The Federal Government of Nigeria has collected N78.95 billion from the N50 levy imposed on electronic bank transfers within the first five months of 2024, according to a recent report by the National Bureau of Statistics (NBS). The data, detailed in the Federal Allocation Accounts Committee report, highlights substantial revenue […]
FinTech
Dr. Vincent Olatunji, National Commissioner/CEO of the Nigeria Data Protection Commission (NDPC), delivered the keynote address at the Sensitization Workshop on the Nigeria Data Protection Act for top government officials from various Ministries, Departments, and Agencies (MDAs) in Ogun State. Dr. Olatunji commended Upper Link, a Data Protection Compliance Organisation, […]
Comrade Adede John Williams, President of the Association of Telecommunications, Information Technology, Cable Satellite Network Operators and Allied Services Employers’ of Nigeria (ATICEN), has called on the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Michael Cardoso, to adopt industry-centric policies for the cashless and digital economy as […]
The Central Bank of Nigeria (CBN) has rescinded its directive to banks and other financial institutions to impose a cybersecurity levy on electronic transfers. Initially issued on May 6, the directive required commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service providers, […]
The Central Bank of Nigeria (CBN) has instructed banks to cease charging customers for cash deposits until September 30, 2024. Concerns were raised by customers of some Deposit Money Banks regarding the imposition of processing fees for cash deposits starting May 1. These banks had planned to levy two percent […]
The Nigeria Labour Congress (NLC) strongly denounces the recent directive issued by the Central Bank of Nigeria (CBN) to impose a 0.005 percent Cybersecurity Levy on electronic transfers. This levy, set to be deducted at transaction origination, adds yet another burden to the already strained finances of hardworking Nigerians. The […]
The Central Bank of Nigeria (CBN) has instructed banks operating in the country to commence charging a cybersecurity levy on transactions, according to a circular issued on Monday. The implementation of this levy is set to begin two weeks from the date of the circular. The directive, applicable to all […]
In the first quarter of 2024, cash transactions in Nigeria surged to a staggering N237 trillion, marking an 88 percent increase from the previous year’s N126 trillion, according to new statistics from the Nigeria Interbank Settlement System (NIBSS). This surge underscores the country’s growing reliance on electronic payment channels, […]
The Securities and Exchange Commission (SEC) has revealed plans to implement new guidelines aimed at licensing, registering, and screening digital and virtual assets service providers (VASPs). VASPs, as defined by the Central Bank of Nigeria (CBN), are entities facilitating exchanges between virtual assets (cryptocurrencies) and fiat currencies, as well as […]
Bowed by the ecstasy of the recently concluded African Cup of Nations (AFCON) 2023 and the enthusiasm of the continents football fans, TECNO Mobile has announced a groundbreaking initiative to renovate 100 football fields across AFRICA over the next five years. This ambitious project, aimed at improving infrastructure at the […]