CBN Revokes Operating Licences of Aso Savings, Union Homes The operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc have been revoked by the Central Bank of Nigeria (CBN) as part of efforts to strengthen the mortgage sub-sector and enforce compliance with banking regulations. Mortgage banks are financial institutions that provide home loans and other housing finance products, and so, they are strictly regulated by the CBN to protect customers and ensure the stability of Nigeria’s financial system. According to a post by the Acting Director of Corporate Communications of CBN, Mrs. Hakama Ali, on…
Author: FinTech Today
Nigerian Capital Market Hits ₦95 Trillion in 2025 — NGX Chairman Nigeria’s capital market has crossed a major milestone, with total market capitalisation rising to over ₦95 trillion in 2025, more than doubling within a year, according to the Chairman of the Nigerian Exchange Group (NGX Group), Umaru Kwairanga. Kwairanga described the market’s performance in 2025 as “very good” and almost transformative, citing government reforms, growing investor confidence, banking sector recapitalization, and major technological improvements as key drivers of the surge. Market Capitalisation More Than Doubles in One Year Speaking during an interview on Arise News on Monday, Kwairanga noted…
ECN Upgrades Information Processing Techniques for Digital Transformation The Energy Commission of Nigeria (ECN), a key player in the country’s energy sector, has embarked on a significant journey to enhance its operations with new advanced technology solutions. This step is aligned with the Federal Government’s broader goals of digital transformation across various ministries, agencies, and sectors. As part of its ongoing capacity-building initiatives, the ECN has undertaken measures to upgrade its information processing techniques and digital infrastructure. This process aims to ensure that the ECN is equipped to handle the rapidly advancing technological landscape while improving its service delivery capabilities.…
How FairMoney Is Powering Financial Inclusion for Nigerian Hustlers Urbanization is reshaping Nigeria’s economic landscape, creating new possibilities for millions of young people who relocate each year in search of opportunity. Cities like Lagos, Kano, and Abuja continue to expand as ambitious Nigerians leave their hometowns with the hope of building stable, sustainable livelihoods. Recent figures highlight the pace of this shift. As of 2024, more than half of Nigeria’s population – around 128 million people – live in urban areas. Many of these individuals are young entrepreneurs and self-employed workers determined to turn their skills, ideas, and hustle into…
How Much POS Agents Really Make in Nigeria Per Month (Realistic Breakdown) Introduction POS agency banking has become one of Nigeria’s fastest-growing informal and semi-formal businesses. From busy urban streets to rural market centers, POS stands have become an essential part of daily financial life. Millions of Nigerians rely on POS agents for cash withdrawals, transfers, bill payments, and other basic banking services. Yet despite its popularity, one major question continues to divide opinion: how much do POS agents really make in Nigeria per month? Some claim POS agents earn huge profits daily, while others argue margins are shrinking due…
How Nigerian Fintech Apps Really Comply With CBN Rules (Behind the Scenes) Introduction Many Nigerians believe fintech apps operate with fewer rules than traditional banks. Because opening an account on platforms like OPay, Kuda, PalmPay, Moniepoint, or Paga takes only minutes, users often assume these companies exist outside Nigeria’s rigid banking structure. In reality, the opposite is true. Nigerian fintech companies often face more frequent audits, tighter digital reporting requirements, and faster regulatory response timelines than traditional banks. While banks rely heavily on legacy systems and manual compliance layers, fintech operate in real time—meaning their compliance obligations are constant, automated,…
Why Nigerian Fintech Apps Freeze Accounts — And How to Get Your Money Back Faster Introduction Account freezes have become one of the most frustrating and anxiety-inducing experiences for Nigerian fintech users. From OPay and Moniepoint to Kuda, PalmPay, and other digital banking platforms, social media is awash with complaints from users who suddenly lose access to their funds without prior warning. In many cases, affected users wake up to discover that transfers have failed, withdrawals are blocked, or their accounts are marked “under review.” When they contact customer support, they are often told vague phrases like “security checks,” “compliance…