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Experts to Discuss Trust, Security and Privacy in AI Era @ Payments Forum Nigeria 1.0

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Financial industry experts are warming up for the first edition of Payments Forum Nigeria (PAFON), scheduled for the first quarter of this year.

The Payments Forum Nigeria is a cross-industry platform focused on addressing issues that require broad cooperation and coordination across many constituents in the payments industry.

Payments Forum Nigeria which will take place at Oriental Hotel, Lekki Road, Lagos on Thursday March 21, 2024, by 9am, aims at providing an inside-look at the industry, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers and payment processors.

Throughout the years, the finance world has shifted into something much more than just banking and big corporations.

Blockchain and the FinTech society have managed to create a new world that is much more inclusive, and full of opportunities.

Based on a report by Gartner, by 2024, 40% of privacy compliance technology will rely on AI, up from 5% in 2019, and by 2025, 60% of large organizations will use at least one privacy-enhancing computation technique in analytics, business intelligence, or cloud computing, and financial services industry is not exempted.

For instance, effective April 2024, Nigerian financial institutions will be mandated to implement stricter Know Your Customer (KYC) measures, requiring all customers to provide their Bank Verification Number or a national identification number (NIN) for account or wallet opening, following a circular by the Central Bank of Nigeria.

“Our goal is to enable information exchange and knowledge sharing on key industry insights issues amongst key stakeholders, with the objective of ensuring a collaborative and proactive approach to push for policies that enable growth, tackling/mitigating fraud and limiting occurrences and losses”, said Mr. Chike Onwuegbuchi, the co-founder of TechCastle Foundation, organisers of Payment Forum Nigeria (PAFON).

He said that the Forum is driven by the reasons to; “educate and inform financial service players and other stakeholders on various issues and trends (both locally and globally); proactively share data/information amongst banks, Fintechs and other service providers, to enable prompt responses to prevent and/or limit (customer-related) losses; and discuss key Payments security trends”.

“Speakers will be drawn among industry players such as banks, Fintechs, mobile money operators, blockchain experts, Cybersecurity, etc., as we expect attendees from the Central Bank of Nigeria (CBN); e-Banking Heads; Chief Compliance Officers of banks in Nigeria; Chief Internal Auditors of banks in Nigeria; Office of The National Security Adviser; Switching companies; the Economic and Financial Crimes Commission; Licensed Mobile Payment Operators; Electronic Payments Providers; Information Security Experts; Consumer Protection; Financial Policy and Regulation; Information Technology; Legal Services; Banking Supervision; Corporate Communication; Shared Services Office; Blockchain Security Experts, etc”, he added.

For participation and sponsorship, please contact: Mr. Chike Onwuegbuchi via: 08123355522 or Peter Oluka: 08184346261 or email: africaTechAllianceForum@gmail.com.


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E-Financial

West Africa Emerging as Crypto Adoption Epicentre- SEC Boss

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West Africa is fast emerging as a global epicentre for virtual asset adoption, propelled by a young, tech-savvy population and macroeconomic instability, according to Dr. Emomotimi Agama, director-general, Securities and Exchange Commission (SEC) Nigeria.

West Africa Emerging as Crypto Adoption Epicentre- SEC Boss

Dr. Emomotimi Agama, DG, SEC

Speaking at the West Africa Compliance Summit organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in Praia, Cape Verde, Dr. Agama warned that while the region’s embrace of digital currencies is accelerating, the absence of coordinated regulation leaves it vulnerable to financial crimes and illicit capital flows.

“With over 60 percent of West Africa’s population under the age of 25 and mobile-first fintech platforms thriving, the region has become a global hotspot for virtual asset adoption,” he said. “But we must act decisively. Regulation is not optional, it is an imperative.”

The summit, themed “Adapting and Thriving in a Complex and Evolving Compliance Landscape,” brought together financial regulators, compliance professionals, and security experts to explore the challenges posed by the rapid rise of virtual assets and decentralised finance (DeFi).

Dr. Agama disclosed that crypto transactions in Nigeria alone surpassed $56 billion in 2024, with citizens increasingly turning to stablecoins such as USDT and USDC to hedge against volatile local currencies.

He highlighted the growing trend of “crypto-dollarisation,” noting that young professionals now demand salaries in stablecoins, while businesses are adopting platforms like Binance Pay for cross-border transactions.

“The naira’s depreciation, Ghana’s cedi weakness, and persistent forex shortages have fueled this shift,” he explained.

“Traditional remittance channels charge up to 10 percent in fees, while cryptocurrencies offer faster and cheaper alternatives. Over $20 billion in remittances flowed into West Africa last year through crypto channels.”

However, he also cautioned that the same innovations driving financial efficiency are increasingly being exploited by fraudsters and criminal actors.

He cited GIABA’s report of $2.1 billion in suspicious crypto-related transactions across West Africa in 2024 alone, including the use of privacy coins by terror financiers to evade detection.

“Unregulated exchanges, artificial market crashes, DeFi ‘rug pulls,’ and Ponzi schemes have wiped out billions in investor funds,” he said. “The recent collapse of the CBEX Ponzi platform is just one of many such incidents. Strong regulation and regional coordination are the only path forward.”

Dr. Agama pointed to Nigeria’s recent legislative progress, especially the enactment of the Investment and Securities Act 2025, which formally classifies virtual assets—including cryptocurrencies, stablecoins, utility tokens, and NFTs—as securities under Section 355(4) and Part I of the Second Schedule.

