OPay Digital Services has inked an agreement with Nasarawa State University, Keffi (NSUK), to extend its N1.2 billion nationwide scholarship fund to students at the institution. The formal signing, held in the NSUK Council Chamber, united representatives from both organizations to celebrate the new partnership. Dr. James Vandefan, OPay’s Chief Security Officer, emphasized the company’s goal in youth development through education. OPay is devoted to uplifting young Nigerians by supporting their academic journey. This pact with NSUK marks an expansion of our extensive N1.2 billion scholarship scheme, currently aiding students in various universities countrywide – Dr. Vandefan remarked Professor Maikano Muhammad Ari, Deputy Vice-Chancellor (Academic) at NSUK, praised OPay’s commitment and assured that the scholarships would reach deserving students who need them most. Itoro Udo, OPay’s Head of Corporate Social Responsibility, said that the company aims for a relationship that surpasses monetary aid, encompassing cybersecurity education, facility enhancements, and long-term student mentorship. These efforts will unfold gradually but promise substantial community impact. OPay committed a N60 million scholarship cheque, which was presented to NSUK management, to kick start the transformative program. The fund will alleviate financial burdens for bright students while creating the way for joint research initiatives, training programs, and recruitment opportunities under the MoU. OPay reaffirms its dedication to education and inclusive growth, facilitating opportunities for talented Nigerian youth to thrive and contribute meaningfully to society, by pledging this support over the next decade.
Australian bank ANZ issues apology after staff receive early layoff emails by mistake
One of Australia’s top financial institutions, the Australia and New Zealand Banking Group (ANZ), has expressed regret after some employees were prematurely informed of job cuts through an erroneous automated message. The mishap occurred as the bank undertakes job reductions within its retail division. The bank’s retail banking executive, Bruce Rush, acknowledged the error in sending these sensitive notifications ahead of official communications. According to him, sharing such news in this manner was never their intention. The messages mistakenly reached staff before personalized discussions about their employment status could be held. Following the incident, the organization promptly halted the dispatching of these emails and arranged personal conversations with those affected to clarify the situation. Rush emphasized the commitment to handling the restructuring process with care and respect despite recent organizational changes. The Financial Sector Union (FSU) voiced concerns over the confusion and anxiety caused by the early alerts. Union president Wendy Streets criticized the hastened pace of transformation imposed by the bank, lamenting the lack of union consultation. She said rushing through decisions cannot override the principles of respect and dignity for workers, describing the episode as poorly managed. The bank’s CEO, Nuno Matos, joined in expressing remorse, labeling the error as “unacceptable” and promising a thorough review of protocols to prevent a recurrence. The bank plans to reinforce protocols to maintain transparency and respect in all future organizational changes.
Takealot launches digital Home Loan Hub, drawing over 1,000 applicants in first 48 hours
South Africans can now secure mortgages online with unprecedented ease, thanks to Takealot’s recently unveiled Home Loan Hub. Launched last week in collaboration with MortgageMarket, this digital offering swiftly drew more than 1,000 users eager to explore home financing options in just 48 hours. This fresh platform revolutionizes property financing by allowing prospective buyers to apply through a straightforward online process, eliminating the usual hassle tied to traditional banks. Customers receive instant assessments without harming their credit ratings and can compare loan packages from leading banks like Absa, FNB, and Standard Bank. Within three days, candidates get detailed loan proposals, with successful applicants earning up to R20,000 worth of Takealot vouchers upon bond registration, an innovative perk designed to enhance customer loyalty. Tim Akinnusi, CEO of MortgageMarket, stated the rapid user uptake following the launch, signaling strong public enthusiasm for integrating home loan services with e-commerce convenience. This approach taps into Takealot’s existing customer insights and logistical networks to better evaluate credit risks. Industry experts praise the strategy as both timely and forward-thinking. Michael Jordan, a chartered enterprise risk analyst, said that by leveraging on data from previous purchase behavior, Takealot can refine its lending framework. He also said that expansion into insurance and other financial products wouldn’t be surprising. The trend arrives amid signs of recovery in South Africa’s housing market after a period marked by steep interest rates and inflationary pressures. Digital platforms like MTN, EasyEquities, and BetterBond have already been pioneering similar efforts, a broader move away from brick-and-mortar processes towards seamless online services.
Nigeria’s SEC teams up with Busha and Cambridge to launch crypto courses for financial leaders
One year after issuing provisional crypto licences to two startups, Nigeria’s Securities and Exchange Commission (SEC), alongside the Kenya School of Government (KSG) and Bitcoin startup Busha, has unveiled a pioneering program designed to educate financial executives on digital assets and their role in expanding financial inclusion. The new educational offering, known as the “Digital Assets Innovation, Industry, Regulation and Compliance” (DAIIRC) course, a collaboration between regulators and industry players aimed at fostering deeper institutional understanding of cryptocurrencies. Developed with expertise from the University of Cambridge’s Enterprise division, the six-week hybrid program launches on September 30 with an Africa-centric focus, providing regulators, policymakers, compliance officers, and business leaders an opportunity to gain comprehensive knowledge of the virtual asset ecosystem. Dr Emomotimi Agama, Director General of Nigeria’s SEC, explained in the course brochure that this collaboration with Cambridge and Busha shows a commitment to empowering stakeholders to approach digital assets confidently instead of cautiously. Although the four-way arrangement involving the SEC, KSG, Busha, and Cambridge is still in its final stages, it already features a lineup of digital asset scholars and industry veterans. Notable facilitators include Simon Callaghan, former director of Cambridge’s Digital Assets Programme; Dr Dee Allen of the University of Bahamas; and industry leaders such as Dr Patrick Conteh, CEO of Africa Fintech Network, along with other prominent experts from Jamaica and the US. With a participation fee of $1,500, the course requires sponsoring institutions to nominate executives who will benefit from this specialized training, showing a clear push toward formalizing crypto knowledge in Africa’s finance sector. Despite the regulatory progress, access to banking infrastructure remains a barrier for many crypto firms. While the SEC’s approach has encouraged banks to begin reaching out to digital asset companies like Busha, ambiguity at the Central Bank of Nigeria (CBN) continues to temper full financial integration.
