The Central Bank of Nigeria (CBN) has issued a stern warning to Nigerian banks and fintech companies to prioritize cybersecurity as the country embraces open banking. Speaking at the recent Q2 Regulators Forum hosted by FintechNGR, Mr. Musa Jimoh, Director of Payments System Policy at the CBN, highlighted the critical need to protect customer data in this new financial landscape. Open banking, which allows banks to share customer data with trusted third-party providers through secure APIs, is a game-changer for Nigeria’s financial services sector. However, this innovation also opens doors to potential cyber threats if not properly managed. “There have been numerous cases of data breaches globally,” Jimoh said. “Open banking should not become an open door for cybercriminals. We must ensure that the security around our APIs, payment infrastructure, and customer data is unbreakable.” The CBN official emphasized that banks and fintechs must invest heavily in cybersecurity measures to safeguard customer information. He also urged financial service providers to educate their customers on the importance of consent and the risks of cyber fraud, warning against scams that might trick users into sharing sensitive information like PINs. “Security, privacy, and consumer protection are vital to the success of open banking,” Jimoh noted. “Customers must clearly understand what data they are sharing and how it will be used.” To streamline this process, the CBN is working on standardizing the application programming interfaces (APIs) used in open banking. This will allow fintechs and banks to interact seamlessly, reducing complexity and enhancing security across the board. Nigeria became the first African country to establish an open banking framework when the CBN released operational guidelines in March 2023. The framework enables customers to grant permission for their financial data, such as account balances and transaction history, to be shared securely with third-party providers, fostering innovation and personalized financial services.
Afreximbank appoints Dr. George Elombi as new president, eyes $250 billion growth
The African Export-Import Bank (Afreximbank) has named Dr. George Elombi, a Cameroonian legal expert and longtime bank executive, as its next President and Chairman of the Board. He will take over from Nigerian Professor Benedict Oramah, who is set to step down in September 2025 after a decade at the helm. Dr. Elombi’s appointment was confirmed at the Bank’s 32nd annual meeting held in Abuja from June 25 to 28, following a thorough global search and interview process. The five-year term, renewable once, marks him as the fourth leader since Afreximbank’s founding in 1993. With nearly 30 years at Afreximbank, Elombi has held key roles including Executive Vice President for Governance, Legal and Corporate Services. Before joining the Bank in 1996, he lectured in law at the University of Hull, UK. He holds advanced degrees in law from the London School of Economics and the University of Yaoundé. In his acceptance speech, Elombi reaffirmed his commitment to the Bank’s mission of industrializing Africa and boosting the continent’s economic dignity. He pledged to support the shareholders’ ambitious goal of expanding Afreximbank’s assets to $250 billion within ten years, a significant leap from the current $42.7 billion. Elombi has been instrumental in shaping Afreximbank’s structure and response to crises. Notably, he chaired the Emergency Response Committee that mobilized over $2 billion for COVID-19 vaccine acquisition and distribution across Africa and the Caribbean. The Bank’s rigorous selection process began in January 2025, involving international media calls and interviews by a global executive search firm. The Board of Directors recommended Elombi to the shareholders for final approval, underscoring his deep experience and vision for the institution’s future.
SEC flags Value Growth Platform as suspected Ponzi scheme, warns Nigerians to stay away
The Securities and Exchange Commission (SEC) has sounded a strong warning to Nigerians, urging them to steer clear of Value Growth Platform, an online investment outfit the regulator suspects is running a Ponzi scheme. In an official statement released on Friday, the SEC revealed that Value Growth Platform has been promoting itself as a sophisticated investment service, offering market analysis, investment tips, and third-party trading opportunities. However, after a thorough investigation, the Commission found these claims to be both misleading and illegal. According to the SEC, Value Growth Platform displays several classic warning signs of a fraudulent scheme. These include promises of guaranteed high returns, aggressive referral programs that reward users for bringing in new investors, and urgent requests for people to fund their accounts quickly. “The Commission hereby informs the public that Value Growth Platform is not registered by the Commission to either solicit investment from the public or operate in any capacity within the Nigerian capital market,” the SEC stated. “Accordingly, the public is advised to be cautious about investing with the said Value Growth Platform, as any person who engages with the entity or its representative does so at his/her own risk.” This warning comes as part of a broader effort by the SEC to protect Nigerians from scams in the rapidly evolving financial technology space. In recent weeks, the Commission has also flagged other unregistered investment outfits, including CMTrading, Zugacoin, and Samzuga GPT, cautioning that these entities are not licensed to operate or seek public investments in Nigeria. The SEC particularly highlighted the dangers of so-called “meme coins” and derivative tokens like SZCB and SZCB2, which are often promoted through hype but lack any real value or utility. The regulator warned that such digital assets are highly volatile and can be used to exploit unsuspecting investors. The SEC is urging all Nigerians to verify the registration status of any investment platform through official channels before committing their money. Under Nigeria’s newly updated Investments and Securities Act 2025, operating a Ponzi scheme now carries a minimum penalty of 10 years in prison and a fine of at least ₦20 million. As financial scams become more sophisticated, the SEC’s message is clear: always do your due diligence, and remember that if an investment opportunity sounds too good to be true, it probably is.
