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New ATM Cards to Cost Banks N11bn

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Juliet Ehimuan-Chiazor Google (Nigeria’s) country manager
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The financial industry will spend at least some N11 billion in the unification of cards technology and upgrade of their platforms to EMV compliant chip cards, Nigeria CommunicationsWeek investigations can now reveal.

This replacement has become necessary in view of Central Bank of Nigeria’s directive to all e-payment switching companies in the country to upgrade their platform to EMV compliant chip cards.

The money will be spent in replacing over 22 million Automated Teller Machine (ATM) cards on Interswitch and eTransact switching platforms which are on magnetic stripe technology, to chip and Pin cards. It costs about N500 to produce 8 kilobytes chip, which is the standard in the country.

The magnetic stripe cards that are going to be phased out cost N200 per card, meaning a 150 per cent increase in the cost of the new chip card.

Some banks are contemplating charging their customers for the new card. Presently, banks issue ATM cards free to their customers to encourage them to use the machine that provides 24 hours cash withdrawal in order to decongest banking hall.

Nigeria CommunicationsWeek also gathered that out of the 22 million e-payment cards on magnetic stripe technology in the financial market, 15.6million are debit cards while 6.1million are cash cards.

There are three types of chip cards; they include 4 kilobytes chips, 8 kilobytes as well as 16 kilobytes chip.

But Mr. Musa Jimoh, group head, Information Technology and Operations, ValuCard Nigeria, said that the ATMs can also accept chip based cards after their software and mechanical upgrades. He noted that all ATM machines in the country are EMV complaint and therefore will not be replaced.

EMV is a standard for interoperation of chip cards, and IC capable POS terminals and ATMs, for authenticating credit and debit cards payments.

ATMs of Access Bank, First Bank, Zenith Bank and Intercontinental Bank accept chip cards because they issue V-pay debit card, a chip based card.

Nigeria CommunicationsWeek revealed that the unification of cards technology as directed by CBN is a fallout of increased incidence of activities of fraudsters that have lately infiltrated the e-payment system in the country. These fraudsters send emails and Short Message Service (SMS) to unsuspecting ATM cardholders requesting them to disclose the personal identity numbers of their cards in order to redeem fictitious prizes they claim the person had won.

Against this backdrop, the apex bank came up with the directive for operators in the sector to upgrade to EMV chip cards. EMV chip cards have been proven in addressing card, associated frauds because of its security features that guarantee safety of information stored in chips even when PIN is compromised.

The name EMV comes from the initial letters of Europay, MasterCard and VISA, the three companies which originally cooperated to develop the standard.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Cybervergent Expands to Three New Markets

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Cybervergent has launched version 3.0 of its artificial intelligence (AI)-native posture management platform and expanded operations into Kenya, Ghana, and SA.

The move, according to the company, introduces automated risk verification for enterprises and aims to position Africa as a force in digital governance technology.

It goes on to say the latest platform upgrade introduces continuous posture management, replacing traditional point-in-time governance, risk, and compliance reporting with real-time verification systems.

An AI engine independently verifies 99.9% of audit and monitoring findings before they appear on enterprise dashboards, according to Cybervergent.

It says risk management, compliance, audit, and data security operations are integrated into a unified system built for cloud and on-premise environments.

According to  Cybervergent, the platform maps more than 4 500 controls across frameworks, including the Nigeria Data Protection Act (NDPA), International Organisation for Standardisation (ISO) 27001, and System and Organisation Controls (SOC) 2.

Cybervergent says the rollout of its first South African customer validates the platform’s readiness for highly regulated enterprise markets and strengthens its expansion strategy across Africa’s leading technology and financial hubs.

The company is also adopting a channel-first deployment model, working with local partners and system integrators in Lagos, Accra and Johannesburg to scale verified security infrastructure for enterprises navigating increasingly complex regulatory demands.

“We built verification into the architecture,” said Ayomide Daniels, co-founder and chief scientist at Cybervergent. “If a finding is not traceable back to source documentation, it does not reach the dashboard.”

Cybervergent rebranded from Infoprivacy in late 2023 to reflect its shift towards AI-automated cybersecurity.

The start-up previously focused on data privacy compliance in the West African market before pivoting to its current integrated posture management model.


