29 results
- 13 Apr 2025
NIBSS Heads to Court to Recover N4Bn Lost due to System Glitch
Nigeria Inter-Bank Settlement Systems (NIBSS) PLC has approached a Federal high court in Lagos to salvage the sum of N4.1 billion vanished from it coffers due to system glitch. NIBSS filed the suit…
- 24 Mar 2021
Telcos Reject Demand by Banks for SIM Swap List
Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), has asked telecommunication companies, to submit lists of SIM Swap customers to Nigeria Interbank Settlement System (NIBSS) for…
- 27 Feb 2019
Accounts Linked to BVN Hit 37m
Nigeria Inter-Bank Settlement System Plc (NIBSS) records have shown that about 36.8 million bank accounts have been linked to the Bank Verification Number (BVN) as of February 17 this year. …
- 30 Jun 2021
Banks Clear Cheques Worth N246.Bn in May- NIBSS
Banks in the country cleared cheques valued at N246.62 billion in the month of May, according to the data released by the Nigerian Interbank Settlement System (NIBSS) Plc. The figure is N2.92 billion…
- 12 Sept 2024
CBN Directs Payment Service Providers to Tracking POS Transactions
Central Bank of Nigeria (CBN) has issued a new directive mandating that all Point-of-Sale (PoS) transactions at merchant and agent locations, whether physical or electronic, must be routed through a…
- 13 Sept 2024
CBN Orders PoS Operators to Route all Transactions through NIBSS or UPSL
Central Bank of Nigeria (CBN) has announced new regulations for processing Point of Sale (PoS) transactions across the country, directing that all POS transaction are to be routed wither through the…
- 27 Apr 2024
CBN Licenses Unified Payments as Second Provider for PTSA Services for Nigeria
Central Bank of Nigeria (CBN) has awarded the country’s second Payment Terminal Service Aggregator (PTSA) license to Unified Payments, Nigeria’s premier financial technology company, following a…
- 9 Aug 2019
NIBSS Says There are 38m Bank Accounts in Nigeria
The number of bank accounts in Nigeria has hit 36 million, as Bank Verification Number (BVN) enrolment in the country increased to 38,696,142, according to figure released by the Nigeria Interbank…
- 20 May 2013
Cheque Truncation, NEFT Battle for Life
The cheque truncation system of the Central Bank of Nigeria (CBN) is threatening the life of Nigeria Electronic Funds Transfer (NEFT) system, an irrevocable fund transfer instruction because the…
- 13 Mar 2024
Reps Ask CBN to Restrain Banks from Holding Customers’ Reversed Funds
House of Representatives has urged the Central Bank of Nigeria (CBN), to direct banks to work on their systems to mitigate failed transactions and immediately reverse failed transactions without the…
- 9 Oct 2013
EPPAN Calls for Upgrade of Infrastructure for Cashless Regime Boom
Electronic Payment Providers Association (EPPAN) has reiterated the need for Nigeria to upgrade its infrastructure ahead of the boom in ePayments in the country, even as it stressed that more…
- 7 Mar 2025
Wema Bank Battles to Recover N888.3m which Allegedly Vanishes in Shocking System Glitch
Wema Bank PLC has taken legal action against 26 financial institutions, seeking a court order to recover N888,301,598.15 allegedly withdrawn from its accounts without authorization due to a system…
- 6 Dec 2021
Ecobank Appoints Lawal Managing Director of Nigeria Subsidiary
The Ecobank Group has announced the appointment of Jubril Mobolaji Lawal as its Regional Executive and Managing Director designate of Ecobank Nigeria. The appointment was announced ahead of the…
- 9 Jan 2017
PoS Payments Hit 65%, Transactions Valued N651Bn- NIBSS
The value of transactions through point of sales (PoS) payments increased significantly by 65% to N651.37 billion in 11 months. The figure which represents transactions from January to November…
