E-Financial
MasterCard Debuts MSMEs Focused Acceptance Development Program in Nigeria
MasterCard has launched Nigeria’s first Micro, Small and Medium Enterprise (MSME) focused Acceptance Development Program that will extend the security and convenience of electronic payments to merchants and their customers who previously depended on cash to transact.
To kick off the program, MasterCard is partnering with First Bank of Nigeria and Guaranty Trust Bank Plc (GTBank) to roll out hundreds of Mobile Point of Sale (MPOS) devices to retailers including Fast Moving Consumer Goods outlets, grocers and leading online stores allowing them to process debit, prepaid and credit card transactions by using a smartphone connected to a secure card reader.
“MSMEs are an important sector in our economy, representing 95% of registered businesses in Nigeria. However, nearly 98 percent of all MSME transactions are still made with cash,” said Omokehinde Ojomuyide, vice president and area business head, MasterCard, West Africa.
“Using innovative payment technology, this program will help MSMEs reduce the costs of cash, increase sales, grow their customer base and improve cash flow, while making it easier and safer for their customers to pay.”
The MPOS solution comprises a MPOS payments application and a physical card reader with a secure PIN pad for PIN entry that connects to the merchant’s smartphone using Bluetooth.
This negates the need for merchants to access a fixed data or telephone line, and helps them to overcome connectivity challenges as the devices use a range of data connectivity options including EDGE, 2G, 3G, and 4G.
They also adhere to the ‘CHIP and PIN’ certifications mandated in Nigeria, meaning consumers can be assured that their transactions are safe and secure.
To further encourage MSMEs to adopt electronic payments, MasterCard is working with MPOS solution providers to introduce a range of value added services including loyalty programs, air-time top up, person-to-person remittances, bill payments, inventory control and others.
These services will enable merchants to grow their revenues and increase efficiencies.
“The rapid growth of smartphones in Nigeria provides a huge opportunity for innovation across all industries – especially in payments,” said Ojomuyide.
“This program uses smart technology that transforms mobile devices into tools of commerce, and delivers services that will benefit all stakeholders in the payments ecosystem. It also supports the Central Bank of Nigeria’s Cashless Nigeria policy, and will help this vital sector to connect more efficiently to the national and global economy.”
MasterCard remains a technology company in the global payments industry, operating the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.
Guaranty Trust Bank plc is also a foremost financial institution with vast business outlays spanning Nigeria, Cote d’Ivoire, Gambia, Ghana, Kenya, Liberia, Rwanda, Sierra Leone, Uganda and the United Kingdom.
With a network of 233 branches in Nigeria(including Cash Centers, 18 e-branches, 23 GTExpress locations), Guaranty Trust Bank plc has a bias for innovation, ethics, professionalism and a strong service culture that has enabled it record consistent year on year growth in clientele base and key financial ratios since inception in 1990.
And First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc, is Nigeria’s leading financial services institution by total assets and gross earnings and one of the largest corporate and retail banking financial institutions in sub-Saharan Africa (excluding South Africa).
Since its establishment in 1894, the Bank has consistently built relationships with customers focusing on fundamentals of good corporate governance, strong liquidity, risk management and strong capitalization. First Bank operates an extensive distribution network with over 750 business locations (623 branches, 61 quick service points and 69 cash centers/agencies), over 2464 ATM’s and over 9 million customer accounts.
The Bank provides a comprehensive range of financial services and has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank DR Congo, FBNBank Ghana, International Commercial Bank (ICB) The Gambia, Guinea, Sierra-Leone and Senegal as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi.
Mastercard and TeamApt Ltd., a subsidiary of Moniepoint Inc. and a provider of financial infrastructure and payment solutions, have entered a strategic collaboration to strengthen digital payment capabilities for businesses and financial institutions across Africa.
As part of this collaboration, TeamApt will operate directly on Mastercard’s global payments network as a non-bank acquirer, enhancing its ability to onboard credible and licensed entities to deliver seamless payment acceptance, transaction processing and acquiring services. This will further expand its card acceptance infrastructure, allowing more merchants to accept Mastercard payments across in-store, online and mobile channels.
The collaboration integrates TeamApt’s switching infrastructure with Mastercard’s network to facilitate secure, high-volume transactions across online and in-store channels. With Nigeria being home to more than 40 million micro, small, and medium-sized enterprises (MSMEs), and small businesses identifying digital solutions as vital to scaling, according to Mastercard’s 2026 SME Confidence Index, expanding payment acceptance remains an important opportunity for growth.
By combining TeamApt’s deep local market expertise with Mastercard’s global scale, businesses and individuals will benefit from more reliable transactions, stronger security and faster, safer and more accessible digital payment experiences.
