Echotitbits – Nigeria News

Category: Banking

  • OPay disowns festive ‘cash giveaway’ rumor and urges users to stop sending money to strangers

    OPay disowns festive ‘cash giveaway’ rumor and urges users to stop sending money to strangers

    Photo Credit: The Punch
    2025-12-27 06:00:00

    Reporting by Punch indicates fintech platform OPay issued a public warning against a viral claim suggesting it is distributing money to users during the festive season.

    The company cautioned users not to transfer money to strangers and not to share sensitive personal data such as BVN, PINs, or OTP codes, describing the circulating message as a scam vector.

    Fraud analysts say the season’s spike in “giveaway” narratives is a predictable social‑engineering tactic, and rapid public debunking can reduce victims’ losses.

    Echotitbits take:
    This is a reminder that the weakest link is often human behaviour, not the app. Watch for more coordinated anti‑fraud messaging from banks/fintechs, and push for faster takedowns of scam accounts on social platforms.

    Source: The Punch — December 26, 2025 (https://punchng.com/opay-debunks-viral-cash-giveaway-claim-warns-users-of-scammers/)
    The Punch December 26, 2025

  • FAAC windfall helps states cut bank exposure by over ₦547bn in one year

    FAAC windfall helps states cut bank exposure by over ₦547bn in one year

    Photo Credit: The Punch
    2025-12-27 06:00:00

    In a review published by Punch, Nigerian states and local governments reportedly reduced bank borrowing by about ₦547.5bn over the past year as federation revenue inflows improved.

    The story suggests higher allocations gave some subnational governments room to refinance or repay costly short‑term facilities, easing pressure on monthly deductions and debt‑service burdens.

    However, analysts note that debt reduction is only durable if states also strengthen internally generated revenue and curb recurrent leakages, especially as oil‑linked inflows remain volatile.

    Echotitbits take:
    This is a rare “good-news” fiscal signal, but it can reverse fast if FAAC cools or spending balloons. Watch the next quarter’s allocations, states’ IGR trends, and whether repayment coincides with better capital spending rather than fresh borrowing.

    Source: The Punch — December 27, 2025 (https://punchng.com/states-lgs-repay-n547-5bn-bank-debts/)
    The Punch December 27, 2025

  • Guinea Insurance Maps N15bn Capital Raise as Recapitalisation Pressure Builds

    Guinea Insurance Maps N15bn Capital Raise as Recapitalisation Pressure Builds

    Photo Credit: Newsverge
    2025-11-28 06:00:00

    In an update published by *PUNCH*, Guinea Insurance is moving to raise additional equity as Nigeria’s insurance recapitalisation push forces firms to scale up balance sheets to new minimum thresholds.

    The recapitalisation agenda is designed to improve claims-paying capacity and market confidence, but it also raises the risk of consolidation—stronger players may absorb weaker ones that cannot raise fresh funds quickly.

    For Guinea Insurance, the strategy includes a mix of financing structures, which could affect shareholder dilution and the company’s medium-term expansion plans.

    The larger story is sector-wide: as capital thresholds rise, insurers face pressure to improve underwriting discipline and rebuild trust in claims settlement.

    *Ecofin Agency* noted that “Non-life insurers such as Guinea Insurance must raise capital from 3 billion to 15 billion nairas,” while *Simply Wall St* highlighted the planned “Share Capital Increase: From N4 billion to N19 billion.”

    Echotitbits take: Recapitalisation is necessary, but not sufficient. Watch for how firms pair capital raises with operational reform—claims processes, governance, and product innovation—so new money doesn’t just become a compliance checkbox.

    Source: Newsverge — Nov 28, 2025 (https://newsverge.com/2025/12/22/guinea-insurance-shareholders-approve-n15bn-capital-raise/)

    Photo credit/source: Newsverge
    Newsverge 2025-11-28

  • CBN Data Shows Drop in Diaspora Remittance Inflows via IMTOs

    CBN Data Shows Drop in Diaspora Remittance Inflows via IMTOs

    Photo Credit: The Punch
    2025-12-26 06:20:00

    In an update published by *PUNCH*, Central Bank of Nigeria (CBN) data shows inflows through International Money Transfer Operators (IMTOs) declined, underlining how fragile FX supply remains even after reforms aimed at improving official-market pricing.

