E-Financial
Remita: Group Accuses Saraki of Plotting to Frustrate Buhari

An anti-corruption watchdog, The Coalition Against Corrupt Leaders (CACOL) has accused Senate President, Bukola Saraki of plotting to frustrate the efforts of President Mohammad Buhari towards properly managing the aggregate revenue inflow of government.
The group also said the Nigerian Senate, under Saraki’s leadership is working at cross-purposes with its own campaign for the adoption of Made-in-Nigeria products by canvassing for the acquisition of foreign revenue aggregation software to replace an existing one created by a Nigerian in Nigeria.
In a letter written to the Senate President, CACOL accused Saraki of manipulating the Senate to frustrate the Treasury Single Account (TSA) regime currently being implemented via Remita, a financial software developed by Systemspecs Nigeria.
The letter, dated March 2, 2016 follows the report of the Joint Senate Committees on Finance; Banking, Insurance and other Financial Institutions; and Public Accounts, which had recommended the termination of the contract between Systemspecs and the Central Bank of Nigeria on the implementation of TSA via the REMITA platform.
CACOL, whose Executive Chairman, Debo Adeniran, signed the letter, accused the Senate under Saraki of double standards, especially given that in one breath, the Report “severally insinuates that there is no valid contract between SystemSpecs, the company that provided the Remita TSA collection platform and the CBN; and in another breath, recommends that the contract should be immediately terminated.”
“Our investigations however reveal that the CBN and the OAGF independently issued at least five circulars/letters at different times where Remita is specifically mentioned. Can institutions as big and structured as the CBN and OAGF do this without any contract between it and a vendor,” queried CACOL?
Labelling the Senate’s recommendation for termination of the contract as “provocative, retrogressive, insensitive and suspicious, CACOL raised five questions for the Senate, viz:
1. What should happen to the investment in infrastructure, processes and people already put in place on account of the FGN TSA by the 18 commercial banks, over 400 micro-finance banks and other players in the electronic financial ecosystem?
2. How are the millions of Nigerians who now pay for critical health services and students who pay tuition and other fees through TSA supposed to undertake such transactions the morning after the CBN would have been railroaded to cancel the Remita contract?
3. What would immediately happen to CBN’s own internal control and operational processes in respect of management of the TSA which is now at the heart of the government’s cash assets and financial management?
4. Are there other standby platforms immediately available to the CBN and OAGF to continue TSA operations without causing regrettable hitches to government operations and severe pain to citizens?
5. If it has taken TSA collection operations about four (4) years to see the light of day, and the country is just beginning to reap dividends, which one would serve the larger interest of our country better at this time – contract termination or a review of commercial terms?
The letter also accused the Senate under Saraki’s leadership of sustaining the regime of disrespect for contractual agreements by some previous governments in Nigeria, factors the group blamed for the loss of faith in the Nigerian economy by many foreign investors.
Frowning at the recommendation by the Senate Joint Committee that REMITA be replaced by a foreign software, CACOL said the Senate has shown it clearly stands against the development of indigenous enterprise, contrary to its public posture.
Reminding the Senate that the commercially available foreign software like SAP, Oracle Financials, Epicor, Navision which it said would replace REMITA, are Enterprise Resource Planning (ERP) applications and not e-payment solutions, CACOL accused the Senate of only paying lip service to “Patronize Made-in-Nigeria” campaign.
“How can one describe the Senate of the Federal Republic of Nigeria asking the CBN to drop what has turned out to be an efficient locally developed application that has become the pride of the nation for a foreign one for no just reason. Is this what other countries do,” the letter reads in part.
It also accused the Senate of sending the wrong signal to budding entrepreneurs and other Nigerians about investing their passion in remaining in Nigeria to build businesses that provide employment, feed families and contribute to national development and advised them to active partners with the Executive to consolidate on the gains of the TSA, and not be seen to be undermining it under any guise.
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E-Financial
Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards

Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.
This is coming nearly three years of suspension.
United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.
In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.
“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.
“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.
E-Financial
Flutterwave Secures 20 more US Money Transmitter Licences

Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).
This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.
Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.
Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.
Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.
Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.
This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.
Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”
Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.
E-Financial
Court Affirms NIBSS Authority to Manage BVN

Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.
This is according to a judgment delivered by Justice James Omotosho on Friday.
Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.
This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.
However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.
“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.
“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.
“The court grants the reliefs of NIBSS as prayed,” he stated.
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