Economy
Fintech: Investor Safety our Cardinal Objective—SEC
The Securities and Exchange Commission has said that the safety of investors and their investments in the capital market is one of its cardinal objectives in rolling out its Regulatory Incubation Programme for Fintechs.
This was stated by the Director of Registration, Exchanges, Market Infrastructure and Innovation at SEC, Mr Abdulkadir Abbas, during an interview in Abuja.
Abbas stated that the regulatory incubation program is a program that is designed as an interim measure to actually facilitate genuine regulation of Fintechs activities that will conform to the capital market issues.
He said the idea of coming up with this program which is like a sandbox, is to be able to come and test innovative ideas as stated in the SEC guidelines adding that the incubation period would be open for one year.
According to Abbas, “It is just for testing, it will not be approved at that stage, but all Fintech ideas that conform with investment activities are defined in Investment and Securities Act 2007 can be tested under that kind of program. As we informed the market, there is going to be an initial assessment before it can be on-boarded into the regulatory incubation program.
The SEC Director said the Commission, through the RI, is providing an avenue where fintechs can test their ideas without affecting the market integrity, adding that one of the other objectives is to be able to create an opportunity to solve an existing problem in the market.
Abbas stated that the takeoff has been very encouraging, with the SEC gaining traction with market participants showing more interest and having commenced the first stage, which is the initial fintech assessment route.
He disclosed that before the take-off of the RI, the SEC has been having engagement with various fintech applicants, some of whom are existing capital market operators.
“Some are existing market operators; some are actually new interests in the market, so we have been having this kind of engagement. And from the time when we announced the takeoff till today, what has been happening is that a lot of applicants are actually accessing what we call the initial assessment form, so there is a need which we can now be able to provide the initial information, and that is the first stage of onboarding you into the RI, that is where we are now.
“And we have had a couple of engagements, and what interests us really is the traction of new fintech companies providing a solution to an existing problem in the market. But what we are trying to do now very quickly is to encourage more of these fintechs to come now that we have opened this phase. We believe that it will really deepen the market and it will facilitate bringing new products into the market and new ideas will come on board towards a solution of an existing problem in the market. As I said earlier, the principal plan is to actually provide an avenue of new solutions without compromising on investor protection which is our key objective”.
Speaking on the legitimacy criteria, Abbass said, “Right, there are five legitimacy criteria. First of all, you must have a kind of idea that will really bring a solution to an existing problem. That is one of the legitimacy criteria. Second, as a fintech company, you must be able to really fill out the initial assessment form and demonstrate to the commission that your idea or proposal or solution has conformed to the investment activity that has been under the scope of the ISA, which is our own purview.
“Thirdly, you must be able to be ready to test live using a new test scope of the market with live investors or live customers as it were, and then you must be able to commit that you will abide by the rules and regulations if you’re onboarding and the last issue is that you should be ready to now commit that once the rules are put in place after you come out of the regulatory incubation you must now comply with the existing rule that will come out as a result of that testing because we too we are trying to learn and by the time that we learn, we can be able to come up with a rule that would now fit that kind of activity.
“So, in terms of response, we just started we are already getting more applications; even this morning, we received quite a number. So, I can say we have quite a number of applicants that are really interested in this testing using the regulatory incubation that the SEC has come up with”.
By Adedapo Adesanya
The Emir of Kano, Mr Muhammadu Sanusi II, has commended the Central Bank of Nigeria (CBN) for its economic reforms, saying they have restored macroeconomic stability and driven economic growth beyond the country’s population growth rate.
Emir Sanusi, a former Governor of the central bank, made the remarks while speaking at the ongoing 31st Nigerian Economic Summit in Abuja.
According to the former banker, the apex bank inherited an economy weakened by years of excessive liquidity and rapid money supply growth but had succeeded in reversing the trend through tighter monetary policies.
“I have nothing but positive words for what the central bank has done. We are coming from the background of a very high level of instability as a result of loose money and uncontrolled growth in money supply.
“The central bank has taken one year to mop up all that money,” the monarch said, according to a video from the event that has circulated widely.
Speaking on the impact of the reforms, Mr Sanusi added: “This is the first time that this economy will be growing faster than the population.”
The remark suggests that the country’s gross domestic product (GDP) growth is expected to outpace its population growth rate of about 2.1–2.5 per cent annually, implying an increase in per capita income.
This means the economy is expanding fast enough to raise average output and income per person, rather than merely keeping pace with population increases.
The reforms introduced by the Yemi Cardoso-led CBN have centred on restoring macroeconomic stability and rebuilding investor confidence. Key measures include adopting a more market-driven foreign exchange regime, tightening monetary policy through successive interest rate hikes to curb inflation, and clearing a significant portion of the foreign exchange backlog owed to businesses and investors.
The apex bank has maintained that these policies are designed to stabilise the naira, improve liquidity in the FX market, attract foreign investment, and lay the foundation for sustainable economic growth.
Running low on data with no airtime to spare, but you’ve got an unused gift card sitting in your email or phone? You’re not alone.
A lot of Nigerians receive gift cards from friends, family abroad, or clients, but have no real use for them. Meanwhile, data is one of those everyday needs that can’t wait. So the question comes up often: can you actually use a gift card to buy data in Nigeria? Let’s get into the answer.
