Tag: Bank

TAJBank wins best Islamic bank in Nigeria award in Dubai

TAJBank Limited, Nigeria’s non-interest banking services provider, was recognised as the nation’s most inventive and value-driven non-interest lender at the recently completed IFN Awards in Dubai.

A statement released on Monday claimed that TAJBank has earned the title of “Best Islamic Bank in Nigeria” as a result of an international survey/poll carried out by the Islamic Finance News Awards.

One of the most prominent prizes, the IFN Award recognises the finest in the Islamic financial sector and is widely accepted by the international Islamic capital markets.

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TAJBank’s CEO expresses enthusiasm about the IFN award

TAJBank’s Managing Director/Chief Executive Officer, Hamid Joda, spoke at the bank’s Best Islamic Bank Award ceremony in Dubai and credited the international recognition to “our board, management, and staff’s commitment to best industry standards in products and services packaging and delivery to our highly cherished and growing customers.”

“We want to thank IFN for the very credible poll that indicated that TAJBank is leading the non-interest banking segment of Nigeria and also assure our growing customers that, as our mantra says, TAJBank’s only interest is the customers,” Joda added.

The award is “a testament to our relentless efforts to ensure that TAJBank is the preferred choice for customers that are looking for the best in service standards powered by well-groomed professionals and world-class technological assets,” said Sherif Idi, co-founder and executive director of the bank.

Read also: OceanHub Africa Accelerator Program now accepting applications for startups focused on ocean health

TAJBank’s significant milestone

The Payment Card Industry Data Security Standard certification in 2022 and the three International Standards Organisation (ISO) certifications on information security, business continuity, and IT service management systems—ISO 27001, ISO 22301, and ISO 20000—awarded by Certification Partner Global are just a few of the recent international accolades that TAJBank has earned.

The bank has also received numerous accolades at the domestic level for its delivery of top-notch, innovative products and services, including the Leadership newspaper’s “Banker of the Year Award 2020,” the BusinessDay newspaper’s “Islamic Bank of the Year Award” for three years in a row, and numerous others.

February 26, 2025
CBN imposes penalties on banks for cash withdrawal violations

On November 29, 2024, the Central Bank of Nigeria (CBN) announced a crucial directive for bank customers to report any difficulties faced while withdrawing cash from ATMs or bank branches, effective December 1, 2024. This program attempts to solve the persistent cash shortages that have irritated many Nigerians and afflicted the banking industry.

The Central Bank of Nigeria (CBN) on Friday directed bank customers to report any difficulties faced while withdrawing cash from ATMs or bank branches, effective December 1, 2024. This program attempts to solve the persistent cash shortages that have irritated many Nigerians and afflicted the banking industry.

Read also: Paystack’s new partnership with OPay offers Nigerian businesses smarter payment solutions

Background of the cash withdrawal challenges

The CBN’s announcement highlights increasing citizen complaints regarding the scarcity of cash at ATMs and banks.

Governor Olayemi Cardoso acknowledged these challenges during the annual bankers’ dinner in Lagos, organised by the Chartered Institute of Bankers of Nigeria (CIBN).

He stated, “We recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.” Due to the cash crunch, many individuals have turned to point-of-sale (POS) operators, often facing higher service charges.

To combat these issues, the CBN will conduct spot checks on Deposit Money Banks (DMBs) starting December 1, imposing penalties on those lacking service delivery.

Cardoso emphasised that financial institutions engaging in malpractices will face stringent penalties, reinforcing the CBN’s commitment to accountability and improved service delivery.

Reporting mechanism and future initiatives

Customers are encouraged to report any cash withdrawal issues directly to the CBN via designated state-specific phone numbers and email addresses.

Cardoso assured us that the reporting guidelines will be widely disseminated to raise public awareness.

He stated, “These penalties are not just punitive; they are designed to foster accountability and improve service delivery.”

Looking ahead, the CBN is implementing its Payments System Vision (PSV) 2025, which aims to enhance digital transactions and improve overall financial stability. Key initiatives under this vision include:

Open banking framework: Promoting collaboration among financial service providers.

Contactless payment dystems: Expanding consumer options through technologies like Quick Response (QR) codes.

Regulatory Sandbox: Allowing fintech companies to safely innovate and test new products.

Cardoso highlighted that these efforts are essential for building trust in digital transactions, stating, “Trust is fundamental to fostering digital transactions.” The CBN aims to preserve consumer confidence by ensuring swift redress mechanisms for customer issues.

