E-Financial
Why EFCC is Pressing ahead with Directive to Bankers on Asset Declaration– Bawa

Abdulrasheed Bawa, chairman, Economic and Financial Crimes Commission (EFCC), has said that the anti-graft agency’s directive to bankers to declare their assets was not to witch-hunt them but to save Nigeria from another serious crisis in the banking sector.
Bawa said going by the rot in the financial institutions, the commission and stakeholders need to sanitize the industry as “Nigeria cannot afford to go through another serious crisis in the banking sector”.
He disclosed this at the opening session of a capacity-building workshop organized by the Nigeria Deposit Insurance Corporation (NDIC) for the law enforcement agencies in Abeokuta, Ogun State.
The EFCC chairman said the directive, which was aimed at clearing “the rot that permeates the nation’s banking sector”, was misconstrued by some people he tagged “ignorant”.
Bawa, who spoke through Ahmed Ghali, , head of Lagos Zonal Office of EFCC, vowed that despite the stiff opposition to the policy, the anti-graft agency would not relent in its efforts in sanitizing the country’s financial institutions.
Bawa said, “I recall that upon assumption of office, one of the major pronouncements I made was giving a directive to bankers to declare their assets before June 1, 2021.
“It is obvious that those who kicked or are still kicking against the directive are ignorant of the unmistakable details of the Bank Employees Declaration of Assets Act.
“The nation cannot afford to go through another serious crisis in the banking sector, and this explains the constant intervention by the EFCC.”
In his remarks, Mr. Bello Hassan, managing director and chief executive officer of NDIC, said the workshop would give the corporation the opportunity of sharing information and ideas with law enforcement agencies on the developments within the banking sector.
He added that the corporation had taken various measures to ensure that banks remain safe and sound despite the economic challenges occasioned by the COVID-19 pandemic.
“I’m happy to report that despite the effect of the pandemic, looking at the various financial indicators, the banking system is safe, sound, and resilient.
“For us as supervisors, what we advise the banks is to strengthen their internal control and also make sure that they do proper background checks when they are employing staff so as to ensure that they employ people that are fit and proper to work within the banking system,” Hassan said.
Anthony Abakpa, president of the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE), said, the union is not opposed to the move by the EFFC
Abakpa said: “based on their deadline, I think, 98 percent of bank workers have complied because this practice has been on the ground even before this policy pronouncement especially for staff crossing into the managerial cadre
“The banks and Insurance firms are an Integrity based organization and so things like this that dwells on transparency will not be taken likely.”
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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