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Discover all the payments and fintech-related news and analysis about Nigeria in The Paypers News, Reports, along with other Nigeria-specific insights on the payments and fintech industry:

Discover all the payments and fintech-related news and analysis about Nigeria in The Paypers News, Reports, along with other

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Nigeria launches its CBDC eNaira

News | Cryptocurrencies | 26 Oct 2021

Nigeria has launched its central bank digital currency (CBDC), the eNaira, following an announcement by its president, according to trtworld.com

CBDC, central bank, digital currency, blockchain

Nigeria issues new digital assets regulations

News | Cryptocurrencies | 18 May 2022

Nigeria’s Securities and Exchange Commission has released new rules to guide the issuance, custody, and exchange of digital assets, while also classifying them as securities.

digital assets, regulation, central bank, security token

IFC teams with Coronation Merchant Bank to boost trade finance in Nigeria

News | E-invoicing, SCF & E-procurement | 04 Mar 2020

International Finance Corporation has announced a USD 40 million trade finance guarantee facility to Coronation Merchant Bank under its Global Trade Finance Program.

International Finance Corporation, partnership, trade finance guarantee facility, Coronation Merchant Bank, Global Trade Finance Program, trade finance, Nigeria, access to capital

eNaira to launch in Nigeria

News | Cryptocurrencies | 28 Sep 2021

eNaira, a Nigeria-based Central Bank Digital Currency (CBDC), has announced it will launch on October 4, 2021.

product launch, CBDC, e-wallet

Nigeria upgrades eNaira, steering away from crypto

News | Cryptocurrencies | 10 May 2022

Nigeria’s central bank has upgraded its eNaira to steer the country away from crypto even after a UN report stated that restrictions on digital currencies are stifling the nation’s fintech sector.

CBDC, central bank, digital currency, regulation

First City Monument Bank joins Open Banking Nigeria

News | Online & Mobile Banking | 19 Oct 2020

First City Monument Bank (FCMB), one of Nigeria’s financial institutions, has announced that it is now a member of Open Banking Nigeria.

First City Monument Bank, Open Banking Nigeria, API, standardisation

Nigerian neobank Kuda raises USD 25 mln

News | Online & Mobile Banking | 19 Mar 2021

Nigeria-based Kuda has raised USD 25 million in funding to continue building out its ambition: to provide a modern banking service for Africans and the African diaspora.

funding, mobile banking, digital banking

Pngme, Open Banking Nigeria partner for API standardisation

News | Online & Mobile Banking | 30 Jul 2020

Open API solution provider Pngme has joined non-for-profit initiative Open Banking Nigeria for building a set of open APIs standards for the Nigerian financial services industry. 

Pngme, Open Banking Nigeria, partnership, API standards, Nigeria, Central Bank of Nigeria, financial inclusion, banks, consumers, API, toolkit, test environments, implementation standards, financial ecosystem, sandbox, data types, authentication

Central Bank of Nigeria issues regulatory framework for Open Banking

News | Online & Mobile Banking | 18 Feb 2021

The Central Bank of Nigeria (CBN) in line with its mandate to promote financial system stability has issued the Regulatory Framework for Open Banking in Nigeria, according to proshareng.com.

Central Bank of Nigeria, Nigeria, Open Banking, regulation, online banking

Central Bank of Nigeria to launch CBDC pilot in 2021

News | Cryptocurrencies | 23 Jul 2021

The Central Bank of Nigeria has announced it will start the pilot of its central bank digital currency, which runs on the Hyperledger Fabric blockchain, on 1 October 2021.

CBDC, central bank, digital currency, blockchain

Airopay launches digital payment app in Nigeria

News | Mobile Payments | 03 Dec 2020

Nigeria-based payment infrastructure solution provider Airopay has launched a digital payment app that will allow users to make transactions locally and internationally from their mobile devices.

Airopay, Nigeria, Africa, product launch, mobile payments, transfers, cardless, remittances, bill payments, online purchases

CBN offers AML guidance for the financial service sector

News | Digital Identity, Security & Online Fraud | 29 Apr 2022

The Central Bank of Nigeria (CBN) has released guidance on anti-money laundering and combating the financing of terrorism.

AML, CFT, regulation, compliance, fraud prevention

Nigerian ecommerce startup Alerzo raises USD 10.5 mln

News | Ecommerce | 24 Aug 2021

Nigeria-based B2B ecommerce retail startup Alerzo has raised USD 10.5 million Series A round led by London-based Nosara Capital. 

ecommerce, startup, ecommerce platform, funding, investment

Binance suspends Nigeria deposits after central bank ban

News | Cryptocurrencies | 08 Feb 2021

Binance has temporarily suspended deposits in NGN (Nigerian naira) in response to a letter from Nigeria’s central bank (CBN) instructing banks to close crypto accounts.

Binance, Nigeria, Bitcoin, CBN, crypto accounts, crypto trading, cryptocurrency

Polaris Bank launches digital bank

News | Online & Mobile Banking | 17 May 2021

Nigeria-based Polaris Bank has launched its Digital Bank, which has been in test mode amongst its staff and customers for some time.

digital banking, online banking, product launch, API

Flutterwave eyes USD 3 billion valuation ahead of possible IPO

News | Online Payments | 18 Oct 2021

Nigeria-based fintech Flutterwave has planned to acquire fresh funding at USD 3 billion to triple its present valuation.

online payments, funding, Unicorn, fintech, startup, Flutterwave

First City Monument Bank partners with Open Banking Nigeria

News | Online & Mobile Banking | 06 Nov 2020

First City Monument Bank has announced that it is now a member of Open Banking Nigeria, an industry-focused non-profit body facilitating the advocacy, development, and adoption of a common standard for open API within the Nigerian financial ecosystem. 

First City Monument Bank, partnership, Open Banking Nigeria, Open Banking, API

Nigeria-based API startup raises almost 1 USD mln in pre-seed funding

News | Online & Mobile Banking | 17 Dec 2020

Nigeria-based API fintech startup, OnePipe, has announced that it raised almost USD 1 million in pre-seed investment.

OnePipe, Nigeria, investment, startup, funding, API, Open Banking

Nigeria reveals social payments app for cash and crypto

News | Cryptocurrencies | 23 Apr 2020

An Africa-based social payments app for cash and cryptocurrencies, dubbed Bundle and backed by Binance, has launched in Nigeria. 

Nigeria, social payments app, cash, cryptocurrencies, Binance, digital assets, KYC, Fiat, verification, fees, digital wallet, digital currencies

Digital bank Umba raises USD 15 mln

News | Online & Mobile Banking | 15 Apr 2022

Umba, a Nigeria-based digital banking platform, has raised USD 15 million in Series A funding.

digital banking, banks, funding, expansion, fintech