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E-Financial

QuickTeller Adds ‘Remember Card’ Feature to Verve Card

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Mitchell Elegbe, Group Managing Director/Chief Executive of Interswitch
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Interswitch, a leading pan-African integrated payment company, in conjunction with Verve International, the payment card solutions division of Interswitch Transnational Holdings, has launched a new ‘Remember Card’ feature for QuickTeller, the online transaction service.

QuickTeller customers will now be able to use Remember Card to save their Verve card details, saving time each and every time they use the service to make a transaction.

The service is now available for customers using QuickTeller online and on their mobiles via Quickteller.com and m.Quickteller.com.

To enjoy Remember Card when making transactions QuickTeller customers must enable their Verve cards for Safetoken(tm), the online security tool, then login to the QuickTeller service using and verifying the phone number they have registered for Safetoken.

Users will then be able to tie all their ATM cards to their phone number.

Once the service has been enabled QuickTeller customers will only have to enter their CVV2 and PIN when making transactions.

With the Remember Card feature customers will experience quicker and more efficient transactions but will not have to compromise on security.

The Remember Card feature utilises Safetoken, the very latest in online security technology that protects customers against unauthorized use of their cards online through the generation of one-time-passwords (OTPs).

Interswitch has a track record in delivering the state of the art security and technology that is second to none.

In 2013, Interswitch completed the Payment Card Industry Data Security Standard (PCIDSS) certification, the highest global security certification, for the third year in a row. In 2010, when Interswitch was first PCIDSS certified, it was the only company in West Africa to have achieved the certification and has since been working with its partner banks to improve their security.

QuickTeller allows cardholders to access services such as: phone recharge, bill payment, cash withdrawal, funds transfer and cashback.

More than one million people use QuickTeller every month through ATMs, point of sale terminals, kiosks, their mobile phones or online.

Mitchell Elegbe, group managing director and chief executive officer, Interswitch Transnational Holdings, said: “The launch of QuickTeller’s Remember Card feature will make the service easier and more convenient to use without compromising on security. We are committed to extending this new time saving innovation to as many of our customers as possible and will also be launching Remember Card on selected partner sites soon.”

Charles Ifedi, chief executive officer, Verve International, said: “As the home-grown Nigerian payment card Verve is always on the lookout for new ways that we can better meet the needs of Nigerians and the Nigerian market. We are proud to be the first card to sign up to QuickTeller’s Remember Card service and extend its new time saving features to our customers.”


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E-Financial

SEC Working on Stablecoin Regulation Framework

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Securities and Exchange Commission (SEC) is working with developers to establish a regulatory framework for stablecoins, according to Dr. Emomotimi Agama, director-general, SEC.

SEC Working on Stablecoin Regulation Framework

Agama made this announcement during his keynote speech at the 2025 Decentralized Finance (DeFi) Conference.

Agama said the SEC’s commitment is to foster a responsible decentralized finance environment.

“The commission believes responsible DeFi can thrive in a regulated environment,” he said, highlighting the SEC’s efforts to enhance investor education through its “Crypto Smart, Nigeria Strong” initiative.

The program aims to educate young investors across schools, universities, and social media on blockchain basics, scam detection, and long-term investing benefits.

The SEC is also focusing on regulatory evolution, with plans to streamline its licensing regime.

“We are enhancing our licensing architecture to make it more efficient, more transparent, and more risk-based,” Agama noted.

The commission is exploring a framework for naira-pegged stablecoins, backed by verifiable reserves and audited by independent custodians, to facilitate cross-border trade and programmable finance.

It is also reviewing pathways for digital asset Exchange Traded Funds (ETFs), custodial wallets for pension funds, and tokenized securities for institutional investors.

 

 


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E-Financial

CBN Issues Transitional Guidance, Says Banks are Healthy

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Central Bank of Nigeria (CBN) has introduced time-bound measures for a small number of banks still completing their transition from the temporary regulatory support provided.

