Scoop: CBN releases list of 108 IMTOs with commercial approval

Full list and country breakdown of all the 108 IMTOs licensed by the CBN to facilitate inward remittance to Nigeria.

BREAKING: UBA posts 33% rise in Q1 2025 profit as interest income surges

UBA is currently progressing with its equity capital raise program targeting up to ₦400 billion

BREAKING: CBEX Ponzi investment platform collapses, leaving investors $12 million poorer

The CBEX Ponzi scheme operated for nearly two years, promising 100% returns in 30 days through an alleged AI-powered trading platform. Despite SEC warnings about unregistered platforms, thousands of Nigerians invested before accounts were frozen or emptied.

VBank rebounds to profitability with ₦366 million in 2024

VFD Microfinance Bank's positive performance contributed to a wider recovery for its parent company, VFD Group Plc, which also rebounded to profitability after a ₦750 million ($471,824) loss in the previous year.

“Zap is not a remittance app,” Paystack explains

The clarification follows a report suggesting that Zap requires an International Money Transfer Operator (IMTO) license and was launched without regulatory approval from the Central Bank of Nigeria (CBN).

Wema Bank cuts fraud losses by 95% in 2024

Last year, the bank promised to hire more people in its digital compliance department to reduce the number of fraud cases

Equinix expands Lagos Data Center amid Africa’s digital boom

“Nigeria is a crucial market for Equinix," Bruce Owen, President of EMEA at Equinix, said during a ribbon-cutting ceremony of the newly expanded site, which held in Lagos.

Nigerian Grocery Startup MyFoodAngels pivots to eco-friendly packaging

Exploring biodegradable plastics as a long-term delivery solution will make the company the first grocery delivery platform to pivot into eco-friendly packaging, often claimed to be sustainable for the planet

EXCLUSIVE: Moniepoint tests remittance product

This new offering is currently in an invite-only beta stage and precedes a planned public launch

Paystack dabbles into consumer payments with fast transfers app, Zap

Zap is not trying to be a neobank. It is focused on one thing—bank transfers, fast, Shola Akinlade, Paystack Co-founder and CEO said

Inside Sycamore’s ambition to become a financial powerhouse 

Sycamore co-founders talk about the company’s first six years, its evolution and ambitious plans, including the launch of its asset management arm with over ₦10 billion in assets under management.

Nigerian Edtech Gradely names Adebayo Alomaja as Deputy CEO

Gradely has been serving students in eight African countries, as well as Africans in the diaspora.