By Modupe Gbadeyanka

CapitalSage Vantage, the focused holding entity for CapitalSage Holdings’ cross-border payments and digital-asset wealth management businesses, has acquired Chi Technologies Incorporated (Chimoney), subject to customary closing conditions, including applicable regulatory approvals.

This comes a few weeks after the founder of Chimoney, Mr Uchi Nick Uchibeke, announced that the Toronto-headquartered payments infrastructure provider was winding down.

The acquisition of the company will enable CapitalSage Vantage to expand its international payments infrastructure, strengthen its regulatory footprint and enhance its ability to support cross-border financial services for consumers, businesses and developers operating across multiple markets.

CapitalSage Vantage has the ambition to build one of the most globally connected African-rooted financial ecosystems, bringing together payments infrastructure, remittance capabilities, digital wealth platforms and financial connectivity across Africa, North America, Europe and the Middle East. This transaction will accelerate hitting this goal.

Chimoney’s platform powers multi-currency wallets, global payouts, developer APIs and digital identity capabilities. Following completion of the transaction, Chimoney will continue to operate and grow within the CapitalSage Vantage ecosystem, with existing customers, developers and partners continuing to access its services.

“Chimoney is continuing its journey with greater scale and institutional backing. The technology, team, products and customer relationships that made Chimoney a trusted platform remain firmly in place. What changes is our ability to accelerate growth, expand into new markets and create greater value through the broader CapitalSage Vantage ecosystem,” Mr Uchibeke stated.

“This acquisition creates the foundation for a new generation of financial services platforms designed to serve Africans globally, connecting diaspora users with families, businesses and opportunities across the continent through a more integrated financial ecosystem,” the chief executive of CapitalSage Vantage, Mr Abiola Bawuah, commented.

CapitalSage Vantage’s growing portfolio includes international payments, remittance and digital wealth management businesses, with operations and strategic relationships spanning Canada, the United States, the United Kingdom, the United Arab Emirates and multiple African markets.

The transaction is expected to accelerate innovation across cross-border payments, embedded finance, business payments, digital commerce and financial infrastructure, while reinforcing Africa’s growing role in shaping globally relevant financial technology.

By Modupe Gbadeyanka

Polaris Bank Limited, on June 9, 2026, engaged some students and teachers in Katsina State on money management strategies as part of its ongoing commitment to youth empowerment, financial inclusion, and building a financially responsible generation. It is also part of the activities to commemorate Global Money Week (GMW).

At an impactful Financial Literacy Day session at Community Day Secondary School, Tsaski Yan’albasa, in Charanchi Local Government Area of Katsina State, participants were informed how the decisions they make with money today, no matter how small, can shape their future.

The lender stressed that learning how to save, spend wisely and avoid negative financial pressure is a major step toward becoming responsible and independent adults.

About 90 students and 10 teachers were provided practical insights into savings, budgeting, responsible spending, banking essentials, financial goal-setting, peer influence, and informed decision-making from an early age.

“At Polaris Bank, we believe financial literacy is one of the most important foundations for building a responsible and economically empowered generation. When young people understand the value of savings, budgeting and responsible financial choices early in life, they are better positioned to manage opportunities, avoid poor money decisions and contribute meaningfully to the economy,” the chief executive of Polaris Bank, Mr Kayode Lawal, stated.

He added that the bank’s involvement in Global Money Week underscores its long-term dedication to financial inclusion, youth development, and community impact.

“For us, this is not just about teaching students how to save money. It is about helping them understand the relationship between discipline, planning, financial responsibility and future success. We will continue to support platforms that take financial education closer to young people, especially in communities where early exposure can make a lasting difference,” he added.

At a session anchored by Mr Patrick Sule, there were focused discussions on banking essentials and managing peer influence, highlighting how banks help individuals protect, manage, and grow their money, while encouraging young people to make independent and responsible financial choices amid lifestyle pressures.

Another segment addressed financial responsibility and legitimate ways young people can earn and manage money, stressing that building strong financial habits early significantly supports their personal and educational goals.

To connect theory with practice, the session featured an introduction to the Polaris Young Achievers account, outlining its benefits for fostering early savings habits, along with account-opening requirements and suitable product options.

The programme concluded with a lively question-and-answer (Q&A) segment, where students showed keen interest, followed by the distribution of branded gift items to reinforce the learning experience.

Samaila Umar Sanda, Principal of Community Day Secondary School, praised the bank’s practical and relatable approach, saying, “Programmes like this help students connect classroom learning with real-life financial decisions.

“By engaging them early, Polaris Bank is helping to build a generation that understands money, values savings and can make better economic choices. We are grateful to Polaris Bank for bringing this important programme to our school. The lessons shared today are practical and timely. Our students have learnt that money management starts with discipline, planning and the right attitude.”

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has issued a six-month ultimatum to all commercial banks and fintech companies to domesticate their payment processing data within the country.

The directive aims to tighten regulatory oversight, enhance national data security, and ensure strict compliance within Nigeria’s rapidly growing financial ecosystem.

For years, several financial institutions have hosted critical customer and transaction data on foreign cloud servers, but under the new policy, all point-of-sale (PoS), web, and mobile transaction data must be stored and processed within local data centres.

This means banking institutions must now restructure their data architecture and invest significantly in local cloud infrastructure or partner with domestic data centre providers. While the mandate raises immediate operational costs for startups, the apex bank maintains that keeping financial data within Nigerian borders is non-negotiable for safeguarding sovereignty and preventing capital flight.

Lenders who fail to comply within the 180-day window face severe regulatory sanctions, including fines or license suspension. The move marks a decisive step by the CBN to secure the nation’s digital economy against external vulnerabilities.

The apex bank also ordered banks, fintechs, and other payment service providers to disclose their ultimate beneficial owners.

The regulatory measures were contained in a circular dated June 15, 2026, and signed by CBN’s Director, Payments System Supervision Department, Dr Rakiya Yusuf.

Addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, switching companies, Payment Terminal Service Providers, Payment Solution Service Providers, Super Agents, and other licensed operators, the circular comes amid the rapid expansion of electronic payments and the increasing dominance of a few players across critical segments of the market.

The regulatory intervention represents one of the most significant interventions by the CBN in the payments industry in recent times, aiming at restructuring the country’s fast-growing digital payments ecosystem.

According to the central bank, while the growth of digital financial services has boosted innovation, efficiency, and financial inclusion, it has also heightened concerns over market concentration, systemic importance, operational dependence, ownership transparency, and location of critical payments data.

The apex banking regulator said the new framework sought to improve transparency, strengthen oversight, and promote a more competitive and resilient payments ecosystem.

The new framework requires all DMBs, payment service providers, and other financial institutions with digital payment operations to disclose the Ultimate Beneficial Ownership (UBO) of significant shareholders.

The CBN also directed affected institutions to maintain accurate and up-to-date records of beneficial ownership and make such information available to the regulator whenever requested.

The lender explained that the directive aligned with existing Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Financing regulations and was expected to strengthen transparency around ownership structures in the financial system.