Point-of-Sale (PoS) operators across Nigeria are raising alarms over the Central Bank of Nigeria’s (CBN) recently issued agent banking regulation, warning it could force thousands of small fintech businesses out of operation and concentrate market control within a few large firms. The new policy, effective October 6, 2025, mandates that PoS agents work exclusively with one financial institution or super-agent, barring them from servicing multiple platforms. On the other hand, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has condemned the exclusivity rule for distorting competition in a sector critical to financial inclusion. AMMBAN’s National President, Mr. Fasasi Sharafadeen, expressed likely monopoly risks, noting that about 70% of the over 1.9 million agents in Nigeria are currently controlled by just five major service providers out of approximately 200 in the market. He said the new policy threatens to disproportionately advantage these larger players, undermining the survival of smaller fintechs that serve Nigeria’s vibrant informal economy. The restrictions limit daily transactions for each PoS terminal to ₦1.2 million, a move that operators say ignores the realities of their operations. Many agents, especially those combining PoS services with retail trading in rural and semi-urban areas, rely heavily on higher cash flows to meet customer demand. Lagos-based operator Oluwatobi described the policy’s impact on his savings and business operations as severe, explaining that his daily volumes sometimes exceed the new limit, which will affect his income and ability to serve customers. Another operator managing multiple terminals lamented the policy as a threat to a crucial steady income source for many Nigerian families. Women operators, a significant demographic among PoS agents, also decried the rule as anti-business, citing fears of income losses due to restricted cash withdrawal limits that could alienate market traders and customers who transact in bulk. They have called on the CBN to adopt more flexible measures that better reflect cash needs across Nigeria’s diverse regions. The CBN’s regulation aims to tighten control over agent banking operations to curb fraud, improve accountability, and enhance the quality of financial services. However, experts are divided on the best approach. Former CBN Director Akpan Ekpo emphasized the need to improve Automated Teller Machine (ATM) functionality nationwide, suggesting that restrictions on PoS agents might negatively impact cash accessibility where ATMs remain sparse. This policy development comes amid rapid growth in Nigeria’s fintech sector, which surged by 70% in recent years, with agent banking playing a pivotal role in driving cashless transactions and financial inclusion in underserved communities. The new exclusivity requirement may slow progress by shrinking operational viability for smaller fintech operators who form the backbone of Nigeria’s informal economy.
Nigerian duo builds viral AI job application app, gains late admission to Y Combinator
A dynamic Nigerian duo aged 21 and 22 have created an AI-powered mobile app that helps job seekers apply for positions by swiping, a concept that rapidly gained viral popularity in the United States. Despite applying to the prestigious Y Combinator accelerator program after the application deadline, they were accepted within hours, showing the strong promise of their innovation. The app simplifies job hunting by allowing users to swipe right on roles they like and left on those they don’t, leveraging artificial intelligence to match candidates with openings efficiently. Its intuitive design and user-friendly interface have resonated widely, especially in the US market. It signals a fresh approach to job applications amidst a competitive hiring landscape. According to Techpoint Africa, the pair began development with the goal of easing the application process, making it faster and less stressful for millions of job seekers who traditionally face cumbersome online forms. The app’s viral success in a mature job market like the US demonstrates the scalability of Nigerian tech ingenuity beyond local borders. The founders initially missed the official deadline to join Y Combinator’s latest batch but received a prompt acceptance shortly after submitting their late application. Y Combinator, Silicon Valley’s leading startup incubator, is known for backing startups with high growth potential, providing funding, mentorship, and global networks. This endorsement boosts the app’s visibility and resources, which can accelerate its development and expansion. For Nigeria and Africa’s growing tech ecosystem, this development underscores the rising global relevance of homegrown innovations. It also highlights Nigerian youths’ capacity to create solutions with international appeal, which can stimulate more investment in local startups while inspiring other young entrepreneurs.
