Nigeria Recognizes Cryptocurrency as Securities in Landmark LegislationNigeria has taken a historic step in its digital finance journey by officially recognizing cryptocurrency and virtual assets as securities under the newly enacted Investment and Securities Act (ISA) 2025. Signed into law by President Bola Tinubu, the legislation marks a transformative moment for the country’s burgeoning crypto sector, offering long-awaited regulatory clarity. The new law defines crypto assets as “digital representations of value that can be transferred, digitally traded, and used for payment or investment purposes.” It places Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs), and Digital Asset Exchanges under the regulatory oversight of the Securities and Exchange Commission (SEC). This framework aims to enhance investor protection, curb fraudulent activities, and align Nigeria’s financial markets with global standards. The SEC has also introduced measures to accelerate cryptocurrency licensing through its Accelerated Regulatory Incubation Programme (ARIP). Provisional licenses have already been granted to platforms like Quidax and Busha, signaling a structured approach to regulating digital assets. SEC Director-General Emomotimi Agama emphasized that this move positions Nigeria as a competitive destination for local and foreign investments while fostering innovation. This legislation represents a significant departure from Nigeria’s previously restrictive stance on cryptocurrencies. After years of regulatory uncertainty, including bans on banks supporting crypto transactions, the government reversed its position in late 2023. The ISA 2025 builds on this momentum by formally integrating crypto into the financial system, reflecting both global trends and the country’s high adoption rate, second only to India globally. Stakeholders have welcomed the development. Jude Ozinegbe, founder of Cyberchain, described it as a turning point for Nigeria’s digital economy. He noted that the law provides legitimacy to digital assets while fostering institutional involvement and innovation. However, experts have highlighted the need for clear implementation strategies to ensure seamless compliance. The ISA 2025 sets the stage for Nigeria to become a leader in blockchain and fintech innovation. While challenges remain in refining compliance guidelines and licensing processes, this bold step is expected to attract investments, boost economic diversification, and solidify Nigeria’s position in the global crypto ecosystem.
Celebrating three years of innovation, Bluu Digital Technologies Limited redefines B2B transactions with Bluupay
Bluu Digital, a technology company headquartered in Abuja, has launched a new platform designed to enhance financial operations for businesses operating across traditional and digital currency ecosystems. The platform combines API-driven architecture with advanced payment automation tools, aiming to address the growing demand for seamless cross-border transaction capabilities in global commerce. Marking its 3rd anniversary, Bluu Digital Technologies Limited has unveiled Bluupay Bridge, a pioneering payment solution designed to tackle the complexities of managing traditional and digital currencies. This platform seems to address the challenges businesses face in managing traditional and digital currencies by offering real-time currency conversion, automatic payment routing, and enhanced fraud detection. Stephen Bitrus, Bluupay’s Director of Business Development, noted in an interview: “Our goal is to empower businesses, whether they operate in fintech, e-commerce, or global payroll, by simplifying financial operations, reducing costs, and improving transaction speed.” He added, “With Bluupay Bridge, companies can scale globally without complex payment infrastructures, staying competitive in the digital economy.” This solution helps businesses handle payments in multiple currencies, including both traditional money and cryptocurrencies. The Bluupay Bridge, is designed to easily connect with existing financial systems, making it simpler and faster for companies to update their payment processes. It uses real-time currency conversion and automatic payment routing to reduce costs and speed up transactions, especially when sending money across borders. This makes it easier for businesses to operate globally without the hassle of complex payment systems. Bluupay Bridge is designed to handle high transaction volumes efficiently, says Martins Michael, Bluupay’s Director of Product Development. “Our system is built to process large numbers of transactions quickly and smoothly. It automatically scales to manage traffic spikes, distributes transactions across multiple servers to prevent delays, and ensures continuous operation with backup systems. Most transactions are completed in under 5 seconds, though factors like verification and internet speed can affect timing” – Martins noted. Fraud detection and risk management systems, integrated by Bluupay Bridge, enable real-time monitoring of transactions to identify and mitigate fraudulent activities effectively. The system supports cross-border payroll management, facilitating seamless payments to employees worldwide. For example, companies with global workforces can use Bluupay Bridge to distribute salaries in local currencies, while e-commerce platforms may leverage its multi-currency support to simplify checkout experiences for international customers. Analytics and reporting tools within the platform provide businesses with detailed insights into payment flows, currency exposure, and transaction success rates. These features aim to help organizations make data-driven decisions while maintaining audit trails for regulatory compliance. Bluupay represents a significant leap forward in B2B financial transactions by offering a streamlined, API-driven platform that seamlessly integrates traditional and digital currencies. By providing real-time currency conversion, automatic payment routing, and robust fraud detection, this solution empowers businesses to scale globally without the complexities of traditional payment systems. With its ability to handle high transaction volumes efficiently and support cross-border payroll management, Bluupay Bridge is poised to revolutionize the way companies manage financial operations in the digital economy.
