President Tinubu signs law classifying crypto as securities

Nigeria’s President Bola Tinubu has signed a new law strengthening SEC oversight of cryptocurrencies and classifying them as securities.

Nigeria‘s President Bola Ahmed Tinubu has signed the Investments and Securities Act 2024 into law, classifying cryptocurrencies as securities under the regulatory authority of the Nigerian Securities and Exchange Commission, local news outlets report.

The new law replaces the ISA 2007 Act and reportedly expands the SEC’s role in overseeing Nigeri’s capital markets, including crypto exchanges. The act also enforces tougher penalties for Ponzi schemes, which are commonly linked to the crypto market.

For example, those convicted of running Ponzi schemes could face a prison sentence of 10 years or more, along with a minimum fine of N10 million (about $6,500). The total financial penalties could go up to N40 million (around $26,000), depending on how serious the offense is.

Nigeria’s tech-savvy population has turned to cryptocurrencies as a way to protect against high inflation and the sharp decline of the naira against the dollar since mid-2023. According to data from Chainalysis, the country received approximately $59 billion in cryptocurrency value between July 2023 and June 2024.

Since taking office in 2023, President Bola Tinubu has focused on fiscal reforms aimed at boosting government revenue and reducing the budget deficit, including revamping tax administration. The push for regulation brings Nigeria in line with other regions like the European Union with its Markets in Crypto-Assets, all of which have moved to regulate cryptocurrencies.

By Denis Omelchenko, Crypto News

PalmPay Unveils Debit Card in Nigeria, Expanding Its Digital Banking Ecosystem

PalmPay, a leading digital bank and fintech platform focused on emerging markets, has launched the PalmPay Debit Card in Nigeria in partnership with Verve, Africa’s largest domestic card scheme.

The launch of its debit card represents a key milestone in PalmPay’s evolution – from a mobile wallet known for it’s fee-free transfers and cashback rewards into a full-service digital banking platform offering an integrated ecosystem for payments, savings, credit, insurance, and now, card access.

The new PalmPay Debit Card brings advanced features such as savings yield on deposits and merchant rewards within reach for mass market users in Nigeria. With zero maintenance fees, a simple in-app application process, and nationwide delivery, PalmPay aims to convert millions of its 35 million users to become cardholders this year. The card is accepted at all merchants in the Verve network, and supports both debit and contactless transactions.


"This launch is another step forward in our mission to deliver accessible, reliable and rewarding financial services. With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touch points, including across offline and online commerce. And for merchants, this opens up new opportunities to reach millions of Nigerian digital consumers and collaborate with us to build reward-driven experiences that boost loyalty and sales."

– Sofia Zab, Chief Marketing Officer, PalmPay

Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a new reward scheme and card designed for high-volume users. It offers enhanced perks such as priority support, advanced financial tools, and exclusive merchant benefits.

With over 35 million users and a growing network of 1.1 million agents and merchants in Nigeria – and operations in Tanzania, Ghana, and Bangladesh – PalmPay is building a next-generation financial ecosystem designed to empower consumers and businesses in emerging markets. PalmPay processes up to 15 million transactions daily, underscoring the scale and reliability of its platform.

In addition to its digital banking services, PalmPay provides a suite of B2B offerings for local MSMEs and international merchants, including:

. Smart POS terminals and a business app
. Payment orchestration and checkout solutions
. Bulk payment tools via a self-service merchant portal
. APIs for embedding and reselling PalmPay’s services
. Direct integration of services into the PalmPay consumer and business apps


"At PalmPay, we believe that building a thriving digital economy requires collaboration. From lending and insurance providers to card schemes like Verve, our ecosystem is powered by strategic partnerships. The launch of our debit card is another example of how we are combining cutting-edge technology with our partner strengths to deliver inclusive financial services at scale – and in doing so we empower businesses targeting Africa to grow faster, reach more customers and unlock more revenue streams."

– Jiapei Yan, Chief Commercial Officer, PalmPay


"We are proud to partner with PalmPay on this important milestone. Our alliance reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers."

– Vincent Ogbunude, Managing Director of Verve International

From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is redefining what digital banking in emerging markets can look like – personalised, comprehensive, and accessible to everyone.

As international businesses seek entry into Africa’s dynamic digital economy, PalmPay offers a trusted platform with the infrastructure, user base, and reach to help them scale.

By Aayushya Ranjan, TechAfrica

Moniepoint, AfriGO to introduce 5m contactless cards in Nigeria

AfriGO, national domestic card scheme powered by Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System, has announced a strategic partnership with Moniepoint Inc.

This collaboration, according to AfriGO, will drive the distribution of 5 million AfriGO cards and introduce contactless, tap-to-pay solutions, boosting Nigeria’s commitment to a thriving, cashless economy.

It went on to say by leveraging Moniepoint’s extensive agent network and robust infrastructure, “this partnership will enable seamless, secure, and instant payments.

“Users will be able to complete transactions by simply tapping or hovering their AfriGO card or Near Field Communication-enabled devices over a payment terminal or compatible mobile phone.”

Ebehijie Momoh, managing director and CEO of AFSL, commented: “Our collaboration with Moniepoint aligns with AfriGO’s mission to deepen financial inclusivity and reduce reliance on foreign exchange for card transactions.

“With AfriGO, businesses and consumers alike benefit from a secure, affordable, and locally-driven payment solution that keeps transaction data within Nigeria, fostering local innovation and empowering small and medium-sized enterprises.”

Tosin Eniolorunda, CEO of Moniepoint, added: “Contactless payments have far-reaching benefits for our ecosystem. By unlocking the potential of digital payments, we can create a better life for all Nigerians and reshape the digital economy to help individuals, businesses, and institutions achieve their goals.”

By Samuel Olomu, ITWeb