E-Financial
MasterCard Works with Apple to Integrate Apple Pay

Apple has unveiled Apple Pay that will enable MasterCard cardholders to use their iPhone 6, iPhone 6 Plus and Apple Watch for everyday purchases.
MasterCard built the foundation for secure mobile transactions, so consumers can use their cards when, where and how they want.
MasterCard worked with Apple to deliver a seamless and secure payment experience. For consumers and merchants alike, that means that every purchase made with a MasterCard using iPhone 6, iPhone 6 Plus and Apple Watch will offer the security, benefits and guarantees of any MasterCard transaction.
Apple Pay transforms mobile payments with an easy, secure, and private way to make purchases. By integrating Apple hardware, software and services, Apple Pay creates a unique and incredibly intuitive experience for iPhone 6, iPhone 6 Plus and Apple Watch users.
Owners of the new iPhone 6, iPhone 6 Plus and Apple Watch will be able to use their MasterCard credit or debit cards from participating banks directly through Apple Pay.
At a store, consumers can simply pay by just holding their iPhone near a contactless reader with their finger on Touch ID and their transaction will be authenticated.
For purchases within an app, consumers will simply touch to pay and authenticate with their fingerprint or passcode for a seamless experience without having to enter their card number or leave the app.
“Apple has a long tradition of introducing breakthrough products with features that really matter to people. Apple Pay, combined with MasterCard’s payments technology, gives consumers an easy, secure and private way to shop,” said Ed McLaughlin, chief emerging payments officer, MasterCard.
“We have been a pioneer of mobile commerce innovation for years – including the world’s first contactless and mobile payment solutions. We’re thrilled that MasterCard cardholders will soon be able to make payments from their iPhone 6, iPhone 6 Plus and Apple Watch, knowing that every purchase is secure and offers all the same guarantees and benefits they’ve come to expect from using their MasterCard.”
Apple Pay will be made available for U.S. consumers via a free update to iOS 8 this October. MasterCard cardholders will be able to make simple and secure payments in the apps of top merchants, as well as contactless payments at some of the most frequented U.S. locations including major stores, restaurants, transit providers, fuel and convenience stores, and all Apple Store locations.
One of the first to accept Apple Pay via iPhone 6, iPhone 6 Plus and Apple Watch will be MasterCard’s long-time partner Major League Baseball.
To find a listing of contactless-enabled merchant locations, download the MasterCard Nearby app or go to www.mastercard.com/contactless.
Payments via Apple Pay integrate with the MasterCard Digital Enablement Service (MDES). Announced last year, this service, provided by MasterCard to banks, allows a connected device to be used for everyday shopping and payments.
In addition to the banks announced today by Apple, MasterCard is working with its partners to bring additional banks on board quickly through the MasterCard Digital Enablement Service.
MasterCard is a technology company in the global payments industry. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.
MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.
E-Financial
DBN to Invest $2.5m in Proposed Youth Entrepreneurship Investment Bank

The Development Bank of Nigeria (DBN) has received shareholders’ approval to invest $2.5 million or 25% equity stake in the proposed Youth Entrepreneurship Investment Bank (YIB) — a new investment vehicle designed to provide equity funding to youth-led businesses in Nigeria.
The approval came during the bank’s 8th Annual General Meeting (AGM) which was held in Abuja.
The move is a strategic step aligned with the bank’s broader mission to support Micro Small and Medium Enterprises (MSMEs), job creation and entrepreneurship among Nigeria’s youth.
According to Tony Okpanachi, DBN Managing Director, Youth Entrepreneurship Investment (YIB) is not a conventional bank. It is an investment vehicle that will deploy equity into promising youth-owned enterprises.
“This is about backing ideas and unlocking growth through long-term capital — not debt,” Okpanachi told journalists after the AGM.
The initiative is a partnership between DBN, the Nigeria Sovereign Investment Authority (NSIA), and the African Development Bank (AfDB), with additional backing expected from development finance institutions.
The African Development Bank (AfDB) is currently in discussion to provide debt financing, which would bolster the capital available to the vehicle without diluting equity.
“This $2.5 million is DBN’s initial stake,” Okpanachi said. “We are co-investing alongside NSIA, and this sets the stage for broader institutional participation — both local and global.”
YIB aims to fill a critical funding gap in Nigeria’s startup ecosystem. While the country has a vibrant pool of young entrepreneurs, access to early-stage funding remains limited. Many businesses rely on short-term loans or informal capital, which often constrains scalability and long-term planning.
Okpanachi emphasised that YIB’s structure is deliberately designed to avoid the trappings of a traditional bank.
“This is not a commercial bank. It won’t provide loans or open retail accounts. It’s structured purely as an equity-focused investment vehicle, targeting scalable ventures with strong fundamentals and youth ownership”, he noted.
This will be DBN’s second strategic investment following the establishment of its wholly owned impact credit guarantee subsidiary, which offers partial credit guarantees to MSMEs.
Final structuring of YIB is underway. Following the shareholder greenlight, the promoters are now coordinating with the relevant stakeholders to complete incorporation, legal frameworks, and capital mobilisation.
“We expect all groundwork to be finalised by the end of this year. With operations likely to begin by early 2026,” Okpanachi disclosed.
The move comes amid growing concerns over Nigeria’s rising youth unemployment rate.
By investing directly into youth-led businesses, DBN and its partners aim to accelerate job creation, promote innovation, and catalyse broader economic development.
“There’s already strong interest from global players,” the MD noted, though he declined to name institutions due to ongoing negotiations.
“What we are doing is laying the foundation. YIB will serve as a credible, well-structured platform to crowd in institutional capital and scale youth-driven entrepreneurship.”
He added that YIB is not a one-off initiative but part of a long-term strategy to create sustainable investment channels focused on Nigeria’s demographic dividend.
“This is more than a financial transaction,” Okpanachi said. “It is a statement of intent. We believe in the entrepreneurial potential of Nigerian youth — and we are backing that belief with real capital.”
E-Financial
CBN Slams ₦250m Fine on Paystack Over Zap Wallet Operations

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.
E-Financial
Gtb Increases SMS Transaction Alert Fee Today

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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