Cryptocurrency exchange eXch has announced it will cease operations on May 1, 2025, following mounting allegations that it was used to launder millions of dollars stolen in the recent Bybit hack. The decision comes as the platform faces intense scrutiny from international authorities and an ongoing transatlantic investigation that could lead to criminal charges against its operators. The controversy centers on claims that North Korea’s Lazarus Group, the alleged perpetrators of the $1.4 billion Bybit exploit in February, funneled approximately $35 million of the stolen funds through eXch. Initially, the exchange denied any involvement but later admitted to processing a small portion of the hacked assets, describing its role as “insignificant”. In a statement, eXch’s management cited a “hostile environment” and ongoing surveillance efforts, including signals intelligence (SIGINT), as key reasons for the shutdown. “We don’t see any point in operating in a hostile environment where we are the target of SIGINT simply because some people misinterpret our goals,” the company said. The exchange, known for its privacy-focused and non-KYC model, has long been controversial in the industry. Its leadership criticized what they called “nonsensical” anti-money laundering policies, arguing these measures are often ineffective and harm user privacy. Meanwhile, Bybit, the direct victim of the hack, is also taking steps to mitigate risk by shutting down several of its Web3 services, including wallets and its NFT marketplace.
Nigeria Customs strengthens partnership with Access bank to boost digital trade system
The Nigeria Customs Service (NCS) has stepped up its collaboration with Access Bank to advance the rollout of its new digital platform, B’odogwu, aimed at transforming customs operations and trade processes across the country. In a recent virtual meeting, officials from the NCS and Access Bank discussed ways to deepen cooperation and align their systems to ensure smooth integration of B’odogwu with financial services. The platform, developed entirely in Nigeria, is designed to automate customs procedures, improve transparency, and enable real-time processing of trade transactions. Deputy Comptroller-General of Customs in charge of ICT and Modernisation, Kikelomo Adeola, led the NCS team. She emphasized the importance of working closely with financial institutions like Access Bank to fully unlock the platform’s potential. “B’odogwu represents a major shift in how we manage customs operations,” Adeola said. “Our goal is to build strong partnerships that will help us automate processes, increase transparency, and improve trade facilitation.” Representing Access Bank, Olatunbosun Oladunke, Head of Global Trade, praised the NCS’s digital reform efforts and pledged the bank’s full support. “We are committed to ensuring that our systems work seamlessly with B’odogwu, especially in areas like trade finance and automated payments,” he said. Access Bank’s Head of Media and Public Relations, Olakunle Aderinokun, also stressed the need for clear communication with stakeholders and the public to raise awareness about the benefits of the new system.
Moniepoint launches MonieWorld to transform UK-Nigeria remittances
Nigerian fintech giant Moniepoint has officially entered the diaspora banking sector with MonieWorld, a digital platform designed to streamline cross-border transactions for African immigrants. Initially targeting the UK-Nigeria corridor, the service promises instant transfers (as fast as 17 seconds) with zero transaction fees and competitive exchange rates. Remittances are a lifeline for Nigeria’s economy, with inflows reaching $20.98 billion in 2024, nearly half originating from the UK. MonieWorld aims to simplify this process by allowing users to send funds via bank transfers, cards, Apple Pay, or Google Pay, all while offering a best-in-class exchange rate of £1 to ₦2,172. CEO Tosin Eniolorunda describes MonieWorld as more than a money-transfer tool, it’s a “full-service immigrant banking platform” with plans to introduce credit-building tools, savings accounts, and investment options. This approach targets long-term financial stability for diaspora users navigating dual financial systems. Moniepoint leverages its existing infrastructure, processing 1 billion+ transactions monthly, to guarantee reliability and lower costs compared to rivals like LemFi and Send. Its recent $110 million Series C funding and Visa partnership further bolster its capacity to scale. The company plans to expand MonieWorld to U.S., Canadian, and Kenyan corridors, reducing reliance on Nigeria’s volatile market. For now, the focus remains on capturing the UK-Nigeria space, where over 290,000 Nigerians reside. MonieWorld’s launch signals a strategic shift for Moniepoint, blending remittances with holistic financial services to empower Africa’s global diaspora.
