Paystack fined ₦250m as CBN tightens fintech oversight in Nigeria
The CBN imposed a ₦250 million fine on Paystack for operating its Zap product without the appropriate license. Zap, a peer-to-peer money transfer app, requires a microfinance or banking license to function as a wallet.
Nigerian crypto companies should be cautious as SEC recognises crypto as securities
The Nigerian SEC has classified cryptocurrencies as securities under the ISA 2025. This legal recognition has been met with excitement in the crypto community, but caution is advised.
Scoop: CBN releases list of 108 IMTOs with commercial approval
The CBN has licensed 108 IMTOs, a significant increase from 15 in 2016. The renewed push by the CBN aims to boost dollar inflows into Nigeria.
Access Bank sets 2025 finish line for $100M acquisition of KCB unit
Access Bank will finalize its acquisition of the National Bank of Kenya by the end of Q3 2025. The acquisition is valued at approximately $100 million, enhancing Access Bank's foothold in Kenya.
Zone wants to create an Ethereum blockchain where government-backed regulators have oversight
Zone aims to create a regulated blockchain network that allows financial institutions to facilitate payments without third-party involvement. The proposed blockchain would enable regulators to monitor transactions in real-time, embedding compliance into the network's operations.
