E-Financial
First Bank Rewards Customers for Using Payment Platform

First Bank of Nigeria has said the bank’s ongoing Visa on mobile (QR) payment promo will reward customers with various discounts for using the QR payment on the FirstMobile App while carrying out transactions with select partner merchants.
In a statement, the bank said the promo would end by the end of February.
It stated, “The Visa QR payment on First Bank’s Firstmobile is a smart and convenient way to carry out transactions without the use of cards. All that is needed is for the customer to have a Firstmobile (the FirstBank mobile banking application) installed on his or her phone.”
The statement said, “To carry out Visa on mobile (QR) payment, the customer opens the mobile app (Firstmobile), selects pay with QR code, scans the displayed QR code at the merchant location after which the merchant’s detail is displayed for a validation and enters the transaction amount and PIN on the FirstMobile App, then submits to consummate the transaction.”
E-Financial
UBA Launches *919# Advance Top-Up Feature for Instant Access to Customers

United Bank for Africa (UBA) Plc, Africa’s Global Bank, has launched a new feature called Advance Top-Up on its USSD banking platform *919#, which is designed to provide instant access to airtime and data for its customers especially when they are out of call credit or disconnected from the internet.
The new feature which was unveiled at the UBA head office in Marina recently, allows customers to borrow airtime or data directly from their mobile devices, offering a fast, dependable solution.
Shamsideen Fashola, group head, Retail and Digital Banking, UBA, who spoke during the official launch, described the feature as a timely addition to the bank’s digital offerings and a testament to the its customer-first approach.
“At UBA, we are constantly looking for ways to make banking and everyday services more accessible for our customers. With the launch of Advance Top-Up on our USSD platform, *919#, we are giving our customers the power to stay connected without interruption, regardless of time, location, or airtime balance,” Shamsideen said.
UBA’s Advance Top-Up which is now live on *919#, joins a wide range of services on the platform, which include airtime and data purchases, money transfers to UBA and other banks, account balance checks, card blocking and freezing, online transaction controls, bill payments, and more.
Fashola emphasised the simplicity and convenience of the solution, adding that “You don’t need to download an app or visit a data centre. Just dial *919#, follow the prompt, and you’re immediately connected. It’s simple, fast, and reliable.”
Alero Ladipo, Bank’s Group Head, Marketing and Corporate Communication, added that the feature was developed based on real feedback from customers and their evolving needs.
“Our users asked for a way to stay connected when they have no airtime, and as always, we have come up with a quick solution, right there on their phones, instantly, with no fuss, and no need for internet connectivity. Whether for emergency communications or business continuity, *919# puts instant connectivity in every customer’s hands,” she explained.
She explained that only recently, the bank unveiled its newly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empower small and Medium Scale Enterprises across Africa.
E-Financial
EFCC Recovers over N20Bn Stolen by Hackers from 6 Banks in Nigeria

Economic and Financial Crimes Commission (EFCC) has said that it has uncovered a series of cyberattacks targeting Nigerian banks, with six financial institutions falling victim to highly coordinated hacking efforts by cybercriminals.

Ola Olukoyede, chairman, EFCC
Ola Olukoyede, chairman, EFCC who disclosed this during an interview posted by TVC, asserted that the anti-graft agency has recovered billions of naira and launched a robust investigation into insider collusion fueling the fraud.
He stated that the attacks were not isolated incidents but part of a sophisticated operation involving both local and international actors.
Olukoyede confirmed that ₦9.7 billion, ₦6.7 billion, and ₦3.7 billion were successfully recovered in three separate cases, preventing what could have been catastrophic losses for the affected banks.
He lamented that the methods employed by the criminals are alarming, noting that they use specialised devices.
The perpetrators, often in collaboration with insiders within the banks, gain unauthorised access to internal banking platforms.
The EFCC boss added that once access is granted, an external accomplice—frequently operating from overseas locations such as Eastern Europe or the United States—takes over the bank’s systems remotely.
He highlighted that what makes these operations especially dangerous is the active participation of bank staff.
According to him, in all the cases investigated, the EFCC has found strong evidence of insider collusion, prompting the agency to call on bank executives to audit their internal processes and personnel.
He said, “One major crisis we may face in the near future—if we don’t act decisively, which we are already doing—is the escalating issue of bank fraud.
“As I speak to you now, about six banks have been hacked by young individuals. I won’t mention their names to protect their image. In one case, we were able to recover about ₦9.7 billion for a major bank.
In another, we recovered about ₦6.7 billion, and in a third case, ₦3.7 billion was saved. This is the kind of work we are currently doing.
“Here’s how the fraud typically happens: the perpetrators use a device which they connect to the bank’s system—often with the help of insiders, particularly some bank staff. Once this device is connected, a collaborator outside Nigeria—whether in Eastern Europe, America, or elsewhere—can remotely control the bank’s platform.
“Just like a bank officer can transfer funds in and out of an account, these criminals can also move billions of naira within seconds.
“They often distribute the stolen money across multiple customer accounts, gain back-end access to these accounts, and then move the funds into digital wallets or through POS terminals, withdraw the cash, and vanish.
“The alarming part is that many banks remain vulnerable to these attacks. However, it’s important to emphasize that these fraudulent activities are not the fault of the banks themselves, but rather of some complicit staff members.
“In every single case we’ve investigated, there has been clear evidence of insider involvement. That is why we have urged bank executives to look inward. These attacks cannot be successfully carried out without the active connivance of their staff.
“This issue has drawn our full attention at the EFCC. We are working tirelessly to combat it. However, because of the potential impact on public confidence and economic stability, we are deliberately not making too much noise about it. We do not want to trigger panic or a rush to withdraw funds.”
“Nonetheless, rest assured that we are on top of the situation,” he stated.
E-Financial
Court to Deliver Judgment in NIBSS’ Suit against CBN, Others over BVN Database Management

