E-Financial
How PalmPay Empowers MSME Business Growth with Innovative Business Offering

The banking sector is experiencing a significant and positive shift, with PalmPay leading the charge. As a prominent fintech innovator, PalmPay is making waves in business banking solutions and agent banking.
Boasting a robust network of over 1.1 million Agents and Merchants, PalmPay is committed to enhancing financial accessibility across Nigeria.
PalmPay is celebrated for its secure digital payment solutions, offering a comprehensive range of tools such as the PalmPay Business app, Point of Sale (POS) machines, and Pay With Transfer. These tools simplify payment acceptance and business management for enterprises of all sizes, providing exceptional ease and security.
Agents and Merchants have recounted the fact that PalmPay has one of the best POS networks, which boasts a 99.5% success rate and ensures same-day settlement of transactions. This reliability supports efficient, high-quality, and secure service, underscoring the adage that time is money. As a result, businesses benefit from more successful transactions and increased revenue.
The Pay With Transfer feature has particularly resonated with MSMEs, contributing to a high user retention rate of 75%, with over 40 million Nigerians—about one in five—relying on PalmPay for their monthly shopping and utility payments.
To foster MSME growth, PalmPay has launched an initiative where Merchants receive a complimentary POS device upon achieving a minimum monthly sales volume of 5 million. This scheme provides a valuable payment channel at no cost to business owners.
PalmPay’s transparent fee structure, based on daily transaction volume, ensures fairness. For withdrawals between N1 and N20,000, a 0.5% fee applies, while transactions above N20,000 incur a flat fee of N100. Transfers between PalmPay agent accounts are free, and transfers to other banks are subject to a flat fee of N20, with the added benefit of up to N6 cashback per transfer.
PalmPay’s business suite stands out with industry-leading cashback rates of 0.1% on every transaction. For example, a N20,000 withdrawal yields a N20 cashback, effectively reducing the fee rate to 0.4% and the actual cap fee to N80.
Furthermore, the proactive approach to supporting community businesses includes a dedicated team of relationship managers who offer swift resolution of transaction issues and valuable guidance to promote business growth.
PalmPay’s advancement in business banking exemplifies innovation and inclusivity. It is dedicated to facilitating smooth payments, advancing local business growth, and enhancing consumer experiences.
As a licensed Mobile Money Operator (MMO) regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC), PalmPay is firmly established as a trailblazer in the digital transformation of the financial sector.
E-Financial
Banks Reopen Naira Card Payments for International Tuition Fees

Nigerian banks have resumed processing international tuition payments from Naira accounts through the Central Bank of Nigeria (CBN)’s Form A portal.
Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade).
The form allows customers to purchase foreign exchange at the CBN or interbank rate to make payments for eligible services as predetermined by the foreign exchange manual.
This development comes a month after commercial banks announced the resumption of international transactions on their naira cards.
In an email to customers, Guaranty Trust Bank Limited (GTBank) and Lotus Bank announced that the service is now available for applicants paying undergraduate and postgraduate tuition fees abroad.
“Pay international tuition fees directly from your Naira account,” the notice from GTBank read.
To access the service, customers are required to register and submit their applications via the Trade System Portal at www.tradesystem.gov.ng.
GTBank explained: “Select the ‘Form A’ application for Educational Fees. Choose GTBank as the processing bank, attach required documents, and submit the application.”
Similarly, Lotus Bank stated, “Register on the Trade System Portal. Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application.”
In a similar notice, Lotus Bank also informed customers of processing international fees using its facility.
“Register on the Trade System Portal (www.tradesystem.gov.ng). Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application,” the bank said.
In 2022, Nigerian banks said international school fees and upkeep requests via Form A will be processed within 120 days due to forex scarcity at the time.
E-Financial
Safaricom, PayPal Collaborate to Link Mobile Money with Online Payments

