E-Financial
MasterCard Rolls-out In-App Flight Payments Solution

Consumers booking flights through low cost airline Mango’s mobile apps can now make secure and convenient payments using MasterPass, MasterCard’s digital wallet service.
Travellers can pay for flights booked through the Mango mobile app, available on all major operating platforms (Android, Blackberry 10, iOS and Windows 8.1) by selecting MasterPass as the payment option, completing their purchase with a single touch without leaving the application.
This checkout process creates a seamless purchase experience, supported by the highest levels of security.
“Consumers want to shop and pay in a way that suits their lifestyle. Whether it’s in-store, online or on-the-go, the payment experience needs to be simple and fast, while being safe and secure,” says Mark Elliott, division president, MasterCard, South Africa. “This is the first MasterPass in-app feature to go live in South Africa. The evolution of the digital wallet from an e-commerce to an in-app channel enables consumers to adopt their preferred payment method.”
“Mango continually pursues innovation across its business and we remain the only African airline to offer mobile apps for booking and payment on the go. The addition of MasterCard’s innovative MasterPass product to our range of payment methods is a welcome addition to Mango’s existing wide payment method acceptance portfolio,” says Mango spokesperson, Hein Kaiser.
MasterPass allows consumers to store all their MasterCard or other branded credit or debit card information, and shipping and billing address details, securely in one place.
This means they can make secure online and in-app payments without the repeated hassle of entering these details each time they want to complete a transaction.
Before accessing the Mango app to pay with MasterPass, consumers need to download and install the MasterPass app on their mobile device, which is free for download from the iOS, Android, Windows or BlackBerry app stores.
Standard Bank is the first local bank to offer a digital wallet powered by MasterPass, but the service can be used by consumers who bank with any South African bank.
E-Financial
Panic as Hackers Allegedly Steal N9.3Bn Customers’ Fund from Union Bank

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.
E-Financial
CBN Urges Banks to Source FX for PAPSS Settlement Through NFEM

The Central Bank of Nigeria (CBN) has announced a comprehensive review of documentation requirements for transactions processed through the Pan-African Payment and Settlement System (PAPSS), aimed at enhancing intra-African trade, promoting financial inclusion, and improving operational efficiency for cross-border payments within Africa.
In a press release issued on Monday, the CBN outlined key updates to the documentation framework in a circular addressed to Authorised Dealer Banks (ADBs) and the general public.
The revised guidelines are part of the CBN’s ongoing efforts to streamline processes and support seamless financial transactions across the continent.
Under the new framework, individuals conducting low-value transactions up to USD 2,000 equivalent in naira and corporates transacting up to USD 5,000 equivalent in naira can now rely on basic Know-Your-Customer (KYC) and Anti-Money Laundering (AML) documents already provided to their ADBs.
This measure simplifies compliance requirements for smaller transactions and reduces administrative burdens.
For transactions exceeding the specified thresholds, parties must comply with the full documentation requirements as outlined in the CBN Foreign Exchange Manual and related circulars to ensure regulatory compliance.
Applicants are also responsible for ensuring that all necessary regulatory documents are available to facilitate the clearance of goods as mandated by relevant government agencies.
The new policy permits ADBs to source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, eliminating the previous requirement to obtain forex directly from the CBN.
Additionally, all export proceeds repatriated via PAPSS must be certified by the relevant processing banks to promote transparency and regulatory adherence.
The CBN urged all ADBs to adopt PAPSS and commence originating transactions in accordance with the updated policy.
Exporters, importers, and individuals were encouraged to familiarize themselves with the new requirements and leverage PAPSS for efficient cross-border transactions across Africa.
E-Financial
FIRS Orders Banks to Close Unauthorised Tax Collection Accounts

The Federal Inland Revenue Service has directed banks across the country to immediately identify and close any tax and levy collection accounts not authorised under its TaxPro Max platform.
The directive, aimed at promoting transparency and ensuring uniformity in tax collection, was disclosed in a public notice titled “Directive to close unauthorised FIRS tax collection accounts,” issued by the FIRS Chairman, Zacch Adedeji, and circulated to journalists on Monday by his Special Adviser on Media, Dare Adekanmbi.
According to the notice, all tax and levy collections must now be processed exclusively through assessments generated on the TaxPro Max system.
The FIRS warned that all banks participating in its collection, remittance, and reconciliation scheme must comply without delay, discontinue the use of unauthorised accounts, and ensure only transactions initiated from the TaxPro Max platform are processed.
“We count on your cooperation to ensure a smooth transition to this centralised system, thereby contributing to a more transparent and efficient tax collection process,” the agency stated.
Developed locally, the TaxPro Max platform facilitates key tax activities such as taxpayer registration, filing of returns, payment processing, and the issuance of tax clearance certificates.
It was introduced to streamline tax administration and support the FIRS’s broader digitalisation agenda.
The agency also urged taxpayers and stakeholders seeking clarification to contact its Revenue Accounting and Refund Department.
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