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E-Financial

NGX Seeks Regulatory Reforms to Attract More Listings

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On the backdrop of the recent wave of delisting from the Nigerian Exchange Limited (NGX), the Chairman of NGX Group, Dr. Umaru Kwairanga, has called on the Federal Government to spearhead legislative adjustments and reforms that will make listings more attractive.

He stated this during the Closing Bell ceremony of NASDAQ, New York, organised by the United States Chamber of Commerce, Nigerian Exchange Group Plc, (NGX GROUP) and Nigerian Investment Promotion Council (NIPC).

The closing bell ceremony was part of events lined up in the NGX Roadshow, supported by Stanbic IBTC, CardinalStone Partners and Chapel Hill Denham. Kwairanga also nudged the US business community to explore more partnership avenues with Nigeria.

The chairman noted that the capital market was in need of reforms that can unlock the increased prosperity for the Nigerian economy.

He also emphasized the need for deepening of the pension reforms and amendments to government free zones to facilitate easy access to the capital market through listings.

Going further he said: “The removal of fuel subsidies and liberalization of the foreign exchange market have boosted confidence in our capital market, with the Nigerian Exchange Limited’s All-Share Index surging by 29.04% since President Bola Tinubu’s inauguration.”

 


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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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