E-Financial
Tapswap Halts Token Allocation to Users Indefinitely
Tapswap, a widely used tap-to-earn program on the TON Blockchain, has indefinitely suspended its token distribution to users.
The decision, announced by John Robbin, Tapswap’s head of Communications, in a space held on X, aims to find the best way to compensate users participating in the platform.
Launched on February 15, 2024, Tapswap has attracted over 50 million users globally, including many in Nigeria, who tap their phone screens to earn tokens through the Telegram Tapswap bot.
“The token launch was postponed until July 1. The new date will be communicated,” Robbin stated, underscoring the platform’s commitment to retaining its user base.
“We will allocate a significant part of the tokens to the community to retain the tappers. We want you all to be part of the Tapswap community.”
Robbin emphasised the importance of a fair token airdrop, saying, “We need a token airdrop to be a win-win for all of us. We have started communicating with many exchanges and platforms.”
He also addressed concerns about system abuse, warning that, “Anybody abusing the system to farm taps and manipulate the game will be banned,” and asked genuine users to be patient while community members conduct background checks.”
On the mining process, Robbin explained, “Just open the app and tap on it; that will give you shares. The more you tap and the more upgrades you do, the more shares you will have when we finalize the tokens on it. The more tokens you want to have, the more tapping you have to do.”
The recently concluded booster option, which allowed users to boost their earnings, was also discussed. “We have grown exponentially faster than we thought, and to develop the game plan further, we introduced a paid feature to make their capital, but it was not mandated on the users,” Robbin noted.
The limited x2 donation feature, designed to help new users compete with earlier adopters, is now discontinued. “It was a platform that allowed people who joined recently to compete with people who started earlier. It is gone for now, but we are looking forward to using the money we earned from it to improve the game in the future,” he added.
Robbin assured users of the app’s longevity, stating, “It is all going to our 25 staffers working around the clock to sustain the app. We want to be here for a very long time.”
Nigeria Deposit Insurance Corporation (NDIC) has called for comments from financial services industry stakeholders in the country, policy makers and the general public towards the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System.
The proposed revision launched by IADI in May 2025, is a significant step towards enhancing the resilience and relevance of deposit insurance frameworks in the face of an evolving global financial landscape.
Specifically, the revision is aimed at comprehensively addressing structural changes, including digital innovation, the growing role of deposit insurers in resolution, and lessons learned from the banking turmoil in March 2023, which is the most significant systemic stress event since the 2007-09 global financial crisis.
The IADI Core Principles are used by jurisdictions, including Nigeria, as a benchmark for assessing the quality of their deposit insurance systems and for identifying gaps in their deposit insurance practices and measures to address them.
The Core Principles are also used by the International Monetary Fund (IMF) and the World Bank in the context of the Financial Sector Assessment Programme (FSAP), to assess the effectiveness of jurisdictions’ deposit insurance systems and practices.
The first set of the Core Principles was issued jointly by the IADI and the Basel Committee on Banking Supervision (BCBS) in June 2009 while the document is subjected to periodic revision order to keep it up-to-date with evolving trends on the global financial system landscape.
As a founding and committed member of IADI, NDIC recognises the importance of the ongoing revision and hereby invites stakeholders and the general public to actively participate in the process by reviewing the document on the lin
Onafriq, Africa’s largest digital payments network, has celebrated a major milestone, connecting nearly 1 billion mobile money wallets and 500 million bank accounts across the continent.
According to a statement released by the company, Onafriq has evolved from a mobile money switch to a comprehensive omnichannel payments network, facilitating seamless transactions and financial inclusion.
The company’s network now connects 961 million registered mobile wallets and 464 million registered bank accounts, with over 2,000 cross-border payment corridors supported.
Speaking on the achievement, Dare Okoudjou, Founder and CEO of Onafriq, said, “We remain fully committed to connecting every individual and business in Africa with each other and the world.”
Okoudjou noted that the company has grown in lockstep with the continent’s digital evolution, from mobile money to bank accounts, remittances, and real-time trade.
As Onafriq embarks on its next chapter, the company aims to develop infrastructure with local relevance while maintaining the scale of its pan-African infrastructure.
A prime example is Nigeria, where Onafriq is developing a unique payments stack that combines the strength of its cross-border network with the regulatory and foreign exchange realities of one of Africa’s most dynamic economies.
The company is also exploring blockchain infrastructure and stablecoin integrations to facilitate near-instant, programmable payments, aligning with the objectives of the African Continental Free Trade Area (AfCFTA).
“We are increasingly focused on creating infrastructure with local depth,” Okoudjou said.
With extensive experience, wide reach, and a proven execution track record, Onafriq remains dedicated to building a payment infrastructure that unlocks prosperity across borders and within local communities.
United Bank for Africa (UBA) has informed its customers that, in compliance with a new directive from the Nigerian Communications Commission (NCC), charges for USSD banking services will no longer be deducted from bank accounts, effective June 3, 2025.
In a notice sent to customers, the bank explained that the charges would now be deducted directly from users’ mobile airtime balances, in line with the NCC’s newly introduced End-User Billing (EUB) framework.
It said the new model aimed to ensure transparency in USSD transactions and shift billing responsibility to mobile network operators.
According to UBA, each USSD session would now cost ₦6.98 per 120 seconds, saying that customers initiating transactions would receive a prompt to provide consent at the start of each session, and airtime would only be debited if the bank is available to process the request.
The bank advised customers who are not comfortable with the new billing arrangement to opt for other digital banking alternatives such as the UBA mobile app and internet banking platform, which remain fully operational and user-friendly.
UBA reaffirmed its commitment to providing secure and accessible digital services, and encouraged customers to choose the channel that best suits their banking needs.
The policy marks a significant shift in Nigeria’s digital banking ecosystem and is expected to address longstanding disputes over USSD service charges between telecom operators and financial institutions.
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