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CBN Orders Banks and Fintechs to Store Payment Data Locally by January 2027

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The Central Bank of Nigeria (CBN) has directed banks, fintech companies, mobile money operators, payment processors, and other participants in the country’s digital payments ecosystem to ensure that all payment transaction data generated within Nigeria is stored and managed locally from January 1, 2027.

The directive forms part of a broader regulatory effort to strengthen oversight, improve transparency, reduce systemic risks, and enhance governance across Nigeria’s rapidly expanding digital payments industry.

In a circular issued by the CBN’s Payments System Supervision Department and signed by Director Rakiya O. Yusuf, the apex bank said the measures were introduced in response to significant developments in the payments ecosystem, including the rapid growth of electronic transactions and the increasing concentration of critical payment services among a small number of operators.

Under the new requirements, all financial institutions and payment service participants facilitating transactions within Nigeria must ensure that payment data generated in the country is stored and managed on infrastructure located within Nigeria, in compliance with applicable data protection laws. Institutions are expected to achieve full compliance by the January 2027 deadline.

Strengthening Data Sovereignty

The policy marks one of Nigeria’s most significant data localisation initiatives in the financial sector. By keeping payment data within the country’s borders, regulators aim to improve supervisory oversight, strengthen cybersecurity, support domestic digital infrastructure, and ensure that critical financial information remains subject to Nigerian legal and regulatory frameworks.

Industry observers believe the move could encourage further investment in local data centres and cloud infrastructure while requiring some banks and fintech companies that currently rely on overseas hosting services to adapt their technology strategies.

New Ownership Disclosure Requirements

Alongside the data localisation mandate, the CBN has introduced stricter beneficial ownership disclosure requirements for payment service providers.

The regulator is requiring operators to provide greater transparency around ownership structures and governance arrangements as part of efforts to improve accountability and address concerns over market concentration within the digital payments ecosystem.

According to the central bank, while the rapid growth of digital financial services has accelerated innovation, efficiency, and financial inclusion, it has also increased concerns about operational dependencies, ownership transparency, and the concentration of critical infrastructure among a limited number of players.

Digital Payments Continue to Surge

The directive comes as Nigeria’s digital payments market records sustained growth. The CBN recently reported that transactions processed through the Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment platform increased from approximately five billion in 2022 to nearly 11 billion in 2024, reflecting the country’s accelerating adoption of electronic financial services.

As transaction volumes continue to rise and fintech innovation reshapes the financial landscape, regulators are placing greater emphasis on governance, resilience, transparency, and consumer protection.

The latest measures signal the CBN’s intention to strengthen confidence in Nigeria’s payments infrastructure while ensuring the sector’s regulatory framework keeps pace with its rapid expansion.

CapitalSage Acquires Chimoney to Expand Africa–Canada Cross-Border Payments Infrastructure

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CapitalSage Vantage Limited, a subsidiary of CapitalSage Holdings, has signed an agreement to acquire Canadian payments infrastructure company Chimoney in a move aimed at strengthening cross-border payment services between Africa and Canada and accelerating the platform’s international expansion.

Upon completion of the transaction, Chimoney will become CapitalSage’s first payment entity in Canada, extending the multinational group’s presence beyond its existing operations across the United Kingdom, the United Arab Emirates, Nigeria, Kenya, The Gambia and other markets.

Founded in 2022, Chimoney has developed payment infrastructure that enables businesses to move money across borders through bank transfers, mobile money, airtime, stablecoins and Interledger-based payments spanning 41 currencies. The company serves customers across North America, Africa and Latin America.

The acquisition follows discussions focused on scaling Chimoney’s technology platform, regulatory capabilities and enterprise adoption. According to the company, the agreement provides for investors to be settled in full upon closing, while members of the Chimoney team will also participate in the transaction proceeds.

The deal will be completed in phases to accommodate re-registration requirements under Canada’s Retail Payment Activities Act. Once finalized, Chimoney will continue operating as a payments infrastructure platform focused on the Africa–Canada corridor while also pursuing plans to activate a payments corridor connecting Canada and the United States.

