News
eNaira Transactions Hit 700,000 @ Value of N8bn

Godwin Emefiele, the Governor of the Central Bank of Nigeria, says the eNaira has recorded 700,000 transactions valued at N8 billion since its inauguration on Oct. 25, 2021.
Emefiele said this yesterday in Abuja, at the 28th edition of the apex bank’s annual In-house Executive Seminar with the theme, ‘Digitalisation of Money and Monetary Policy in Nigeria’.
He was represented by the Deputy Governor, Financial System Stability, CBN, Aisha Ahmad.
The eNaira, CBN’s version of the Central Bank Digital Currency, was inaugurated by the President, Major General Muhammadu Buhari (retd.), on Oct. 25, 2021.
According to Emefiele, the eNaira was developed to broaden the payment possibilities of Nigerians, foster digital financial inclusion, with potential for fast-tracking intergovernmental and social transfers, capital flow and remittances.
He said the eNaira had been globally acclaimed as a success story. “Since its launch, a total of N8 billion, consisting of over 700,000 transactions has passed through the eNaira platform.
“As part of the CBN’s effort to further integrate and broaden the usage of the eNaira, it was assigned an Unstructured Supplementary Service Data (USSD) code, enabling payments by simply dialling *997# on a mobile phone.
“I am proud to announce to you today that the eNaira has been attracting accolades across the globe as a monumental success.
“It topped the charts on retail CBDCs projects globally, as at April (PwC, 2022) and several central banks across the globe have been requesting our success template on the eNaira,” he said.
He said the story of the eNaira had been one of courage, persistence and commitment to explore new frontiers and possibilities.
He added that, as part of the digitisation drive, the apex bank had taken transformational steps in entrenching a culture of “big data” and data analytics, as tools for effective policy making.
“To this end, the CBN Data Architecture Project (CeDAP), code-named ‘Project OXYGEN’ was commissioned, with the objectives of providing a repository of a variety of data from different sources,” he said.
The CBN governor said considerable gains had been achieved on boosting financial inclusion in Nigeria.
He added that at 64.0 per cent, the inclusion rate slowed down the digital transformation wheel, as all citizens must be carried along to optimise the gains of a digital economy.
“While cash-based transactions have declined significantly in the last decade, it is still the dominant means of payment, amidst a large informal sector.
“Nigeria boasts of one of the fastest growing FinTech ecosystems in Africa, with the industry projected to grow by 12 per cent annually.
“But the technological space is still maturing, with limited market size, funding and venture capitalists, access to baseline technologies, and skills, as common features, ” he said.
Also speaking, Dr Kingsley Obiora, Deputy Governor, Economic Policy, the CBN, said that the seminar was an annual platform to brainstorm on topical economic issues.
Obiora said that the intention was to proffer policy options for the consideration of management of the CBN.
“Through the past years, the seminar has lived up to its expectations by providing significant inputs towards improving management’s decisions.
News
UK Minister for Africa Visits Nigeria to Deepen Strategic Partnership

The United Kingdom’s Minister for Africa, Lord Collins of Highbury, has concluded a three-day visit to Nigeria, aimed at reinforcing the UK-Nigeria Strategic Partnership.
He reaffirmed the UK Government’s strong commitment to deepening trade and investment ties between the United Kingdom and Nigeria.
During his visit, Lord Collins met with senior Nigerian government officials, business leaders, civil society representatives and United Nations agencies.
These engagements underlined the UK’s long-term drive to support Nigeria’s prosperity and stability while deepening bilateral cooperation for transformative growth across our shared priorities.
A key highlight of the visit was Lord Collin’s bilateral meeting with Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, in which both parties reaffirmed their unwavering commitment to strengthening economic ties and promoting regional security. The Minister was joined by the UK’s Trade Envoy to Nigeria, Florence Eshalomi MP.
Lord Collins also met with Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, and discussions focused on opportunities to strengthen engagement between UK’s parliament and Nigeria’s National Assembly and the importance of furthering women’s participation in politics.
Speaking on his visit, the UK Government’s Minister for Africa, Lord Collins said: “Nigeria and the UK share a rich, ambitious relationship: one that is deeply rooted in respect.
“Our Strategic Partnership is at the forefront of this, and my visit has focused on how our countries can continue deepening our cooperation on key issues such as trade and investment to drive economic growth and deliver prosperity for us all.”
The Minister held discussions with United Nations representatives on the ongoing reform of the UN system, its implications for Nigeria and how the reform can effectively support those most in need, particularly in Northeast Nigeria, whilst also contributing to global humanitarian efforts.
Lord Collins also met with civil society leaders to discuss electoral integrity and governance reforms, reinforcing the UK’s commitment to democratic values and community empowerment.
He later visited Nigeria’s Anti-Kidnap Fusion Cell: a key security initiative supported by UK expertise through the National Crime Agency and the Integrated Security Fund, which plays a vital role in enhancing local safety and combating serious crime.
Also commenting on the visit, the British High Commissioner to Nigeria, Dr Richard Montgomery, said: “Driving growth is central to the UK’s foreign and development policy. Lord Collins’ visit to Nigeria underscores the UK’s unwavering commitment to deepening our shared prosperity through expanded trade and investment. We are proud to stand alongside Nigeria as it forges a resilient and dynamic economy.”
This visit underscores the UK’s enduring partnership with Nigeria – built on mutual respect, shared goals, and a vision for a prosperous future for both nations.
News
PalmPay Launches CSR Initiatives to Empower Women, Foster Financial Literacy in Northern Nigeria

In a strategic move to expand financial inclusion in Nigeria, leading mobile banking platform, PalmPay has launched a series of CSR programs across Kano and Kaduna. The CSR initiative named “Passing the Baton” represents the brand’s commitment to passing on knowledge and providing the resources individuals and businesses need to achieve financial independence and drive economic empowerment.
This initiative is a bold move by PalmPay to bridge the opportunity gap in the North by providing financial literacy training and micro-business branding support to 5,000 women-owned businesses in Kano and Kaduna. This strategic initiative reaffirms PalmPay’s commitment to inclusive development and economic empowerment, particularly in underserved regions.
“At PalmPay, we believe that real financial inclusion must be far reaching and cover the grassroots,” said Chika Nwosu, Managing Director of PalmPay. “Our new CSR program is focused on supporting gender equity by equipping women with the knowledge, tools, and visibility they need to thrive as entrepreneurs in their communities.”
Through this initiative, beneficiaries will receive free health insurance, hands-on training workshops, enhanced store branding to boost visibility, and branded merchandise to strengthen their business presence.
The initiative is part of PalmPay’s broader strategy to extend its innovative solutions, expand its footprint in Northern Nigeria, while building sustainable partnerships with local stakeholders for long-term impact.
In a show of support, His Royal Highness, the Emir of Kano, Dr. Muhammadu Sanusi II, has endorsed the initiative, calling on other stakeholders to join forces with PalmPay in ensuring the North benefits fully from the growing digital economy. PalmPay has received commendation from community stakeholders, as the initiative aims to serve as a model for similar projects across other northern states.
As PalmPay continues to scale across Nigeria, the company remains committed to bridging the financial inclusion gap and empowering underserved groups, particularly women and youth, through its innovative solutions and impact initiatives.
News
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