Connect with us

E-Business

Nigeria Lifts Ban on Bank Accounts for Crypto Firms

Published

on

Kindly share this post

Nigeria has lifted the ban on bank accounts for cryptocurrency firms, signaling a pivotal shift in the country’s stance towards digital assets.

Nigeria Lifts Ban on Bank Accounts for Crypto Firms

The move is expected to catalyze a surge in cryptocurrency usage, unlocking new opportunities for the burgeoning crypto industry in Nigeria.

The Central Bank of Nigeria (CBN), in collaboration with relevant regulatory bodies, has outlined a framework to ensure responsible and secure crypto transactions.

This regulatory clarity is expected to provide a conducive environment for the industry to thrive while mitigating potential risks.

This decision comes after months of deliberation and a recognition of the transformative potential that cryptocurrencies hold for the nation’s economy.

By allowing crypto firms access to bank accounts, Nigeria is embracing innovation and positioning itself to harness the benefits of this rapidly evolving digital landscape.

Investors and entrepreneurs operating in the crypto space are now presented with a fresh opportunity to contribute to the country’s economic growth.

The newfound freedom for crypto firms to access bank accounts is poised to attract both domestic and international players, fostering a vibrant ecosy.

The lifting of the ban is a strategic response to the growing global trend of adopting and integrating cryptocurrencies into mainstream financial systems.

Recognizing the need to adapt to the changing financial landscape, Nigeria is now poised to capitalize on the advantages offered by cryptocurrencies, such as faster and more cost-effective cross-border transactions.

One of the immediate impacts of this policy shift is expected to be a surge in the usage of cryptocurrencies across the country. With crypto firms gaining access to traditional banking services, more Nigerians are likely to explore and adopt digital assets as a viable means of financial transactions.

This surge in usage could lead to a more inclusive financial ecosystem, offering greater accessibility to those who were previously excluded from traditional banking services.

Furthermore, lifting the ban is a clear signal that Nigeria is positioning itself as a forward-thinking player in the global digital economy.

The move is likely to attract cryptocurrency businesses and investors, fostering innovation and economic growth within the country.

As a result, Nigeria could emerge as a hub for cryptocurrency-related activities, creating a conducive environment for startups and established firms alike.

While the decision is a positive step towards embracing the potential of cryptocurrencies, it also underscores the need for robust regulatory frameworks.

Striking a balance between fostering innovation and ensuring consumer protection will be crucial in navigating the evolving landscape of digital assets.

Nigeria’s regulatory authorities are expected to closely monitor the industry, providing guidance to ensure responsible and sustainable growth.

The lifted ban comes at a time when global discussions around the regulation of cryptocurrencies are intensifying. Nigeria’s move adds to the ongoing dialogue about how nations can best harness the benefits of digital assets while addressing potential risks.

Collaborative efforts at both the national and international levels will be essential in shaping a cohesive regulatory framework that fosters innovation without compromising security.

As Nigeria embraces the era of decentralized finance, the lifting of the ban is not just a regulatory adjustment but a strategic move towards positioning the country as a hub for crypto innovation in the African continent.

The ripple effects of this decision are likely to be felt for years to come, shaping the trajectory of Nigeria’s financial landscape in the digital age.

In conclusion, Nigeria’s decision to lift the ban on bank accounts for crypto firms marks a significant milestone in the country’s journey towards embracing the digital economy.

The anticipated surge in cryptocurrency usage presents opportunities for economic growth, financial inclusion, and innovation. As Nigeria navigates this dynamic landscape, careful regulatory oversight will be crucial to ensure the responsible development of the cryptocurrency industry, setting the stage for a more inclusive and technologically advanced financial future.

Credit : techstory.in

 

 


Kindly share this post

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.

E-Business

Firm Identifies Global Scam Activity Linked to the Release of Avatar 3

Published

on

Kindly share this post

The premiere of Avatar 3 has taken place in several countries and has been accompanied by a noticeable increase in online interest. Amid the heightened attention surrounding the release, Kaspersky experts identified an increase in cyber-scam campaigns that exploit the movie’s launch and users’ desire to watch it online. The fraudulent websites target users across multiple regions, indicating attempts by attackers to reach a global audience.

The scam operates as follows: cybercriminals create suspicious websites that offer online access to the Avatar 3 movie. Attackers place particular emphasis on localisation, publishing the sites in multiple languages to attract users from different countries. However, the translations are often poorly executed and contain grammatical errors and inconsistencies, which may serve as indicators of fraudulent activity.

