According to The Nation Online, Nollywood powerhouse Funke Akindele has officially secured a major ambassadorial deal with MonieWorld, a product under the Moniepoint Inc. umbrella. The deal is aimed at bridging the financial gap for Nigerians living in the diaspora.
Akindele, who recently shattered cinema records with her latest film, expressed her excitement about the partnership, noting that the brand’s values of hard work and reliability align with her personal journey. She emphasized that the collaboration is about empowering Nigerians to build lives regardless of their location.
The partnership marks a significant business move for the actress, further solidifying her status as a commercial magnet and a cultural icon. It also highlights the growing trend of FinTech companies leveraging Nollywood’s massive reach to connect with global audiences.
This move reinforces Akindele’s “A-list” status not just in entertainment, but as a formidable entrepreneur. As the face of a diaspora-focused financial tool, her influence will likely drive high adoption rates among Nigerians abroad who already consume her content.
* Legit.ng (Website): “Funke Akindele bags fresh ambassadorial deal with MonieWorld… uniting two forces committed to enabling progress.”
* Moniepoint Official (Press Statement): “We are thrilled to welcome Funke Akindele to the family… her story of resilience inspires millions.”
Source: The Nation — https://thenationonlineng.net/funke-akindele-bags-fresh-ambassadorial-deal-with-monieworld/ February 13, 2026
Photo Credit: The Nation
Tag: fintech
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Funke Akindele Expands Business Empire with Global FinTech Partnership
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Nigeria to Host Major Conference on Africa’s Digital Economy
ThisDay reports that Nigeria has been selected to host the 2026 Conference on Africa’s Borderless Digital Economy.
The event is expected to convene policymakers, tech entrepreneurs, and investors to discuss digital payments integration and harmonized data regulation across Africa, with an AfCFTA implementation lens.
The Nation and BusinessDay also noted anticipated focus areas such as reducing cross-border transaction costs and showcasing Nigerian innovation to a global audience.
Echotitbits take: Hosting is an opportunity for Nigeria’s fintech and enterprise tech ecosystem, but credibility will depend on fixing the basics: affordable data, reliable power, and predictable regulation. Expect deal-making around cross-border payments, digital identity, and AfCFTA-compliant trade digitization.
Source: This Day – https://www.thisdaylive.com/2026/01/30/nigeria-to-host-2026-conference-on-africas-borderless-digital-economy/ 2026-01-30
Photo Credit: This Day
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SEC Imposes Massive Capital Hike for Fintechs and Stockbrokers
Photo credit: Скачко Виталий / Unsplash (Unsplash License)
2026-01-17 07:00:00
The Securities and Exchange Commission (SEC) has announced a sweeping upward revision of minimum capital requirements for capital market operators. Under the new guidelines, broker-dealers must increase their minimum capital from N300 million to N2 billion, portfolio managers from N150 million to N5 billion, and issuing houses from N200 million to N7 billion.
Reports indicate a June 2027 deadline for compliance, positioning the move as a market-stability and resilience push intended to ensure only adequately capitalized institutions manage investor funds.
Echotitbits take: This is a consolidation trigger for the Nigerian fintech and brokerage ecosystem. Expect accelerated M&A, tighter governance expectations, and near-term operational strain for smaller operators as the compliance window narrows.
Source: The Punch – https://punchng.com/sec-capital-hike-to-spur-mergers-squeeze-smaller-operators/ (January 17, 2026)
Photo Credit: The Punch
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Banks begin passing ₦50 stamp duty on eligible transfers to senders under tax changes
Reporting by Leadership indicates banks are shifting the ₦50 stamp duty charge on qualifying electronic transfers (notably above a stated threshold) to senders, aligning with changes in the tax regime.
The development affects how customers perceive transfer costs and could influence behaviour—some may bundle transactions or switch to alternative payment rails to minimise charges.
Industry analysts say clearer disclosure is essential, as hidden or inconsistent charges can damage trust and push users back toward cash.
Regulators will be watching implementation consistency across banks and consumer-protection compliance, including dispute resolution for wrongly applied charges.
Echotitbits take: Small charges scale quickly. Watch for uniform application, clear customer notices, and whether fees trigger a shift to wallets/USSD alternatives—or a return to cash.
Source: The Punch – https://punchng.com/banks-to-charge-%E2%82%A650-stamp-duty-on-transfers-above-%E2%82%A610000-from-january-1/ 11 January 2026
The Punch 2026-01-11
Photo Credit: The Punch
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Regulators Mandate Fast Refunds for Failed Electronic Transactions
According to Premium Times, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have finalized a joint regulatory framework to address the persistent issue of failed airtime and data purchases. The new policy mandates that subscribers who are debited without receiving value must be refunded within a specified short window, significantly reducing the current resolution time which often stretches into days.
The framework introduces a Central Monitoring Dashboard, which will be co-hosted by the two regulators. The dashboard is designed to provide real-time visibility into transaction failures across Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs), ensuring providers are held accountable for technical glitches and system downtimes.
Stakeholders including Value Added Service (VAS) providers and financial institutions participated in months of negotiations to reach the agreement. Regulators say it responds to a surge in complaints about “hanging” funds during network instabilities, which has eroded trust in the digital economy.
The Punch reports that banks and telecom operators have been given a March 1, 2026 deadline to fully implement the new refund framework, while BusinessDay highlights the technical target of near-instant refunds for failed airtime and data purchases to match the pace of modern fintech competitors.
Echotitbits take: This is a major win for consumer rights in Nigeria’s digital space. By integrating NCC and CBN monitoring systems, the policy reduces the long-running “blame game” between banks and telcos. If implemented well, it could lift digital transaction volumes as confidence improves.
