Banking
CBN to Subject eNaira to Thorough Security Checks for Safety
By Ashemiriogwa Emmanuel
Ahead of the proposed launch of the country’ pilot digital currency, eNaira, the Central Bank of Nigeria (CBN) has assured Nigerians that the currency would be subject to comprehensive security checks to guarantee safety.
Categorised as a National Critical Infrastructure (NCI), the eNaira system will ensure that all data and personally identifiable information (PII) will be kept off the ledger and will not be stored on the ledger.
This will help repair the low-trust environment associated with increasing cyber criminal activities as digital assets gain acceptability worldwide, the apex bank explained.
According to the CBN, it has integrated one of the best fraud management systems in the world which come with an Anti-Money Laundering/Know Your Customers (AML/KYC) module.
In a document sent to commercial banks with guidelines on the operating model for the digital currency, which was obtained by Business Post, the CBN proposed a maximum transaction limit of N1 million for merchants, who can move as much money as they want into their bank accounts as there are no limits to daily cumulative balance and also to the amount they can sweep to their bank accounts.
The central bank also said that the Merchant Service Charge (MSC) from Person to Business (P2B) from eNaira platform will be free.
This is likely to accelerate the adoption of the digital currency especially amid complaints about the heavy transaction costs associated with mobile and digital banking in the country.
In full context, the document explained that there are three tiers under the Consumer Wallet Tier Structure for the eNaira wallet.
The first tier is for those who do not have an existing bank account but can use the speed wallet with a daily limit of N50,000 for sending and receiving funds.
However, they will be required to provide a passport photograph, name, place, and date of birth, gender, address, and telephone number which will be validated by their National Identification Number (NIN).
Users of the wallet who own an existing bank account constitute the second tier. On this level, the maximum amount of send or receive for a day is N200,000 with a daily cumulative balance pegged at half a million naira. In order to qualify, you must have, at least, a Bank Verification Number (BVN).
Tier-three of the customers eNaira wallet allows daily transactions of a million naira, with a daily cumulative balance of N5 million. In addition, a BVN must also be provided to qualify for this.
The CBN plans to pilot the eNaira, which is codenamed Project Giant, in October this year as it has currently reached the stage of training and onboarding of financial institutions, as well as further customisation of the system to meet other requirements for eNaira among other agenda in its high-level roadmap for the scheme.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
