CBN directs financial institutions to display their legal names online 

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December 14, 2023
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5 min read
CBN building
The Central Bank of Nigeria, CBN. [PHOTO CREDIT: Ehud Kaduna]

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Salem,

Bolt Kenya can now monitor stalled trips and interact with drivers and riders via the app to ensure everything is running smoothly.

Trip Safety Monitoring, the new safety feature, will allow users to record audio, share a trip, call emergency services directly, and request Bolt Assistance with just a single tap through the in-app notification.

Per the ride-hailing company, additional features, like route deviation and delayed ride completion, are in the works.


This news comes three days after Bolt South Africa announced its new safety feature, which allows riders to take selfies and upload IDs before requesting a ride.

Here's what I've got for you today:

  • CBN directs financial institutions to display their legal names online
  • 6 new executives join Flutterwave
  • Kenya is now visa-free for global tourists

CBN directs financial institutions to display their legal names online

CBN building
The Central Bank of Nigeria, CBN. [PHOTO CREDIT: Ehud Kaduna]

The Central Bank of Nigeria has directed all financial institutions to display their legal names legibly on all online business platforms, including portals, websites, and mobile apps.  

These financial institutions include banks, other financial institutions, payment service providers, and international money transfer operators.

Why? Per the apex bank, certain licence holders running online applications or transaction websites/portals do not prominently display their corporate names to aid in public recognition.

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Risks for consumers of these products and services include negative perceptions of the products or services, user fraud, and difficulties in accessing assistance when needed.

To lessen these risks, the CBN has asked that these financial institutions list their corporate names online and place "Licensed by the Central Bank of Nigeria" next to or beneath their names.

The CBN has set a January 31, 2024 deadline for financial institutions to comply with the directive.

6 new executives join Flutterwave

Olugbenga Agboola, Flutterwave CEO

Six new executives from notable companies, including Cash App, Paypal, and Western Union, have joined Flutterwave a month after three finance executives announced their exit.

The six executives have over a century of combined experience working for big financial institutions. Thus, the company CEO, Gbenga Agboola, said the wealth of experience of the six executives will help the company maintain sustainable growth.

Amaresh Mohan, Flutterwave’s risk officer, held positions at international banks like Citibank and Bank of America. He also held leadership roles at Stripe and PayPal.

Steven Huynh, who has roughly 20 years of experience working for financial companies such as Wyre — which recently shut down — and Binance.US, will join the company as VP, Global Expansion & Payment Partnerships.  

Stephen Cheng joins the company as Executive Vice President of Global Expansion and Payment Partnerships.

Amanda Ortega, formerly a regulator with the State of Wyoming’s Division of Banking, joins Flutterwave as Head of Compliance, US. Cash App's Chris David has joined the company as the company's new Vice President, Compliance & Risk Operations.

The only Nigerian on the list of new hires is Adewale Ayantoye, who worked previously at Etsy, an American eCommerce company. He joins Flutterwave as VP, Risk Management.

Last week, the company declared that it had acquired money transfer licences for thirteen US states. These new hires could be pivotal to the company’s moves in the US. Flutterwave could also become one of Africa's truly global companies.

Kenya is now visa-free for global tourists

Two black guys at the airport

Global tourists will be able to visit Kenya without a visa starting in January 2024.

Why? The Kenyan government has adopted a digital platform that allows global tourists to obtain electronic travel authorisations in advance, eliminating the need for visa applications.

Kenya’s President, William Ruto, says that the digital platform's implementation will help the country execute its visa-free policy, guaranteeing that each visitor is pre-identified.

This news comes one month after Kenya eliminated the need for visas for citizens of African nations, demonstrating the nation's dedication to enabling easy access and promoting closer ties with other countries.

Kenya's decision to implement a visa-free policy for African nationals and now international tourists is a step forward in advancing inclusivity and freedom of movement across the continent.

The simplified digital platform for foreign visitors should greatly benefit the nation's tourism sector.

Kenya’s tourism industry grew by 32% in the six months ending in June 2023, with 847,810 foreign visitor arrivals. This new initiative should increase the number significantly.

Tourists will increase earnings from tourism-related services such as lodging, tours, and cultural immersion. More tourists could boost economic growth by generating more jobs in transportation and hospitality industries.

This advancement will also encourage the entry of tech experts, financiers, and business owners from various backgrounds, resulting in increased startup growth and new business opportunities.

However, is Kenya ready for initiative? For instance, for tourists to have a flawless experience, the country must resolve any problems with power reliability.

But the country is currently dealing with erratic power supplies, a challenging move for many industries, including the travel and tourism sectors.

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Have a lovely Thursday!

Victoria Fakiya for Techpoint Africa.

She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.

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