Tag: Digital Payments
-
AI-generated news should carry ‘nutrition’ labels, says thinktank
Overview: What the thinktank is proposing A prominent left-of-centre thinktank has called for a standardized “nutrition” labeling system for AI-generated news. The proposal argues that audiences deserve clear disclosures about how AI tools were used to create or summarize stories, what data sources informed the output, and how the information was verified. The idea mirrors…
-
CBN Urges Balance as Nigeria Digital Payments Surge
Introduction: A Surge in Digital Transactions Nigeria is witnessing a rapid shift toward digital payments, with transaction volumes rising dramatically over the past five years. The Central Bank of Nigeria (CBN) has noted a 276 per cent increase in digital payments, underscoring a broader trend of financial inclusion and modernization of the payments ecosystem. Yet,…
-
CBN Urges Balance as Digital Payments Surge in Nigeria
Growing Digital Payments in Nigeria In Nigeria, digital payments have surged, signaling a rapid shift toward electronic channels while cash remains a foundational element of the economy. The Central Bank of Nigeria (CBN) has repeatedly highlighted a 276 percent increase in transaction volume over the past five years, underscoring the momentum of fintech, mobile wallets,…
-
CBN Calls for Balance as Nigeria’s Digital Payments Surge
Nigeria’s Digital Payments Surge: A Substantial Shift Nigeria has seen a dramatic rise in digital payments, with transaction volumes increasing by about 276% over the last five years. While electronic channels are accelerating financial inclusion and efficiency, the Central Bank of Nigeria (CBN) emphasizes that cash remains a foundational part of the economy. The message…
-
Nigeria’s Cash Lifeline: ATM Withdrawals Surge 198% Amid Higher Fees in H1 2025
Introduction: Cash Still Reigns in Nigeria Nigerian households and businesses continued to rely on cash withdrawals even as the Central Bank of Nigeria (CBN) raised automated teller machine (ATM) charges. Data for the first half of 2025 shows the value of ATM transactions surged to 36.34 trillion naira, underscoring the country’s strong preference for cash…
-
ATM Withdrawals Nigeria Surge 198% Despite Higher Fees
Overview: A Cash-Heavy Trend That Defies Rising Fees Nigeria experienced a remarkable rebound in automated teller machine (ATM) activity in the first half of 2025. Total value of ATM withdrawals reached about N36.34 trillion, marking a 198% increase from the same period last year. This surge occurred even as the Central Bank of Nigeria (CBN)…
-
Man Pleads Guilty Over Revolut Account Used in An Post Text Message Scam
Background: The An Post text message scam and the role of digital wallets The case centers on a fraudulent scheme that exploited the credibility of An Post, the national postal service of Ireland, through fake text messages. Victims were tricked into believing they owed money or needed to confirm sensitive information, prompting transfers or deposits…
-
Worries as Nigeria Introduces 7.5% VAT on Mobile Bank Transfers and USSD
Overview: What the 7.5% VAT Means for Banking Services Nigerians could start paying a 7.5% Value Added Tax on selected banking services from January 19, 2026. The move targets activities such as mobile bank transfers and USSD-based payments, which many users rely on for day-to-day transactions. While VAT is a common fiscal tool used by…
-
VAT Shock: Nigerians to pay 7.5% on mobile bank transfers and USSD banking
What’s changing Starting January 19, 2026, Nigerians may begin paying a 7.5% Value Added Tax (VAT) on certain banking services, including mobile money transfers, USSD banking, and related transactions. The proposal, still drawing responses from customers and industry players, suggests that standard banking fees could be subject to VAT, potentially altering the cost of everyday…
-
ADI Foundation and M-PESA Join Forces to Strengthen Africa’s Mobile Money Backbone
A united push to fortify Africa’s mobile money spine Kenya, 13 January 2026 — In many parts of Africa, a simple tap on a mobile screen can move money, pay a bill, or send support to a family member miles away. Today, that everyday miracle is the result of an intricate network that underpins millions…