Read also: PayShap Request: BankservAfrica introduces instant payment requests for South Africans

Additionally, Cardoso noted that Nigeria is on track to exit the Financial Action Task Force (FATF) grey list by Q2 2025. He mentioned that enforcement plans against money laundering, cybercrime, fraud, and corruption are being intensified as part of broader efforts to enhance the integrity of Nigeria’s financial system.

CIBN President/Chairman Prof. Pius Deji Olanrewaju lauded Nigeria’s economy and banking sector’s resilience despite macroeconomic headwinds. He credited government and CBN policies for stable GDP growth from Q1 to Q3 2024.

“For example, the Nigerian economy continues to be more resilient and agile, as shown in the steady growth from 2.98 per cent in Q1 to 3.19 per cent in Q2 and now 3.46 per cent in Q3 of 2024.

“The bank recapitalisation exercise also attests to the fact that we are well on our way towards not only strengthening the financial sector but also supporting a $1 trillion economy envisaged by 2030,” he said.

According to Olanrewaju, the Nigerian banking industry has been strong this year, even though the economy has had problems, such as rising prices and changes in the exchange rate.

December 2, 2024
Ethiopia bank tries to regain millions illegally withdrawn

Ethiopia’s most prominent commercial bank is trying to regain millions of dollars customers took out because of what the bank called a “systems glitch.”

There are reports that more than $40 million was taken out of or sent to other banks from the Commercial Bank of Ethiopia, owned by the government when customers learned they could receive more money than they had in their accounts.

The Unforeseen Glitch

The chaos began when ordinary transactions at CBE ATMs started yielding extraordinary results. Instead of the usual withdrawal limits, some customers could withdraw amounts far beyond what their account balances would typically allow. What should have been a routine visit to the ATM turned into a surprising windfall for those lucky—or perhaps unlucky—enough to be caught up in the glitch.

Read also: Mastercard Partners Awash Bank for financial inclusion in Ethiopia

Much of the money was withdrawn from state-owned CBE by students, bank president Abe Sano told journalists on Monday.

News of the glitch spread across universities primarily via messaging apps and phone calls.

Long lines formed at campus ATMs, with a student in western Ethiopia telling BBC Amharic people were withdrawing money until police officers arrived on campus to stop them.

The student, who attends Jimma University Institute of Technology, said he “did not believe it was true” when his friends told him at around 01:00 local time (22:00 GMT) that it was possible to withdraw large amounts from ATMs or transfer money using the bank’s app.

Another student at Dilla University in southern Ethiopia said some of his peers retrieved money from CBE between midnight and 02:00 local time.

More than 38 million people hold accounts at CBE, established 82 years ago.

It took several hours before the institution froze all its transactions. It’s not likely that a cyberattack caused the glitch.

There are reports that more than $40 million was taken out of or sent to other banks from the Commercial Bank of Ethiopia, owned by the government when customers learned they could receive more money than they had in their accounts.

Rapid Response and Repercussions

Following the discovery, CBE promptly fixed the issue. Customers withdrew large amounts of money during the problem, beyond their expectations. Concern and bewilderment followed reports that some consumers withdrew millions of Birr.

Following the malfunction, the bank and its customers faced issues. Customers debated handling the unexpected funds while CBE assessed the financial implications.

Read also: Ethiopia’s Safaricom secures $1 billion

Glitch investigations raise concerns about the bank’s system security and stability. Given the potential weaknesses that led to such a major blunder, the financial sector needs strong safeguards.

The incident temporarily made many consumers rich, but it also emphasised the necessity of financial system integrity. While CBE attempts to restore normalcy and client trust, this issue highlights the possible repercussions of technical failures in the financial industry.

Customers and officials await more information on the cause of the glitch and preventative measures. While waiting, the unexpected millions removed during those fateful hours will be discussed and speculated upon.

March 20, 2024
JBL Charge 5’s waterproof and power bank features

The JBL Charge 5 is a waterproof Bluetooth speaker that packs a punch in a portable package. Whether relaxing on the beach, hiking a trail, or having a pool party, the Charge 5 is a versatile companion ready to liven up any gathering.

This review delves into the speaker’s features, performance, design, and overall value to help you decide if it fits your needs correctly.

Waterproof and dustproof features

One of the Charge 5’s best qualities is its durability. With an IP67 classification, it is entirely dustproof and resistant to water damage, making it perfect for outdoor activities like beach visits, camping trips, and even poolside use. It can endure immersion in up to one metre of water for 30 minutes, so you can bring the music anywhere without fear of the elements ruining the fun.