As part of the transition, key executives including Head of Product Faheed Alli-Balogun and Head of Operations Hammed Babatunde will join CapitalSage to support the platform’s next stage of growth. Chimoney founder Uchi Uchibeke will oversee the transition process, including the relaunch of the platform, client engagement and operational handover.

Commenting on the acquisition, Uchibeke said the partnership positions Chimoney to strengthen governance, liquidity and go-to-market capabilities while continuing its mission of making cross-border payments more accessible.

The agreement was signed during an event in Toronto and marks a notable development in financial technology collaboration between Canada and Africa. Both companies expect the transaction to support broader efforts to simplify international payments and improve connectivity between businesses operating across multiple markets.

Chimoney has previously participated in accelerator programmes including Techstars Toronto and Google for Startups Accelerator and maintains a partnership with the Interledger Foundation. The company is registered as a Money Services Business in Canada and operates within the country’s payment services regulatory framework.

Blowpay Launches Unified Digital Payments Platform in Nigeria’s Growing Fintech Market

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Blowpay has officially entered Nigeria’s competitive fintech industry with the launch of a new digital payments platform designed to bring multiple financial services together in one mobile application.

The platform enables users to carry out a variety of everyday transactions from a single interface, including airtime and data purchases, utility bill payments, cable television subscriptions, digital gift transactions, betting wallet funding and access to selected digital assets. By combining these services into one app, Blowpay aims to make digital payments simpler and more convenient for consumers.

The launch comes as Nigeria’s digital payments sector continues to expand, driven by rising smartphone ownership, improved internet access and growing demand for cashless financial services. The country has become one of Africa’s leading fintech markets, attracting both established players and new entrants seeking to meet the needs of an increasingly digital population.

Competition within the industry has intensified as providers focus on offering integrated services that improve convenience and enhance the overall customer experience. Blowpay said its platform has been built with speed, security and ease of use in mind, allowing users to complete multiple financial tasks without switching between different applications.

To make registration easier, the company has introduced QR code-enabled onboarding, helping new users create accounts and begin using the platform more quickly. The application is available through major mobile app stores as well as the company’s own digital channels.

Nigeria’s digital payments landscape has grown rapidly in recent years, supported by financial inclusion initiatives, regulatory reforms and continued innovation across the fintech ecosystem. Consumers and businesses are increasingly adopting electronic payment methods for day-to-day transactions, encouraging providers to expand their service offerings.

As a result, many fintech companies are differentiating themselves through stronger security features, smoother user experiences and broader product portfolios. Industry observers note that all-in-one payment platforms are becoming more attractive to users who value convenience and efficiency.

Blowpay believes its integrated approach will appeal to digitally connected consumers seeking a single platform to manage routine financial activities. Its arrival adds another competitor to Nigeria’s evolving fintech market, where success is expected to depend on reliable services, robust security measures and continuous innovation.

With digital adoption continuing to accelerate, the company hopes its unified payments platform will help meet the changing needs of users while contributing to the growth of Nigeria’s cashless economy.

Huawei Cloud Showcases Secure Cloud and AI Solutions to Support Egypt’s Growing FinTech Sector

Huawei Cloud has reaffirmed its commitment to supporting Egypt’s expanding financial technology industry by unveiling secure cloud computing, artificial intelligence, data management and digital infrastructure solutions at the Huawei Cloud FinTech Summit 2026 in Cairo.

Held under the theme “Empowering FinTech Innovation through Cloud Computing, AI, Data, and Secure Digital Infrastructure,” the summit brought together financial institutions, fintech startups, technology partners and industry experts to discuss how emerging technologies can drive innovation, digital transformation and financial inclusion in Egypt.

The event comes as Egypt’s financial services sector undergoes rapid digitalisation, creating greater demand for secure, scalable and locally hosted cloud infrastructure. Since launching its first public cloud region in Egypt in 2024, Huawei Cloud has focused on keeping customer data within the country, supporting data sovereignty while strengthening the resilience of national digital infrastructure.

During the summit, Joe Xu, Chief Executive Officer of Huawei Cloud Egypt, said the company aims to serve as a trusted technology partner for financial institutions. He highlighted benefits of the local cloud region, including lower latency, compliance with local regulations, continuous technical support and enhanced capabilities for data-driven innovation.

