E-Financial
Mobile Banking Fraud: MAXUT, OneSpan Hold 3rd Banking Security Summit

OneSpan, in collaboration with MAXUT Consulting, recently held its 3rd Annual Banking Security Summit.
This followed the growing fraud trends in mobile banking and payments around the world, global data security company,
The summit, which held at Radisson Blu Hotel, Victoria Island, Lagos by 8am, had the theme:” Digital Channels and Open Banking Security”.
Mr Olumide Ajayi-Obe, Senior Vice President, MAXUT Consulting, told newsmen in Lagos that the summit offered opportunity to experts, regulators and banking colleagues to discuss the current state of electronic banking and payments security landscapes as well as share experiences from around the world.
“OneSpan, which is formerly VASCO Data Security, was in Nigeria to share its vision and strategy for securing all digital interactions offered by banking and financial services industry and to better understand the specific needs of the Nigerian market.
“OneSpan recognises the growing fraud trends in mobile banking and payments around the world and thus OneSpan and MAXUT, announced new Adaptive Authentication platform and solutions available to Nigerian Banking and FinTech customers to provide them with even more cost-effective and advanced solutions for securing all Digital Channels.
” The event included a hands-on workshop for mobile App Developers interested in protecting their mobile applications from common vulnerabilities that enable frauds,” he said.
According to him, speakers at the summit included Mr Ade Shonubi, Managin Director of the Nigerian InterBank Settlement Systems (NIBSS), Mr Dipo Fatokun, Director, Banking and Payment Systems, CBN and Mr Dele Adeyinka, Chief Digital Officer, ALAT/WEMA Bank.
Other speakers were Mr Eddy Ogbogu, Group Executive, Operations and Technology, Ecobank, Lome, Togo; Dr. David Isiavwe, GM & Audit Executive, Union Bank Plc; and Dr Segun Aina, Fintech Association of Nigeria.
E-Financial
Naira Gains Strength, Hits N1,600/$ in Parallel Market

The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.
Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.
As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.
E-Financial
CBN Spending on Naira Printing, Distribution up by 306 Percent

Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
E-Financial
PalmPay Reaffirms Commitment to Advancing Contactless Payments

PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
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