Read also: Apple’s Vision Pro Headset faces screen supply challenges

Dual features for uninterrupted music

Despite its compact size, the Charge 5 delivers surprisingly rich and powerful sound, all thanks to its dual passive radiators and full-range driver. The bass is present and enjoyable without overpowering the mids and highs, resulting in a well-balanced audio experience. While it might not satisfy audiophiles seeking the most nuanced sounds, the overall sound quality could be better for its size and price point.

The Charge 5 boasts an impressive 20-hour battery life on a single charge, which makes it a reliable companion for extended outings, allowing you to enjoy music for hours without needing to find a power outlet. Whether on a long hike or having a day-long gathering, the speaker can keep the music going without interruption.

Power bank and speaker combo

The Charge 5 goes beyond simply playing music. Its built-in USB-A port lets you use it as a power bank, keeping your smartphone or other devices charged during extended outings. This convenient feature ensures you stay connected and powered up throughout your adventures.

Additionally, the speaker boasts PartyBoost mode, which enables the wireless connection of multiple compatible JBL speakers for a powerful and immersive sound experience. This is perfect for filling larger spaces with music at gatherings or outdoor parties.

Built to withstand the elements, the Charge 5 features a rugged design. The speaker’s fabric cover and rubberised housing make it resistant to bumps, scratches, and even minor falls. You can toss it in your bag or backpack without worrying about accidental damage, ensuring the music keeps playing wherever you go. This durable design makes the Charge 5 a reliable companion for any adventure.

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User-friendly design and portability

The Charge 5 boasts a user-friendly design with vibrant colour options, adding a touch of personality. Its cylindrical shape is easy to hold and carry, and the included strap makes it convenient for outdoor activities. Well-labeled and easy-to-access control buttons allow you to control playback, volume, and PartyBoost mode easily.

Despite not being the most compact option or offering audiophile-grade sound, the JBL Charge 5 delivers excellent value for the price. Its long battery life, water resistance, decent sound quality, portable design, and ability to act as a power bank make it a compelling choice for anyone seeking a reliable and versatile speaker for various situations.

March 8, 2024
Mastercard Partners Awash Bank for financial inclusion in Ethiopia

Mastercard, a global leader in payment technology, has forged a strategic partnership with Awash Bank to introduce pre-paid cards in Ethiopia.

This collaboration marks a significant milestone in advancing financial inclusion and modernizing payment systems within the country.

Advancing Financial Inclusion: Empowering the Unbanked

Ethiopia, like many developing nations, faces challenges in providing financial services to all its citizens. A large portion of the population remains unbanked, lacking access to basic financial tools and services. By partnering with Awash Bank, Mastercard aims to bridge this gap and empower the unbanked segments of society.

Pre-paid cards offer a convenient and secure means of conducting transactions, even for those without traditional bank accounts. They enable individuals to store funds electronically, make purchases online and in person, and withdraw cash from ATMs. This initiative will particularly benefit rural communities and underserved populations, providing them with greater financial autonomy and stability.

Read also: Ethswitch, Mastercard digitize Ethiopian payments

Moreover, pre-paid cards can serve as a stepping stone towards broader financial inclusion. As individuals become familiar with digital payment methods, they may be more inclined to adopt other financial products and services offered by banks, thereby deepening their engagement with the formal financial system.

Modernizing Payment Systems: Driving Economic Growth

The introduction of pre-paid cards in Ethiopia represents a significant step towards modernizing the country’s payment infrastructure. Historically, cash has been the primary mode of transactions, presenting various challenges such as security risks, inefficiencies, and limited transparency. By promoting electronic payments through pre-paid cards, Mastercard and Awash Bank are laying the foundation for a more efficient and transparent financial ecosystem.

Electronic payments offer numerous advantages over cash transactions, including enhanced security, reduced transaction costs, and improved record-keeping. Businesses can streamline their operations by accepting digital payments, thereby accelerating the pace of commerce and contributing to overall economic growth. Furthermore, the shift towards electronic payments can facilitate Ethiopia’s integration into the global economy, making it more attractive to foreign investors and fostering international trade partnerships.

Empowering Individuals and Communities: Unlocking Economic Opportunities

Beyond the macroeconomic benefits, the introduction of pre-paid cards has the potential to transform the lives of individuals and communities across Ethiopia. Access to formal financial services empowers individuals to save, invest, and plan for the future effectively. By digitizing financial transactions, Mastercard and Awash Bank are enabling people to overcome traditional barriers to economic participation and unlock new opportunities for prosperity.

