financial inclusion

Can Mobile Satellite Deployment Bridge Rural Telecom Blind Spots?

Obafemi Fawibe2 weeks ago2 weeks ago06 mins

Major pan-African telecommunications operators have entered into commercial agreements and conducted technical trials with low-Earth orbit (LEO) satellite providers to deploy direct-to-cell services and satellite-backed cellular backhaul across the continent. Commercial partnerships involving operators like MTN, Airtel, and constellation managers such as SpaceX’s Starlink and Eutelsat OneWeb mark a strategic shift in African network architecture….

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Yobe Backs Female Akara Sellers with N461m Support

Daniel Otera2 months ago05 mins

Female food vendors who fry akara at roadside stalls across Yobe State are set to become the newest beneficiaries of a government empowerment drive, after the State Executive Council approved N460.83 million for the purchase of beans and cooking equipment to shore up their small trades. The approval, reached at a council meeting…

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Nine In Ten Naira Stay Out Of Banks Despite Cashless Drive

Daniel Otera2 months ago03 mins

Nigeria’s economy remained firmly cash-driven in May 2026, as the volume of money circulating outside the banking system rose to N5.19 trillion, exposing the limits of the Central Bank of Nigeria’s years-long campaign to wean the country off physical cash. Latest money and credit statistics from the CBN showed that currency outside banks…

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CBN Mandates Domestic Storage Of Payment Data Effective 2027

Daniel Otera3 months ago03 mins

The Central Bank of Nigeria has directed banks, fintech firms and payment service providers to store all payment transaction data generated within the country on local servers effective January 1, 2027. The directive forms part of broader reforms aimed at strengthening oversight of the rapidly expanding digital payments sector. In a circular issued by…

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Regulator Imposes N100 Million Foreign Exchange Fines

Central Bank Unveils Payments Vision to Curb Cash

Ebenezer Chukwudi3 months ago3 months ago03 mins

The Central Bank of Nigeria has launched an aggressive financial strategy to drive the country toward a one-trillion-dollar economy. Dubbed the Payments System Vision 2028, the blueprint aims to drag an additional 50 million citizens into the formal banking system. Governor Olayemi Cardoso presented the four-year roadmap in Abuja, framing electronic payment channels as vital…

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80% of Female Businesses Lack Access to Credit – FG

Chinwe Igbokwe4 months ago4 months ago03 mins

Nigeria’s economic ambition remains tethered to a significant failure in financial inclusion. New data reveals that 80 per cent of businesses owned by women operate entirely without access to formal credit. While women constitute over half of the population and provide 40 per cent of the nation’s agricultural labour, they remain sidelined from the institutional…

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CBN Hikes ATM Card Fees

Chinwe Igbokwe5 months ago5 months ago02 mins

The Central Bank of Nigeria (CBN) has released an exposure draft of the “Guide to Charges by Banks and Other Financial Institutions, 2026,” proposing a rise in the cost of ATM card issuance and replacement. If finalized, the fee for standard debit and credit cards will climb to ₦1,500, a 50 per cent increase from…

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Global Mobile Money Transactions Surge Past $2tn Mark

Ebenezer Chukwudi5 months ago5 months ago03 mins

Global mobile money transactions hit a historic $2tn in 2025, doubling in value in just four years. According to the State of the Industry Report on Mobile Money 2026 by the GSMA, the sector has transitioned from a niche tool for the unbanked into a mainstream financial ecosystem. While it took two decades to reach…

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Bank of Industry receives CBN licence for alternative finance window

Daniel Otera7 months ago05 mins

The Bank of Industry has obtained regulatory clearance from the Central Bank of Nigeria to establish a Non-Interest Banking window, a development the development finance institution says will broaden financial access for ethically motivated enterprises and underserved segments of the economy. According to a statement issued by the bank, the approval authorises BoI to…

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