Nigeria aims to restore power to manufacturers and industries as President promises economic growth
At the Nigerian Economic Summit held recently in Abuja, President Bola Tinubu, represented by his VP Kashim Shettima, made a major pledge to improve Nigeria’s power infrastructure, aiming to reconnect large industrial players back to the national electricity grid. Nigeria’s power supply has been unreliable for years, forcing many businesses – including telecommunications, manufacturing, and large conglomerates – to rely heavily on costly diesel generators. For instance, IHS Towers, which operates 16,000 telecom sites across Nigeria, recently revealed that 70% of their operating time is powered by diesel due to an unreliable grid. This dependency drains resources that could otherwise be invested in innovation and expansion. During the summit, President Tinubu emphasized that a stable and reliable power supply is central to Nigeria’s plan for industrial recovery and economic advancement. “Improving the national grid and bringing key industrial players back online is essential for economic growth and job creation,” he stated. The Dangote Group, Africa’s largest conglomerate, has been among the major companies operating off-grid, relying on private power solutions due to inconsistent electricity. Restoring grid access for such firms is expected to vastly reduce their operating costs and improve competitiveness. Officials and experts present highlighted that this power challenge affects not only large firms but also the entire economy, including startups and the growing technology sector, which depends on steady electricity to innovate and scale. Also, representatives from the Nigerian Electricity Regulatory Commission (NERC) noted that addressing power issues is critical to attracting investments and fostering industrial innovation. Meanwhile, the government has announced ongoing reforms that include upgrading transmission infrastructure, encouraging private investments in power generation, and reviewing tariffs to support sustainable electricity delivery. These initiatives aim to curb the reliance on diesel generators, which contribute to pollution and higher costs for businesses.
WhatsApp to let Nigerians use app without phone number via new username feature
WhatsApp is rolling out a major privacy update that will allow Nigerians and users worldwide to use the app without needing to share their phone numbers, by introducing unique usernames for login and communication. This new feature, currently in beta testing, promises enhanced privacy and safer interactions starting late 2025. Owned by Meta, WhatsApp serves over two billion users globally and has long required a phone number for account registration and messaging. However, recent beta versions of WhatsApp for Android and iOS show the introduction of unique usernames, enabling users to create personalised handles as an alternative to phone numbers. Through these usernames, users can chat and join groups without revealing their personal phone numbers. The username system allows users to register handles made up of lowercase letters, numbers, and special symbols. While the username reservation feature is available now in WhatsApp’s beta version, the full rollout is anticipated in the coming weeks or months after further verification and conflict prevention measures are tested. In the past, many WhatsApp users have expressed concern over exposing their personal phone numbers to businesses, unknown contacts, or potential spammers during group interactions. Given Nigeria’s large WhatsApp user base, estimated at over 100 million mobile internet users relying heavily on messaging apps for personal and business communication, this change could reduce the risk of phone number misuse and identity exposure to scammers. WhatsApp has not yet announced an exact date for the nationwide rollout in Nigeria, but the beta testing’s positive reception suggests the feature will arrive soon after completion of necessary adjustments. Users can already reserve usernames via the beta app settings to secure their preferred handles ahead of the official launch.