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Moreover, pre-paid cards can play a vital role in advancing social welfare initiatives and humanitarian efforts. By distributing aid and social benefits electronically, governments and humanitarian organizations can ensure more efficient delivery and reduce the risk of fraud and mismanagement. This targeted approach to financial assistance can have a tangible impact on poverty alleviation and socio-economic development.

The partnership between Mastercard and Awash Bank to introduce pre-paid cards in Ethiopia represents a significant milestone in advancing financial inclusion, modernizing payment systems, and empowering individuals and communities. By leveraging innovative financial technologies, we can create a more inclusive and prosperous future for all Ethiopians.

February 26, 2024
Kroo Bank unveils ‘Kroo Pots’ to transform money management

In a strategic move to empower its customers with enhanced financial control, Kroo Bank is set to launch its revolutionary feature, ‘Kroo Pots.’ Responding to the fervent requests of its user base, Kroo aims to redefine the way individuals manage and allocate their funds, fostering a sense of financial empowerment in the year 2024.

A Customised Approach to Financial Management

Acknowledging the diverse financial needs and aspirations of its customers, Kroo Pots introduces a dynamic approach to money management. Customers can now segment their money into specific pots, enabling them to allocate funds for various purposes such as savings, bill payments, or rent. This innovative feature reflects Kroo’s commitment to delivering a tailored banking experience, aligning with the individual spending habits and requirements of its users.

Read also: Nigerian Banks register new 291,232 BVNs in two weeks

Kroo takes pride in offering a highly competitive 4.35% AER (Annual Equivalent Rate) across its entire current account, encompassing all pots. This means that customers can earn attractive returns on their hard-earned money, irrespective of how they choose to distribute it among different pots. Kroo’s unwavering commitment to providing favourable interest rates positions it as a player in the market that prioritises the financial growth and prosperity of its customer base.

In an era of unforeseen expenses, Kroo understands the importance of financial security. With Kroo Pots, customers benefit from an added layer of protection against overdraft fees. Should an unexpected payment push a customer into their overdraft, Kroo seamlessly accesses funds from their designated pots, preventing them from incurring additional charges. This feature exemplifies Kroo’s dedication to shielding its customers from unnecessary financial burdens.

The introduction of Kroo Pots follows closely on the heels of Kroo’s successful crowdfunding round, where the bank exceeded its initial target by raising £2 million from 2,702 investors. Recognizing Pots as the most requested feature among its user base, Kroo has demonstrated its commitment to fostering a collaborative relationship with its investors and customers. By actively involving them in decision-making processes, Kroo reinforces its dedication to shaping the future of the bank in alignment with the needs of its community.

Since the inception of its current account in December 2022, Kroo has consistently delivered a standout customer experience, marked by a high-interest rate that has injected over £21.1 million into its customers’ current accounts. In November, Kroo introduced a tracker interest rate set 0.9% below the Bank of England’s base rate, further solidifying its position in the competitive banking landscape. The addition of Kroo Pots bolsters the bank’s commitment to promoting the financial wellbeing of its community, marking a significant step toward its overarching mission of becoming the first bank that people trust and love.

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CEO Andrea De Gottardo’s Perspective

Andrea De Gottardo, the CEO of Kroo, expressed the bank’s dedication to meeting the evolving needs of its customers. He qemphasised the importance of gaining control over one’s finances and the instrumental role that the choice of a banking partner plays in this journey. By prioritising customer needs over profits, Kroo’s introduction of Kroo Pots signifies a strategic step forward in their ongoing commitment to customer-centric banking.

De Gottardo stated, “We’ve heard loud and clear that the product our customers most desire is Pots, but we also wanted to do it the Kroo way – by continuing to offer our high-interest rate across your deposit, no matter how you choose to split it. Gaining control of your finances is fundamental to feeling confident in managing your money. Who you bank with matters because of how they support you on this journey. We are committed to providing our customers with the products and services they need for their financial wellbeing. The introduction of Kroo Pots is another way to show how important it is for us to listen to our community. It is the next step on our journey to prioritise our customers over profits.”

With the launch of Kroo Pots, Kroo Bank is not merely introducing a new feature; it is ushering in a transformative era in personal finance, where customers have the tools they need to navigate their financial journeys with confidence and ease.

February 1, 2024
The role banks play in Africa’s digital future

Africa has shown a tendency towards the adoption of new technology, particularly in the field of financial services. With about eight out of ten people on the continent possessing mobile phones and more than 570 million people expected to be online in 2022, a 470% increase from 2010, it is now much simpler to access information and services.

It is more likely than ever before that people in Africa will be able to access financial services online. Nevertheless, we need to find solutions to the problems with the infrastructure, increase our level of collaboration, and fortify our institutional links.

