Banking
Jumia Nigeria Promises More Cutting-edge Services
By Dipo Olowookere
The e-commerce industry in Nigeria began to experience a boom when the likes of Jumia and Konga began operations.
This year, Jumia Nigeria clocked 5 in Nigeria and it is rolling out drums to celebrate this feat, promising its numerous customers that it would continue to give them quality services.
From July 3-13, 2017, Jumia Nigeria is throwing a super birthday sale tagged #YouMakeUsJumia campaign with up to 70 percent discounts on www.Jumia.com.ng
“The online and offline response to the 5th Anniversary has been fun and celebratory,” said Ojuola Asuquo, Head of Engagement Marketing, Jumia Nigeria. “We’ve seen a surge of 4 times the regular traffic on the website and shoppers are really excited about the free prizes, shopping vouchers and instant flash sales and deals.”
Asuquo mentioned that at one point, the iPhone 7 (128GB) went on a flash sale for N229,990 and instantly sold out in two seconds.
To share the Jumia story of ecommerce in Nigeria, the managing directors of the Jumia ecosystem – Jumia Nigeria, Jumia Travel, Jumia Classifieds and Jumia Market – hosted journalists and vendors in a press conference at the Landmark Event Center in Lagos.
Speaking at the press conference, Jumia Nigeria CEO, Juliet Anammah described how Jumia pioneered e-commerce in Nigeria and evolved into one ecosystem. She further stated that this is only the beginning of a 100years journey and restated Jumia’s commitment to the Nigerian market with a promise to bring competitive deals to customers.
“The success of these ventures has earned us the confidence of our investors and customers,” Anammah said. “As pioneers, Jumia has continued to champion the e-space since inception, bringing convenience to our teeming customers in Nigeria at affordable prices. We will continue to provide cutting-edge services that will propel us to greater fit in the long run.”
She was joined by Kushal Dutta, MD Jumia Travel, Akua Nyame-Mensah, MD Jumia Classifieds in Nigeria and Ghana and Adetayo Olabajo, MD Jumia Market.
The Jumia MDs mentioned that the achieved milestones were not without challenges. They spoke about the rising cost of doing business in Nigeria, poor infrastructure and security as some of the major challenges. “Despite all of these, we have been able to rise above and establish ourselves as leaders in our respective industries,” Anammah said.
Akua Nyame-Mensah, the managing director of Jumia Classifieds, Nigeria and Ghana, further remarked that customers in the comfort zone can browse through cars and houses for sale, compare prices and when satisfied, contact sellers using the Jumia website or mobile app. In the same manner, she remarked on how sellers are making use of the various Jumia online platforms, which is contributing to the growth in their sales as small and medium enterprises.
Jumia anniversary also took the celebration to the streets with a bus party that stopped at Garrison, Port Harcourt and Ramart Park, Benin City.
By Aduragbemi Omiyale
Eligible innovators, financial institutions, Virtual Asset Service Providers (VASPs), financial technology (fintech) companies, and technology firms have been invited to apply for the second cohort of the Central Bank of Nigeria (CBN) Regulatory Sandbox Programme.
A statement signed by the acting Director of Corporate Communications and Investor Relations Department of the apex bank, Mrs Hakama Sidi-Ali, disclosed that entries opened on Wednesday, August 12, 2026, and will close on Monday, August 31, 2026.
Cohort 2 of the initiative introduces two dedicated testing tracks to support emerging technologies with the potential to strengthen Nigeria’s financial system while upholding high standards of consumer protection, financial stability, and market integrity.
According to the central bank, the two tracks are VASP and Data-Enabled Financial Services (Non-VASP).
VASP track is to support innovative virtual asset, stablecoin, payment, settlement, custody, wallet, and related financial infrastructure solutions that require supervised live testing, while the non-VASP track supports innovations that leverage secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit, risk management, operational efficiency, and consumer outcomes.
