The Central Bank of Nigeria (CBN) is the country's apex monetary authority, established by the CBN Act of 1958 and officially commencing operations on July 1, 1959
“POS geo-tagging is a tool for protection, not punishment” – Lotus Bank’s Akinlabi Adegoke
Lotus Bank is the first non-interest bank headquartered in Lagos, Nigeria. The bank surpassed the ₦20 billion capital requirement set by the Central Bank of Nigeria.
How banks, fintechs refunded Nigerians ₦10 billion in six months
FCCPC facilitated refunds of over ₦10 billion ($6.66 million) from banks and fintechs between March and August 2025. A total of 9,091 complaints were resolved through the FCCPC's consumer complaints portal during this period.
Open banking in Nigeria: Lessons from abroad and the demands of compliance
The Central Bank of Nigeria launched Open Banking Guidelines and Registry, marking a new era for consumer data management. The guidelines require fintechs to obtain explicit consent for data sharing, emphasizing accountability and security.
Providus Bank gets approval to absorb ailing Unity Bank
Providus Bank has received court approval for the acquisition of Unity Bank Plc. Unity Bank recorded ₦203 billion in impaired loans at the end of the 2023 financial year.
Condia Insider: Who pays the price for Nigeria’s PoS crackdown?
The Central Bank of Nigeria announced that every PoS terminal must be geo-tagged to combat fraud. The new rule requires all terminals to run on Android 10 or higher and capture their exact location during transactions.