“Under the new law, all exchanges, wallets, and DeFi platforms must be licensed by the SEC,” he stated.

“We’ve also established a Fintech and Innovation Department to facilitate ongoing dialogue with industry stakeholders and adapt our regulations to emerging realities.”

He called on West African governments to harmonise regulatory frameworks and strengthen intelligence-sharing, proposing a Unified Virtual Asset Service Provider (VASP) Licensing System under the ECOWAS framework.

“A crypto trader banned in Nigeria should not find safe haven in Ghana,” he asserted.

“Financial crime knows no borders. Our collective future depends on our ability to secure this emerging financial frontier.”

 

 

 

 

 

 


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E-Financial

Banks Stops Instant Alerts for Cheques Pending Clearance

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Banks in the country have begun suspending instant transaction alerts for cheques drawn from other banks until such cheques are fully cleared.

Banks Stops Instant Alerts for Cheques Pending Clearance

This is in compliance with a recent directive from the Central Bank of Nigeria (CBN).

This new policy affects customers who receive cheques from other banks, signaling a major change in how cheque payments are confirmed.

According to the CBN directive, the move is intended to prevent confusion around the status of cheque payments and to curb premature release of goods and services before the actual receipt of funds.

In an email sent to its customers, Access Bank stated that moving forward, alerts for cheques deposited into accounts will only be sent after the cheque has been completely processed.

This is to notify you of the recent directive by the CBN which requires banks to send transaction alerts on payments of other bank cheque only upon cheque clearance.

This means that you would only receive alerts for other banks’ cheques paid into your account after the cheque has been fully processed, that is, after the funds are paid into your account or if the cheque is unpaid and and returned from the other bank.

As a result of this new directive, you will no longer receive alerts for cheques lodged into your account until the cheque is cleared or returned”, the bank stated.

Access Bank also advised customers to monitor their accounts through other available channels such as the AccessMore app, internet banking platforms, PrimusPlus, and the USSD service *901# to stay updated on the status of their cheque deposits.

To track your transactions and ensure you do not part with your goods and services prior to payment. Please use our other channels; Accessmore, Internet banking, PrimusPlus, *901#.

We remain committed to delivering seamless and secure banking services to you always”, it said.

The CBN’s directive is designed to protect both payees and payers by ensuring that goods or services are not exchanged before the actual payment has been confirmed.

Previously, customers often received immediate alerts once a cheque was lodged, leading to confusion when the cheque was later dishonoured.

A banking industry insider commented, “This change is critical in promoting financial discipline. It safeguards businesses from losses due to bounced cheques and helps maintain the integrity of cheque payments.”

While digital payment methods are on the rise in Nigeria, cheques still remain a significant payment instrument in various sectors, particularly in wholesale trade and business-to-business transactions.

The apex bank’s new guideline is expected to strengthen trust in cheque transactions by ensuring that payment confirmations are accurate and timely.

As the financial ecosystem evolves, this move is one among several measures aimed at enhancing the safety and reliability of banking transactions across Nigeria.

 

Credit: Daily Sun

 

 


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E-Financial

Sterling HoldCo Delivers Stellar H1 2025 Results; Capital Raise Strategy Gains Momentum

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Yemi Odubiyi
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Sterling Financial Holdings Company Plc (“Sterling HoldCo”) has reported a remarkable 157% year-on-year growth in profit-after-tax, hitting ₦41.78 billion for the half-year ended June 30, 2025. This jump from ₦16.26 billion in H1 2024 reflects the Group’s strategic excellence and operational resilience.

Yemi Odubiyi

Yemi Odubiyi

Profit after tax rose to ₦41.78 billion, while earnings per share climbed to 89 Kobo from 56 Kobo in the prior period. Gross earnings increased by 39.7%, reaching ₦212.61 billion. Interest income grew by 38.3% to ₦167.16 billion, and non-interest income surged 45% to ₦45.45 billion.

The Group’s cost-to-income ratio also improved significantly, declining from 75.7% to 64.5%, thanks to focused cost optimisation.

Sterling HoldCo’s total assets increased to ₦4.08 trillion as of June 2025, up 15.3% from ₦3.54 trillion in December 2024. Shareholders’ funds rose by 22.9% during the period, driven by strong retained earnings and successful recapitalisation. Asset quality also improved, with the non-performing loan ratio down to 5.1% from 5.4%.

Building on its financial strength, the Group completed a ₦100 billion private placement and rights issue, which enabled the recapitalisation of Alternative Bank and bolstered Sterling Bank’s capital base. A public offer to raise an additional ₦53 billion is set to launch in the coming weeks, forming the first phase of a US$400 million capital programme approved at the Group’s Annual General Meeting on June 30, 2025.

Group CEO Yemi Odubiyi attributed the half-year performance to strategic clarity and operational agility, noting that the results reflect resilience and value creation in a dynamic macroeconomic environment.

He reiterated the Group’s commitment to responsible growth, sustainable impact, and continued investment in Nigeria’s growth sectors, including renewable energy, healthcare, and community development.

Sterling HoldCo remains focused on leveraging its robust capital strategy to fuel long-term expansion, innovate across its financial services, and deepen its contribution to Nigeria’s economic progress.


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