A major theme of the conference was the importance of secure and resilient digital infrastructure. Huawei Cloud experts shared strategies for building protected cloud environments, covering topics such as multi-cloud disaster recovery, hybrid cloud adoption, regulatory compliance and security frameworks designed for financial institutions handling sensitive information and mission-critical services.

The company also presented solutions tailored to startups and small and medium-sized fintech firms. These offerings are intended to simplify cloud adoption, reduce technical complexity, lower costs and help businesses bring products to market more quickly. Through partnerships with local organisations, Huawei Cloud hopes to enable emerging fintech companies to scale more efficiently.

Several customer case studies were highlighted during the event. Mohamed Amer, Head of Information Technology at Evolve Holding Investment Company, described how Huawei Cloud helped migrate the critical trading platforms of GNT and MNGM with virtually no downtime, ensuring uninterrupted gold pricing and real-time trading services through careful planning and continuous data replication.

Amr Farouk, Founder and Chief Executive Officer of JATDEV Middle East, also discussed banking and fintech solutions developed in collaboration with Huawei Cloud. He emphasised that close cooperation between technology providers and financial institutions can deliver more customised and locally relevant digital services.

The summit concluded with a panel discussion on the future of fintech growth in Egypt, featuring leaders from companies including Thndr, Evolve Holding Investment Company and Sohoula. Participants examined opportunities and challenges related to cloud infrastructure, regulatory compliance and the growing role of artificial intelligence in improving customer experiences and expanding financial inclusion.

Huawei Cloud reiterated that it will continue working with regulators, customers and technology partners to support Egypt’s digital economy through secure, AI-ready and locally supported cloud services. The company said these efforts are aimed at helping build a more resilient, innovative and inclusive financial ecosystem.

Moniepoint Expands DreamDevs Bootcamp to Tackle Africa’s Tech Talent Shortage

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Moniepoint Expands DreamDevs Bootcamp to Tackle Africa’s Tech Talent Shortage

LAGOS, Nigeria — Moniepoint Inc. is intensifying efforts to address Africa’s growing software engineering skills gap through its DreamDevs Bootcamp, a training initiative designed to build a stronger pipeline of homegrown technology talent.

The fintech unicorn announced the development following the graduation of the second cohort of the programme in Lagos, as concerns grow over a global shortage of software developers that could affect digital transformation efforts across emerging markets.

Moniepoint Tech Talent Shortage Initiative Targets Engineering Skills Gap

The expansion of the DreamDevs Bootcamp comes at a time when demand for skilled software engineers continues to outpace supply worldwide. Industry estimates suggest the global shortage of developers could reach 85 million by 2030, creating economic losses of up to $5.5 trillion.

For African countries investing heavily in digital infrastructure, artificial intelligence, and fintech innovation, the shortage of experienced engineering professionals remains a major challenge.

Moniepoint said the programme is designed to strengthen the continent’s technical talent pipeline by equipping participants with enterprise-level software development skills.

Speaking during the programme’s Demo Day event, themed “Training Done! Demo Up,” Moniepoint Co-Founder and Chief Technology Officer Felix Ike described the initiative as a long-term investment in Africa’s digital future.

“DreamDevs is a structural investment in Nigeria’s digital economy, not a recruitment exercise,” Ike said.

According to him, engineering excellence requires deliberate investment in people, systems, and learning opportunities.

Moniepoint Tech Talent Shortage Programme Focuses on Advanced Engineering Training

The nine-week bootcamp was developed in partnership with Semicolon and focused on practical software engineering skills required in modern technology companies.

Participants received training in:

  • Java Object-Oriented Programming
  • Data Structures and Algorithms
  • Software Testing
  • MySQL Databases
  • Spring Boot APIs
  • System Design
  • Docker
  • Messaging Queues
  • Frontend Development
  • Cloud Infrastructure

The programme also paired participants with senior Moniepoint engineers who provided mentorship and exposure to real-world software development environments.

During the Demo Day showcase, participants presented technology solutions addressing challenges in sectors including healthcare, agriculture, real estate, food services, and event management.

