Nigerian banks suspend naira card transactions abroad

Nigerian Banks have announced temporary suspension of overseas Automated Teller Machine (ATM) naira card transactions to preserve foreign exchange reserves. The CBN rate sheet showed the naira exchanges at N430/$1 at the Investors’ and Exporters (I&E) forex window while black market rate was at N710/$, creating N280/$ premium between both rates. Banks’ decision followed consistent dollar scarcity […]



Access Holdings gets CBN’s approval to own a payment company

“Access Holdings Plc, trading as Access Corporation has announced that it has received the Central Bank of Nigeria’s final approval for its wholly owned payment subsidiary, Hydrogen Payment Services Company Limited. Hydrogen with a vision to be Africa’s most powerful business network will provide switching and payment processing services to financial service providers and other stakeholders. Speaking[…]



UBA partners MFS Africa on innovative payment solutions

The United Bank for Africa Plc and MFS Africa have entered into a partnership that will enable both institutions offer innovative and timely solutions to a wide range of customers, especially in the area of remittances, electronic money services and SME payments. According to a statement, both financial institutions signed an MoU at the UBA Head Office[…]