Abeg Technologies granted mobile money operator license by Central Bank of Nigeria

NIGERIA – The Central Bank of Nigeria (CBN) has granted an Approval In Principle (AIP) to Abeg Technologies Limited, a product of Piggytech Global Limited, as a Mobile Money Operator (MMO) in Nigeria. With the platform becoming Nigeria’s first social commerce platform to secure the CBN’s AIP for an MMO license, the announcement marks a crucial development in the company’s…

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AppZone acquires switching license from the Central Bank of Nigeria

NIGERIA – Appzone, a sub-Saharan African payment infrastructure company, has been granted approval in principle by the Central Bank of Nigeria (CBN) to operate under the switching and processing license category. The switching license would allow the company to directly interact and collaborate with key payment stakeholders, including the Nigeria Central Switch hosted by the Nigerian Interbank Settlement System (NIBSS),…

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Nigeria unveils digital currency after banning cryptos

NIGERIA – The Central Bank of Nigeria joined a growing list of emerging markets betting on digital money to cut transaction costs and boost participation in the formal financial system. The unveiling of the eNaira is a culmination of several years of research by the country in advancing the boundaries of the payment system, making transactions easier and seamless. The digital currency and…

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Nigerian Digital Bank Sparkle closes US$3.1m Seed Round

NIGERIA – Sparkle, a mobile-first digital bank that provides financial, lifestyle and business support services to Nigerians across the globe, has raised an oversubscribed seed round of US$3.1 million from an all-Nigerian group of investors including Leadway Assurance, Trium Networks and a number of Nigerian High Networth Individuals. This funding round follows a previous friends and family pre-Seed round totaling…

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Central Bank of Nigeria partners fintech Bitt Inc to launch its own digital currency

NIGERIA – The Central Bank of Nigeria (CBN) has announced that it will partner with Bitt Inc. as a technical partner in its bid to launch its own digital currency, the eNaira. The apex bank made this known during the formal engagement of Bitt Inc., a global fintech company, as the technical partner for its digital currency, eNaira. Bitt Inc.…

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Insurtech startup Pula raises US$6m Series A funding round led by TLcom Capital

KENYA – Pula, an insurtech service that works to re-risk African smallholder farmers, has raised a US$6 million Series A funding round to scale up operations across its 13 markets on the continent and expand into Asia. Launched in 2015 by Rose Goslinga and Thomas Njeru, Pula designs and delivers innovative agricultural insurance and digital products to help smallholder farmers endure climate…

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Nigeria’s Central Bank issues new forex exchange directives to tame abuse by dealers

NIGERIA – The Central Bank of Nigeria has issued new directives aimed at eliminating foreign exchange abuse and other practices by dealers which affect goods purchased by the average Nigerian consumers. In a circular addressed to foreign exchange dealers, the Central Bank of Nigeria directed authorized dealers to desist from opening of Form M whose payments are routed through a…

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May & Baker receives US$2.5m loan from Nigeria’s Central Bank to support business operations

NIGERIA – May & Baker, one of Nigeria’s leading pharmaceutical companies, has received a US$2.58 million (N 1 billion) from the Central Bank of Nigeria’s intervention fund to support business operations. The central bank also announced an N50 billion Covid-19 health care fund for the healthcare sector giving the company another unique opportunity to increase its financial muscle. The loan…

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Nigeria’s central bank launches healthcare scheme to boost local manufacturing of drugs

NIGERIA – The Central Bank of Nigeria (CBN) has unveiled a grant Scheme to help strengthen the public healthcare system with innovative financing of research and development (R&D) in new and improved drugs, vaccines and diagnostics of infectious diseases in response to the Covid-19 pandemic in the country. The Scheme, called the Healthcare Sector Research and Development Intervention Scheme (HSRDIS)…

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Nigeria’s Edo state partners with CBN, farmers to revive non-performing oil palm belt

NIGERIA – The Edo State Government has partnered with the Central Bank of Nigeria and farmers in  in the revival of the Urhonigbe oil palm belt at a cost of N91.3 billion ( about US$253.04 million). A statement from the Edo state government revealed that the amount for the palm project was jointly made available by the Central Bank of…

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