    The report points to pressures that can affect remittances—global cost-of-living stress, immigration policy shifts in key sending countries, and the growing use of informal channels that bypass official reporting.

    For Nigeria’s FX market, reduced IMTO inflows can tighten liquidity, complicate supply management, and intensify demand pressure—especially for households and SMEs that rely on remittances for consumption and working capital.

    Analysts will likely watch whether the trend persists into subsequent quarters, and whether policy signals further encourage formal remittance routing.

    *Nairametrics* wrote that “inflows fell to $888.39 million in Q1 2025, compared to $1.08 billion” in the same period of 2024, while *Proshare* stated inflows “declined by -6% quarter-on-quarter (QoQ) to US$888m in Q1 2025.”

    Echotitbits take: Remittances are a lifeline—but they’re also a policy barometer. If official inflows keep sliding, Nigeria may need stronger incentives for formal channels (pricing, speed, trust) and tighter scrutiny of leakages to informal pipelines.

    Source: The Punch — Dec 26, 2025 (https://punchng.com/cbn-reports-276m-drop-in-imtos-inflows/)

    Photo credit/source: The Punch
    The Punch 2025-12-26

  • Fidelity Bank Boosts Lagos Fire Response With Equipment Donation

    Fidelity Bank Boosts Lagos Fire Response With Equipment Donation

    Photo Credit: Vanguard
    2025-12-25 10:25:00

    Figures cited by Vanguard show Fidelity Bank donated fire-fighting equipment to the Federal Fire Service, Lagos Command (Zone J), as part of its corporate social responsibility support for emergency response capacity.

    The report says the donation was received by officials led by the Controller of the Fire Service in Lagos Command, with items aimed at strengthening operational readiness.

    In separate coverage, The Guardian reported that Fidelity’s support included essential firefighting and preventive equipment such as hoses and gasoline water pumps, describing it as part of its Fidelity Helping Hands Program.

    The Guardian also quoted a bank executive explaining the rationale, saying the donation reflects the bank’s dedication to strengthening emergency response and public safety within communities it serves.

    Echotitbits take: CSR donations help, but Lagos’ recurring fire incidents suggest a systemic equipment and infrastructure gap. Watch for whether this sparks a broader public-private coalition that standardises equipment support, training, and maintenance—rather than one-off headline gestures.

    Source: Vanguard — December 19, 2025 (https://www.vanguardngr.com/2025/12/fidelity-bank-donates-equipment-to-fire-service/)

    Vanguard 2025-12-19

  • CBN Pushes Banks: FirstBank ATMs to Accept International Cards

    CBN Pushes Banks: FirstBank ATMs to Accept International Cards

    Photo Credit: The Punch
    2025-12-25 09:15:00

    In an update published by The Punch, FirstBank says its ATMs will be enabled to accept international cards in line with a Central Bank of Nigeria (CBN) directive, a step aimed at improving foreign-card usability for travelers and visitors. The bank said the change is part of broader compliance work across Nigeria’s payment infrastructure.

    For customers, the biggest impact is convenience: foreign-issued cards should be able to withdraw cash (where permitted) and complete ATM transactions more smoothly, reducing friction for diaspora visitors and business travelers—especially during peak travel seasons.

    For banks and switching/payment processors, the directive implies backend reconfiguration, routing, and compliance checks to ensure international schemes work reliably across channels.

    Supporting reports show the regulator set deadlines and scope: Vanguard quoted the directive saying banks must “configure their ATMs to allow foreign cards” by “February 28, 2025,” while The Guardian reported the goal is for ATMs to accept “Visa, MasterCard, and other foreign cards.”

    Echotitbits take: This is a pro-diaspora, pro-tourism signal—but reliability is everything. Watch for early hiccups (declines, FX conversion disputes, downtime), and whether fees and FX spreads become the next consumer pain-point.

    Source: The Punch — December 25, 2025 (https://punchng.com/firstbank-atms-to-now-accept-intl-cards/)

    The Punch 2025-12-25

  • SEC Sets January Window for Market Operators’ Registration Renewals Ahead of e-Processing Shift

    SEC Sets January Window for Market Operators’ Registration Renewals Ahead of e-Processing Shift

    Photo Credit: BusinessDay
    2025-12-22

    In an update published by BusinessDay the SEC directed capital market operators to renew their registrations between January 1 and January 31, 2026.

