E-Financial
CBN Reiterates Need to Secure Payment Systems

Central Bank of Nigeria (CBN) has reiterated the need to secure payment systems in the country stem fraudulent activities in the financial sector.
Mr Dipo Fatokun, Director, Banking and Payment Department, CBN, stated this while presenting a keynote address on emerging regulations to protect online, mobile and payment services in Abuja.
The workshop, organised by Maxut Consulting Experts and Vasco Data Security in collaboration with the CBN was centered on the emerging trends in banking and payment systems and regulatory and security implications.
Fatokun said there was the need for continuous effort by stakeholders to develop efficient, reliable and electronic payment systems in the country.
According to him, one of the key tasks of the CBN is to promote the smooth operations of an efficient payment system, which is core to the financial stability of any country.
He said payment systems had important implications for monetary policy implementation and efficiency of the economy.
“To achieve broad objectives of the Payments System, CBN develops and regulates the implementation of regulation to facilitate the growth of initiatives that will harmonise payment operations in the country.
“In its regulatory role, the CBN is careful to approach the dynamic of payment systems policy creation as a delicate balance in order not to stifle innovation and growth in the payment systems.
“In addition, the bank has developed a financial inclusion strategy, the PSV 2020 Vision and cash-less policy drive with specific targets and timelines.
“The sustenance of these initiatives will ensure that financial services are provided at affordable costs to sections of disadvantaged and low-income segments of the society.’’
Fatokun explained that because of the emergence of new technologies, there was a continuous need to update payments system regulation as a result of its dynamic and ever changing nature.
“Technological developments have led to disruptive innovations by financial Technology (FinTech) companies in the financial system.”
These innovations have facilitated the expansion of electronic payments and helped in providing financial services to previously unreached groups.
He said the CBN had tried to incorporate all service providers into the regulatory space but some preferred to remain in the unregulated space due to perceived difficulties of licensing and regulation.
He further said that the participation of the apex bank in the workshop would enhance the knowledge of staff on the operations of non-financial service providers in the payments system.
Fatokun urged banks in the country to ensure standardisation in all transactions while making available their Application Programming Interphase (API).
API is a set of functions and procedures that allows access to data or a service in order to provide greater functionality to the application user.
He said banks had been directed to make their APIs available to FinTechs but Nigerian banks would fully implement this when implications of its availability was fully understood.
Earlier, Mr Micheal Odusami, the President, Maxut Consulting said the workshop would ensure the apex bank was abreast with the current trends and future of the industry.
Odusami said the workshop would also expose the country to what was obtainable from different parts of the World in the sector as some countries were a little more advanced than us.
“They are already putting regulations in place to address some banking issues and sharing them here will see how some of the stuff we are already doing will help us.
On the level of online security risk in the country, Odusami said a lot of the challenges faced was around social engineering, people impersonating other people and so on.
He said that majority of the fraud recorded within the country was carried out by people inside the system itself, “people that know how the system works and they compromise it’’.
He commended efforts by the CBN toward ensuring the mitigation of fraud in the banking sector but added that a lot still needed to be done to secure transactions in the sector.
E-Financial
Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards

Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.
This is coming nearly three years of suspension.
United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.
In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.
“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.
“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.
E-Financial
Flutterwave Secures 20 more US Money Transmitter Licences

Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).
This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.
Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.
Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.
Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.
Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.
This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.
Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”
Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.
E-Financial
Court Affirms NIBSS Authority to Manage BVN

Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.
This is according to a judgment delivered by Justice James Omotosho on Friday.
Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.
This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.
However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.
“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.
“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.
“The court grants the reliefs of NIBSS as prayed,” he stated.
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