A Strategic Shift to Boost Nigeria’s Economy In a significant push to stabilize the Nigerian economy and secure its financial future, the Central Bank of Nigeria (CBN) has embarked on a comprehensive overhaul of the country’s foreign exchange policies. This…
A New Approach to Niche Expertise In the realm of social media, the term “influencer” has become synonymous with fame, fortune, and the pursuit of mass appeal. However, there’s a growing trend among professionals and content creators to shift away…
Why Credit Cards Command Higher Rates Than Debit Cards and the Strategic Choices for Fintech Companies Interchange fees are fees paid between banks for the acceptance of card-based transactions. Typically, interchange fees earned from credit cards are higher than those…
A common question posed to any operator is whether remittances are clean and free from money laundering. The truth is, despite claims to the contrary, it’s virtually impossible to ensure 100% clean remittances unless all transactions occur between accounts with…
Feature Image: Credit Open banking is revolutionizing the financial services industry by enabling secure access to financial data through APIs (application programming interfaces). This shift is empowering fintech innovators to develop cutting-edge digital payment solutions that simplify payments and provide…
Starting a money transfer company in 2024 involves navigating a complex landscape of financial regulations, technological innovations, and market expectations. Here are the top 20 items to consider: Each of these items requires careful planning, a solid understanding of the…
The Central Bank of Nigeria (CBN) has recently implemented stringent measures targeting both banks and fintech companies, aimed at regulating international money transfers and managing the foreign exchange (forex) market more effectively. These initiatives are part of a broader effort…
The Power of BINs: Fueling Innovation in Fintech In the dynamic fintech landscape, Bank Identification Numbers (BINs) serve as the critical backbone of card transactions. As fintech grows, the demand for BINs has increased, prompting a shift from the traditional…
In the intricate web of global commerce, seamless and secure cross-border payments are the lifeblood of international trade. Enter MT103, a standardized message format within the SWIFT network, that plays a critical role in facilitating these vital financial transactions. MT103:…
Including licensing fees in various regions and for different types of licenses like in the US (with and without states like NY, CA, TX), Canada, and the UK and EU for EMI, API, and SPI licenses? Single Money Transmitter License…