FirstBank, Visa partner to deploy Naira Visa debit card for inclusive retail payments - ITREALMS

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Premier banking giant First Bank of Nigeria Limited has partnered with global payments leader Visa to launch the Naira Visa Debit Card, reports ITREALMS.

The deployment represents a standardized transformation in retail banking, strategically engineered to lower the entry barrier for electronic transactions and bring secure, everyday digital payment capabilities within seamless reach of millions of Nigerian consumers.

PAFON 3.0: Nigeria’s premier payments forum set to shape digital commerce and AI - ITREALMS

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Payments Forum Nigeria (PAFON), the nation’s preeminent industry platform for digital finance stakeholders, has officially announced the third edition of its flagship summit, PAFON 3.0, reports ITREALMS.

The high-level gathering is scheduled for Friday, April 24, 2026, at the Oriental Hotel, Lagos, bringing together the brightest minds in banking, fintech, and telecommunications to chart a new course for the regional financial landscape.

Showmax unlocks easier payments for Nigerian subscribers via Baxi by Onafriq - ITREALMS

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Showmax, Africa’s leading streaming service, has expanded its payment options in Nigeria through a partnership with Baxi by Onafriq, giving customers an easier and more convenient way to subscribe and stay connected to world-class streaming entertainment.

Starting Monday, 22 December 2025, existing Showmax customers can log into the Baxi by Onafriq app, select and pay for any of Showmax plans including: Showmax Entertainment Mobile, Showmax Entertainment (All Devices), Showmax Premier League Mobile, Showmax Entertainment (All Devices) + Premier League Mobile, Showmax Entertainment Mobile + Premier League Mobile. 

Unseen charges behind digital payments in Nigeria by Remmy Nweke - Telecoms Clinic@ITREALMS

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Hidden fees, volatile exchange rates, and silent deductions are inflating Nigeria’s digital payments. “Unseen Charges Behind Digital Payments in Nigeria” by REMMY NWEKE in this edition of Telecoms Clinic@ITREALMS exposes how convenience quietly costs consumers more than advertised.

Barely a week after Chuks received a worried phone call from one of his sons, he found himself entangled in the same web of confusion. His son, a university student, had recently purchased a prescribed textbook online. The listed price on the departmental website was around ₦8,000. It seemed straightforward. But moments after completing the payment, the boy’s ₦20,000 account balance had shrunk to just ₦4,000.

Startled, he called his father. Chuks assumed it was a minor mistake, perhaps a duplicate charge or a delayed bank reversal. He advised his son to wait a day and see if the money would be restored. But the refund never came.

FirstBank revolutionizes cross-border payments with PAPSS integration - ITREALMS

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FirstBank has integrated the Pan-African Payment and Settlement System (PAPSS) into its LIT app, enabling customers to make instant, secure, and local currency-based cross-border payments across Africa, reports ITREALMS.

This integration reduces transaction costs, improves settlement efficiency, and increases access to digital banking services.

CBN unveils Payments System Vision 2028 - ITREALMS

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…sets blueprint for inclusive, innovative, and secure financial ecosystem

The Central Bank of Nigeria (CBN) has launched the Nigeria Payments System Vision 2028 (PSV 2028), a new strategic framework designed to shape the future of the country’s digital financial ecosystem and position Nigeria as a global leader in payments innovation.

Speaking at the inaugural meeting of the PSV 2028 Project Committee in Lagos on Tuesday, September 9, 2025, the Director of the Payments System Policy Department (PSPD), Mr. Musa Itopa Jimoh, described the initiative as a “national assignment” capable of transforming the way individuals, businesses, and government interact within the financial system.

FirstBank launches FirstMonie merchant solution to advance digital payments - ITREALMS

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FirstBank, the leading financial institution and provider of financial inclusion services in West Africa, has officially launched its FirstMonie Merchant Solution. This innovative platform is designed to enable merchants and businesses across Nigeria to seamlessly accept digital payments with efficiency and ease.

