The Central Bank of Nigeria (CBN’s) directive to financial institutions to localise payment-related dat by January next year will trigger the global providers to bring their own scale of cloud into the country for building the nation’s digital infrastructure scale give investors more confidence to deploy the capital that brings in the scale to prepare…
Every transformative company begins with a simple idea. For Stabyl, that idea was born not in a boardroom, but during conversations between classmates at the University of Oxford, where discussions about the future of digital finance evolved into a bold vision for solving one of Africa’s biggest financial challenges. Between 2021 and 2022, Prince Nnamdi…
The Association of Bureaux De Change Operators of Nigeria (ABCON) has called for increased vigilance in the operation and regulation of the Nigeria financial system to protect it against terrorism financing and illicit financial flows. In a statement, ABCON condemned any form of terrorism financing in the country, and reiterated its support for all legitimate…
VeendHQ says its AI-powered credit platform, Vida AI, helped recover ₦69 million from a ₦172.5 million portfolio of loans that were more than 90 days overdue in a pilot that highlights the growing role of technology in loan recovery and portfolio management. The result comes at a time when lenders are under increasing pressure to…
The Monetary Policy Committee (MPC) said rising political spending and foreign exchange (forex) demand pressures associated with the 2027 elections will test the resilience of Nigeria’s economy. Members of the Central Bank of Nigeria (CBN)-led MPC, in their personal notes at the last MPC meeting released on Thursday including Aloysius Ordu, Bandele Amoo, Lamido Yuguda,…
The Founder and Chairman of Zenith Bank Plc, Jim Ovia, has retired as chair of the bank following the expiration of his tenure in line with regulatory requirements, as disclosed in a corporate notice issued in Lagos on May 5, 2026. Mr. Ovia completed the mandatory 12-year tenure stipulated under corporate governance guidelines for financial…
Nigeria has strengthened her digital infrastructure and cybersecurity framework with the unveiling of Domain Name System (DNS) Security Extensions (DNSSEC) on the .ng domain. The feat was achieved by the Nigeria Internet Registration Association (NiRA), the registry responsible for managing Nigeria’s country code top-level domain (.ng). The unveiling positions the country among forward-looking nations that…
Nigeria’s consumer inflation rate quickened for the first time in a year in March with headline consumer inflation rising to 15.38% year-on-year, up from 15.06% in February, according to the National Bureau of Statistics (NBS) figures. Food inflation accelerated to 14.31% year-on-year, up from 12.12%. Analysts say this inflation spiral is a headache for President…
Rating agency, Fitch Ratings, has projected that Nigeria’s external reserves will decline to $47 billion by the end of 2026, despite ongoing foreign exchange (FX) reforms and recent improvements in macroeconomic policy. In its latest assessment affirming Nigeria’s long-term foreign-currency issuer default rating at ‘B’ with a stable outlook, the rating agency said the expected…