CBN Issues Transitional Guidance, Says Banks are Healthy

The CBN stated yesterday that this step is a response to the economic impact of the COVID-19 pandemic.

This step, the CBN said, is part of its broader, sequenced strategy to implement the recapitalisation programme announced in 2023.

CBN disclosed that the programme, which aligns with Nigeria’s long-term growth ambitions, has already led to significant capital inflows and balance sheet strengthening across the sector.

It said most banks have either completed or are on track to meet the new capital requirements well before the final implementation deadline of March 31, 2026.

It added that the measures announced apply only to a limited number of banks saying that these include temporary restrictions on capital distributions, such as dividends and bonuses, to support the retention of internally generated funds and bolster capital adequacy.

A statement by Mrs Hakama Sidi Ali, acting director, Corporate Communication of the apex bank,  explained that all the affected banks have been formally notified and remain under close supervisory engagement.

“To support a smooth transition, the CBN has allowed limited, time-bound flexibility within the capital framework, consistent with international regulatory norms. Nigeria generally maintains Risk-Based Capital requirements that are significantly more stringent than the global Basel III minimums.

“These adjustments reflect a well-established supervisory process consistent with global norms. Regulators in the U.S., Europe, and other major markets have implemented similar transitional measures as part of post-crisis reform efforts,” the bank stated.

It further added that it remains fully committed to continuous engagement with stakeholders throughout this period via the Bankers’ Committee, the Body of Bank CEOs, and other industry forums.

The goal is to ensure a transparent, predictable, and collaborative regulatory environment.

It assured that Nigeria’s banking sector remains fundamentally strong, explaining that the new measures are neither unusual nor cause for concern; they are a continuation of the orderly and deliberate implementation of reforms already underway.


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E-Financial

Loan Defaulters Risk Denial of Passport Renewal, Others-  CREDICORP

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Uzoma Nwagba, managing director, Nigeria Consumer Credit Corporation (CREDICORP), has announced that failure to repay loans may soon affect citizens’ access to essential services such as passport renewal, driver’s licence issuance, and even renting a home.

Loan Defaulters Risk Denial of Passport Renewal, Others-  CREDICORP

Nwagba disclosed this on Tuesday during a ‘Meet the Press’ session organised by the Presidential Media Team at the State House in Abuja.

According to the CREDICORP boss, the Federal Government was working to link individual credit scores directly to the National Identification Number (NIN), as part of efforts to build a centralised and reliable credit system across the country.

He said all loan providers, whether commercial banks, FinTechs, or microfinance institutions, will be mandated to report loan performance, ensuring every Nigerian has an accurate and traceable credit score.

“Maybe you want to renew your passport, but if something shows that you owe money somewhere, you may not be able to proceed,” he said.

“The same applies to renewing your driver’s license or renting a house. There is no hiding place.”

He clarified that the new policy will not be predatory but will impose subtle and structured consequences on defaulters.

“Whether your money is in a commercial bank, FinTech, or microfinance institution, loans taken and not repaid will be tracked and recoverable,” he added.

Nwagba explained that the goal was to ensure that every Nigerian is scored, using a structural algorithm that considers both financial and non-financial data.

CREDICORP’s mandate, he said, includes improving quality of life, reducing corruption driven by financial desperation, and strengthening local industries by enabling Nigerians to access consumer credit to buy locally made goods.

“The President has made it clear that improving lives is a top priority. If people can access credit responsibly, it reduces the pressure that pushes them into corruption or financial missteps. At the same time, it drives demand for Nigerian products and helps create jobs,” he stated.

The CREDICORP boss also revealed plans to roll out a nationwide consumer credit programme targeting 400,000 young Nigerians, beginning with National Youth Service Corps (NYSC) members under the YouthCred scheme.

According to him, the programme’s systems and platforms are fully set up, for imminent official launch.


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