The Central Bank of Nigeria (CBN) has reduced its interest rate from 27% to 26.5%, a 0.5 percentage point cut. While the number appears small, the decision could gradually affect borrowing and savings across the financial system of Nigeria. However, the impact may not be immediate especially for fintech users. What is MPR and why does it matter? The Monetary Policy Rate (MPR) is the rate at which the CBN lends money to commercial banks. When the MPR drops, banks are meant to borrow at lower costs and extend cheaper loans to customers. This is the second consecutive rate cut by the CBN, after a reduction in September 2025 from 27.5% to 27%. In theory, borrowing costs should gradually decrease. In practice, the effect depends on the type of lender. What it means for OPay users OPay does not directly issue loans. Instead, it connects users to lenders such as OKash and EaseMoni, operating under Blue Ridge Microfinance Bank. OKash current charges These are short-term, high-risk microloans. Their pricing is largely determined by borrower risk profiles, loan tenure, and default rates not directly by the MPR. As a result, the 0.5% rate cut is unlikely to reduce OPay-linked loan costs anytime soon. Meanwhile, PiggyVest focuses on savings and investments rather than loans.Its offerings include: Currently, fintech savings platforms offer between 14% and 22% per annum, higher than the average 8% offered by traditional banks. However, as interest rates decline, returns on savings products tied to money market instruments may gradually reduce. If the CBN continues cutting rates, SafeLock and similar returns could edge downwards. While, Cowrywise primarily offers mutual funds and structured savings plans.Current rates include: These returns are linked to money market funds, which are sensitive to CBN rate movements. Yields may gradually decline, as the MPR rate falls.Still, at 26.5%, the benchmark rate remains high, meaning that any reductions in savings returns will likely be gradual rather than sudden. But for now, high-interest microloans are unlikely to become cheaper, savings returns may decline before loan rates do, traditional bank lending rates remain above 30%, with limited immediate change. However, for long-term savers and business loan applicants, the downward trend in interest rates may become more meaningful if the CBN continues cutting.

Spotify says music streaming in Nigeria has grown at an average rate of 163.5 per cent since the platform launched in the country in February 2021. The company revealed in a statement that it recorded triple-digit year-on-year growth in its early years and has sustained strong momentum through 2025. According to Spotify, the surge has been driven by Afrobeats, which continues to dominate listening patterns. Local streams of Afrobeats have increased by 5,022 per cent between 2021 and 2025. Other genres like Amapiano have also recorded significant growth. Amapiano streams rose by 10,330 per cent within the same period, while Gospel and Praise music grew by 5,499 per cent. Hip-hop and Rap saw a 3,020 per cent increase, and R&B recorded a 2,602 per cent rise. The platform also revealed the growing interest in indigenous-language music. Indigenous-language songs streams increased by 554 per cent in 2024 and by 87 per cent in 2025. Globally, streams of indigenous-language songs rose by 141 per cent in 2024 and 41 per cent in 2025.

The Federal Government, through the Federal Airports Authority of Nigeria (FAAN), has temporarily closed the Lagos airspace following a fire outbreak at Terminal One of the Murtala Muhammed International Airport (MMIA), Lagos. FAAN in a statement released on Monday stated that the decision was taken in line with established safety protocols. FAAN also confirmed that the 14 persons initially trapped during the incident were safely rescued. A crane was deployed to support operations at the Control Tower, which led to the successful evacuation of all affected individuals. One of the victims was transferred to the FAAN Headquarters Hospital for further medical evaluation and is also stable. Six casualties, three males and three females were recorded. According to reports from the Fire Service, the fire originated from the server room on the first floor of Terminal 1. The blaze in the departure hall was brought under control by emergency responders, who stayed back to monitor the area to prevent it from spreading to other sections of the terminal. Investigations later traced the source to a burning lithium inverter battery installed in the basement. This incident comes nearly three years after a similar fire outbreak at the airport’s international wing in September 2023. At the time, FAAN said the smoke was caused by a suspected electrical spark in the ceiling of the baggage hall.

There was panic on Monday after a massive fire outbreak engulfed the old terminal of the Murtala Muhammed International Airport in Lagos. According to reports, the fire started at about 3:30 p.m., although the cause of the inferno had not been determined as of the time this report was filed. The affected terminal is currently undergoing reconstruction by the Federal Government. The Director of Public Affairs and Consumer Protection at the Federal Airports Authority of Nigeria (FAAN), Henry Agbebire, stated that firefighters from FAAN were immediately deployed to the scene and were working to contain the blaze. This incident comes nearly two years after a similar fire outbreak was reported at the international wing of the same airport. On September 6, 2023, FAAN revealed that a suspected electrical spark in the baggage hall ceiling caused a smoke incident at Terminal 1. Authorities are yet to determine the exact cause of Monday’s fire. Details later…………

Nigeria and Japan have signed an agreement to establish a $50 million innovation fund aimed at supporting Nigerian startups in tackling critical social challenges. The agreement was signed in Abuja by the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA), to structure public investment vehicles focused on sectors such as healthcare, education, food security, and financial inclusion. Under the established arrangement, JICA will provide $14 million in grants, while NSIA is committing up to $20 million. Selected startups will receive technical support, product development guidance, scaling expertise, and assistance in accessing new markets. According to the Japanese Ambassador to Nigeria, Suzuki Hideo, the scheme marks Japan’s first-ever deployment of a development financing model that incorporates official development assistance with private capital. Nigeria is the first country where this “co-creation” approach is being tested. The model is targeted at promoting collaboration between startups in Nigeria and Japanese partners, by combining development aid with market-driven investment to generate sustainable social impact. NSIA Managing Director and CEO, Aminu Umar-Sadiq, described the fund as filling the current existing gap in the startup ecosystem of Nigeria by providing early-stage capital alongside strategic growth support. The fund is currently in its preparatory phase, with NSIA identifying eligible startups aligned with its investment priorities. Investments are to begin once the selection process is completed.

The Lagos State Government has introduced a mandatory 5% withholding tax on all sports betting winnings generated within the state. ‎The Lagos State Lotteries and Gaming Authority (LSLGA) confirmed the policy in a statement, directing all licensed operators to automate deductions at the point of payout. ‎According to the state’s government, all licensed betting platforms henceforth must deduct 5% from the winnings of bettors before the funds are released to the account of users. ‎Winners are required to provide their National Identification Number (NIN) to fulfill “Know Your Customer” (KYC) requirements before withdrawing funds, in order to prevent fraud and ensure that high earners contribute to the developmental funding of the state. ‎‎The deducted tax is remitted automatically to the Lagos State Internal Revenue Service (LIRS) as a withholding tax credit.‎‎Previously, individual winnings across betting platforms in Lagos were untaxed due to challenges in voluntary reporting and a lack of integrated digital tracking.‎‎The government aims to formalize the sector and create a consistent revenue stream from the gaming industry, by partnering with the Lagos State Internal Revenue Service (LIRS).‎‎The Lagos State Lotteries and Gaming Authority, led by CEO Bashir Are, stated that the rule was meant to enhance tax compliance, transparency, and accountability across the gaming sector of the state. All licensed betting operators are urged to implement the deduction immediately.‎‎