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World-Class! Nigeria’s Payment System Competes with the Best – Central Bank Reveals

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The Central Bank of Nigeria has declared the country’s instant payment system as one of the most advanced globally, citing years of reforms and innovation that have reshaped the nation’s financial landscape.....KINDLY READ THE FULL STORY HERE▶

Director of Payments System Policy at the CBN, Mr Musa Jimoh, made this known on Thursday during the FintechNGR Quarter Two Regulators’ Forum Webinar, themed “Beyond Compliance: Unlocking Innovation with Nigeria’s Open Banking Framework.”

According to Jimoh, Nigeria’s payment ecosystem has evolved significantly, fuelled by a blend of fintech innovation, progressive regulation, and shifting consumer behaviour.

“Our payments happen within seconds, and that’s a very big one for Nigeria as a country,” he said, describing the instant payment system as a reflection of the country’s drive for innovation and financial inclusion.

The forum, which brought together key players in the financial technology space, explored the potential of open banking to deepen financial services and promote collaboration among institutions.

Jimoh noted that the CBN had made deliberate efforts over the years to modernise Nigeria’s financial system, starting as far back as 2006 when it first inaugurated a national payment system vision.

“The journey of payment system development in Nigeria has been long. It started about 2006 when the CBN inaugurated its first payment system vision. The objective was to prepare a roadmap for the development of the payment system in Nigeria,” he said.

One of the pivotal moments, he explained, came in 2010 when the apex bank mandated a switch from magnetic stripe cards to chip-and-PIN cards, a move that led to the widespread adoption of more secure EMV payment cards.

“This was a major turning point for Nigeria,” he noted.

Jimoh traced further developments in the ecosystem to regulatory interventions such as Know Your Customer protocols, mobile banking, agent banking, mobile money, and the cashless policy.

Today, Nigeria has over 160 different licenses granted to institutions for financial and payment services,” he revealed, adding that financial institutions and switching companies had also upgraded their infrastructure to handle increasing transaction volumes.

He also cited the biometric-based Bank Verification Number as a landmark policy that enabled secure customer identity across platforms.

Touching on the relevance of open banking, Jimoh said it had the potential to boost innovation by enabling developers to build new financial products using customer-permissioned data held by banks.

“Banks are holding onto vast amounts of data that could be leveraged to develop innovative financial products and services. The CBN believes that open banking can help address this challenge by allowing developers to access bank data and create innovative financial products and services. The data must be permissioned, and the customer must give consent before it can be used,” he said.

However, he acknowledged that challenges remain in the implementation of open banking, particularly around the standardisation of APIs and cybersecurity.

To address these, Jimoh said the CBN had set up specialised workstreams focused on solving technical and policy issues surrounding open banking.

“The CBN aims to create an environment where openness, inclusiveness, and innovation drive national economic resilience and prosperity. With a robust regulatory framework, standardised API, and collaboration among stakeholders, open banking could transform Nigeria’s financial landscape,” he said.

Jimoh concluded by reiterating the central bank’s commitment to working with the private sector and regulators to advance innovation and deepen access to financial services across Nigeria.

“The CBN has released regulations and guidelines on open banking and established a regulatory sandbox to support innovation,” he added.

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‘Kwankwaso Is More Experienced Than Peter Obi’ – Buhari’s Ex-Aide Declares.

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Ahmad made the assertion in a post on his X handle, maintaining that Kwankwaso’s decision to accept the position of running mate should be seen as an act of political modesty rather than an indication that he is less qualified than Obi.....KINDLY READ THE FULL STORY HERE▶

According to the former presidential aide, the relationship between the two politicians should be viewed as one of equals rather than that of a superior and a subordinate.

“To be entirely candid, the political dynamic between Rabiu Kwankwaso and Peter Obi ought to be characterised as one of collegiality between peers, rather than a hierarchy of principal and subordinate,” he wrote.

He added, “The choice to assume a deputy role beneath Obi ought to be interpreted as a testament to political modesty.”

Making a case for Kwankwaso’s political experience, Ahmad recalled that the former Kano State governor served as Deputy Speaker of the House of Representatives before Obi became a prominent figure in national politics.

He also noted that Kwankwaso governed Kano State, which he described as Nigeria’s most populous and politically influential state, for two terms and served as a federal minister.

“If we are assessing political experience, Sen. Kwankwaso probably has a longer and more impressive political background than Peter Obi,” Ahmad stated.

In contrast, the former presidential aide argued that Obi’s major public office experience was limited to his tenure as governor of Anambra State.

“Unlike other candidates, Peter Obi was just a former governor of Anambra State,” he wrote.

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‘I Have Stopped Impregnating Women’ – 2Baba Makes Shocking Revelation.

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Nigerian music star Innocent Idibia, popularly known as 2Baba, has declared that he no longer impregnates women.....KINDLY READ THE FULL STORY HERE▶

The singer made the statement on Saturday during a live performance at Rehab Lounge in Calgary, Canada.

While performing his hit song True Love, 2Baba paused to interact with the audience and playfully asked the women present to identify where his true love was.

He jokingly wondered whether she was standing at the back of the venue or somewhere in front of him before making a remark about his experiences with women.

The award-winning musician told the audience that he had stopped getting women pregnant, adding that he had been making the same confession wherever he performed recently.

He said, “For the purpose of this show, I will pretend like I’ve never seen anything before. Where’s my true love? Is she back there? Is she right here? Is she somewhere here? Where’s my true love? You people shouldn’t put out me for trouble.

“As I said, some ladies they fear to shout. See, everywhere I go these days, I make this confession. As I say, some ladies they fear to shout. I say, I don’t fear to shout. Because I don’t stop to dey give woman belle. Ask anyone, they’ll tell you, I don’t do such thing things again.”

The singer’s comment comes amid public interest in his personal life and relationships.

2Baba was previously married to Nollywood actress Annie Macaulay-Idibia. The couple announced their separation in January 2025 after having two children together.

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NPFL Cracks Down! Abia Warriors, Katsina United, Warri Wolves Hit With Sanctions.

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Abia Warriors were fined ₦3.2 million for failing to provide adequate security as agreed during the pre-match technical meeting ahead of their encounter with Niger Tornadoes.....KINDLY READ THE FULL STORY HERE▶

Abia Warriors were fined ₦3.2 million for failing to provide adequate security as agreed during the pre-match technical meeting ahead of their encounter with Niger Tornadoes.

The Umuahia-based club was also found guilty of an attempt by one of its officials to disrupt the live broadcast of the match by harassing a crew member of the league’s broadcast partner.

As part of the disciplinary measures, Abia Warriors’ multimedia officer, Chidera Favour Igwe, has been suspended from all NPFL match activities for five matches.

Katsina United, meanwhile, were fined ₦2 million for failing to provide adequate and effective security during their home fixture against Plateau United.

The club was also sanctioned for allowing supporters to encroach onto the field of play during the encounter.

Warri Wolves Receive Heaviest Punishment

Warri Wolves have been handed the most severe sanctions following the unruly behaviour of their supporters during Sunday’s Matchday 10 clash against Kano Pillars in Ozoro.

The Seasiders were fined ₦4.2 million and docked three points and three goals from their accumulated tally. The club was also ordered to play its next three home matches behind closed doors.

According to the NPFL, Warri Wolves failed to provide adequate security at the stadium, resulting in an assault on match officials after the final whistle.

The league further disclosed that the second assistant referee sustained a nose injury and was left bleeding during the incident.

The NPFL stated that all three clubs have 48 hours from the date of notification to appeal their respective sanctions in accordance with the league’s disciplinary procedures.

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