E-Financial
FintechNGR, Africa Fintech Network Call for Enhanced Collaboration and Innovation on Cross-Border Payments and Remittances

In a continued effort to drive innovation and collaboration within the fintech sector, the Fintech Association of Nigeria (FintechNGR), in partnership with the Africa Fintech Network (AFN), hosted an impactful webinar on August 20, 2024.
The event, themed “Scaling Cross-Border Payments and Remittances,” brought together industry leaders to discuss the challenges and opportunities in advancing cross-border financial transactions.
The webinar, which had average of about 200 participants, featured key insights from seasoned practitioners and experts from across Africa, Hong Kong and Singapore.
The dialogue covered the opportunities and challenges to scaling cross-border payments to boost livelihood and intra-Africa trade as well as trade between Africa and the rest of the world; leveraging the development in fintech and wider digital finance space.
Opening the event, Jacqualine Jumah, Director of Advocacy and Capacity Development at AfricaNenda, highlighted key trends in payment volumes across Africa.
She noted that the continent has witnessed a significant surge in digital payment volumes, driven by increased mobile penetration and the adoption of fintech solutions.
However, she cautioned that while the growth is encouraging, the continent must address infrastructural and regulatory challenges to sustain this upward trajectory.
On the pressing issues of fraud, data privacy, and the need for strategic partnerships across Africa; Abiodun Animashaun, Country Director of Chipper Cash, emphasized the critical need for robust anti-fraud measures in cross-border transactions.
He highlighted that the success of these measures relies heavily on global collaboration between the private and public sectors, stressing that this cooperation is essential for enhancing the security and efficiency of cross-border payments.
Similarly, Paul Li, President Hong Kong Fintech Industry Association, addressed the challenges posed by varying privacy laws on the international transfer of data.
He noted that while technology such as AI can significantly aid in fraud prevention, the infrastructure required for such solutions is often hampered by these regulatory differences.
Li, called for a more unified approach at the governmental level to facilitate smoother data transfers, suggesting that mobile based solutions and blockchain technology could offer more streamlined and secure alternatives for managing digital identities.
The event also shed light on the importance of strategic partnerships for financial institutions looking to expand across the African continent.
Ho Chee Wai, Lead Consultant at JFourth Solutions based in Singapore, advocated for collaboration with established players in target markets, noting that such partnerships are crucial for easing the complexities associated with regional expansion.
He emphasized that such alliances are not only beneficial for entering new markets but are also vital for accelerating the setup and operation of financial services across Africa.
Furthermore, the discussion highlighted the potential of a unified digital identity system in Africa. The panelists explored the use of mobile phones and biometric information to create blockchain-based ID tokens, which could significantly streamline Know Your Customer (KYC) processes.
They suggested this approach would be more efficient and secure compared to traditional ID methods, which often face significant logistical challenges.
Reflecting on the relevance of traditional platforms such as SWIFT, questions were raised as to the true benefits for intra-Africa trade given challenges such as the need for settlement in non-African currencies and the associated volatility in African currencies; significant declined in correspondent banking relationship between Africa and advanced economies; and the relatively high transaction costs.
The view held was that fintech solutions, specifically tailored to the African context, might offer more effective and innovative alternatives.
On the issue of cyber fraud and insurance, Animashaun pointed out the difficulties fintech companies face in obtaining affordable coverage, attributing this to the limited anti-fraud infrastructure.
He noted that insurance companies often struggle to offer reasonable rates, necessitating case-by-case negotiations by fintech firms.
Overall, the webinar underscored the need for continued dialogue, collaboration, and innovation to overcome the challenges in cross-border payments and remittances. It also set the stage for further discussions on blockchain technology, which will be explored in more depth during the upcoming Nigeria Fintech Week in October 2024.
These initiatives reaffirm FintechNGR and Africa Fintech Network’s commitment to fostering an innovation-driven environment not only in Nigeria, but across the entire Africa fintech ecosystem. By leveraging technology and strategic collaborations, both organizations continue to play a pivotal role in enhancing efficiency, security, and accessibility in the financial services 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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