E-Financial
Nigerians Trust Bitcoin for Financial Security than Sanks – Report

Nigerians have more trust in Bitcoin-based systems than in traditional alternatives such as banks and government, a new report by Elastos, an open-source blockchain website, has stated.
According to its inaugural BIT Index (Bitcoin; Innovation & Trust), emerging markets are driving the adoption of Bitcoin, with Nigeria and the UAE leading the charge.
The report revealed that 66 per cent of Nigerian respondents and 35 per cent from Brazil had more confidence in Bitcoin-based systems than alternatives like banks or national governments, compared to just 16 per cent in Germany and 21 per cent in the UK.
The survey also revealed that 20 per cent of Nigerian consumers use Bitcoin to conduct transactions at least once a day, while 67 per cent would have more trust in Bitcoin to protect their life savings than traditional services like banks, local governments, and cash.
According to the platform, the research was compiled from online interviews conducted with 1,407 self-defined ‘tech savvy’ respondents in Brazil, Germany, Nigeria, South Korea, the UAE, the UK, and the US.
It stated that the interviews were completed by a third party, a registered market research company, between March 30 and April 4, 2024.
“When it comes to ensuring the integrity of online transactions, emerging market respondents also revealed their relative confidence in Bitcoin compared to alternatives,” it indicated.
According to the report, 66 per cent of Nigerian respondents and 35 per cent of Brazil have more confidence in Bitcoin-based systems than alternatives, such as banks or national governments, compared to figures of just 16 per cent (Germany) and 21 per cent (UK) who feel the same.
Meanwhile, Jonathan Hargreaves, Elastos’ global head, Business Development & ESG, described the BIT Index’s inaugural findings as indicative of the role the ‘global south’ was playing in the adoption of decentralised currencies such as Bitcoin.
“The BIT Index offers a fascinating and sobering insight into the industry. The fact that over two-thirds of Nigerian consumers and a third of their counterparts from the UAE and Brazil would feel more confident entrusting their life savings to Bitcoin rather than traditional financial instruments speaks volumes about the protagonism these regions are already playing.
“In many instances, the driving factor is the absence of viable, accessible alternatives to, for instance, conduct cross-border transactions or mitigate the impact of inflation,” he said.
According to Chainalysis, a cryptocurrency research firm, Nigeria’s crypto transaction volume grew year-over-year to $56.7bn in 2023.
It stated that the country’s crypto economy continued to grow despite market turmoil in the space.
On the contrary, the government has been taking strong measures to restrict and clamp down on cryptocurrency exchanges and platforms operating in the country.
E-Financial
Ecobank Announces Plans to Phase Out Naira Denominated MasterCard

Ecobank Nigeria has announced plans to phase out its Naira-denominated Mastercard debit cards, with a transition period scheduled to run from July 29 to September 29, 2025.
The bank disclosed the development in a message sent to customers on Wednesday, urging account holders to switch to a Verve debit card available free of charge.
According to the notice, the bank’s decision is part of a broader effort to enhance security and ensure smoother digital transactions for customers.
“As part of our ongoing commitment to delivering secure and efficient banking services, we will be phasing out the Ecobank Naira Mastercard,” the statement read.
“In its place, we are pleased to offer you a free Verve debit card to ensure a seamless transition.”
The bank said the Mastercard deactivation would take full effect from September 30, 2025, saying that customers are therefore advised to collect their Verve cards before the deadline to avoid service disruption.
Ecobank also assured customers that the new Verve card would support payments across several digital platforms, including Google Play, YouTube, TikTok, Spotify, Netflix, Prime Video, AliExpress, Zoom, Microsoft, LinkedIn, Starlink, Audiomack, and Uber.
“It will also remain functional for ATM withdrawals and Point-of-Sale (POS) transactions nationwide.
“To obtain the replacement card, customers are instructed to visit the nearest Ecobank branch, request the Verve debit card, and collect it at no cost,” the bank said.
The move follows a growing trend among Nigerian banks to prioritise local card schemes like Verve, which are often more cost-effective and resilient to international payment disruptions.
E-Financial
CBN Explains Mass Redeployment of Staff

Central Bank of Nigeria (CBN) has dismissed claims that its recent redeployment of staff from Abuja to Lagos State was politically motivated.
Muhammad Abdullahi, deputy governor, economic policy, made this clarification known at a two-day Interactive Session on Government-Citizens Engagement in Kaduna on Wednesday.
Recall that the CBN had in 2024 rolled out its Early Exit Package (EEP).
As part of the policy, the apex bank reduced its staff strength in Abuja Headquarters.
The decision had been greeted with controversy, with some critics claiming the move was targeted at the banks’ workers from Northern Nigeria.
However, Abdullahi has clarified that the policy was not targeted at anybody.
He noted that a recommendation from the banks’ insurance provider concerning workplace safety triggered its decision to decongest its Abuja headquarters.
“It is not an agenda against anybody,” he stated.
He said, “Some of those staff members taken to Lagos and Kaduna are now so happy they don’t even want to come back to Abuja.
He also dismissed claims that CBN deliberately removed 16 directors, particularly from the Northern region.
“There are many directors from the Northern region currently serving in the bank,” he stated.
He stressed that the son of the country’s secretary to the government of the federation was also redeployed from Abuja to Lagos.
“The son of the Secretary to the Government of the Federation was also moved from Abuja to Lagos. Nobody was spared—it is a policy of the bank,” he stated.
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.
- Telecom2 days ago
Glo Boosts Network Capacity for Enhanced Customer Experience
- News2 days ago
Transcorp Power Posts Strong Half-Year Profit, Declares ₦11.25Bn Dividend
- E-Financial2 days ago
FG Asks Banks to Report Individuals with N25m Monthly Transactions to FIRS
- Telecom2 days ago
NIMC Warns Nigerians Against Selling NIN Data Amid Rising Identity Fraud
- Telecom2 days ago
MTN’s Uto Ukpanah Becomes 30th ICSAN President, Reinforcing Female Leadership in Governance
- E-Business2 days ago
Temu Joins INTA to Combat Counterfeits and Elevate IP Standards Worldwide
- News2 days ago
InfraCredit, AMDA Sign Partnership to Unlock Local Financing for Africa’s Mini-grid Sector
- General News2 days ago
FG Collaborates with China to Digitalize Customs