Read also: Nigeria, India signs MoUs for digital transformation

How African banks can stay updated

Banks and central banks need to evolve to accept and adopt the opportunities given by new technologies such as blockchain, mobile money, and cloud computing if they are to continue to play a significant role in the global economy. However, new opportunities also come with new risks, which necessitates the need for updated laws that are effective but do not stifle innovation, particularly those that are being driven by start-ups in the fintech industry.

Fintech companies shouldn’t be viewed as competitors to banks but rather as potential partners who may assist traditional players in better satisfying the requirements of their clients.

Adoption of mobile money

There is a big chance to apply the lessons learned from the adoption of mobile money on a continent where physical cash still accounts for more than 70% of transactions. This presents an opportunity to bring more people into the financial industry in a way that is both safe and accessible.

Mobile money is one of the payment systems in Africa that is expanding at one of the highest rates, and we can make the next exponential stride forward by leveraging it in areas other than payments or peer-to-peer transactions. Africa’s population is young, born into the digital age, and urbanising at a rapid rate.

The continent is a hive of activity for start-ups and fintech companies that are helping to address financial problems, and many countries and territories on the continent are relaxing rules to speed up the adoption of electronic banking.

In order to provide our clients with the most effective solutions for their needs in the modern era, we need to continue to be early adopters of technology while also gleaning knowledge from those who came before us. There is a significant opportunity for mobile money solutions to develop into more comprehensive banking products, such as lending, saving, and investing; banks must take the initiative to realise this potential.

It is arguable that there is no other market in which the expansion of more inclusive and accessible financial services is more common than it is in Africa. Over the course of the last decade, our tremendous commercial growth and increasing globalisation have made it even more vital to provide financial services that are accessible to more people.

Make trading easier

The expansion of small and medium-sized businesses (SMEs) and entrepreneurial endeavours, along with the associated innovation in financial technology (fintech), particularly in the field of blockchain technology, has the potential to propel the general improvement of financial infrastructure.

In order to ease trade both within and outside of Africa, an additional essential area that requires growth is one in which cross-border payments must be made more effectively and at lower costs. The pan-African payment and settlement system, often known as PAPSS, is one solution that strives to solve the demand that exists within Africa. PAPSS makes it possible for instant cross-border payments to be made between African countries, eliminating the need for the complexity, time, and money that are required to conduct these payments via standard banking techniques.

When making a payment to a participant in another African nation using PAPSS, participants do not need to first convert their local currency to a hard currency such as the US dollar as an expensive and time-consuming intermediary step like they would have to do without the system.

The widespread implementation of PAPSS across the continent will usher in a new era of payment that will contribute to the expansion of the economy. As a result of this, Standard Bank South Africa has agreed to offer settlement for certain types of transactions by signing a memorandum of agreement. Additionally, it seeks to establish itself as a participating bank in the majority of the markets that it works in.

During this time, a number of countries in Africa have witnessed rapid adoption of cryptocurrencies as a means to gain access to more efficient payment rails provided by blockchain networks and to generate returns on income with assets such as bitcoin and stablecoins, which are designed to maintain a stable value by being pegged to an asset such as the US dollar.

Because of the high degree of volatility associated with cryptocurrencies, the real opportunity for expanded financial inclusion in Africa rests not in the cryptocurrencies themselves but rather in the blockchain infrastructure that underpins them; stablecoins are an exception to this rule.

The distributed ledger system has the potential to instantaneously eradicate fraud as well as human mistakes in transactions while also fostering openness in financial records. This has the potential to make it possible to create welfare systems that are highly reliable and resistant to corruption.

In addition to this, it has the potential to provide mechanisms for microfinancing that are both fair and transparent, as well as enhanced purchasing power, in order to encourage the establishment and expansion of small businesses that serve local communities.

The technology of blockchain can kickstart new trade opportunities between nation-states, giving Africans the option to participate in a technological revolution and become a part of a decentralised economy. Blockchain technology can also provide Africans the opportunity to start their own businesses.

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What this means for the conventional banking system

It is very evident that the solution is not to compete with fintechs; rather, it is to make use of new technology by engaging in our own right and through partnerships.

The digital banking solutions that will matter now and in the future are those that were not only built by leveraging emerging technology but also through collaboration between traditional incumbent banks, central bank regulators, and fintechs in the process of resolving the challenges that inhibit access to financial services in and outside of Africa at true scale.

In the end, the goal is to contribute towards sustainable economic growth and development in Africa, and we are likely to make faster progress towards this goal through collaborations with fintech start-ups and mobile network carriers that are typically more innovative and agile in the solution delivery.