Moniepoint Tech Talent Shortage Strategy Aligns with Nigeria’s Digital Economy Goals

Moniepoint said the initiative complements broader efforts to strengthen Nigeria’s digital workforce, including the Federal Government’s 3 Million Technical Talent (3MTT) programme.

While public sector initiatives focus on expanding access to foundational digital skills, DreamDevs concentrates on specialised engineering training aimed at preparing participants for professional software development roles.

The company noted that graduates from the first cohort have already transitioned into engineering positions, demonstrating the programme’s effectiveness in developing industry-ready talent.

Why Addressing Africa’s Tech Talent Shortage Matters

As African fintech companies and digital businesses continue to scale, demand for highly skilled software engineers is increasing rapidly.

Industry experts warn that without sustained investment in technical education and workforce development, the continent could struggle to support the next phase of growth in fintech, artificial intelligence, cloud computing, and digital commerce.

Through programmes such as DreamDevs, private-sector companies are playing an increasingly important role in strengthening Africa’s technology talent ecosystem and ensuring that innovation is supported by a skilled workforce capable of building and maintaining digital infrastructure at scale.

Bio360 Africa 2026 to Showcase Bioenergy and Circular Economy Innovation in Johannesburg

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Bio360 Africa 2026 to Showcase Bioenergy and Circular Economy Innovation in Johannesburg

Bio360 Africa 2026 is set to bring together key stakeholders from Africa’s bioenergy and bioeconomy sectors when it convenes from 17 to 18 June 2026 at the Gallagher Convention Centre in Johannesburg.

Recognized as one of the continent’s leading platforms for sustainable energy and circular economy solutions, the event will focus on accelerating the development of bioenergy, advancing circular bioeconomy initiatives, and scaling carbon reduction technologies across Africa.

Bio360 Africa 2026 to Drive Sustainable Energy Solutions

Organized by Bioenergy Events and Services in partnership with Southern African Biogas Industry Association, the conference and exhibition will bring together policymakers, investors, researchers, technology providers, project developers, and industry leaders from Africa and around the world.

The event aims to foster collaboration and accelerate the deployment of commercially viable bioenergy and sustainability solutions that can support Africa’s energy transition and climate goals.

Industry Leaders to Explore Bioenergy and Circular Economy Opportunities

The conference programme will feature two parallel streams comprising keynote presentations, technical sessions, and expert panel discussions.

Participants will engage in discussions on emerging trends, policy developments, investment opportunities, and practical approaches to expanding bioenergy adoption across the continent.

The programme is designed to facilitate knowledge sharing while creating opportunities for partnerships that can advance sustainable energy projects in African markets.

Exhibition to Showcase Innovative Technologies

A major highlight of Bio360 Africa 2026 will be its international exhibition, featuring more than 60 regional and global companies.

Exhibitors will showcase technologies and solutions spanning:

  • Biogas and biomethane
  • Biomass combined heat and power (CHP)
  • Liquid biofuels
  • Biochar production
  • Clean cooking technologies
  • Carbon dioxide removal (CDR) solutions
  • Waste-to-energy systems
  • Circular economy innovations

The exhibition will cover approximately 2,500 square meters of floor space, providing attendees with direct access to emerging technologies and project opportunities.

Site Tours to Demonstrate Real-World Bioenergy Applications

Following the main conference, participants will have the opportunity to join specialized study tours on 19 June 2026.

The tours will showcase operational bioenergy projects and demonstrate how sustainable energy solutions are being implemented in different environments and at varying scales.

Featured sites include:

  • St Camillus Primary School Biogas Project
  • Bronkhorstspruit Biogas Plant
  • Robinson Deep Landfill Gas-to-Energy Facility

These visits will provide practical insights into the deployment and operation of bioenergy technologies within the African context.

Networking and Collaboration Opportunities

Beyond the technical sessions and exhibition, the event will offer extensive networking opportunities for stakeholders across the value chain.

