Africa’s leading payments company, Flutterwave, has introduced the Accelerate Workshop, a two-day virtual program aimed at equipping young Africans with in-demand tech skills. Targeting university students, recent graduates, and early-career professionals, the initiative focuses on bridging the gap between education and industry demands. The workshop offers hands-on training in four high-growth fields: Data Privacy & Cybersecurity: Led by experts like Abisola Epoyun (Data Privacy Manager) and Nujinim Egwegbete-Odukwu (Head of Infrastructure Security), sessions will cover compliance regulations and security best practices. Design: Ted Oladele, Mira CEO and former Flutterwave VP, will share insights on user-centric design. Marketing: Noel Ozoemena, Senior Branding Manager, will teach storytelling techniques for impactful campaigns. Product Management: Flutterwave’s Oluwatobiloba Animashaun will guide participants through product development strategies. Beyond technical skills, the program emphasizes soft skills and real-world challenges in African tech startups. Participants will learn to navigate data privacy laws, ethical design principles, and market-driven product strategies. Event Details Dates: April 26 and May 3, 2025 Format: Virtual, with registration open via Flutterwave’s Calendly link. Goal: Empower Africa’s youth to drive innovation and inclusion in the digital economy. Yewande Akomolafe-Kalu, Flutterwave’s branding lead, stated: “We’re giving young Africans the tools and confidence to transform the continent’s tech landscape.”
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.
TikTok launches “Footnotes” to boost content clarity and trust
TikTok has unveiled a new pilot feature called “Footnotes,” aiming to help users better understand and trust the content they see on the platform. The feature, now being tested in the United States, lets select users add extra context to videos, especially those with complex topics or potentially confusing information. Announced by Adam Presser, TikTok’s Head of Operations and Trust and Safety, Footnotes is designed to tap into the collective knowledge of the TikTok community. Contributors can add relevant information to videos, helping viewers make sense of everything from STEM concepts to breaking news or statistics that might otherwise be misinterpreted. “Today we’re announcing the test of Footnotes, a new feature that will give our community more context about content on TikTok,” Presser said. To ensure credibility, TikTok has set eligibility rules: contributors must be over 18, have had an account for at least six months, and maintain a clean record on the platform. Once admitted, these users can add footnotes and rate those submitted by others. Only footnotes rated as “helpful” by a diverse group of contributors will be visible to the wider community, thanks to a bridge-based ranking system that encourages input from different perspectives. The company already uses content labels, search banners, and partners with fact-checkers worldwide. Footnotes adds a new layer, letting users directly enrich discussions and improve the overall experience for viewers and creators.
House of reps orders Remita to refund N182.77 billion to federal government
The Nigerian House of Representatives has directed Remita, the government’s main payment platform, to refund N182.77 billion to the Federal Government. This follows a forensic audit that uncovered significant transaction leakages from the Treasury Single Account (TSA) dating back to 2015. The order, issued by the Public Accounts Committee (PAC) after months of investigation, is based on findings from Seyi Katola & Company, a chartered accounting firm. The audit revealed that Remita was responsible for N3.42 billion in under-refunded processing fees, N101.85 million in unpaid acquirer fees, and N179.25 billion in unremitted collections. All amounts include interest, calculated at the Central Bank of Nigeria’s Monetary Policy Rate. Committee chairman Bamidele Salam emphasized that the decision was supported by evidence from Remita and other stakeholders. “This effort supports transparency and is significant for Nigeria’s fiscal accountability framework,” he said. Remita, operated by SystemSpecs Ltd, has served as the primary payment gateway for the government’s TSA since 2012, handling revenue collection and remittance for ministries and agencies. The government is now integrating Remita with the new Treasury Management and Revenue Assurance System (TMRAS) to improve transparency and efficiency. While Remita will continue as an approved payment gateway, TMRAS will allow multiple secure payment providers to operate, aiming to liberalize and strengthen revenue collection. Some commercial banks have already complied with similar refund orders, and the PAC has called on other service providers to do the same.
Kenyan Police arrest 26- year-old man over $378,000 JamboPay cyber heist
Kenyan authorities have arrested a 26-year-old man accused of masterminding a cyberattack that siphoned nearly $378,000 (KSh 49 million) from local fintech platform JamboPay. The suspect, Joseph Momanyi, was apprehended on April 12 in Kahawa West, Nairobi, following a swift investigation by the Directorate of Criminal Investigations. Police say Momanyi exploited legitimate customer profiles to access the financial system of Web Tribe Limited, JamboPay’s parent company, between July 19 and 24, 2024. He allegedly disabled phone numbers used for transaction alerts, allowing him to divert funds undetected into various M-Pesa wallets, tills, and bank accounts. During the arrest, officers recovered a laptop, multiple mobile phones, and several SIM cards registered under different names. Investigators believe Momanyi worked with a network of accomplices, using WhatsApp and fake identities to evade detection. He has reportedly confessed to recruiting others to provide smuggled accounts for the fraudulent transfers. The breach came to light after Web Tribe flagged suspicious activity. Momanyi has been remanded for seven days as authorities conduct further digital forensic analysis and seek to identify other members of the syndicate.
Court orders final forfeiture of N6.6bn Livingtrust shares linked to Cititrust ponzi scheme
The Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of over two billion shares in Livingtrust Mortgage Bank Plc, valued at approximately N6.67 billion. The shares, along with funds totaling N42.46 million and $26.44, were linked to fraudulent activities involving Cititrust Holdings Plc, a company previously flagged for operating a Ponzi scheme that defrauded investors. Justice F. N. Ogazi issued the ruling following a thorough investigation by the Economic and Financial Crimes Commission (EFCC). The court found that the shares and funds were acquired through suspicious transactions traced back to Cititrust Holdings Plc, which used complex financial arrangements, including Special Purpose Vehicles, to conceal the origin of the assets. “The evidence presented clearly shows that these assets were purchased using investors’ funds obtained through fraudulent means,” Justice Ogazi stated, dismissing attempts by Cititrust Holdings to contest the forfeiture. The EFCC had initially secured an interim forfeiture order and published the court’s decision to allow any interested parties to challenge the ruling. However, no credible opposition was found, leading to the final forfeiture order. The court directed that the forfeited shares and funds be used to compensate the defrauded investors. Any remaining assets will be handed over to the Federal Government of Nigeria. This ruling comes amid growing concerns over regulatory lapses in Nigeria’s financial sector, especially following the collapse of digital asset platforms like CBEX. Experts have called for stronger government oversight to protect investors from fraudulent schemes. Livingtrust Mortgage Bank, formerly known as Omoluabi Mortgage Bank Plc, remains operational. Recent legal challenges affecting the bank’s governance have been resolved, allowing it to continue its business activities. The Central Bank of Nigeria has also taken steps to ensure professional governance at the bank, recently rejecting a controversial board nominee from the Osun State Government due to concerns over political interference.