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FG Bans Honorary Degree Holders from Using ‘Dr’ Title, Warns of Academic Fraud

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Federal Government has directed recipients of honorary doctorate degrees to stop using the title “Dr.” before their names, as part of efforts to protect the integrity of academic qualifications and curb the misuse of honorary awards.

FG Bans Honorary Degree Holders from Using ‘Dr’ Title, Warns of Academic Fraud

Minister of Education, Tunji Alausa

Minister of Education, Tunji Alausa, announced the directive after the approval of the new policy by the Federal Executive Council (FEC).

Alausa said the measure was necessary to address the growing abuse, commercialisation and politicisation of honorary degrees in some tertiary institutions across the country.

He explained that honorary doctorates are symbolic recognitions of outstanding contributions to society and do not equate to earned academic qualifications obtained through rigorous study, research and examination.

“Recipients of honorary doctorate degrees are not entitled to use the title ‘Dr.’ as a prefix to their names in official, professional or academic engagements,” he said.

According to the minister, awardees may instead indicate the honorary distinction after their names using formats such as D.Litt (Honoris Causa), LL.D (Honoris Causa) or other approved honorary designations.

Under the revised policy, only universities with active doctoral programmes will be permitted to confer honorary doctorate awards.

The government also restricted recognised honorary awards to four categories: Doctor of Laws (LL.D), Doctor of Letters (D.Litt), Doctor of Science (D.Sc), and Doctor of Humanities (D.Arts).

In addition, all honorary degree certificates must clearly carry inscriptions such as “Honorary” or “Honoris Causa” to distinguish them from earned academic degrees.

The minister warned universities against indiscriminate conferment of honorary degrees, noting that institutions found violating the directive would face sanctions from the National Universities Commission and the Federal Ministry of Education.

He said the policy was part of broader reforms aimed at restoring credibility to Nigeria’s higher education system and ensuring academic titles are not misrepresented for personal, political or financial gains.

Observers say the development could reshape the long-standing culture where public office holders, business executives and celebrities often adopt the “Dr.” title after receiving honorary awards.


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Africa Fintech Revenues to Hit $65 billion by 2030 – Report

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African fintech revenues are projected to expand 13-fold to approximately $65 billion by 2030, marking the continent as the world’s fastest-growing digital finance market.

The “Beyond Payments: Unlocking Africa’s Second FinTech Wave ” report, released by Boston Consulting Group at the Inclusive FinTech Forum in Kigali, indicates the sector is shifting from transactional inclusion to scalable, infrastructure-driven systems.

While Sub-Saharan Africa accounts for 74% of global mobile money volume, more than 50% of lending still occurs through informal channels, representing a massive gap for B2B payments and data-driven underwriting.

The opportunity now is to convert scale into sustained, institutional-grade growth, says the report. Markets offering regulatory clarity and interoperable infrastructure are becoming increasingly attractive to long-term capital.

Rwanda is highlighted as an example of deliberate institutional coordination that lowers the cost to scale for financial institutions.

Forward-looking regulation and the License Passporting Memorandum of Understanding between Rwanda and Kenya are cited as practical steps toward easing regional expansion.

Financial centres like the Kigali International Financial Centre play a critical role in this next phase by reducing uncertainty for banks and investors.

By combining regulatory clarity and Pan-African integration, they reduce uncertainty for banks, fintechs, and investors, and help position markets as credible, long-term investment destinations.

Africa’s next fintech phase will be led by financial institutions, the report notes. It goes on to say banks and regulated entities are becoming the primary customers of digital financial infrastructure, demanding platforms that align with their risk frameworks.

The report identifies five institutional priorities to sustain momentum: interoperable infrastructure, data-driven credit, regulatory coherence, trust, and resilience.

Building seamless wallet-to-bank integration will enable more efficient value movement, while transforming transaction data into AI-enabled underwriting models will help bridge the gap in SME lending.

Proportional licensing frameworks and predictable supervisory practices will lower the cost to scale for innovators. Furthermore, expanding cybersecurity capabilities will ensure the ecosystem remains reliable as digital usage grows.

Africa has demonstrated that fintech scale is achievable, and the next decade will be shaped by those markets that strengthen their institutional foundations, the report concludes.

 


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