We have the ability to ignite Africa’s true potential if we build a culture that encourages adaptability and the taking of calculated risks on top of a foundation of solutions that are technologically innovative and of high quality.

October 24, 2023
How to Open a Verified PayPal Account in Nigeria for Free (Updated)
What is PayPal?

PayPal is an online payment system that enables users to send money to friends and family, pay for transactions, and accept payments when selling goods or services. To protect your funds and details, PayPal has set up security precautions like encryption and purchase protection.

In 2015, PayPal, a former eBay subsidiary, was separated into a new business. In addition to accepting payments online, PayPal also provides credit card readers for use in companies, a debit card for payments, and lines of credit.

Once your bank account, credit card, or debit card is linked to your PayPal account, you can use PayPal to make purchases from stores online. Since PayPal serves as an intermediary between your bank and merchants, your credit card information is secure with them.

PayPal allows you to send and receive money safely from others as well as to transfer money to friends and family. This option is helpful for situations like dividing costs with pals or receiving money from family.

Read also: How To Enable Bitcoin On Cash App: A Complete Guide In 2022

Why do people use PayPal?

PayPal is a widely used online payment system. It is very simple to use, and many people use it for the following reasons:

Cost

The cost is one of the key factors influencing individuals to use PayPal instead of alternative payment methods. It has no yearly membership costs and is free to use. PayPal allows users to make payments for their online purchases without paying any fees to the merchant.

User Discount

In addition to being free to use, the site gives its customers discounts at particular stores when they pay with PayPal. When using PayPal to make a purchase, all a user needs to do to take advantage of the discounts is copy the promo code from the PayPal shopping page and paste it on the retailer’s website.

Utilization of Mobile Devices

PayPal is simple to use because users don’t need to be online to utilize the system, and the iPhone application makes it simple to send and receive money online. The software is secure because it requires the user to input their own PIN; alternatively, you may bump phones with the person you need to send money to while they are out and about.

Various Methods of Payment

When using Paypal, a user can enter numerous credit cards or bank accounts, and money will be withdrawn in the specified sequence from each source. Since the transaction will always be successful the first time, the user may relax knowing that there will be no problem.

Security

Because it is a secure method of online shopping, PayPal is frequently used by customers while they are checking out on a website. There is no need for a customer to exchange financial information with the business to make a transaction. Industry-leading fraud prevention systems safeguard the financial information of PayPal’s customers. PayPal takes security very seriously. After entering their credit card and bank account information just once, users are free to stop disclosing further personal data online.

There are numerous other online payment methods, but it seems like they have a long way to go before they can match PayPal’s level of popularity.

Steps to create your Paypal account

It costs nothing to open a PayPal account. PayPal doesn’t charge any fees for transactions when you buy things or send money to other people. You can send money or make online purchases using PayPal if you have funds in your account. Credit and debit cards both have transaction fees. Additional costs will be applied if money is received or transferred from outside the US.

A PayPal account can be created with only a few things. This includes a credit or debit card that is currently in use, recent bank records for confirmation, and a photo ID like a passport or another government-issued identification card.

Follow the steps listed below to set up your PayPal account:
- Open the PayPal website and select “Sign Up” from the menu in the top right corner of the screen.
- Select either a personal or business account, then click Continue.
- Your mobile number must be entered on the page before a verification procedure can begin.
- Your personal information will need to be entered after your phone number has been validated. This contains your name, email address, and account password. Click Continue to continue with the application after that.
- A link will be sent to your email address; make sure you click it to verify your email address.
- The next step is to input your current address and other relevant data. Click Continue after you’ve entered.
Optional Step: Click the Get Started button and then enter your bank information, including your card information and financial information. To accept the terms of use, read the terms and conditions and check the box. Your PayPal account is now available for use.

The two types of PayPal accounts (Personal and Business) meet the needs and interests of the vast majority of people.’

How to withdraw from your Paypal account
1. PayPal makes it as easy as possible to withdraw money from your PayPal wallet to your bank account by following a few simple steps.
2. Go to the PayPal website using your browser. When the website first loads, the upper-right corner of your screen will have a Login option. Click it to go to the log-in page.

3. Enter your PayPal account ID and password in the right places on the login page, then click Log in or press Enter on your keyboard to see your PayPal Account Summary.

4. On the account summary page, your balance will be shown in big, bold numbers at the top left, along with a ton of other information and options about PayPal. To get your money, click the “Transfer Money” button right next to the amount of your balance on the screen.