    The move is part of a wider compliance push as regulators tighten oversight of intermediaries and try to reduce manual-heavy bottlenecks.

    The timeline also signals that late renewals could trigger operational disruptions once the regulator begins shifting core processes online.

    TheCable reported the SEC will commence “electronic receipt and processing of applications” in Q1 2026. The Nation also reported the deadline, stating operators must renew “between January 1 and January 31, 2026.”

    Echotitbits take: Digitising registration can reduce discretionary friction—if the portal is reliable. Watch for published checklists, transparent fees, and clear service-level timelines so smaller operators aren’t squeezed out.

    Source: BusinessDay — December 22, 2025 (https://businessday.ng/news/article/capital-market-operators-to-renew-registration-before-january-31-sec/)
    BusinessDay 2025-12-22

  • Nigeria’s Capital Importation Drops to $1.13bn in August as Portfolio Inflows Cool

    Nigeria’s Capital Importation Drops to $1.13bn in August as Portfolio Inflows Cool

    Photo Credit: Vanguard
    2025-12-23

    A new update from Vanguard says Nigeria’s capital importation fell 62% month-on-month to $1.13 billion in August 2025 from $2.98 billion in July.

    The update indicated foreign direct investment improved from the prior month, while portfolio flows softened, suggesting more cautious foreign appetite.

    For policymakers, the signal is mixed: better FDI optics, but shrinking total inflows that can pressure FX liquidity and sentiment.

    New Telegraph reported: “Consequently, overall capital importation decreased to $1.13 billion, from $2.98 billion in the preceding month.” Vanguard similarly stated: “Nigeria’s capital importation… fell… to $1.13 billion…”.

    Echotitbits take: This is where FX stability meets credibility. Watch Q4 data for whether longer-term inflows start replacing hot money—and whether policy consistency improves investor comfort.

    Source: Vanguard — December 23, 2025 (https://www.vanguardngr.com/2025/12/capital-importation-declines-62-to-1-13-bn/)
    Vanguard 2025-12-23

  • Regent Microfinance Bank Says MSME Lending Has Crossed ₦10bn in Total Disbursements

    Regent Microfinance Bank Says MSME Lending Has Crossed ₦10bn in Total Disbursements

    Photo Credit: The Punch
    2025-12-23

    Coverage from Punch says Regent Microfinance Bank says it has crossed ₦10 billion in cumulative lending to MSMEs, pitching the milestone as part of a push to narrow Nigeria’s credit gap.

    The report suggests the lender pairs credit with advisory support and repayment flexibility to help small businesses survive inflation and weak demand.

    For MSMEs, the key test remains conditions—pricing, tenor, and speed of disbursement—especially as working-capital stress persists.

    Punch framed the milestone: “By reaching the N10bn mark in disbursements…”. The Nation also reported the bank “has disbursed over N10 billion in cumulative loans disbursements…”.

    Echotitbits take: MSME lending is essential but default risk is high in this cycle. Watch for portfolio quality after Q1 2026 and whether borrowers get practical support like bookkeeping and inventory discipline.

    Source: The Punch — December 23, 2025 (https://punchng.com/regent-mfb-crosses-n10bn-msme-lending-milestone/)
    The Punch2025-12-23

  • SEC Plans Q1 2026 Shift to Digital Processing as January Renewal Deadline Approaches

    SEC Plans Q1 2026 Shift to Digital Processing as January Renewal Deadline Approaches

    Photo Credit: TheCable
    2025-12-22

    Documents reviewed by TheCable indicate the SEC will begin electronic receipt and processing of applications in Q1 2026 as it enforces a January renewal deadline for market operators.

    The shift is expected to reduce manual bottlenecks, shorten processing timelines, and improve transparency for regulated firms.

    If successful, the change could improve investor confidence by making compliance more predictable and less relationship-driven.

    TheCable reported SEC will commence “electronic receipt and processing of applications” in Q1 2026. BusinessDay reinforced the renewal timeline, stating operators should renew “from January 1 to 31, 2026.”

    Echotitbits take: Nigeria’s capital market needs both speed and trust. Watch for portal launch dates, clear fees, and published service-level timelines that reduce discretionary delays.

    Source: TheCable — December 22, 2025 (https://www.thecable.ng/sec-issues-deadline-for-capital-market-operators-to-renew-registration/)
    TheCable 2025-12-22