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E-Financial

SEC, Pencom to Collaborate in Deepening Commodities Ecosystem

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The Securities and Exchange Commission (SEC) has expressed its readiness to collaborate with the National Pensions Commissions (Pencom) on areas that would assist in further deepening the commodities market ecosystem.

Mr. Lamido Yuguda, the Director General of the SEC, stated this when the Management of the Commission along with the Lagos Futures and Commodities Exchange held a meeting with Pencom in Abuja recently.

Yuguda who was represented by Mr. Ibrahim Boyi, the Executive Commissioner Corporate Services of the SEC, stated that the SEC is very passionate about the commodities sector as it has enormous benefits for the economy of the nation.

According to him, “One of the key pillars of the Capital market Master Plan is the development of the commodities ecosystem which gives our nation the opportunity to diversify both the capital market and the economy and also create more products.

“We have recorded a lot of successes in the sector so far and we see a lot of progress in the development of the sector. We are currently working with the Standards Organisation of Nigeria to develop standards that would make these our commodities acceptable in the international market. This would further boost our foreign exchange earnings and create wealth for our people.

He said the SEC is seeking collaboration with PenCom to ensure economic development adding that the sector has huge potentials if optimally developed.

“We have witnessed major achievements by the LFCE and we are happy to see them progress. We are committed to creating the rules that will ensure investor protection. It is a strategic focus for us to deliver one of our key mandates which is market development that will lead to economic development. Our focus remains market integrity, market fairness and investor protection.

Speaking earlier, Managing Director of LFCE, Mr. Akin Akeredolu-Ale said the commodities exchanges are interested in exploring avenues for investing pension funds in the capital market.

He expressed his joy that the SEC is spearheading the ISB to further boost the utilisation of pensions funds in the market adding that if pension funds are not reflated, inflation would keep affecting it.

“The primary part of our economic raw materials in crude oil, if you don’t capitalise the primary sector, the manufacturing sector will suffer, same as the service sector. SEC has made provisions for the PFAs to invest in the commodities sector and this is expected to catalyse our economy and spur growth” he said.

Akeredolu-Ale reassured that the reflation of the assets under management is going to benefit people that have their assets as globally pension assets are used to stimulate economies adding that the nation’s economy needs to be activated to create opportunities for pension assets to participate in the exchanges.

He therefore urged Pencom to look into its rules and encourage PFAs to develop and interest in investing in commodity assets on the commodities exchanges like LFCE.

In her remarks, Mrs. Hajara Adeola, Managing Director of Lotus Capital, said the commodity space is very central to the progress and development of Nigeria’s economy and it is important the entire financial system participates as it is developing globally.

“The capital market is creating instruments, creating avenues for investments to grow the market and the economy. It is important we put these infrastructures in place to make it profitable for our nation” she said.

Responding, Mr. Anyim Nyerere, Commissioner Technical of Pencom, said the Pension laws are not static but dynamic adding that the Commission expects a comprehensive request to enable it expedite actions on the matter.

He expressed the desire of Pencom to work with relevant agencies to boost the economy and assured the SEC that Pencom will work within available laws to support the commodities trading ecosystem.


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E-Financial

Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards 

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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.

Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards 

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.


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E-Financial

Flutterwave Secures 20 more US Money Transmitter Licences

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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).

Flutterwave Secures 20 more US Money Transmitter Licences

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.

 


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E-Financial

Court Affirms NIBSS Authority to Manage BVN

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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.

Court Affirms NIBSS Authority to Manage BVN

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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