5. You will be taken to a new page where you can add money to your PayPal account or withdraw money from PayPal to your bank account. Click on “Transfer From PayPal To Your Bank Account” because you want to withdraw right away.

6. You will have two options on the following screen: Instant and Standard.

Instant: Select this choice if you want your money as soon as possible. However, 1% of the amount that is transferred to your bank account will be debited to you.

Standard: If you don’t need your PayPal balance to be moved immediately, you can select the standard option to have all of it, or just a portion of it, sent to your bank account. When the money is available, it will appear in your account.

7. If your PayPal account has more than one account attached to it, you can choose the button next to the account you wish to transfer money to and then click Next.

8. You will now be taken to a screen where you can type the amount you want to transfer. You don’t need to subtract the 1% fee manually, and you don’t need to type any decimals or commas.

9. PayPal will take care of everything. After making sure everything is in order, click Next to proceed.

10. If you select instant, PayPal will break down your funds on the following page and provide the exact amount of the 1% fee. Sim, confirm if everything is in order.

11. PayPal sends you a confirmation message as your request is processed in the final phase.

Read also: Paypal enables passkey payments

How to Get a Free Verified PayPal Account in Nigeria
- Use the Google Chrome browser to visit the PayPal website.
- Choose to open a PayPal account.
- Enter your accurate personal information.
- Use your email to confirm your PayPal account.
- Sign in to your new PayPal account.
- Verify your additional information and begin using PayPal.
December 28, 2022
Youverify Raises $2.5 Million in Seed Round

Nigeria KYC startup, Youverify, in its seed extension funding, raised $1 Million to extend the total size of the round, which began in 2020 to $2.5 Million.

Youverify was launched in 2018 by Dr Gbenga Odegbami. It focuses on helping financial services companies, as well as mobile operators, automate the verification processes, also known as KYC, of data such as academic background, home address, Identity, facial recognition and credit history while ensuring speedy verification.

Due to the widespread adoption of KYC Verification, the company’s revenue increased by over 1000% over the last 12 months by adding over 400 banks and various startups to its list of customers. During that same period, the company also verified over 5,000,000 applications, which was beneficial to its customers as it helped them hire talented personnel and sell its financial products among others.

As mentioned previously, the seed funding round was started in 2020 when they raised $1.5 million and now an additional $1 million. The companies that coordinated the funding round were: Orange Ventures (Leader); LoftyInc Capital Management (Co-Leader);
Octerra Capital; Plug & Play Ventures; Afer Group; Fronesyz Capital; Syntax Ventures;
HTTP Investors.

Youverify hopes to use the funding to accelerate its growth processes and continue its expansionist policy across Africa into new markets and industries. Presently, the company operates in 5 African countries namely: South Africa; Kenya; Uganda; Ghana; Ivory Coast.
Over the next 18 months, the company plans to commence operations across 30 countries and increase its capacity for IDs verification from 400 million to 2 billion.

Read: DataProphet Closes its Series A Funding Round at $10 Million

Presently, the company only offers services to fintech companies and mobile operators but plans to expand its activities to the gaming, travelling, healthcare and telecommunications industries by developing new automated compliance products.

In a statement, the CEO and co-founder of Youverify, Dr Gbenga Odegbami, said:
“We have seen the huge market potential in the fragmented regtech market across Africa. We’re kicking off plans to plug in the gaps by expanding our marketplace to emerging and existing startups and traditional financial services companies across the continent. Our unique approach to providing compliance solutions gives us a strategic advantage due to our enterprise platform that goes the extra mile by helping businesses automate compliance workflow beyond basic identity verification”.

Also, the principal of Orange Ventures, Gregoire de Padirac, said:
“The number of financial service companies and platforms that are embedding financial services into their products will continue to grow in sub-Saharan Africa. All those companies will need to onboard customers and go through KYC, and AML processes using a flexible solution such as Youverify. What is at stake now is to go beyond Nigeria. I am happy to use new investors joining the journey and proud to support this team since their seed round”.

Read: Sendy, Kenyan Logistics Company, Lays off 10% workforce

What are KYC and its benefits?

KYC is an acronym for Know-Your-Customer and is a verification process intending customers/ users undergo for the company to identify its customers. Due to the rapid rise in online transactions carried out every day on the World Wide Web (WWW), KYC has become an integral and vital aspect before accessing or completing any online transaction/activity, from opening a bank account to placing an order online. The major importance of KYC is that it helps companies or businesses have the ability to identify their clients and expose frauds which will help them to eliminate criminal activities and in general, ensures that all monetary transactions are secure, transparent and legal. Since KYC involves revealing your personal information, including your address and bank details, it will be easy to arrest a person when he or she commits fraud due to the information inputted during the KYC Verification process.