FTSE Russell adds Nigeria to watch list for possible Frontier Market reclassification
Global index provider FTSE Russell has added Nigeria to its Watch List for a potential upgrade from Unclassified to Frontier Market status, following improvements in the country’s foreign exchange market and capital market reforms. This move, announced in October 2025, reflects growing international confidence in Nigeria’s market stability and regulatory environment. The addition to the Watch List comes two years after Nigeria was removed from all FTSE global indices in 2023 due to severe foreign exchange (FX) shortages and delays that prevented foreign investors from repatriating capital. Since early 2025, however, Nigerian authorities, led by the Central Bank of Nigeria (CBN), have implemented key reforms including exchange rate unification, FX backlog clearance, and enhanced market liquidity management. These changes have largely eliminated FX queues and improved transparency, according to reports from investors and FTSE Russell. FTSE Russell’s semi-annual Country Classification Review noted that Nigeria now meets the five Quality of Markets (QoM) criteria required to regain Frontier Market status, including regulatory oversight, market transparency, and clearing and settlement systems. Despite this progress, the review also shows ongoing challenges such as limited FX availability, high transaction costs, and restricted development of derivatives markets. But Temi Popoola, Group Managing Director of the Nigerian Exchange Group (NGX), described the Watch List inclusion as “a testament to coordinated policy reforms and renewed investor optimism.” He added, “The recent reforms in the foreign exchange market, fiscal policy, and ease of doing business have collectively helped restore investor confidence and address key structural constraints.” This development holds significant implications for Nigeria’s tech ecosystem and broader economy. Reclassification to Frontier Market status would likely attract substantial foreign portfolio inflows from institutional investors and passive funds benchmarked to FTSE indices, boosting liquidity and access to growth capital for Nigerian startups, particularly in fintech and digital innovation sectors. According to FTSE Russell, the Watch List status allows for ongoing “in-depth engagement” with Nigerian authorities and market participants ahead of a final reclassification decision scheduled for the next review cycle. The outcome will depend on maintaining FX stability, predictable capital repatriation timelines, and verified sustainability of reforms. As FTSE Russell continues its evaluation, Nigeria stands at a crucial juncture whereby a successful reclassification would mark a major milestone in restoring foreign investor confidence and accelerating the country’s digital economy and capital market development.
SEC warns Nigerians against investing in AfriQuantumX, citing Ponzi scheme risks
The Securities and Exchange Commission (SEC) of Nigeria has issued a public warning to Nigerians to desist from investing in AfriQuantumX, an online platform claiming to trade cryptocurrency and stocks, due to its unregistered status and features resembling a fraudulent Ponzi scheme. In a statement released on October 7, 2025, the SEC clarified that AfriQuantumX is not registered to operate in Nigeria’s capital market or solicit investments from the public. “Investigations have revealed that AfriQuantumX has been actively promoted on social media platforms and online forums. Furthermore, its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes,” the regulatory body said. The SEC cautioned that any individuals investing or engaging with AfriQuantumX do so at their own risk, warning of potential financial loss. This warning continues a trend by the SEC to protect Nigerian investors from unregulated online investment schemes. Earlier in 2025, the commission flagged several similar platforms, including Risevest, Pro-vest, PWAN MAX, and Silverkuun Investment Cooperative Society, all of which lacked proper registration and showed signs of fraud or risky operations. According to the SEC, dealing with unregistered entities exposes investors to risks such as fraud and the total loss of funds without legal recourse. The SEC urged Nigerians to always verify the registration status of any company offering investment opportunities by consulting its official portal at www.sec.gov.ng/cmos before investing. This verification procedure is crucial amid the growing popularity of online investment platforms in Nigeria, where many unregulated operators exploit the populace’s appetite for cryptocurrencies and easy returns. For Nigeria’s growing tech-savvy investor population, the AfriQuantumX warning underscores the importance of regulatory oversight in fostering a secure digital investment environment. With increasing fintech adoption and digital asset interest across Africa, safeguarding investment integrity is essential to maintaining investor confidence and supporting sustainable market growth. The SEC’s intervention serves as a timely reminder that the allure of highreturns from unregulated platforms often masks underlying risks. Nigerian investors are advised to exercise due diligence and prioritize platforms endorsed and supervised by regulatory authorities. As digital investment trends evolve, regulators and market participants will continue to grapple with emerging threats, highlighting the need for enhanced public education and technology-enabled oversight to protect Nigeria’s vibrant investment ecosystem. The SEC’s warning on AfriQuantumX marks another step in its commitment to shielding investors from fraudulent schemes in Nigeria’s capital market.