Tinubu urges African nations to embrace PAPSS for seamless cross-border payments
President Bola Tinubu has called on African countries to adopt the Pan-African Payment and Settlement System (PAPSS) to boost financial integration and strengthen economic ties across the continent. Speaking at the Afreximbank 32nd Annual Meetings, Tinubu highlighted PAPSS as a game-changer for Africa’s financial landscape. He said the system would allow countries to settle cross-border transactions instantly in local currencies, reducing reliance on foreign exchange and cutting billions in transaction costs each year. “I urge all Africans, all African nations, to embrace PAPSS because deeper financial integration strengthens our collective resilience,” Tinubu said. The president noted that Nigeria has already formally approved PAPSS, with the Central Bank of Nigeria instructing all banks to process cross-border payments through the platform. This move aims to make transactions faster and more affordable for Nigerian businesses and individuals trading within Africa. Afreximbank President Benedict Oramah explained that PAPSS is integrating 42 payment systems across Africa and has already onboarded about 160 commercial banks in 16 countries. The system, supported by a $3 billion settlement fund, also features an African Currency Marketplace and new credit and debit cards that let users spend their national currencies across participating countries. Oramah added that PAPSS is helping to unlock new opportunities, such as enabling investors to buy stocks across African exchanges using their local currencies. Tinubu stressed that Africa’s financial future depends on such innovations and called for greater support for Afreximbank to expand its impact. He also announced the launch of the Africa Energy Bank in Abuja, which will finance the continent’s energy transition. With PAPSS, experts believe Africa is taking key steps toward a more unified financial market, and possibly, a single continental currency in the future.
Nigeria’s digital betting market embraces technology for responsible gambling
As Nigeria’s mobile betting industry experiences rapid growth, operators are turning to advanced technology to promote responsible gambling and protect users. SOFTSWISS, a global iGaming software developer, is leading efforts to embed technology-driven safeguards in Nigeria’s digital betting platforms. The surge in online betting, fueled by Nigeria’s young and digitally savvy population, has exposed vulnerabilities in traditional gambling oversight methods. Physical premises and manual interventions are no longer sufficient to address the risks posed by instant, accessible online betting. SOFTSWISS integrates artificial intelligence and sophisticated analytics to monitor betting behaviors in real time. This technology quickly identifies patterns that may indicate gambling problems, enabling early intervention. Features such as customizable spending limits, deposit caps, and self-exclusion options empower users to manage their betting responsibly. The company stresses that responsible gambling is not only ethical but essential for the sustainable growth of Nigeria’s digital betting market. Successful implementation requires collaboration among regulators, betting operators, and support organizations to ensure that technology aligns with ethical standards and player safety. By prioritizing player protection through innovative technology, Nigeria’s digital betting industry aims to create a safer environment where betting remains entertainment rather than compulsion. SOFTSWISS has over 15 years of experience developing iGaming solutions and is committed to supporting Nigeria’s evolving market with responsible, technology-driven strategies.
Pi Network users face major hurdles ahead of June 28 migration
The Pi Network community is grappling with a wave of technical problems as the highly anticipated migration to the open network approaches on June 28. Thousands of Pi Network users, known as Pioneers, are encountering significant challenges that threaten to derail the migration process. Key issues include persistent KYC (Know Your Customer) verification glitches, malfunctioning two-factor authentication (2FA), and disappearing wallet balances, all of which have left many frustrated and uncertain about the future of their Pi coins. One of the biggest roadblocks is the KYC verification step, which is essential for users to transfer their Pi coins to the open network. Despite having passed KYC months ago, many users report being stuck in endless verification loops or seeing a “tentative approval” status that prevents them from moving forward. Even after submitting all required documents and photos, the system often fails to sync properly, and official support from the Pi Core Team has been sparse. In an effort to enhance security during transfers, Pi Network introduced a two-factor authentication process. However, instead of smoothing the path, this feature has caused more headaches. Numerous users say they never receive the confirmation emails needed to complete 2FA or encounter error messages when attempting to verify. In some cases, completing 2FA sends tokens back to the mobile app, forcing users to restart the process. Perhaps most alarming is the issue of disappearing wallet balances. Users who complete every step correctly have reported seeing their Pi coins briefly appear in their wallets, only to vanish moments later. Others have watched their unlocked tokens disappear without ever reaching their mainnet wallets, sparking confusion and anger after years of anticipation. The Pi Core Team acknowledges these problems and says they are working on fixes, but they have not provided a clear timeline for resolution. They advise users to update their apps, clear caches, and carefully follow migration steps. Meanwhile, scammers have begun exploiting the situation by sending fake support messages to frustrated users. The price of Pi’s native coin has already dropped by 75% from its peak, and the mounting technical issues are further shaking user confidence. With the critical June 28 migration deadline looming, many in the community are hoping the process does not turn into another disappointment. As the Pi Network navigates these challenges, the coming days will be crucial in determining whether it can restore trust and successfully transition to its open network vision.