Access Bank finalizes acquisition of National Bank of Kenya, expanding East African presence
Access Bank PLC, a leading Nigerian financial institution and subsidiary of Access Holdings PLC, has received the green light from Kenyan regulators to acquire the National Bank of Kenya (NBK) in a landmark deal that underscores its ambitious African expansion strategy. The Central Bank of Kenya (CBK) and the country’s National Treasury have both granted final approvals for Access Bank to purchase 100% of NBK’s shares from KCB Group PLC, which has owned the bank since 2019. The regulatory nods were given earlier this month, paving the way for Access Bank to take full control of one of Kenya’s oldest financial institutions. As part of the transaction, certain assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group. Both the CBK and the Cabinet Secretary for the National Treasury have approved this transfer, ensuring a smooth transition for customers and stakeholders. Founded in 1968, the National Bank of Kenya was established as a government-owned bank to provide credit access and promote economic empowerment for Kenyans in the post-independence era. In 2019, KCB Group acquired NBK, operating it as a subsidiary alongside other financial services businesses. With this acquisition, Access Bank strengthens its footprint in Kenya’s competitive banking sector, adding to its existing operations in the country and reinforcing its commitment to the East African market. The bank now operates in over a dozen African countries, including Ghana, Rwanda, Mozambique, Zambia, and South Africa, and maintains a presence in the UK, UAE, and representative offices in China, Lebanon, and India. The Central Bank of Kenya has welcomed the deal, highlighting its potential to enhance the stability and resilience of the country’s banking sector. The regulator expressed confidence in Access Bank’s ability to maintain continuity of services at NBK and to leverage the bank’s infrastructure and customer base to further develop digital and financial services in Kenya.
UBA launches upgraded PoS terminal and revamped MONI app to boost digital payments for African businesses
United Bank for Africa (UBA) has taken a significant step forward in digital banking by unveiling an upgraded Point of Sale (PoS) terminal and a revamped MONI App, both designed to accelerate digital payments and empower businesses across Africa. The announcement, made at UBA’s corporate head office in Marina, Lagos, highlights the bank’s commitment to innovation and supporting small and medium-sized enterprises (SMEs) with cutting-edge technology. The new solutions are part of UBA’s ongoing campaign, “Innovation for Progress: Empowering SMEs, Connecting Communities, Simplifying Banking.” The newly improved PoS terminal is packed with features aimed at making business transactions faster, more reliable, and more transparent. Merchants can now enjoy instant settlement of funds, real-time transaction monitoring, and pay-by-link functionality, all backed by a 100% transaction success rate. These enhancements are designed to give business owners the confidence and efficiency they need to thrive in today’s fast-paced economy. According to Shamsideen Fashola, UBA’s Group Head of Retail and Digital Banking, “The new UBA PoS and MONI App are designed to empower merchants and agency banking with instant settlements, real-time transaction tracking, and unmatched reliability, ensuring they can focus on growing their businesses with a trusted partner.” UBA’s MONI App, a cornerstone of the bank’s agency banking network, has also received a major upgrade. The app now features instant settlement, pay-by-transfer options, enhanced security with secret questions, a redesigned homepage, and an improved inbox for better communication. Agents and customers can continue to enjoy core services such as instant account opening with BVN/NIN, real-time transfers, cash deposits and withdrawals, and airtime/data payments with agent discounts. Alero Ladipo, UBA’s Group Head of Marketing and Corporate Communications, emphasized the bank’s focus on customer needs: “We understand that speed, transparency, and reliability are critical for business growth, and that’s exactly what the new UBA PoS and MONI App deliver. We are offering a promise of efficiency, trust, and support to the thousands of businesses that rely on us daily.” With operations in 20 African countries and international offices in the UK, US, France, and the UAE, UBA serves over 45 million customers globally. Business owners, merchants, and agent banking partners are encouraged to visit any UBA branch or the bank’s website to experience the new PoS terminal and MONI App firsthand.
OPay named fintech company of the year at prestigious leadership awards
Nigeria’s leading financial technology company, OPay, has been recognized as the Fintech Company of the Year 2024 by Leadership Newspapers. The award ceremony took place on April 8, 2025, at the Aso Rock Villa, celebrating OPay’s transformative impact on Nigeria’s financial ecosystem. The accolade highlights OPay’s dedication to expanding financial access for millions of Nigerians, particularly the unbanked and underbanked. The company’s innovative solutions, including Large Transaction Shield for secure high-value transactions and NightGuard, which enhances account security through time-based restrictions and facial verification, have set new benchmarks in fintech security and usability. Speaking at the event, Dauda Gotring, Managing Director and CEO of OPay, expressed gratitude: “We are deeply honored to be recognized as the Fintech Company of the Year. This award is a testament to our vision of creating a secure, inclusive, and innovative financial ecosystem for every Nigerian. We dedicate this achievement to our loyal customers who inspire us every day to do better.” Since its establishment in 2018, OPay has been at the forefront of advancing Nigeria’s cashless economy. Offering services such as money transfers, bill payments, airtime purchases, and merchant transactions, OPay is licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC), ensuring reliability and trust for its users. This recognition solidifies OPay’s position as a pioneer in Africa’s digital payment landscape and highlights its commitment to driving financial inclusion through cutting-edge technology.