Visa invests in Nigeria's Moniepoint

Founded in 2015, Moniepoint initially focused on providing infrastructure and payments technology for banks and financial institutions.
It has since grown into Nigeria's leading business banking provider and is now the country's largest merchant acquirer, powering most of the country’s Point of Sale transactions. In 2023, it expanded beyond SMEs and entered the personal banking market through its subsidiary, Moniepoint Microfinance Bank.

The firm now claims some 10 million businesses and individual customers, helping them access payments, banking, credit, and business management tools and processing $22 billion monthly.

Visa's investment comes soon after a $110 million Series C investment led by Development Partners International’s African Development Partners III fund and joined by Google’s Africa Investment Fund and African VC Verod Capital.

Tosin Eniolorunda, CEO, Moniepoint, says: "Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem."

Andrew Torre, regional president, CEE and Middle East and Africa, Visa, adds: "By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation."

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New Nigerian jihadist group Lakurawa declared terrorists

Nigeria's authorities have officially declared the Lakurawa armed group - which flogs people for listening to music - a terrorist organisation and banned it across the country.

Lakurawa is a new militant group which carries out attacks, targeting local communities in north-western Nigeria and across the border with Niger.

Nigerian officials say Lakurawa is affiliated with jihadist factions in Mali and Niger, and its militants have for years settled in communities along the Nigeria-Niger border, marrying local women and recruiting youths.

This adds to Nigeria's security concerns, as it is already fighting against several armed groups, from Islamist militants Boko Haram to kidnapping gangs.

The Nigerian government submitted a document to a High Court in the capital, Abuja, on Thursday, detailing the activities of the group.

It said Lakurawa had been involved in acts of terrorism, including cattle rustling, kidnapping for ransom, hostage-taking and attacks on top government officials.

The group was also accused of spreading harmful ideology within local communities and encouraging locals to disregard authorities, "resulting in injuries, and loss of lives and property to innocent citizens of Nigeria".

An unnamed man told the BBC the group emerged few years ago in some villages in Sokoto and Kebbi states and people had notified authorities of its existence but nothing was done.

At first, Lakurawa members promised to tackle banditry and help protect local people from cattle thieves.

"But things escalated when they started asking to check people’s phones and would flog those that have music in them before deleting them," the man said.

In the court papers, Nigeria's Attorney-General and Minister of Justice Lateef Fagbemi said the group's activities posed a serious threat to national security.

In a swift decision, Justice James Omotosho declared the group "a terrorist organisation and extended the ban to similar groups across Nigeria, with a specific focus on the North West and North Central regions".

This move will give the Nigerian government sweeping powers to take strong actions against the group.

Security agencies now have broad mandates to disrupt and dismantle the group's operations, including arrests, prosecution, asset freezes, and increased surveillance.

It could also lead to public stigma and isolation for individuals associated with the designated group.

Across the country, especially in northern Nigeria, people fear another scenario similar to when Boko Haram emerged in the late 2000s.

By Chris Ewokor & Mansur Abubakar, BBC

Video - Central Bank of Nigeria halts extensions for export proceeds repatriation

The bank says no extensions will be accorded anymore for the repatriation of exports proceeds, in compliance with Nigeria's foreign exchange regulations. Non-oil export proceeds have a 180-day window for repatriation while oil and gas proceeds have a 90-day deadline.

CGTN

Video - Nigeria’s regulator hikes tariffs for telecoms

The Nigeria Communications Commission says it will approve a 50 percent tariff increase following a request from telecommunication operators in the country, in line with rising costs.

CGTN

Authorities in Nigeria Take Down Child Trafficking Syndicates

Nigerian authorities announced the rescue of over 200 children and the dismantling of multiple gangs and human trafficking networks in a series of nationwide crackdowns that were primarily targeting child exploitation.

Police spokesperson Muyiwa Adejobi revealed that one of the key operations took place in Akure, Ondo State, where a human trafficking network was dismantled, and 14 children, aged between 1 and 7 years old, were rescued.

“Acting on intelligence regarding a missing child, the police uncovered a syndicate responsible for trafficking over 200 children across various locations in the country,” Adejobi said in a statement.

The Nigeria Police Force has ramped up its initiatives to combat human trafficking and illegal baby factories, focusing on intelligence-led operations to disrupt organized networks.

The announcement follows another major breakthrough two weeks ago in Plateau State, where authorities arrested a prominent pastor linked to a large child-trafficking syndicate. In that operation, 13 children were rescued, highlighting Plateau State as a growing hotspot for trafficking activities.

The Nigeria Immigration Service (NIS) has also exposed trafficking activities in Kaduna State involving a group called ACHAD Life Mission International. The organization, which claims to promote African traditions and humanitarian aid, is accused of exploiting vulnerable individuals under the guise of charity. NIS officials noted that these groups often operate covertly, making detection challenging.

In a statement, Plateau State’s Gender and Equal Opportunities Commission raised concerns about the region’s rising child trafficking crisis, revealing that over 100 victims were rescued in the past year alone. The commission emphasized the urgent need for stronger institutional frameworks and community engagement to prevent exploitation and protect vulnerable children.

Local authorities pledged to continue their efforts to dismantle trafficking networks and ensure the safety of children. However, they acknowledged the need for greater resources and public awareness to combat the growing threat of human trafficking in Nigeria.

These operations underline the scale of the challenge in addressing trafficking in the country, but they also demonstrate Nigeria’s commitment to fighting organized exploitation and protecting its most vulnerable citizens.

By Nneoma Omeje, OCCRP