Key features include:

  • High-level conference discussions
  • Technology demonstrations
  • Investor and business networking sessions
  • Partnership development opportunities
  • The SABIA Members’ Pavilion
  • Official Bio360 Africa Study Tours

The event is expected to serve as a strategic platform for organizations seeking to expand their presence within Africa’s growing bioenergy and bioeconomy sectors.

Growing Importance of Bioenergy in Africa

As countries across Africa seek sustainable solutions to address energy access, waste management, and climate challenges, bioenergy is increasingly being recognized as a critical component of the continent’s clean energy transition.

Technologies such as biogas, biomethane, biomass energy, and waste-to-energy systems offer opportunities to improve energy security while supporting circular economy objectives and reducing greenhouse gas emissions.

Bio360 Africa 2026 aims to showcase these opportunities while facilitating collaboration among stakeholders working to accelerate sustainable development across the continent.

Key Focus

  • Bio360 Africa 2026 takes place from 17–18 June in Johannesburg
  • Focus on bioenergy, circular bioeconomy, and carbon solutions
  • More than 60 exhibitors expected to participate
  • Conference features technical sessions, keynotes, and expert panels
  • Study tours to operational biogas and waste-to-energy facilities
  • Organized by BEES in partnership with SABIA

NetOne Adopts Artificial Intelligence to Strengthen Cybersecurity and Protect Digital Infrastructure

State-owned mobile network operator NetOne has announced that it is using artificial intelligence (AI) to strengthen its cybersecurity capabilities and protect critical telecommunications infrastructure from rising cyber threats.

Speaking at an ICT summit in Harare, NetOne Group Chief Executive Officer Raphael Mushanawani said AI has become an essential tool for safeguarding telecom networks, going beyond its traditional role in improving customer service and network efficiency.

According to Mushanawani, the company is using AI to detect unusual activity and respond to potential security threats before they can disrupt services.

“AI strengthens our cybersecurity, detecting anomalies and safeguarding critical infrastructure,” he said.

The announcement comes as governments and telecommunications companies across Africa face an increasing number of cyber attacks targeting essential digital infrastructure. As a result, many operators are investing in advanced technologies that can identify and address security risks more quickly and effectively.

With the rapid growth of digital payments, cloud services and online commerce, telecom providers now manage large amounts of personal, financial and business data. This has made them attractive targets for cybercriminals seeking to exploit vulnerabilities in critical systems.

The changing threat landscape has also shifted how companies view cybersecurity investment. Rather than treating AI as an emerging or experimental technology, many telecom operators now see it as a strategic necessity for protecting networks, maintaining customer trust and ensuring business continuity.

NetOne’s adoption of AI reflects a broader trend across Africa’s digital economy, where organisations are increasingly turning to intelligent technologies to strengthen resilience against cyber risks while supporting the continued expansion of digital services.

Telecom Namibia and GGPEN Launch Angosat-2 Pilot to Expand Regional Satellite Connectivity

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Telecom Namibia and Angola’s Gabinete de Gestão do Programa Espacial Nacional (GGPEN) have signed a pilot commercial agreement to test and promote the use of the Angosat-2 satellite for communications services across the region.

The agreement was signed on 11 June 2026 during the ANGOTIC 2026 conference in Luanda, Angola. It was formalised by Dr. Stanley Shanapinda, Chief Executive Officer of Telecom Namibia, and Dr. Zolana João, Director General of GGPEN.

The new partnership builds on an earlier proof-of-concept project and moves into a structured pilot phase that will evaluate both the technical performance and commercial potential of services delivered through the Angosat-2 satellite platform.

By using satellite technology, the initiative aims to improve digital connectivity in remote and underserved communities where traditional communications infrastructure may be limited or unavailable. The project is also expected to support industries that depend on reliable telecommunications services for their day-to-day operations.

The collaboration reflects broader efforts by Namibia and Angola to strengthen regional digital infrastructure and encourage greater use of satellite technology to bridge connectivity gaps. It also highlights the growing importance of cross-border partnerships in expanding access to resilient communications networks across Southern Africa.

If successful, the pilot could pave the way for wider commercial deployment of Angosat-2 services, helping to improve connectivity, support economic development, and enhance telecommunications resilience throughout the region.