CBN enforces strict 10-metre geofence for PoS terminals to curb fraud
The Central Bank of Nigeria (CBN) has announced that all Point of Sale (PoS) devices must now operate strictly within a 10-metre radius of their registered business address. This new regulation, unveiled in a recent circular, means agents are no longer permitted to use terminals beyond this defined perimeter. The directive, signed by Rakiya Yusuf, director of the payments supervision department, mandates that geolocation data be embedded in every transaction message. Roughly 6 million existing terminals managed by operators like Moniepoint, Opay, and Palmpay must be geotagged to comply with the rule within 60 days. Enforcement checks will commence on October 20, 2025. Additionally, the circular requires adoption of the ISO 20022 payment messaging standard and insists all devices have GPS-enabled location tracking activated. An insider familiar with the rollout, who requested anonymity, explained that this policy aims to prevent fraudulent activity, restrict unauthorized terminal relocation, and improve Nigeria’s standing with the Financial Action Task Force (FATF), which placed the country on its grey list in 2023 due to anti-money laundering gaps. Since their introduction in 2013, PoS machines have become crucial for everyday cash access across Nigeria, with over 1,600 operators per square kilometre in some areas. As of March 2025, there were 8.36 million registered terminals, with 5.9 million actively deployed. The first quarter of 2025 witnessed transactions soaring to ₦10.51 trillion, a staggering 301% increase compared to the same period in 2024. However, this surge has heightened risks, including agents unwittingly facilitating scams or illegal uses. The regulator believes geofencing is a vital tool to mitigate such issues. In 2024, there was a report that the Nigerian Interbank Settlement System (NIBSS) had been tasked with developing a geofencing framework to limit terminal mobility. According to the latest guidelines, NIBSS will have the authority to deactivate devices that are found outside their certified locations. All payment terminals must register with a Payment Terminal Service Aggregator, either NIBSS or Unified Payment Services Limited, providing precise latitude and longitude details along with operational status. Equipment not routed through these aggregators will be disqualified from processing transactions. All applications and devices require certification from the National Central Switch (NCS). Not all stakeholders are convinced this plan is feasible. A payments provider expressed concern over the operational challenges, stating that retrofitting millions of terminals for geolocation tracking demands a workforce and resources Nigeria currently lacks. He said that at least 60,000 terminals will need tagging daily, a daunting task given current manpower shortages. The expenses related to hardware upgrades and certifications could also financially strain smaller payment service providers, risking their survival. The rigid 10-metre limitation, the operator argued, is impractical for many businesses like supermarkets, hotels, malls, or fuel stations, where transactions often occur over broader areas. Oluwagunwa Ibirogba, chairman of the Lagos chapter for the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), acknowledges the importance of combating fraud but advocates for a more flexible framework. Oluwagunwa stated that there are better ways to map and monitor terminals by leveraging existing networks. According to him, trust built by agents beyond a tiny radius is essential to customer relationships, and overly strict rules could undermine that. These updated guidelines from the CBN shows Nigeria’s dedication to building a more secure and trustworthy payment system that keeps fraud at bay and meets global best practices.
Stablecoins set to transform Nigerian business transactions within three years, Zabira projects
Digital asset exchange Zabira Technologies anticipates that stablecoins will become a central mechanism for business transactions in Nigeria over the next one to three years. This forecast was revealed during the company’s brand relaunch event held in Lagos, where emerging trends in the cryptocurrency space were discussed. Zabira’s Marketing & Communications lead, Ike Ekemah, emphasized that stablecoins are set to evolve into a mainstream financial resource as enterprises pursue faster, more affordable, and dependable cross-border payment solutions. The growing limitations caused by foreign exchange bottlenecks have prompted firms to increasingly explore cryptocurrency options. Stablecoins, in particular, allow these businesses to sidestep lengthy traditional banking delays and exorbitant fees. Ekemah noted, We expect a significant uptick in businesses, particularly within the import-export domain, allocating resources toward stablecoins since these digital currencies cut down turnaround times, ease transaction complexities, and lower human-related costs Already, various sectors such as freelancers, e-commerce, and logistics are making use of stablecoins for payment purposes. Platforms like Zabira facilitate the instant conversion of stablecoins into naira, allowing international clients to transact seamlessly without relying on the local currency. Although acceptance of direct crypto transactions by merchants remains limited, Nigerians are gradually integrating cryptocurrency into everyday commerce. Drawing parallels to the widespread adoption of mobile money transfers at grassroots levels, Ekemah predicts a future where cryptocurrency payments become standard in Nigeria. Across the continent, countries such as Rwanda, South Africa, Kenya, and Morocco are rapidly advancing their crypto ecosystems, particularly for payments. The relatively softer approach by Nigerian regulators also shows increasing acknowledgment of digital assets at home. Reflecting on the company’s evolution since its 2019 founding as a wallet solution, CEO Isaac John described Zabira’s transformation into a full-fledged digital payments and asset exchange platform. A recent report corroborates the momentum behind stablecoins, revealing Nigeria as Africa’s largest market with nearly $22 billion in stablecoin transactions recorded between July 2023 and June 2024. This surge stresses the vital role stablecoins are playing in facilitating cross-border trade, treasury management, and inflation hedging across the continent.