Federal High Court in Abuja on Monday, fixed July 4 for judgment in the suit filed by the Nigeria Inter-Bank Settlement System (NIBSS’) Plc against the Central Bank of Nigeria (CBN) and others.
NIBSS, in the suit, is seeking an order to prevent any institution from challenging its statutory authority to maintain and manage the Bank Verification Number (BVN) database in Nigeria.
Justice James Omotosho fixed the date after Babatunde Ige, lawyer to NIBSS, and Kofo Abdulsalam-Alada, CBN’s counsel, adopted their processes and presented their arguments for and against the suit.
NIBSS, through Ademolai Esan, SAN, its lawyer, had sued the Incorporated Trustees of Digital Rights Lawyers Initiative (ITDRLI), the CBN and the Attorney-General of the Federation (AGF) as 1st to 3rd defendants respectively.
NIBSS seeks a declaration that it is statutorily empowered to maintain and manage the BVN database.
It said this is pursuant to the Central Bank Act 2007, the Banks and Other Financial Institutions Act 2020, and the Revised Regulatory Framework for the Bank Verification Number (BVN) Operations and Watchlist for the Nigerian Banking Industry 2021.
“Pursuant to the provisions of the framework, NIBSS, as a designated participant in BVN operations, is statutorily authorised to manage and maintain the BVN database and ensure its seamless operation, among other functions,” it added.
It, therefore, accused ITDRLI (1st defendant) of filing multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and alleging that such management violates constitutional privacy rights.
However, ITDRLI denied the allegations in it court processes, asking the court to dismiss the suit.
Justice Omotosho had, on May 19, dismissed a motion for joinder filed by the Incorporated Trustees of Data Privacy Lawyers Association (DPLAN), describing it as “unmeritorious.”
When the matter was called on Monday, no lawyer appeared for ITDRLI and AGF, despite being served with hearing notices.
NIBSS counsel, Ige, in his argument, prayed the court to give judgment in favour of his client.
Abdulsalam-Alada, CBN lead counsel, however, drew the court’s attention to his counter affidavit filed on Feb. 11.
In the application, the lawyer urged the court to hold that NIBSS’ management of the BVN database is statutorily authorised, constitutionally justified and essential for maintaining the stability and security of Nigeria’s financial system.
“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,” he said.
He said the power of the apex financial system regulator to issue directives on BVN development was derived from the provisions of the CBN Act of 2007 and the Banks and Other Financial Institutions Act of 2020.
Abdulsalam-Alada submitted that the CBN had the power under Section 47(2) of the CBN Act to develop payment and settlement systems in Nigeria.
“Pursuant to this, NIBSS was established alongside all the other banks in Nigeria,” he stated.
He further said that the CBN Act empowers the apex bank to promote a sound financial system in Nigeria.
“We urge your Lordship to note that the introduction of the BVN in Nigeria is for the promotion of a sound financial system.
“The security of the deposits of the average Nigerians or even non-Nigerians who bank with banks in Nigeria is very key,” he added.
The lawyer, therefore, urged the court to consider the importance of the BVN framework and its operationalisation by NIBSS in holding that the plaintiff had the power to maintain the BVN database in Nigeria.
After hearing from the lawyers, Justice Omotosho adjourned the matter until July 4 for judgment.
BVN is a unique number that allows individual accounts to be verified across the Nigerian banking industry.
Besides, it is issued to every bank customer at enrolment and is linked to all of the customer’s bank accounts in the country.
- Telecom2 days ago
Telecom Subscribers Decline By 43m in One Year
- E-Business2 days ago
Nigeria Launches Cybercrime Team with Commonwealth, UK Support
- E-Financial2 days ago
SERAP Drags CBN to Court over Alleged Failure to Disclose LG Allocations
- Telecom2 days ago
NCC Orders Telcos to Compensate Subscribers for Outages More than 24 Hours
- General News2 days ago
HEDA Sues FG, Oil Giants over Alleged Unlawful Oil Licence Transfer
- Telecom2 days ago
IHS Nigeria, NSCDC Partner to Protect Telecoms Infrastructure
- Telecom19 hours ago
Engr. Ikechukwu Nnamani Receives Two Prestigious @ABoICT Awards
- Telecom2 days ago
Seun Dania Wins Double Honours as Alpha-Geek Clinches Top ICT Award