The FirstMonie Merchant Solution responds to the increasing need for dependable digital payment systems by offering a streamlined and automated onboarding process, an integrated referral system, and customizable features such as Pay with Transfer and Purchase.

Nigeria posts $6.83bn balance of payments surplus in 2024 - ITREALMS

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The Central Bank of Nigeria (CBN) has revealed that a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, reports ITREALMS

This the apex bank said, marks a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.

TeamApt CEO, Ajalie: Digital payments ecosystem needs robust collaboration - ITREALMS

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TeamApt Ltd’s Managing Director, Dennis Ajalie, has said that fintech companies and banks play very complimentary roles in deepening payment products and services for users while acknowledging that at certain times those roles might have been misunderstood.

A subsidiary of Moniepoint Inc, TeamApt Ltd, facilitates payment processing across many industries while enabling reliable payments for banks and their customers, while reducing operating costs.

Partnership: SeerBit, Zoho simplify payments for African businesses - ITREALMS

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The Africa’s trusted payment solutions provider, SeerBit, has announced a strategic partnership with Zoho, a global technology company that provides cloud-based business software, to unlock growth for businesses across Africa.

To scale their offerings and drive growth, businesses need to effortlessly manage and receive payments from their customers in Africa. Consequently, SeerBit noted that the partnership marks a significant advancement in simplifying financial transactions for businesses in Nigeria, Ghana, Kenya and other African countries who are utilizing Zoho Books.

How modernizing payments can secure the future by Elvis Eromosele - ITREALMS

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Payment is the fulcrum of human interaction. And like everything else, it is constantly changing. The move from barter to commodity money was followed by currency and we are today in the realm of digital payments.

It is clear that to go forward efforts must now be geared towards modernizing the payment infrastructure across the African continent. This is imperative to promote innovation, drive economic growth, and help the continent gain a competitive edge.

Today, Africa stands at the cusp of a digital revolution, and the need to enhance the inclusivity and integrity of digital payments cannot be overstated. This transformation is not just about integrating new technologies but about simplifying processes, increasing trust, and ensuring the availability and reliability of payment systems.

Africa may well be at a critical juncture in the journey of digital transformation, an inflection point. To underscore the significance assertion, two forums in June arrived at the same conclusion.

The first was the Digital PayExpo 2024 by Intermarc Consulting with the theme 'Redefining Payment'. It was followed by Interswitch, ACI Worldwide Customer Engagement event tagged ‘Modernizing Digital Payment Infrastructure for Innovation, Growth & Commercial Advantage.’

Both sessions essentially concluded that the rapid proliferation of digital technologies has opened new avenues for financial inclusion, allowing more people to participate in the global economy. However, this potential can only be realized if digital payment infrastructures are modernized to meet the demands of today’s fast-paced, interconnected world.

The place to start is building trust through availability. Trust is the cornerstone of any financial system. For digital payments to gain widespread acceptance, they must be reliable and available at all times. Experts argued that the trust quotient in digital payments is directly proportional to their availability. When users can depend on payment systems to function without fail, their confidence in digital transactions increases. This is a fact.

Of course, modernizing payment infrastructure also involves implementing robust systems that ensure high availability. This means reducing downtime, minimizing transaction failures, and providing seamless user experiences. Financial institutions must, as a matter of urgency, invest in technologies such as cloud computing, blockchain, and artificial intelligence to create resilient and scalable payment systems.

The second thing would be to simplify the user experience. At the heart of digital transformation is the goal of simplification. Complex and cumbersome payment processes deter users and hinder the adoption of digital financial services. To drive growth, it is essential to simplify these processes, making them intuitive and user-friendly.

Innovations such as contactless payments, mobile wallets, and real-time transaction processing are examples of how simplification can enhance user experience. By reducing the friction in payment processes, businesses can attract more users and facilitate smoother transactions.

Another way to boost the adoption of digital payments is by ensuring transaction integrity. Those who should know insist that one of the major challenges in digital payments is maintaining transaction integrity. Issues such as fraud, data breaches, and identity theft can undermine user trust and disrupt the financial ecosystem. As digital transactions increase, so does the need for robust security measures.