“Expanding digital payment acceptance is one of the fastest ways to support small businesses across Africa to compete, grow, and reach more customers. By working with TeamApt, we are equipping MSMEs and informal sector businesses in Nigeria with robust, secure infrastructure to seamlessly process transactions across multiple channels. This collaboration brings more businesses into the digital economy, unlocking vital new opportunities for growth, credit access, and cross-border trade,” said Folasade Femi-Lawal, country manager, West Africa at Mastercard
“This collaboration with Mastercard represents an important step forward in our commitment to removing barriers within the payments ecosystem. For years, TeamApt has focused on building infrastructure that helps financial institutions and businesses grow with confidence. By working closely with Mastercard, we are extending those capabilities, enabling businesses to accept payments more seamlessly and giving users the freedom to transact securely both locally and internationally,” said Dennis Ajalie, Chief Executive Officer of TeamApt.
The collaboration also delivers international value, enabling Mastercard cards supported by TeamApt’s infrastructure to be used across millions of merchant locations worldwide. Customers gain the convenience of secure global payments, while merchants can more easily serve both local and international customers.
A Central Bank of Nigeria (CBN)-licensed switching and processing company, TeamApt has, for over a decade, built and operated critical financial infrastructure that powers banks, fintechs and other institutions. The company’s technology supports secure and reliable transaction processing across multiple payment channels, enabling businesses and consumers to participate more easily in the digital economy.
This collaboration further underscores the strength of Moniepoint’s ecosystem. With operations and agent coverage across all 774 local government areas in Nigeria, Moniepoint has established one of the nation’s most extensive financial services networks, positioning the group to drive meaningful scale and adoption of digital payment solutions.
Securities and Exchange Commission (SEC) has directed capital market operators to immediately freeze the assets of six individuals and three entities designated as terrorism financiers by the Nigeria Sanctions Committee.
The directive was contained in a circular signed by the SEC management on June 26, 2026, and published on the commission’s website on Wednesday.
The SEC said the Nigeria Sanctions Committee designated the individuals and entities under the Terrorism Prevention and Prohibition Act (TPPA), 2022, and subsequently added them to the Nigeria Sanctions List.
The designated individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The three entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
The commission directed all capital market-regulated entities to immediately identify and freeze, without prior notice, all funds, assets and other economic resources belonging to the designated individuals and entities.
“Immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources in their possession, belonging to the designated individuals and entities and report same to the Secretariat of the Nigeria Sanctions Committee,” the commission said.
The SEC also directed operators to report all frozen assets and other actions taken in compliance with the sanctions, including attempted transactions involving the designated individuals and entities.
The commission further instructed capital market operators to file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for analysis.
Operators were specifically directed to report “all cases of name matching in financial transactions prior to or after receipt of this Sanctions List” as suspicious transaction reports to the NFIU.
The commission prohibited capital market operators from dealing with the designated individuals and entities and ordered them to maintain continuous monitoring of transactions involving them.
“Take Note that at all times, any unusual or suspicious transactions MUST be promptly reported to the Nigerian Financial Intelligence Unit (NFIU),” the SEC said.
The directive takes immediate effect.
The commission warned that failure to comply with the directive would constitute a violation of the Investments and Securities Act, 2025, as well as its Anti-Money Laundering and Countering the Financing of Terrorism Rules and Regulations.
“Such violation would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration,” the SEC said.
The commission said Hammajam was listed on June 18 for alleged involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP).
It said Usman was designated for allegedly providing material support to a designated terrorist organisation through repeated financial transactions, while Ibrahim was listed over alleged involvement in terrorism financing and membership of ISWAP.
According to the SEC, Chiroma was allegedly involved in terrorism financing through the use of bureau de change and related corporate entities to facilitate the movement of funds linked to terrorist activities.
The commission said Adamu was listed on June 15 for allegedly providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell.
Ogirima Ibrahim, according to the SEC, was listed on June 18 for allegedly providing material and financial support to the ISWAP Kogi cell.
The three bureau de change companies were also listed on June 15 over their alleged involvement in facilitating or channelling funds connected to the ISWAP Okene financing network.
The SEC said the directive formed part of broader measures by Nigerian and international authorities to disrupt suspected terrorism-financing networks.
On June 23, the United States announced sanctions against three individuals and six entities allegedly linked to Islamic State financing, including three bureau de change operators.
Two days later, the Central Bank of Nigeria also directed banks to freeze accounts belonging to customers linked to terrorism financing.
The latest SEC directive reinforces the regulatory focus on preventing Nigeria’s capital market and financial system from being exploited to finance terrorism and other illicit activities.
Securities and Exchange Commission (SEC) has issued an urgent directive requiring all capital market-regulated entities (CMREs) to immediately subscribe to Nigeria’s Sanctions (NigSac) Alerts system.