Is It True That You Can Use Gift Cards to Buy Data in Nigeria?
Yes, you can buy data using your gift cards, but not directly.
Let’s clear up the confusion first. You cannot hand your Apple or Amazon gift card code directly to MTN, Airtel, or Glo and expect them to accept it as payment for data. Telecom networks don’t have any system for redeeming gift cards. They only take cash, bank transfers, USSD payments, or app-based payments.
So where does the idea come from? It comes from the workaround that’s become common practice: converting the gift card into cash first, then using that cash to buy data the normal way. This is where a gift card trading platform like Cardgoal comes in. Instead of a gift card sitting unused because you have no matching account to redeem it on, or no interest in what the card offers, you trade it in for real Naira. From there, buying data is as simple as it always is.
In other words, “buying data with a gift card” isn’t a direct swap. It’s a two-step process that takes just a few minutes when you use the right platform. And once you understand this, it opens up a genuinely useful way to make idle gift cards work for you.
How to Buy Data in Nigeria with a Gift Card? Step-by-Step
Here’s exactly how the process works from start to finish:
Step 1: Sell Your Gift Card on Cardgoal
- Download the Cardgoal app from Google play store or Apple App store
- Sign up and select the gift card you’re holding
- Enter the card’s value and code
- Get the details verified
Step 2: Get Paid Instantly
Once your card is verified, your payout is sent straight to your Cardgoal Wallet. This is the core value of using a trading platform over trying to sell a card informally to a stranger online. You can use this value to pay bills including data and airtime purchases. You get your gift card value quickly and securely, without the risk of being scammed or shortchanged.
Step 3: Use the funds to Top Up Data
With your gift card value in Naira now in your account, you can top up data directly within the Cardgoal app.
- Go to Pay Bills
- Tap on “Buy Data”option
- Select your network: — MTN, Glo, Airtel, or 9mobile.
- Enter the phone number to recharge.
- Input the amount you want to buy.
- Confirm the transaction — and your preferred data arrives almost instantly.
By this method, you can;
Whichever network you’re on, the cash from your gift card sale spends exactly the same as money from any other source, because at this point, that’s exactly what it is.
Why Use Cardgoal To Buy Data in Nigeria Instead of Other Methods?
There are informal ways to try converting a gift card into value, like posting it in a WhatsApp group, negotiating with a random buyer on social media, or asking around for anyone willing to take it off your hands. None of these are reliable, and most come with real risk of being underpaid or scammed outright. Here’s why selling gift cards through a proper platform makes more sense:
- Instead of waiting days for someone to respond to a post, verification and payout on a dedicated platform typically happen within minutes.
- Fair, transparent rates. You can see the going rate for your specific card before you commit to the trade, rather than negotiating blindly with a stranger.
- Verification checks confirm your card is valid and correctly priced, protecting you from common scams like fake buyers or already-redeemed codes.
- Convenience of one app. Beyond gift card trading, Cardgoal also supports airtime and data purchases, bill payments, and rewards. So once your card is converted to cash, you not even need to leave the app to complete your data top-up.
- No back-and-forth. There’s no haggling, no waiting for a buyer to “confirm” payment, and no uncertainty about whether the trade will actually go through.
For anyone who regularly ends up with gift cards they don’t need, this turns what would otherwise be a stagnant asset into something genuinely useful like data, airtime, bills, or straight cash.
Turn Your Unused Gift Card Into Data Today
If you’ve been sitting on a gift card with no real use for it, there’s no reason to let it go to waste. Selling it for cash and buying data with the proceeds is quick, safe, and puts real value back in your hands
Download the Cardgoal app today, sell your gift card, and buy data on your preferred network in minutes.
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited recorded a profit after tax of N535 billion in June 2026, representing a 15.8 per cent increase from the N462 billion posted in May.
This information was revealed in the company’s June 2026 Monthly Financial and Operations Report released on Friday, which also showed that revenue for the month stood at N4.389 trillion.
According to the report, cumulative statutory payments to the federation between January and June 2026 rose to N6.286 trillion, reflecting the company’s continued contribution to government revenue.
On the operational side, average crude oil and condensate production slipped slightly to 1.72 million barrels per day (mbpd) in June from 1.73 million barrels per day in May. The state oil company attributed the decline to operational disruptions, facility integrity issues, and subsurface challenges across some producing assets.
The production figure remains close to Nigeria’s recent output levels as the country continues efforts to sustain higher crude production through improved security around oil facilities, reduced crude theft, and increased investments in upstream operations.
Natural gas production, however, increased to 7.841 million standard cubic feet per day from 7.774 million standard cubic feet per day recorded in the preceding month, representing a 0.86 per cent rise.
The report also highlighted progress on key gas infrastructure projects. The Obiafu-Obrikom-Oben (OB3) Gas Pipeline reached 98 per cent completion, with final tie-in works underway ahead of the planned First Gas in August 2026.
The pipeline is expected to strengthen gas transmission between the eastern and western gas networks, improving supply reliability across the country.
Similarly, construction and installation of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, supporting the target of delivering gas to Abuja in 2026. The project is designed to transport natural gas from southern Nigeria to the northern corridor, with early gas delivery to Abuja targeted for later this year.
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