Nigeria

Central Bank of Nigeria encourages e-payments setting limits on cash

May 4, 2011 - 8:44am | Banks and internet banks | News

The Central Bank of Nigeria has set new policies to reduce expensive and risky cash in favor of electronic payment methods. The bank released a circular to industry participants that outlines new rules for paper cash.

The circular says that the dominance of paper money has big cash management, security and money laundering implications.

cash money | cheque | Electronic payment | Nigeria | paper money

-1 points

Monitise goes to Nigeria with mobile payments

December 3, 2010 - 12:54pm | News | Mobile finances

UK mobile money operator Monitise has obtained a provisional license from the Central Bank of Nigeria to implement mobile payment services across the country.

Using its Globe platform Monitise will be offering financial services over the mobile phone to the unbanked, including savings, insurance and pensions. The service will also see the first deployment of the Monitise Mobile Wallet solution.

The implementation of the project will be partially subsidized by the Africa Enterprise Challenge Fund which has assigned $1.5 million to the project.

mobile money | mobile payments | Monitise | Nigeria

0 points

E-commerce and Internet industry in Nigeria

March 17, 2009 - 10:47am | Articles | Other themes

Africa is usually considered as a part of the world which is generally behind the most of the countries in different development processes. Well, yes, actually this supposition is correct but Africa is not only the continent of tribes, savages and wild animals as we have used to think, a number of Africans countries develop and try to keep up the world level, though they are still behind most of the countries.

-6 points

A Nigerian has stolen $27 mln from Citibank

February 24, 2009 - 12:00pm | Fraud | News

A Nigerian was accused by the US authorities of stealing 27 million dollars from Citibank of in one month. The fraud was implemented, as it’s became known, with a help of some people in six countries: the United States, China, Japan, Australia, Cyprus and South Korea.