E-Financial
Visa, LSETF to Digitize Payments for MSMEs

Visa, the global leader in payments, said it will launch the Cashless Lagos Hackathon in partnership with Lagos Innovates, an initiative of the Lagos State Employment Trust Fund (LSETF) as part its efforts to educate and enable Nigerians to reduce their reliance on cash.
The three-day event, which is scheduled to hold from 14 September until 16 September, will seek to digitize payments for Micro, Small and Medium Enterprises (MSMEs) and will be delivered by Passion Incubator (www.passionincubator.ng). The hackathon is open to software developers, programmers, coders, data specialists and designers who have the capacity to create lasting technology based financial solutions for MSMEs who are beneficiaries of LSETF.
Participants can access lagosinnovates.ng/hackathon for details on the hackathon and have until 11 September 2018 to submit their applications. Selected applicants will meet with the MSMEs on the first day of the hackathon to understand their pain points before the commencement of the hackathon.
Through the hackathon, participants are required to come up with solutions that would allow the business owners to receive payments, make bulk purchases and keep inventory of their transactions, thereby allowing access to bank loans and government grants.
Kemi Okusanya, Country Manager, Visa West Africa said; “This partnership is part of our strategy to help merchants become more financially responsible. What makes this hackathon unique is that it encourages Nigerians to develop locally relevant solutions, tailored for their specific environment and needs. We are always looking to support innovative programmes that can better equip individuals to manage their money more effectively, and these solutions will achieve that.”
Six teams will present their ideas to the judging panel constituted of representatives from a cross section of business and payments experts drawn from the public and private sectors. Three finalists will be selected based on impact, design, innovation, and customer validation. The winning teams will receive ₦2million, ₦1million and ₦500,000 grants respectively to be used for the development of the solutions, courtesy of Visa.
Commenting on the partnership, Akintunde Oyebode, executive secretary LSETF, said; “We are pleased to have Visa on board with us for the second edition of our Hackathon. Lagos State is the economic capital of Nigeria and the home of Africa’s leading startups. Our partnership with Visa puts us in a unique position to help uncover, support and apply emerging technologies to some of the biggest transaction challenges faced by entrepreneurs. We are excited by the possibility of leveraging technology, especially digital channels to improve our current cash-based economy”.
E-Financial
Naira Gains Strength, Hits N1,600/$ in Parallel Market

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.
E-Financial
CBN Spending on Naira Printing, Distribution up by 306 Percent

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.
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.
E-Financial
PalmPay Reaffirms Commitment to Advancing Contactless Payments

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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