The way forward of course involves implementing advanced encryption technologies, multi-factor authentication, and blockchain can help ensure the integrity of digital transactions. These technologies provide a secure framework that protects user data and prevents unauthorized access, thereby bolstering trust in digital payment systems.

Furthermore, everyone, from regulatory agencies to players, must consider digital transformation as the path to unprecedented growth. In truth, digital transformation is more than just a trend; it is a pathway to unprecedented growth. By modernizing payment infrastructure, businesses can unlock new opportunities for expansion and innovation. Digital payments enable faster, more efficient transactions, reducing operational costs and increasing profitability.

Moreover, digital payment systems facilitate global commerce by breaking down geographical barriers. Businesses can reach new markets and customer segments, driving revenue growth and enhancing their competitive advantage. The adoption of digital payments also promotes financial inclusion, bringing underserved populations into the formal economy and driving socio-economic development.

The experts are in agreement; modernizing digital payment infrastructure is a critical step towards fostering innovation, driving growth, and gaining commercial advantage. So, as Africa navigates the inflection point of digitalization, it is essential to focus on building trust through availability, simplifying user experiences, and ensuring transaction integrity.

Evidently, by embracing digital transformation, businesses can not only enhance their operational efficiency but also contribute to a more inclusive and secure financial ecosystem. The future of payments is digital, and the time to act is now!

*Contributed by Elvis Eromosele, a corporate communication professional and public affairs analyst, wrote via: elviseroms@gmail.com

Moniepoint: 'We've redefined payments in Nigeria with flexibility' - ITREALMS

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Leading fintech company, Moniepoint, has said that beyond redefining payments and technology and the payment industry, reports ITREALMS.

The company also said it has enabled businesses and partners with several flexible payment options so they can receive payments from their customers.

PAFON1.0: Payments Forum Nigeria holds Thursday - ITREALMS

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All is now set for the maiden edition of Payments Forum Nigeria (PAFON 1.0) to be held tomorrow, Thursday, March 21, 2024 at Oriental Hotel, Lekki, Lagos State, at 9am.

The Payments Forum Nigeria is a cross-industry platform focused on addressing issues that require broad cooperation and coordination across many constituents in the payments industry.

NIPOST: No more cash payments orders Pantami - ITREALMS

ITREALMS:

The Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim (Pantami) has ordered with immediate effect the stoppage of every cash payments in the Nigeria Postal Service (NIPOST) office nationwide, reports ITREALMS.

This order, ITREALMS gathered, follows series of corrupt tendencies discovered by the Minister’s office at NIPOST, decrying that it has led to some unscrupulous elements, taking undue advantage of the cash payment system under NIPOST to engage in corrupt practices.

A press statement by the Minister’s spokesperson, Mrs. Uwa Suleiman, noted that in line with the anti-corruption programme of President Muhammadu Buhari and the mandate of the Federal Ministry of Communications and Digital Economy, the Post-Master General (PMG) has been ordered to forthwith, suspend all existing cash payment plans within its establishments countrywide.

Part of the statement read, “The Post-Master General, is to ensure that all its offices revert to Point of Sales (PoS) and bank teller transactions immediately. The general public and all customers of NIPOST, are hereby encouraged to insist on Point of Sales (PoS) or bank teller transactions, when conducting business with NIPOST.

“This directive is a temporary measure to tackle corruption, as we are currently working on fully automating the systems as a permanent solution to the challenge.

Further, Dr Pantami directed the Post-Master General to immediately implement strategies that will bring an end to unnecessary delays in its service delivery to customers.

“The current trend of delays in postal services will not be condoned by the office of the Honourable Minister under whose purview, the supervision of NIPOST falls.

“The administration of President Muhammadu Buhari, and the Honourable Minister of Communications and Digital Economy are committed to protecting the rights of all Nigerians and will not tolerate any act of corruption under its watch,” Pantami insists.