Source: The Punch – https://punchng.com/ncc-cbn-unveil-refund-framework-for-failed-airtime-data-transactions/ 2026-01-09
Photo Credit: The Punch
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AI Poised to Revolutionize Risk Pricing and Fraud Detection in Nigerian Banking
According to The Guardian Nigeria, financial experts are forecasting a major shift in the banking sector as Artificial Intelligence (AI) takes a lead role in real-time risk pricing. Omolade Oke, a prominent industry analyst, stated that AI will soon become the primary tool for fraud detection and personalized liquidity management across major Nigerian banks.
This technological evolution is expected to significantly reduce the rate of non-performing loans by providing more accurate credit scoring models. Banks are already increasing their tech budgets to integrate these AI solutions, aiming to compete with the rising dominance of fintech platforms.
BusinessDay supported this outlook, noting that ‘AI will revolutionise risk pricing’ and modernize how banks interact with their customers. Vanguard also reported on the trend, emphasizing that ‘Cardoso’s brilliant monetary management’ is creating the stability needed for such long-term tech investments.
Echotitbits take: AI is the ‘silver bullet’ for Nigeria’s high credit risk environment. If banks can successfully automate fraud detection, we might finally see a reduction in the massive interest rate spreads that currently make borrowing so expensive for small businesses.
Source: The Guardian — https://guardian.ng/interview/ai-will-revolutionise-risk-pricing-fraud-detection-and-personalised-liquidity-management-in-real-time-says-omolade-oke/
The Guardian January 3, 2026Photo Credit: The Guardian
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CBN Pushes Banks: FirstBank ATMs to Accept International Cards
Photo Credit: The Punch
2025-12-25 09:15:00In 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
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CBN tightens rules for foreign-card withdrawals as banks told to enable seamless use
Photo Credit: The Punch
2025-12-21 06:45:00Figures cited by The Nation show the Central Bank of Nigeria has directed banks and non-bank acquirers to configure ATMs, POS and virtual terminals to accept foreign-issued cards while applying stronger authentication above set thresholds.
The circular instructs institutions to implement multi-factor authentication for foreign card withdrawals and online transactions above $200 per day, $500 per week, and $1,000 per month, and to maintain high system availability for smoother processing.
Banks are also told to clearly disclose exchange rates and charges before completing transactions, and to strengthen transaction monitoring and KYC/AML controls for merchants handling foreign card payments.
Premium Times reported the circular requires institutions to ensure terminals are configured to accept international cards and maintain availability to avoid failures, noting users should be shown terms before completion. Vanguard quoted the CBN directive: “implement multi-factor authentication for all withdrawals and online transactions exceeding $200 per day, $500 per week, and $1,000 per month.”
Echotitbits take:
For diaspora visitors and tourists, this could reduce declined transactions—if banks implement it cleanly. Watch for short-term disruption (higher declines during recalibration), plus how quickly institutions standardise FX rate disclosures and complaint-resolution timelines.Source: The Nation — December 21, 2025 (https://thenationonlineng.net/cbn-asks-banks-to-configure-atms-pos-terminals-for-foreign-card-transactions/)
The Nation 2025-12-21 -
Wema Bank sets ₦120m prize pool for Hackaholics 6.0 grand finale
Photo Credit: Wema Bank Logo – The Nation
2025-12-14According to The Nation, Wema Bank has announced a ₦120 million prize pool for the Hackaholics 6.0 grand finale after regional pitches produced finalist teams, positioning the programme as a pipeline for youth-led innovation.
The initiative is expected to bring finalists into a competitive showcase where ideas are assessed for product readiness and potential market impact.
Vanguard also reported the ₦120 million prize pool and quoted Wema Bank leadership on the role of young innovators in shaping technology and nation-building.
Leadership likewise reported the same prize pool and described it as funding support for finalists advancing to the finale.
Analysis/Echotitbits take: Prize pools are attractive, but the real value is what happens after the finale—mentorship, pilots, distribution and investor access. Watch for the winning solutions, whether they get real-world deployment opportunities, and whether Wema publishes post-programme outcomes that show scaling beyond the event.
Source: The Nation — 14 Dec 2025 (https://thenationonlineng.net/wema-bank-unveils-n120m-prize-for-hackaholics-grand-finale/)
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CBN gives payment firms 30 days to add dual channels for PoS transactions
photo: CBN headquarters — Wikipedia
According to The Punch, the Central Bank of Nigeria (CBN) has directed financial institutions, acquirers and payment service providers to implement mandatory dual connectivity for Point-of-Sale (PoS) transactions within one month to reduce failures and downtime.
The directive, issued via a circular signed by the CBN’s Payments System Supervision leadership, is designed to ensure PoS transactions can automatically route through an alternative channel when one switch or aggregator fails.
Daily Post also reported the same policy move, describing it as a 30‑day deadline aimed at stabilising PoS performance and reduce persistent transaction disruptions for merchants and consumers.
Other industry reporting and commentary (including BusinessDay’s coverage shared on social platforms) echoed the policy intent: improve resilience, enforce reporting, and strengthen reliability testing across the payments ecosystem.
Analysis/Echotitbits take: This is a quality-of-service crackdown, not just another circular. If enforcement is real, the biggest impact will be on downtime-driven “lost sales” for SMEs and on customer trust in cashless payments. Watch for compliance audits, penalties for repeated outages, and whether smaller aggregators can afford the redundancy costs without pushing fees higher for users.
Source: The Punch — 12 Dec 2025 (https://punchng.com/cbn-sets-one-month-deadline-for-dual-pos-connectivity/)