E-Financial
NSE Seeks Privatization of NRC

The Nigerian Society of Engineers (NSE) has advocated privatisation of the Nigerian Railway Corporation (NRC) to attract the requisite private sector investment and technology.
Ademola Olorunfemi, NSE president, who made the call when he briefed newsmen in Abuja, said that such technical expertise and financial wherewithal abound in the private sector.
Olorunfemi advocated construction of double rail system that would include the much desired East-West track route to reduce travel times, optimise operations to facilitate private investment in the rail system.
“One aspect of our transport system that must be given the required attention in the interest of our economy is the railway.
“Its optimal performance will no doubt lessen traffic on our roads thereby extending the lifespan of roads in addition to the gross reduction of cases of road mishaps.
“We must move as a top railway operator on the African continent and the fabrication and local manufacture of equipment by indigenous firms should be encouraged and revamped.
“Facilities available in NRC workshops can be improved for this purpose and outsource to competent and tested engineering firms.
“This is where the local content bill is necessary in the railways industry,’’ he said.
He said this would attract local manufacturers and foreign companies to set up plants in Nigeria, thereby creating employment opportunities thus enabling the local production of new wagons and coaches under a well-packaged partnership structure.
Olorunfemi recommended the speedy amendment of the Railway Act through the proposed Railway Bill because the passage of the bill would be a major panacea for its development.
He said law would open the railway transport sub-sector to reputable and technically experienced railway investors under a well-structured public private partnership for an optimal railway operation in Nigeria.
The president also called for the establishment of a National Council for Science Engineering Technology and Innovation to drive forward the science, engineering development and economic transformation in the country.
He further called on the 36 states to establish the council to foster science and technology innovation in the country.
Olorunfemi said every nation that became great in the last three centuries mastered science engineering technology and innovation.
“This is because the advances and application of science, engineering, technology and innovation (SETI) over the centuries have led to the physical and economic development of such nations.
“Most countries that applied SETI as a driving force in their industrialisation process with or without natural resource endowment excelled within a very short time so Nigeria cannot jettison the measure.
“This is the norm; science, engineering technology and innovation are available all over the world.
“What makes the difference is the political will to place SETI in the driver’s seat by the leadership of the country.’’
E-Financial
Banks Reopen Naira Card Payments for International Tuition Fees

Nigerian banks have resumed processing international tuition payments from Naira accounts through the Central Bank of Nigeria (CBN)’s Form A portal.
Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade).
The form allows customers to purchase foreign exchange at the CBN or interbank rate to make payments for eligible services as predetermined by the foreign exchange manual.
This development comes a month after commercial banks announced the resumption of international transactions on their naira cards.
In an email to customers, Guaranty Trust Bank Limited (GTBank) and Lotus Bank announced that the service is now available for applicants paying undergraduate and postgraduate tuition fees abroad.
“Pay international tuition fees directly from your Naira account,” the notice from GTBank read.
To access the service, customers are required to register and submit their applications via the Trade System Portal at www.tradesystem.gov.ng.
GTBank explained: “Select the ‘Form A’ application for Educational Fees. Choose GTBank as the processing bank, attach required documents, and submit the application.”
Similarly, Lotus Bank stated, “Register on the Trade System Portal. Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application.”
In a similar notice, Lotus Bank also informed customers of processing international fees using its facility.
“Register on the Trade System Portal (www.tradesystem.gov.ng). Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application,” the bank said.
In 2022, Nigerian banks said international school fees and upkeep requests via Form A will be processed within 120 days due to forex scarcity at the time.
E-Financial
Safaricom, PayPal Collaborate to Link Mobile Money with Online Payments

Safaricom, M-PESA and PayPal have announced a strategic collaboration to enable account linking and seamless fund transfers across their networks.
This collaboration aims to empower more than 35 million M-PESA customers and two million businesses and micro traders in Kenya to access PayPal’s global network.
By first linking their PayPal and M-PESA wallets, users can easily transfer funds from their PayPal accounts into their M-PESA wallets, and vice versa. This service is designed to enhance the experience for customers and businesses transacting between the two platforms.
The solution is currently available to Safaricom M-PESA customers in Kenya, with plans to roll out the service to the other M-PESA markets in the future.
“As globalization and digitization continue to reshape how people and businesses connect, our partnership with PayPal is a bold step forward in enabling seamless, worry-free, safe, secure, and inclusive digital payments.
“This collaboration empowers over thirty-five million customers and two million businesses and micro-entrepreneurs across Kenya to participate in the global digital economy by conveniently sending and receiving payments across more than 200 markets. It’s part of our commitment to unlocking opportunities and transforming lives through the power of M-PESA,” said Esther Waititu, Chief Financial Services Officer, Safaricom PLC.
“Building seamless connections between the global economy and local financial ecosystems is crucial to expanding digital financial inclusion,” said Otto Williams, Regional Head and General Manager for the Middle East and Africa, PayPal. “We are thrilled to enable millions of M-PESA’s customers across Africa connect more easily to PayPal’s international customer base.”
For 18 years, M-PESA has driven financial inclusion and bridged the digital divide. With M-PESA Kadogo, introduced in 2016, Safaricom waived fees for transactions of Kshs 100 and below, making digital payments more accessible. Now, through Ziidi MMF, customers can invest from as little as Kshs 100, promoting a culture of saving and financial wellness.
The partnership will tap into the emergence and growing popularity of the gig economy that has seen a rise among Africans accepting online jobs for clients across the world.
It equally marks a growing trend of interoperability between fintech providers with a goal of providing customers with a digital financial ecosystem that meets their needs by combining different capabilities.
PayPal is a leading global payment processor with more than 400 million active PayPal accounts operating across 200 markets, while M-PESA is Africa’s leading mobile money service connecting more than 50 million customers across Africa, 2 million businesses and micro traders, with more than $1.1 billion transacted daily.
E-Financial
FG Asks Banks to Report Individuals with N25m Monthly Transactions to FIRS

Federal government has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million for firms to the tax authorities.
Under the new provisions of the Nigerian Tax Act, financial institutions are required to submit quarterly returns to the Federal Inland Revenue Service (FIRS).
The agency will be renamed to the Nigeria Revenue Service (NRS) from January 2026, when the new tax system will take effect.
“Every person who has an obligation to deduct and remit tax under this Act or any other Returns for tax legislation shall render monthly returns to the appropriate tax authority, as specified deduction of tax in the regulation issued for that purpose,” the Act reads.
“Without prejudice to section 142 of this Act, every bank, insurance company, stock-broking firm, or any other financial institution, shall prepare, with or without demand be delivered by the relevant tax authority, quarterly returns to the relevant tax authority specifying the names and addresses of new customers;Nigerian fashion trends
“…and existing customers in the case of (i) an individual, all transactions where the cumulative transactions in a month amount to N25,000,000 or more, or (ii) a body corporate, all transactions where the cumulative transactions in a month amount to N100,000,000 or more.”
Prior to the new tax law, banks were mandated to report deposits of N5 million — a measure intended to curb illicit financial flows, according to TheCable
Experts said the shift is part of efforts to tighten anti-money laundering reporting in the financial sector.
In 2023, Nigeria was listed on the grey list by the Financial Action Task Force (FATF) over deficiencies in tackling money laundering and terrorism financing.
Since then, the country has been making efforts to exit the grey list, which subjects it to increased monitoring by the FATF.
In November 2024, Hafsat Bakari, chief executive officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), said Nigeria has achieved upgrades in five key recommendations from the FATF.
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