The CBN has given banks and fintechs 30 days to route all PoS transactions via NIBSS and UPSL, aiming to cut failures and ensure reliable, dual-channel payment processing nationwide.
Fintech
Top stories
CBN mandates dual connectivity for all PoS transactions, forcing banks and PSPs to link with NIBSS and UPSL within 30 days.
With AI that understands Yoruba, Igbo, Hausa, and Pidgin, Agentpesa wants to make digital banking as easy as chatting, sending voice notes, or snapping a photo of account details.
Fintech startup NALA has secured approval from the Bank of Ghana to launch remittance services in the country, partnering with BigPay to deliver cross-border payments to individuals and businesses.
Interswitch’s revenue jumped 50% to ₦137.5b in 2024 as Verve crossed 100m cards and the group saw a significant boost in profitability.
Moniepoint has launched Moniebook, a unified inventory and POS system that gives businesses visibility into sales, customers, and payments as the fintech expands beyond agency banking.
ClockPay was born from a simple frustration: converting crypto to usable cash took days. After experiencing it firsthand, Martins Ejeheri built a platform that lets businesses accept stablecoins and settle instantly in over 24 countries.
Paystack has revealed that it fired co-founder and former CTO, Ezra Olubi, following the resurfaced X posts. The company said it had to act fast as a company regulated in multiple markets.
Nigeria’s thriving digital-payment ecosystem from OPay and PalmPay to Quickteller and USSD options as the silent engine behind the country’s iGaming boom.
Nigeria’s payment infrastructure enters a new era with the NPS, an upgrade built for speed, security, innovation, and seamless global integration.
Y Combinator-backed Moni has rebranded to Rank after acquiring AjoMoney and Zazzau MFB, expanding its mission to digitise Africa’s community savings culture and offer broader financial services.
After struggling to afford healthcare before payday, Temidayo Dauda built DailyPay, a startup that lets Nigerians access their salaries every day instead of waiting till month-end.
Fintech giant Revolut names Yacine Faqir to lead Morocco operations as it eyes North African growth.
OPay marked one year of its ₦1.2 billion, 10-year scholarship commitment by celebrating ₦126 million disbursed to 420 beneficiaries across 20 Nigerian universities.
Moniepoint has raised an additional $90 million in its Series C round, attracting investors like Visa and Google as it expands its banking services in Nigeria and the UK.
Operating behind the scenes, Kuunda enables banks and enterprises to lend at scale. With new funding, it’s moving into savings, launching in new markets, and building a financial literacy bot.
CBN’s new agent banking rules, especially the exclusivity clause, could shrink agent flexibility, squeeze margins, and push Nigeria’s fintech sector toward consolidation.
Flutterwave UK reported a £2.27M loss in 2024, up from £485K in 2023, despite higher revenue. Rising admin costs, investment losses, and shrinking cash reserves drove the decline.
Moniepoint reported a $1.2M loss in its first year in the UK. It also acquired Bancom Europe to fast-track its expansion across the UK and EEA markets.
From April 2026, Nigerian POS agents can work with only one principal under new CBN rules aimed at enhancing security, fairness, and transparency in agent banking operations nationwide.
After three painful failures, Akinsola Jegede decided to fix cross-border payments. His startup, VitalSwap, now helps thousands move millions seamlessly across continents.