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E-Financial

Twitter Adds Flutterwave, Paga as Available Payment Providers to Tips in Nigeria

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Whether you want to tip small business owners, emerging artists you admire, or your favorite creators whose Tweets you find entertaining — whoever you want to support, Tips is here to help you do it.

In May 2021, Twitter started experimenting with this feature with a small group of people on the platform, including journalists, creators, and more. Since then, Tips has become available on iOS and Android, and to everyone who is 18+ on Twitter, including in Nigeria and across the continent. It is a new way to monetize on Twitter and enables people on the service to send and receive funds as a token of appreciation.

Starting today, Twitter is adding the pan-African payment solutions Barter by Flutterwave and Paga as additional payment providers to Tips. Barter is a web and mobile app, from leading payments technology company, Flutterwave, that lets you send and receive money from abroad instantly, and safely, at affordable rates.

Paga is a payment and financial services ecosystem for Africa. Their consumer app enables consumers to access and use money in the most convenient way for them.

How does it work?

Turning on Tips adds an icon next to your profile, which will now also have a link to Barter and Paga, for quick and easy person-to-person tipping. Tap the icon, and you’ll see the payment services or platforms that the account has enabled, you can select whichever you prefer.

Once you select the service you want to use, you’ll be taken off Twitter to the selected app to send funds. Twitter takes no cut. Barter and Paga join Chipper, which was rolled out in 2021, as payment services available for people in various African countries.

Adding your Bitcoin address to Tips

Additionally, when you enable Tips on your profile, you can also add your Bitcoin address. People can copy your address and paste it into a Bitcoin wallet of their choice to send you a payment directly.

Commenting on Barter’s inclusion as a payment provider to Tips, CEO and Founder of Flutterwave, Olugbenga ‘GB’ Agboola said, “As a frequent Twitter user, creators, artists and businesses add immense value to my experience on the platform —creating an avenue to reward or tip them is a good step in the right direction by Twitter. So we’re excited to be partnering with them to create a safe, fast and easy way to tip these amazing creators through Barter by Flutterwave.

“We have the reach and abilities to enable creators from Africa to receive tips from parts of the world. I will likely be one of the biggest users of Tips, and that’s because it’s an awesome feature that has huge potential for the creator economy in Africa.”

Tayo Oviosu, the Founder and CEO of Paga, said, “Our mission at Paga is to simplify payments for individuals and businesses. Through this partnership with Twitter, via Tips, we can create an effective way for Creators to get paid into their Paga accounts, directly from Twitter.

“As an avid Twitter user, I’m thrilled about this partnership. Creators are a key demographic we are building for at Paga, and this partnership allows us to enable them to effectively monetize their work. We are really excited about solving payments in the most innovative ways, especially with companies such as Twitter”.

Through the payment partner interface, people will be able to support individuals and organizations across Nigeria and the sub-Saharan region via multiple modes of payment including UPI, credit and debit cards, net banking, wallets and more.

The inclusion of additional payment providers to Twitter’s Tips feature represents an expansion of access to pathways for people on the continent to get paid, as Twitter expands its Africa presence since setting up operations in Ghana.

It also marks a major step in Digital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible.

 


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E-Financial

Naira Gains Strength, Hits N1,600/$ in Parallel Market

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The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.

Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.

As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.


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E-Financial

CBN Spending on Naira Printing, Distribution up by 306 Percent

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Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.

CBN Spending on Naira Printing, Distribution up by 306 Percent

Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.

The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.

The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.

Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.

Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.

Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.

Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.


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E-Financial

PalmPay Reaffirms Commitment to Advancing Contactless Payments

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PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.

This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.

Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.

He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.

“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”

PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.

This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.

 


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