Processes of KYC in banks

Banks have to perform KYC verification for all their customers before they start using the platform to ensure that they are accepting customers that are qualified according to government authorities to use such platforms. Banks usually have specific requirements which must be done to complete your KYC verification because the government specifies them, here are the processes one must undergo before passing KYC for banks:

1) You have to submit your valid documents such as National ID Card, BVN Number, Voters Card, NIN, Etc. and personal information such as Your age, marital status, Education status, Gender, Etc.
2) Verification of the customer identity. The biometrics verification will be conducted, and the various documents provided will be accessed to confirm if they are authentic.
3) Your source of income will be checked to ascertain that you aren’t doing any illegal activity according to that country’s constitution.
4) After you have been verified, the bank will strictly monitor your activities to ensure that you aren’t performing any illegal or suspicious dealings and follow the bank rules accordingly.

E-KYC Definition

E-KYC is an acronym for electronic KYC. All the processes involved in completing your KYC verification are done online. Previously, KYC was done physically, and it involved long queues and was generally stressful. But during and after the Covid-19 pandemic, there was a need to reduce physical contact, which meant that there was a need to take digitalise the KYC processes, which led to the invention of various electronic KYC Verification companies such as Youverify.
Benefits of KYC to businesses
1) It helps businesses to establish their customer’s identity
2) It helps businesses understand the nature of the customers’ activities.
3) Provide businesses with protection from losses and fraud due to illegal and inappropriate transactions carried out on their platform.

The benefits have proven that any big or even small startups need to have KYC verification before its users use the platform to validate the customer identity and safeguard the company from any sanctions due to illegal activities carried out on the platform.

August 15, 2022
Rwanda’s Largest Bank partners with Inlak and Temenos to implement Modern Digital Banking

Rwanda’s largest bank by assets and market shares has replaced its core banking system with Temenos’ open platform. The Bank of Kigali having been in operation since 1967 has partnered with Inlaks, the foremost ICT infrastructure, and systems integrator in Sub-Saharan Africa, and Temenos, a major banking software company, to deploy the T24 Transact and Payment, with the aim of accelerating digital transformation in Rwanda. The bank of Kigali offers a full spectrum of products and services for retail banking, corporate banking, and central treasury.

After over 5 decades of operation, the Bank of Kigali can now quickly expand its digital channels and provide its customers with a faster and smarter banking experience.
Over 3,000 firms across the globe, including 41 of the world’s top 50 banks, rely on Temenos to process their client interactions and daily transactions. Temenos offers cloud-native, cloud-agnostic, API-first digital banking, core banking, payments, fund management, and wealth management software products, enabling banks to deliver consistent, frictionless customer journeys and achieve market-leading cost/income performance.

Powered by Temenos, Bank of Kigali aims to double its retail and SME customer base to over one million in the next year through increased automation and new digital services such as payroll loans and enhanced mobile offerings.

Chief Executive Officer at the Bank of Kigali, Dr. Diane Karusisi said that the development by the Inlaks team is in line with the bank’s drive for digital transformation and optimal customer satisfaction.

She said: “We are proud to be associated with Inlaks as our implementer of choice and commend our staff for their hard work in ensuring this go-live went as planned within a short time frame. Our goal is to innovate and deploy products that will improve our services to our customers while advancing the cause for continuous digitization of the East African banking sector”.

Jean-Paul Mergeai, President EMEA – APAC, Temenos, said in a congratulatory address; “Congratulations to the team at Bank of Kigali. The go-live on Temenos is a major milestone for the bank and its customers. Rwanda has “bet big” on digitization to accelerate growth and reduce poverty with some of the highest rates of coverage for mobile broadband on the continent. Bank of Kigali has similarly bold ambitions for digital transformation to improve the financial lives of all Rwandans. A modern banking platform is vital to thrive in the world of instant, always-on digital banking, and Temenos is proud to support the bank to realize its vision”.

Kyari Bukar, CEO, African Operations, Inlaks, also stated that “As a Temenos partner, we have built our expertise and reputation supporting the growth and digital advancement of core banking operations in the East African region and beyond. Bank of Kigali will benefit immensely from the implementation as the automation of its banking processes will strengthen the effectiveness and performance of its core banking system. Kigali is a key growth market and Inlaks is fully committed to working as a trusted partner with the bank now and into the future”.

Temenos will undeniably be instrumental in the growth of the bank of Kigali as it expands its business over time.

February 26, 2022