When users attempt to start the video, they are presented with a fake media player and prompted to register in order to obtain “full” or “unlimited” access to the film. As part of the registration process, users are asked to provide personal information, including an email address and mobile phone number.

At later stages, scammers may request additional data, including payment details, under the guise of activating a “free trial.” This creates risks of credential compromise, particularly if users reuse passwords across multiple services, and may also lead to financial losses.

“Cybercriminals consistently exploit major movie premieres to capture users’ attention and increase the effectiveness of their schemes. We advise accessing films only through official platforms and exercising caution when encountering websites that request personal or payment information. It is also important to use reliable security solutions to protect all devices, including mobiles,” comments Olga Altukhova, Senior web content analyst at Kaspersky.

 


Kindly share this post
Continue Reading

E-Business

Galaxy Backbone Celebrates the Federal Government’s Paperless Civil Service Milestone

Published

on

Kindly share this post

Galaxy Backbone (GBB) aligns with and celebrates the successful announcement by the Office of the Head of the Civil Service of the Federation on the achievement of a Paperless Civil Service, a significant milestone in Nigeria’s public sector reform and digital transformation agenda.

The milestone was formally highlighted at a press briefing led by the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, who commended Galaxy Backbone for its sustained support and contribution throughout the implementation of the programme.

GBB has played a critical role in enabling this transition by providing secure, scalable, and shared digital infrastructure that supports the digitisation of government processes across Ministries, Departments and Agencies (MDAs). Through the 1Government Cloud, MDAs have been empowered to migrate from paper-based workflows to digital platforms, improving efficiency, collaboration, data security, and service delivery across the Federal Civil Service.

In addition, GovMail, GBB’s secure government email platform, has strengthened official communication, enhanced records management, and reinforced cybersecurity standards—key pillars in sustaining a paperless operating environment.

Galaxy Backbone acknowledges the collective efforts of the Office of the Head of the Civil Service of the Federation, Permanent Secretaries, Directors of ICT, consultants, partners, and dedicated public servants whose commitment and collaboration ensured the smooth delivery of this initiative.

The Managing Director/Chief Executive Officer of Galaxy Backbone, Prof. Ibrahim Adeyanju, was represented at the press briefing by Akintayo Bamisaye, Acting Group Head, Research, Digital Innovation and Skills Department (RDIS).

GBB describes the achievement as a strong close to 2025 and reaffirms its commitment to supporting the Federal Government in building a modern, efficient, and digitally enabled public service.


Kindly share this post
Continue Reading

E-Business

Jumia CEO says Black Friday Signals Nigeria’s E-Commerce Maturity

Published

on

Kindly share this post

At the close of 2025, Temidayo Ojo, the CEO of Jumia Nigeria, reflected on a year-end shopping season that points to the growing maturity of the country’s e-commerce market. “Black Friday is no longer a single, short-lived spike in activity,” he said.

“It has become a familiar, anticipated moment in the retail calendar, where consumers shop deliberately and with confidence.”

Preliminary KPIs for the two months ended November 30, 2025, show strong year-on-year growth in both orders and Gross Merchandise Value (GMV), with GMV growth outpacing order growth. This indicates that customers are placing fuller, more considered baskets rather than shopping in fragmented transactions. Nigeria ranked among Jumia Group’s better-performing markets, with engagement remaining steady throughout the Black Friday period rather than spiking briefly and tapering off.

A key factor behind this performance is the growing familiarity of consumers with online shopping. Customers are increasingly leveraging platform features such as saved carts, brand stores, and price comparison tools to plan purchases in advance. This trend suggests that digital commerce is becoming embedded in everyday habits rather than being viewed as a one-off event.

Ojo also highlighted the role of Jumia’s JForce network in connecting digital commerce to local communities. “Our agents are critical to ensuring that customers across Nigeria, including secondary cities and smaller communities, have access to variety, consistent pricing, and reliable delivery,” he said. “During peak periods like Black Friday, JForce agents can respond faster, serve more customers efficiently, and build stronger local relationships. This isn’t just a distribution channel—it’s a pathway to sustainable income and inclusion.”

Reflecting on the overall performance, the CEO concluded: “What we’re seeing this year-end is steady engagement across categories, stronger consumer confidence, and partners like our JForce agents benefiting from increased activity.

“It confirms that Nigeria’s e-commerce ecosystem is maturing, growing in a more structured and resilient way. As the December Holiday Sale continues, we expect these patterns of familiarity, trust, and participation to sustain momentum and drive both commerce and community impact across the country.”


Kindly share this post
Continue Reading

Trending