Chuks Egbuna/DoP

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Visa partners Lagos to digitize payments for MSMEs - ITREALMS

ITREALMS:

As part of its efforts to educate and enable Nigerians to reduce reliance on cash, Visa, the global leader in payments, today announced the launch of the Cashless Lagos Hackathon in partnership with Lagos Innovates, an initiative of the Lagos State Employment Trust Fund (LSETF), reports ITREALMS.

The three-day event, which is scheduled to hold from 14 September until 16 September, will seek to digitize payments for Micro, Small and Medium Enterprises (MSMEs) and will be delivered by Passion Incubator (www.passionincubator.ng). The hackathon is open to software developers, programmers, coders, data specialists and designers who have the capacity to create lasting technology based financial solutions for MSMEs who are beneficiaries of LSETF.

Participants can access lagosinnovates.ng/hackathon for details on the hackathon and have until 11 September 2018 to submit their applications. Selected applicants will meet with the MSMEs on the first day of the hackathon to understand their pain points before the commencement of the hackathon.

Through the hackathon, participants are required to come up with solutions that would allow the business owners to receive payments, make bulk purchases and keep inventory of their transactions, thereby allowing access to bank loans and government grants.

Kemi Okusanya, Country Manager, Visa West Africa said; “This partnership is part of our strategy to help merchants become more financially responsible. What makes this hackathon unique is that it encourages Nigerians to develop locally relevant solutions, tailored for their specific environment and needs. We are always looking to support innovative programmes that can better equip individuals to manage their money more effectively, and these solutions will achieve that.”

Six teams will present their ideas to the judging panel constituted of representatives from a cross section of business and payments experts drawn from the public and private sectors. Three finalists will be selected based on impact, design, innovation, and customer validation. The winning teams will receive ₦2million, ₦1million and ₦500,000 grants respectively to be used for the development of the solutions, courtesy of Visa.

Commenting on the partnership, the Executive Secretary LSETF, Akintunde Oyebode said; “We are pleased to have Visa on board with us for the second edition of our Hackathon. Lagos State is the economic capital of Nigeria and the home of Africa’s leading startups. Our partnership with Visa puts us in a unique position to help uncover, support and apply emerging technologies to some of the biggest transaction challenges faced by entrepreneurs. We are excited by the possibility of leveraging technology, especially digital channels to improve our current cash-based economy”.

Nenye Dom/GEE

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Mastercard acquires Oltio to accelerate digital payments in MEA

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Mastercard has completed the acquisition of mobile payments technology company, Oltio from Standard Bank Group, reports ITRealms.

The acquisition, ITRealms gathered, builds on Mastercard’s longstanding relationship with Oltio, a startup that pioneered and patented several mobile payments and banking solutions, including an authentication technology.

ITRealms reports that today, that technology enables consumers to authenticate Masterpass digital wallet purchases in South Africa using their bank PIN and mobile phone.

Over the coming months, Mastercard will leverage Oltio’s technology, people and infrastructure to enhance and scale its existing suite of digital solutions for merchants and issuers in cash-orientated, emerging markets  - in turn, enabling them to deliver more seamless payment experiences to the consumer.

“Too many consumers and merchants in the MEA region are stuck in a cash economy that doesn’t work for them,” says Mark Elliott, division president for Mastercard, Southern Africa. “By combining our joint expertise, technologies and reach, we can bridge the divide between the region’s cash economies and the digital future, bringing the benefits of digital payments to more people and businesses.”

Issuers will benefit from added functionality including person-to-person payments, bill payments, and airtime top-ups, which they can integrate into their existing mobile banking applications.

For merchants, Mastercard will enhance and scale its omni-channel acceptance solutions, enabling even the smallest businesses to accept digital payments using efficient and affordable technology, such as Quick Response (QR) codes.

“We have had a great relationship with Mastercard over the years, and believe that Oltio will thrive as part of an issuer-independent payments company with Mastercard’s vast global resources and innovative technology,” says Andrew Wilmot, executive, Group Card and Emerging Payments for Standard Bank.

Chuks Egbune/GEE

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