- 7 Jul 2025
Ascensia Finance Commences Operations in Abuja
Ascensia Finance Company has officially commenced operations to provide financial intermediation services in Abuja. Licensed by the Central Bank of Nigeria (CBN) in April, the financial institution…
- 18 Aug 2013
CSCS Deploys SWIFT to Facilitate Market Transactions
Central Securities Clearing System (CSCS) Plc has adopted the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system to enhance transactions in the market. SWIFT…
- 12 Sept 2024
CBN Tightens Grip on Electronic Transactions with New Rules for PoS
The Central Bank of Nigeria (CBN) has announced new regulations for processing Point of Sale (PoS) transactions across the country, directing all acquirers to route their transactions through any…
- 28 Jan 2025
NESG Strengthens Leadership with Appointments of Adeniyi, Darwish, and Alebiosu
The Nigerian Economic Summit Group (NESG) has announced the appointment of three leaders, Mr Wole Adeniyi, Mr Mohamad Darwish, and Mr Olusegun Alebiosu, to its board of directors. These appointments…
- 17 Dec 2024
CBN Pegs Daily Transaction Limit on PoS Agents @ N1.2m
The Central Bank of Nigeria (CBN) has restricted Point of Sales (PoS) agents to a daily transaction limit of N1.2 million. The apex bank revealed this in its ‘Circular on Cash-Out Limits for Agent…
- 1 Jul 2015
Chams Unveils Identity Verification Application, ConfirmMe
Chams Plc, Nigeria’s leading identity management firm, has unveiled identity verification software called ConfirmMe, a unified platform which aggregates data from certified institutional sources from…
- 6 Jul 2015
Chams Tackles Identity Verification Issues with ConfirmMe
Chams Plc, Nigeria’s leading identity management firm, has unveiled identity verification software called ConfirmMe, a unified platform which aggregates data from certified institutional…
- 20 Jul 2015
Nigerian Banks Lose N199Bn to e-Fraud
Nigerian banks have lost a total of N199 billion to e-fraud between 2,000 and 2014, mostly due to inappropriate and reckless management of customers’ data, according to a report by the Leadership…
- 30 Sept 2019
eTranzact Reports N18.62Bn Turnover in 2018
eTranzact International Plc, Nigeria’s leading electronic and mobile payment processing company, grew its revenue by 59 per cent in 2018. This is despite the harsh business environment and…
- 2 Aug 2018
Team C-Stell Win as Access Bank Partners AFF in Nigeria’s Largest Hackathon
Team Cosmos Constellation (C-Stell) emerged as winners of the //Re:Code Nigeria Hackathon 2018 themed “Data Hack” which was sponsored by Access Bank Plc in partnership with Africa Fintech Foundry…
- 19 Oct 2016
eFraud: CBN, Industry Stakeholders Move to Tackle N4Bn Annual Losses
Central Bank of Nigeria (CBN) and other key stakeholders in the payment sector will, next month, converge on Lagos at the annual Payment Systems and Fraud Conference discuss on how to tackle cases of…
- 18 Nov 2019
PoS Innovation Summit Focuses on African Continental Free Trade Agreement
One of Africa’s leading e-payment companies, Global Accelerex, is set to host the 7th Edition of its PoS Innovation Summit on December 11, 2019 at the Grand Ballroom of Eko Hotel & Suites,…
- 2 Oct 2015
Banks to Freeze 32m Accounts without BVN from November 1
Banks’ customers have until October 31 to enroll for the Bank Verification Number (BVN) or risk having their accounts frozen from November 1, according to the Bankers’ Committee. The Bankers’…
- 4 Oct 2013
Global Accelerex Unveils Handheld Mobile PoS
Global Accelerex and its technology and business partner, Shenzhen Xingoudu Technology Co have unveiled the XGD K370 mobile handheld terminal into the Nigerian market that supports both CDMA and GRPS…
- 9 Jul 2018
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,…