Yuno and Onafriq Partner to Simplify Payments for Global Merchants Expanding into Africa

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Yuno has announced a strategic partnership with Onafriq that will give businesses around the world easier access to payment services across Africa through a single integration.

The collaboration connects Yuno’s global payment infrastructure with Onafriq’s extensive Pan-African network, allowing merchants to reach 43 African markets, nearly one billion mobile wallets, more than 500 million bank accounts, and 2,000 cross-border payment corridors using a single developer-friendly API.

The move is designed to address one of the biggest challenges facing international businesses entering Africa: navigating a fragmented payments landscape with different systems, regulations, and local payment methods in each country. By combining their platforms, Yuno and Onafriq aim to reduce the technical complexity and time required for companies to launch and grow across the continent.

Through the integration, Yuno’s clients can access a wide range of payment capabilities, including mobile money collections and disbursements, bank transfers, card issuance, treasury management, foreign exchange services, and stablecoin settlement. Onafriq’s infrastructure is backed by local regulatory licences and recognised security standards, helping merchants process payments with greater confidence and compliance.

Juan Pablo Ortega, Co-Founder and CEO of Yuno, said Africa offers significant opportunities for global commerce but many businesses have struggled to expand because of payment infrastructure challenges. He said the partnership gives merchants a reliable and scalable way to connect with customers and businesses across the continent.

The agreement also supports Yuno’s wider ambition of building a global payments platform that links merchants to important payment methods and networks regardless of location. Following expansion into regions including Europe, Asia, and the Middle East, Africa has become a key focus for the company’s international growth strategy.

For Onafriq, the partnership extends its services to a broader base of international merchants seeking entry into African markets. The company believes the collaboration will make it easier for businesses to access local payment systems while supporting wider participation in the continent’s growing digital economy.

Onafriq CEO Dare Okoudjou said Africa’s payments sector has strong momentum but requires infrastructure that can match its pace of growth. He noted that the partnership enables global merchants to connect with consumers and businesses across Africa through a single integration while expanding access to digital financial services.

The integration is already live in Egypt, Ghana, Kenya, Nigeria, Cameroon, Côte d’Ivoire, and Uganda. Yuno customers can use Onafriq’s payment capabilities directly through the Yuno dashboard without requiring additional contracts or separate technical integrations.

Kora Joins IATA Financial Gateway to Simplify Airline Payments Across Africa

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Payments infrastructure company Kora has joined the International Air Transport Association Financial Gateway, a move that is expected to make it easier for airlines and travel agencies to accept payments across Africa through a single integration.

The partnership allows international airlines and travel agencies connected to the IFG platform to process payments using Kora’s payment infrastructure. This includes support for card payments, bank transfers, mobile money services and other local payment methods available in African markets, removing the need to establish separate payment arrangements in each country.

The integration is designed to address one of the aviation sector’s biggest challenges in Africa. Airlines operating across the continent often have to navigate different payment systems, multiple currencies, and varying financial regulations, requiring them to work with several payment providers in countries such as Nigeria, Kenya, Ghana, Egypt, and South Africa.

By connecting to Kora through IATA’s Financial Gateway, airlines can streamline payment operations while offering customers more familiar and accessible ways to pay for flights and related services.

The announcement comes as Africa’s aviation market is expected to experience significant growth in the coming decades. With passenger numbers projected to rise by more than 300 million by 2050, the demand for reliable and scalable payment infrastructure is also increasing.

Kora Chief Executive Officer Dickson Nsofor said the partnership demonstrates that the financial infrastructure needed to support the next phase of aviation growth in Africa is taking shape. According to him, airlines can now expand into African markets without facing the complexity of managing different payment systems in each country.

Kamil Al-Awadhi, IATA’s Regional Vice President for Africa and the Middle East, said Kora’s addition to the Financial Gateway strengthens the platform’s ability to support airlines operating across the continent. He noted that the integration provides IATA’s approximately 370 member airlines with easier access to Africa’s diverse payment ecosystem.

The collaboration reflects a broader push to simplify cross-border commerce and improve payment efficiency, helping airlines serve customers more effectively while supporting the continued growth of Africa’s travel industry.