The CBN Regulatory Sandbox provides a controlled environment in which eligible participants may test innovative financial products, services, business models, and enabling technologies under the supervision of the CBN.
The programme enables the CBN and innovators to engage constructively throughout the testing process, supporting regulatory learning while encouraging responsible innovation that benefits consumers and the wider financial system.
Eligible organisations whose proposed innovations fall within the programme’s scope are encouraged to apply.
Applications will be assessed based on the level of innovation, readiness for controlled live testing, potential consumer or market benefit, governance arrangements, risk management capability, and the suitability of the proposed testing plan.
Successful participants will undertake supervised testing within clearly defined parameters agreed with the CBN, including appropriate safeguards for consumer protection, operational resilience, cybersecurity, and regulatory reporting.
The central bank emphasised that participation in the scheme does not constitute a licence, authorisation, or approval to operate outside the approved testing parameters.
It noted that the Sandbox is intended to facilitate responsible experimentation, strengthen regulatory engagement, and support evidence-based policy development in line with the CBN’s statutory mandate.
By Aduragbemi Omiyale
The international spending limit on the GTBank Naira card has been increased by the financial institution to $40,000.
This information was revealed by the lender in an email to customers on Tuesday, August 11, 2026.
The banking subsidiary of GTCO Plc disclosed that the new offshore spending limit is for a quarter.
This development comes as the Nigerian foreign exchange (FX) market is witnessing stability against the United States Dollar.
The forex volatility experienced a few years ago has eased, allowing companies and others to plan within a reasonable exchange rate band.
“The Dollar limit on your GTBank Naira Card is now $40,000 quarterly,” the tier-1 commercial bank said in the message sighted by Business Post.
Improvement in forex liquidity in the domestic FX ecosystem has allowed Nigerians to use their local cards to complete financial transactions on foreign platforms, which was not possible a few years ago because of Dollar scarcity and arbitrage.
At the official market on Tuesday, the exchange rate closed at N1,364/$1. It was exchanged at N1,367/$1 at the GTBank FX desk and N1,395/$1 at the parallel market.
By Adedapo Adesanya
The Nigeria Data Protection Commission (NDPC) is investigating the University of Lagos, Lotus Bank, and Hackerbella Limited over alleged violations of data protection laws.
The probe followed public complaints alleging that students’ personal data was used to open bank accounts without a lawful basis.
The NDPC disclosed this in a statement signed by its Head of Legal, Enforcement and Regulations, Mr Babatunde Bamigboye, on behalf of the commission.
According to the commission, its chief executive, Mr Vincent Olatunji, directed the investigation team to conduct a comprehensive assessment of the circumstances surrounding the collection, use and disclosure of the affected students’ personal data.
The investigation will also determine the roles and responsibilities of the university, the bank, and the information technology solutions firm in the alleged data processing activities.
The NDPC said the probe would assess the compliance obligations of the three organisations under the Nigeria Data Protection Act, 2023, as well as the potential risks posed to the rights and freedoms of the affected students.
The commission said the investigation would cover several areas, including Data Protection Impact Assessments, the lawfulness and transparency of credit scoring or profiling activities, automated decision-making systems, privacy notices and data-sharing arrangements.
It will also examine the lawful bases for processing the students’ information, data minimisation, purpose limitation, retention policies and the adequacy of technical and organisational safeguards for protecting data subjects’ rights.
The commission stressed that institutions handling the personal information of students, staff and other members of their communities have a greater responsibility to ensure such data is properly protected.
“Institutions entrusted with the personal data of students, staff and other members of their communities have a heightened responsibility to ensure that such data is processed lawfully, fairly, transparently and securely,” the NDPC said.
The commission also warned educational institutions that have yet to comply with its existing data protection directives to take immediate steps to meet the required standards.
“Accordingly, the NDPC warns educational institutions that are yet to comply with its existing data protection compliance directives to do so immediately,” the statement added.