PalmPay launches new debit card in partnership with Verve to advance financial inclusion
PalmPay, one of Africa’s fastest-growing fintech platforms, has unveiled its new PalmPay Debit Card in collaboration with Verve, Africa’s largest domestic card scheme. With over 35 million users and a network of 1.1 million agents and merchants across Nigeria, PalmPay aims to redefine digital banking by integrating traditional banking tools with its dynamic fintech ecosystem. The new debit card is seamlessly integrated with the PalmPay wallet, combining the convenience of a physical card with the flexibility of digital finance. Key FeaturesThe PalmPay Debit Card offers: Zero maintenance fees Easy in-app application and nationwide delivery Exclusive cashback rewards High-yield savings (up to 16% APR) Seamless offline and online payments across the Verve network. Accepted at major payment terminals nationwide, the card supports both debit and contactless transactions, bridging traditional banking with innovative digital solutions. Premium Offering for High-Value UsersPalmPay also introduced the PalmPay Premium Card for high-volume users. Benefits include: Priority customer support Higher cashback rates Enhanced savings interest Exclusive merchant rewards Speaking at the launch event in Lagos, PalmPay’s Managing Director, Chika Nwosu, emphasized the company’s commitment to leveraging technology to expand financial access. “This partnership enables us to offer secure, widely accepted payment cards integrated with the full power of PalmPay’s ecosystem,” he said. Vincent Ogbunude, Managing Director of Verve International, highlighted their shared mission of accelerating financial inclusion and delivering innovative payment solutions tailored to African consumers. PalmPay’s latest initiative aligns with its broader strategy to redefine digital banking in Nigeria by making it more accessible and rewarding for all users, from first-time account holders to professionals seeking advanced financial tools.
Sterling bank makes history by eliminating transfer fees for online transactions
Sterling Bank has announced the immediate elimination of transfer fees for all local online transactions conducted through its mobile app, which took effect on April 1, 2025. The announcement, initially met with skepticism due to its timing on April Fools’ Day, was swiftly clarified by the bank. Sterling Bank assured that the policy is genuine and will provide significant relief to individuals and small business owners who frequently conduct transactions. “We believe access to your own money shouldn’t come with a penalty,” said Obinna Ukachukwu, Growth Executive at Sterling Bank. “This is more than a financial decision; it’s a values-based one, reflecting our commitment to fair and inclusive banking.” Sterling Bank will refund customers who were charged transfer fees between midnight and 8:00 AM on April 1, ensuring a smooth transition to the new policy. This move has sparked widespread approval and pressure on other banks to follow suit, potentially setting a new standard for the industry.
UBA achieves record growth in 2024, boosted by digital banking and strong profitability
United Bank for Africa (UBA) Plc has announced its audited financial results for the year ended December 31, 2024, showcasing remarkable growth across key financial metrics. The bank’s performance highlights its strategic focus on digital banking and operational efficiency. Gross Earnings: UBA recorded a 53.6% increase in gross earnings, reaching N3.19 trillion, compared to N2.08 trillion in 2023. Profit After Tax (PAT): PAT surged by 26.14% to N766.6 billion, marking the highest in the bank’s history. Profit Before Tax (PBT): PBT rose by 6.1% to N803.72 billion from N757.68 billion in 2023. Total Assets: Total assets grew by 46.8%, reaching N30.4 trillion, up from N20.65 trillion in 2023. Dividend: The bank proposed a final dividend of N3 per share, bringing the total dividend for the year to N5 per share. UBA’s electronic business transactions generated N284.7 billion in revenue for 2024, an impressive 85.9% growth from N157.1 billion in 2023. This includes fees from ATM withdrawals, online banking, and mobile transactions. However, electronic transaction expenses also rose significantly to N199.2 billion from N107.1 billion in the previous year. The bank recorded a 158% increase in remittance fee income, earning N39.91 billion compared to N15.45 billion in 2023. This reflects UBA’s growing strength in cross-border money transfers.Oliver Alawuba, UBA’s Group Managing Director/CEO, attributed the success to the bank’s commitment to customer satisfaction, geographic diversification, and robust risk management practices. He emphasized that UBA’s digital transformation and operational efficiency have been pivotal in achieving these results. Oliver Alawuba, UBA’s Group Managing Director/CEO, attributed the success to the bank’s commitment to customer satisfaction, geographic diversification, and robust risk management practices. He emphasized that UBA’s digital transformation and operational efficiency have been pivotal in achieving these results.
Crypto pioneer Zap Africa challenges Paystack over use of “Zap” name
Zap Africa, a cryptocurrency exchange specializing in converting digital assets to Naira, has issued a legal threat to fintech giant Paystack over the use of the brand name “Zap.” The conflict arose after Paystack recently launched a mobile app called “Zap,” designed to simplify and speed up bank transfers. Shola Akinlade, CEO of Paystack, described the app as a tool to make money transfers more reliable, emphasizing that it is not a banking service. However, Zap Africa insists that the name “Zap” is trademarked and claims the new app infringes on its intellectual property. Tobi Asu-Johnson, CEO of Zap Africa, announced the company’s intent to take legal action via social media. “Our name is trademarked, and we’re on it. Zap’s legal team will be reaching out to Paystack shortly. Huge shoutout to everyone who brought this to our attention. Your support is invaluable!” he wrote on X (formerly Twitter). The company further asserted on its official handle, “There is only one ZAP in Nigeria and Africa.” Zap Africa operates as a non-custodial wallet that allows users to seamlessly swap and send cryptocurrency for Naira at competitive rates. The platform supports global transactions and has positioned itself as a key player in Nigeria’s cryptocurrency landscape. Paystack has yet to issue a public statement addressing the allegations or the potential lawsuit. For now, all eyes are on how this legal battle unfolds and whether it will set a precedent for intellectual property enforcement in Nigeria’s tech ecosystem.