Safaricom, M-PESA and PayPal have announced a strategic collaboration to enable account linking and seamless fund transfers across their networks.
This collaboration aims to empower more than 35 million M-PESA customers and two million businesses and micro traders in Kenya to access PayPal’s global network.
By first linking their PayPal and M-PESA wallets, users can easily transfer funds from their PayPal accounts into their M-PESA wallets, and vice versa. This service is designed to enhance the experience for customers and businesses transacting between the two platforms.
The solution is currently available to Safaricom M-PESA customers in Kenya, with plans to roll out the service to the other M-PESA markets in the future.
“As globalization and digitization continue to reshape how people and businesses connect, our partnership with PayPal is a bold step forward in enabling seamless, worry-free, safe, secure, and inclusive digital payments.
“This collaboration empowers over thirty-five million customers and two million businesses and micro-entrepreneurs across Kenya to participate in the global digital economy by conveniently sending and receiving payments across more than 200 markets. It’s part of our commitment to unlocking opportunities and transforming lives through the power of M-PESA,” said Esther Waititu, Chief Financial Services Officer, Safaricom PLC.
“Building seamless connections between the global economy and local financial ecosystems is crucial to expanding digital financial inclusion,” said Otto Williams, Regional Head and General Manager for the Middle East and Africa, PayPal. “We are thrilled to enable millions of M-PESA’s customers across Africa connect more easily to PayPal’s international customer base.”
For 18 years, M-PESA has driven financial inclusion and bridged the digital divide. With M-PESA Kadogo, introduced in 2016, Safaricom waived fees for transactions of Kshs 100 and below, making digital payments more accessible. Now, through Ziidi MMF, customers can invest from as little as Kshs 100, promoting a culture of saving and financial wellness.
The partnership will tap into the emergence and growing popularity of the gig economy that has seen a rise among Africans accepting online jobs for clients across the world.
It equally marks a growing trend of interoperability between fintech providers with a goal of providing customers with a digital financial ecosystem that meets their needs by combining different capabilities.
PayPal is a leading global payment processor with more than 400 million active PayPal accounts operating across 200 markets, while M-PESA is Africa’s leading mobile money service connecting more than 50 million customers across Africa, 2 million businesses and micro traders, with more than $1.1 billion transacted daily.
E-Financial
FG Asks Banks to Report Individuals with N25m Monthly Transactions to FIRS

Federal government has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million for firms to the tax authorities.
Under the new provisions of the Nigerian Tax Act, financial institutions are required to submit quarterly returns to the Federal Inland Revenue Service (FIRS).
The agency will be renamed to the Nigeria Revenue Service (NRS) from January 2026, when the new tax system will take effect.
“Every person who has an obligation to deduct and remit tax under this Act or any other Returns for tax legislation shall render monthly returns to the appropriate tax authority, as specified deduction of tax in the regulation issued for that purpose,” the Act reads.
“Without prejudice to section 142 of this Act, every bank, insurance company, stock-broking firm, or any other financial institution, shall prepare, with or without demand be delivered by the relevant tax authority, quarterly returns to the relevant tax authority specifying the names and addresses of new customers;Nigerian fashion trends
“…and existing customers in the case of (i) an individual, all transactions where the cumulative transactions in a month amount to N25,000,000 or more, or (ii) a body corporate, all transactions where the cumulative transactions in a month amount to N100,000,000 or more.”
Prior to the new tax law, banks were mandated to report deposits of N5 million — a measure intended to curb illicit financial flows, according to TheCable
Experts said the shift is part of efforts to tighten anti-money laundering reporting in the financial sector.
In 2023, Nigeria was listed on the grey list by the Financial Action Task Force (FATF) over deficiencies in tackling money laundering and terrorism financing.
Since then, the country has been making efforts to exit the grey list, which subjects it to increased monitoring by the FATF.
In November 2024, Hafsat Bakari, chief executive officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), said Nigeria has achieved upgrades in five key recommendations from the FATF.
- E-Financial3 days ago
Union Bank Rewards Customers with ₦5 Million Each in Save and Win Palli Promo Season 4 Grand Finale
- E-Business3 days ago
Huawei Unveils AI Computing System to Challenge Nvidia’s Flagship Product
- E-Financial3 days ago
Edun, Finance Minister Inaugurates NDIC New Management
- News3 days ago
Lawyers Drags NLS to Court for Alleged Election Fraud, Data Violation
- Telecom2 days ago
Glo Boosts Network Capacity for Enhanced Customer Experience
- General News3 days ago
New Tax Law Empowers NRS to Fine Offenders up to N10m
- News2 days ago
Transcorp Power Posts Strong Half-Year Profit, Declares ₦11.25Bn Dividend
- Broadcasting3 days ago
Court Upholds AVRS Legal Rights to Licence Audiovisual Works in Hotels