’Ivoire, Gambia, Ghana, Kenya, Liberia, Rwanda, Sierra Leone, Uganda and the United Kingdom.

With a network of 233 branches in Nigeria(including Cash Centers, 18 e-branches, 23 GTExpress locations), Guaranty Trust Bank plc has a bias for innovation, ethics, professionalism and a strong service culture that has enabled it record consistent year on year growth in clientele base and key financial ratios since inception in 1990.

And First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc, is Nigeria’s leading financial services institution by total assets and gross earnings and one of the largest corporate and retail banking financial institutions in sub-Saharan Africa (excluding South Africa).

Since its establishment in 1894, the Bank has consistently built relationships with customers focusing on fundamentals of good corporate governance, strong liquidity, risk management and strong capitalization. First Bank operates an extensive distribution network with over 750 business locations (623 branches, 61 quick service points and 69 cash centers/agencies), over 2464 ATM’s and over 9 million customer accounts.

The Bank provides a comprehensive range of financial services and has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank DR Congo, FBNBank Ghana, International Commercial Bank (ICB) The Gambia, Guinea, Sierra-Leone and Senegal  as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi.

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

CBN Slams ₦250m Fine on Paystack Over Zap Wallet Operations

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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.

 


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E-Financial

Gtb Increases SMS Transaction Alert Fee Today

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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


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E-Financial

Panic as Hackers Allegedly Steal N9.3Bn Customers’ Fund from Union Bank

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Yetunde Oni, MD/CEO, Union Bank
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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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