E-Financial
Upperlink to Provide State Govts with Improved TSA Solutions

Upperlink Limited, has shown its readiness to provide state governments with an improved Treasury Single Account [TSA] solutions, even as the company have won the 2019 edition of Central Bank of Nigeria [CBN]’s Electronic Payment Incentive Scheme (EPIS) Efficiency Awards recently.
The CBN organised the awards to celebrate financial institutions, fintech firms and other stakeholders who are in the forefront of driving electronic payments in Nigeria.
A statement signed by the MD/CEO of the company, Mr. Segun Akano said the company “is passionate about helping state governments with improved TSA solutions as the conversation with some of the states’ ministry of finance have shown that they want an improved TSA over what the federal government is currently implementing”.
He explained that the award-winning e-payment solution, PayChoice-BAMS, is an improved TSA platform, as it keeps all accounts in different banks but “the aggregate balance is visible on one window”.
According to Akano, this window gives the states government full control over their funds by “allowing sweeping across banks or across accounts. It provides trend analysis about in-and-out movements in each account across all the banks”.
In its fourth year, the CBN awards are based on objective analysis of all electronic-payments data collated by the Nigeria Interbank Settlement Systems (NIBSS) over a full calendar year.
Upperlink emerged winner in the Cashless Driver Award: Non-Bank Payment Operator Award – Payment Solution Service Providers (PSSP) category.
“We are proud to be recognized by the CBN for our efforts in driving excellence in electronic payments and providing our clients with a superior non-banking experience across digital touch-points.
“The award serves as extra motivation for us and we will continue to find new and exciting ways to delight our clients in digital payment solutions”, Akano said.
He explained that the platform makes disbursement easy to vendors, contractors and to pay staff salaries while allowing the tax components and other deductibles of all payments to be remitted seamlessly in real time to the respective beneficiaries.
“Our PayChoice-BAMS platform helps users to carry out transactions in real-time while observing all the protocols pertaining to signatories and mandates of the state in a secured manner”.
He added that the platform has become so valuable to state governments because it allows the states to keep their trade obligations with the respective banks.
“The ripple effects are that the banks that have set up branches in these states remain in business, keep their staff, and even employ more indigenes to improve the economy of the state, enhance payee and boost micro economic activities”, he emphasised.
He informed that blue chips in the oil and gas, manufacturing and services sectors that maintain accounts across multiple banks have found PayChoice-BAMS useful.
“Its key functionalities have proven invaluable for many chief financial controllers who are seeking the ability to view all the company accounts across the multiple banks through one single view, make multiple transactions, track balances in real-time, generate statistics and prepare payment data analytics for the management team”, he said.
E-Financial
SEC Working on Stablecoin Regulation Framework

Securities and Exchange Commission (SEC) is working with developers to establish a regulatory framework for stablecoins, according to Dr. Emomotimi Agama, director-general, SEC.
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.
E-Financial
CBN Issues Transitional Guidance, Says Banks are Healthy

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.
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.
E-Financial
Loan Defaulters Risk Denial of Passport Renewal, Others- CREDICORP

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.
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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