Business

Why We Introduced Digitalized Cash Transfer Payments – FG

Published

3 years ago

August 12, 2022

The Federal Government said the introduction of digitalized cash transfer payment will help in addressing some lapses while operating the analog payment system.

Minister of Humanitarian Affairs, Disaster Management, and Social Development, Sadiya Umar Farouq, disclosed this at the official flag-off of the grant for vulnerable groups as well as the digitized payment for conditional cash transfer held in Dutse, Jigawa State.

She explained that part of the program lapses is the use of an analog system of the payment which caused delays in the payment process.

The Minister said the exercise is to create room for a reliable, transparent, and accessible database for seamless disbursement to beneficiaries of the Conditional Cash Transfer.

“It is a POS process of transferring cash grants to beneficiaries to ensure accountability and transparency in the process,” the minister said.

The minister, however, explained that the Federal Government had also introduced the Grant for Vulnerable Groups program (GVG) to sustain the social inclusion agenda of President Buhari’s Administration.

“It is designed to provide a one-off N20,000 grant to some of the poorest and most vulnerable Nigerians in rural and peri-urban areas in all the 36 States of the Federation to improve their productivity and their commercial activity, all of which will help in easing them out of poverty.

“In Jigawa State is to disburse the grant to 4,537 beneficiaries across the 27 Local Government Areas out of which 70% of the total number of beneficiaries is for women while the remaining 30% is for the youths”

“It is consistent with the national target of lifting 100 million Nigerians out of poverty in 10 years.”

The minister also urged all the beneficiaries to utilize the grant judiciously to address poverty which today is the core developmental challenge.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

1 day ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

1 day ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

1 day ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.