Effective immediately, failure to comply with this, or other AML/CFT regulations, may result in severe fines, suspension of operations, or revocation of registration.
This follows fresh designations by both local and international authorities of individuals and Bureau de Change operators for alleged direct involvement in terrorism financing and material support to the Islamic State West Africa Province (ISWAP).
The directive, according to three circulars issued by the apex capital market regulator, requires a mandatory compliance measure with threats of fines, operational suspension, or outright registration revocation for non-compliance.
The directive, pursuant to the implementation of Financial Action Task Force (FATF) statements on high-risk jurisdictions, signals an escalation in Nigeria’s anti-money laundering and counter-terrorism financing regime.
The SEC’s broader circular implementing FATF high-risk jurisdiction statements reflects Nigeria’s heightened exposure to international scrutiny. SEC, in line with directives from Central Bank of Nigeria (CBN), now requires CMREs to terminate all correspondent banking relationships with listed high-risk jurisdictions, business entities and individuals.
“In line with the provisions of the Terrorism Prevention and Prohibition Act (TPPA), 2022, the Nigeria Sanctions Committee (NSC) has designated six (6) Individuals and three (3) Entities as terrorist financiers and subsequently added them to the Nigeria Sanctions List,” SEC stated in circular to all market operators.
The circular mandated all capital market regulated entities and individuals to do the following:
“Immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources belonging to the designated persons and entities in their possession and report same to the Secretariat of the Nigeria Sanctions Committee;
“Report to the Secretariat of the Nigeria Sanctions Committee any assets frozen or actions taken in compliance with the designation, including attempted transactions;
“Immediately file a suspicious transactions report to the Nigerian Financial Intelligence Unit (NFIU) for further analysis on the financial activities;
“Report as a suspicious transactions report to the NFIU, all cases of name matching in financial transactions prior to or after receipt of this Sanctions List;
“Subsequently prohibit dealings with the designated persons and entities; and continue to check for transactions relating to the designated persons and entities and report findings to the Nigeria Sanctions Committee through [email protected]”, SEC stated.
“Take Note that at all times, any unusual or suspicious transactions shall be promptly reported to the NFIU,” SEC warned.
According to the capital market apex regulator, the circular takes immediate effect and failure to comply with the directives constitutes a violation of the Investments and Securities Act, 2025, and the SEC AML/CFT Rules and Regulations and such failure would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration.
The directive implies that capital market operators should immediately audit their AML/CFT technology stacks to ensure NigSac Alerts subscription and automated flagging capability.
CMREs are required to file suspicious transactions reports with the Nigerian Financial Intelligence Unit (NFIU) for any name matching with designated individuals and entities, whether such matches occur pre- or post-transaction.
The obligation extends to reporting all funds frozen and actions taken in compliance with designations to the NSC Secretariat via [email protected].
The designations also create secondary compliance obligations: CMREs must now maintain watchlists that incorporate designations from both the NSC and US Treasury, as regulatory expectations implicitly track international sanctions coordination.
For institutional investors and fund managers, this translates to enhanced due diligence on counterparty relationships, particularly where transactions flow through informal financial infrastructure or jurisdictions flagged under FATF increased monitoring status.
Airtel Nigeria Adds Over 1,000Cell Sites in Nationwide Expansion to Surpasses 17,000
MacOS Users Report More Cyber Threats than Windows Users – Survey Reveals
Mastercard, TeamApt Collaborate to Expand Digital Payments Across Africa
Access Holdings Sets New Benchmark in Nigeria’s Finance Talent Pipeline
ESUT Workers Get N82,000 Minimum Wage as Enugu Approves Fresh Salary Increase
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
Fact-Check: Elon Musk’s “Tesla Pi Phone” is Internet Rumor
NBC Tasks Broadcasting Stations over 2028 DSO Global Deadline
NBC Scraps Annual Digital Access Fee on DSO
Glo Sponsored African Voices to Feature Netflix’s “The Polygamist” Stars
Telecom3 days agoipNX Joins Calls for Innovation-Friendly Ecosystem and Stronger Local Opportunities at Regenesys AI Summit
E-Business3 days agoNDPC Probes UNILAG, Lotus Bank, Hackerbella over Alleged Students’ Data Misuse
E-Financial3 days agoKudiWave Asks for Clarification over N750m Transfer from PalmPay Account
News3 days agoPalmPay Reinforces Commitment to Youth Empowerment on International Youth Day
Telecom3 days agoNCC Reports over 5,000 Fibre Cuts in 6 Months
Telecom3 days agoGoogle Selects Six Nigerian News Creators for Emerging Voices Growth Lab
E-Financial3 days agoNigerians Borrow More to Buy Homes as Mortgage Demand Climbs – CBN
General News3 days agoNUPRC Warns of Counterfeit, AI-Generated Appointment Letters