Does Fairmoney call contacts? This is the question many loaners ask most especially when they have unpaid loan on the Fairmoney app.Well, as regulated by the federal government of Nigeria and Google Play store policy, no online lender is permitted to call their customers’ contacts. If such act happens, it’s your right to report the situation to FCCPC.The Federal Competition and Consumer Protection Commission (FCCPC) is a government agency and initiative that protects customers right in Nigeria. The agency protects borrowers from unfair practices of online lenders.The FCCPC investigates complaints about loan sharks or other financial entities involved in harassment,…
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The Newcredit Loan APK file can be downloaded on APK store. The most important thing is that you should look for reputable APK store to download the loan app.Softinic is the only APK store offering Newcredit Loan APK app. You can download different versions from the oldest version to the newest version of Newcredit Loan app on the APK store.However, if you’re looking for automatic updated versions of Newcredit Loan App, you can always visit the Google Play Store to download and install it. The Google Play store automatically publishes latest version on mobile applications.Meanwhile, it’s important to let you…
The initiative Egypt is currently working on to tackle mobile phones smuggling in the country is aimed to give a boost to phone industry in the country.Two government agencies; the ministry of finance and ministry of communication and information technology; has come together to make the initiative works has planned.Both ministries work together to build an electronic system and network that makes it much possible to track and trace imported phones. Doing this, the initiatives are protecting consumers buying fake or smuggling phones.The built electronics system and network is an app called “Telephony”. Telephony works in the sense that when…
Bamboo is a Nigerian investment platform that allows users to invest in United States stocks. Through its mobile application, the company allows Nigerians to access to over 3,000 stocks with east registration and minimal paperwork.In a recent update, Bamboo secures a United States broker-dealer license through its affiliate organization currently operating in the country—Bamboo Securities L.L.C.While this License makes Bamboo the first investment and fintech company to achieve the U.S. broker-dealer license in Nigeria, it also allows Bamboo to broaden its stockman offerings to retail and corporate investors across Africa.The License gives Bamboo unlimited abilities to partner with African brokers…
According to CBN, over N3.3 trillion cash is in circulation as of December 2024, compared to just N1 trillion cash in the beginning of 2023. That’s a significant 230% increased in currency circulation. Due to this, the CBN imposed a Daily Cash withdrawal limit of N100,000 (max of N500,000 bi-weekly) per customer on the point-of-sale (POS) terminal across the nation. In a statement dated 17 December 2024 and signed by Oladimeji Taiwo on behalf of the Payments System Management Department, the CBN directed all deposit money banks (DMBs), microfinance banks (MFBs), mobile money operators (MMOs), super agents and agents to…
MTN MoMo is a mobile money service that allows users to store, send, and receive money, and make purchases using their mobile phone. Now, the mobile money service is aiming big with a move to obtain banking license in South Africa.Currently, MTN MoMo South Africa relies on African Bank as its primary core. However, securing a banking license from the South African Reserve Bank (SARB) to operate independently will allow MoMo to operate without relying on African Bank, granting MTN full control over its financial services.If MoMo receives the banking license, financial services offerings will be stepped up. In other words,…
This partnership is aimed at bringing efficient online shopping experiences to both Palmpay users and Jumia customers. Jumia is one of the leading e-commerce companies in Nigeria and Palmpay is another leading mobile money operator in the country as well.These prominent companies announced their partnership at PalmPay office located at Ikeja, Lagos Nigeria. The partnership further aids Palmpay’s goal of offering value to millions of Nigerians nationwide. With this partnership, Palmpay users can now pay for products on Jumia directly from their accounts.Jumia and PalmPay securing a partnership dealThis eliminates the need for credit/debit card. It also bypass the use…
The Central Bank of Nigeria (CBN) continues its scrutiny on fintech companies. The apex bank fined two of the most prominent financial firms in Nigeria, OPay and Moniepoint, the sum of two billion naira (one billion naira each) in the second quarter of 2024.Although, other financial companies also faced the scrutiny but Moniepoint and OPay got the hardest hit. At least four other fintech companies faced similar penalties. Although the other fintech firms affected were not disclosed and the specifics of the fines have not been disclosed as well.The penalties stemmed from a routine CBN audit of the fintech sector…
Yes, FairMoney has a POS machine and the terminal works exactly like Moniepoint and OPAY POS terminal in Nigeria. The FairMoney POS Machine, otherwise known as Payforce POS, is designed to empower small and medium-sized businesses (SMEs) by providing efficient payment processing tools and additional income opportunities.Payforce by FairMoney has been rebranded to FairMoney Business. This helps FairMoney to not only base on digital bank services and offerings of online loans, it also let the fintech company to diversify its business model by offering a point-of-sale (POS) solution through its rebranded platform, FairMoney Business (formerly Payforce).FairMoney acquired Payforce in 2023…
Moniepoint and OPAY offer various types of POS machines to agents and merchants in Nigeria, each with their advantages and disadvantages. However, we are not going to be mentioning their disadvantages based on their types but as general views.Moniepoint and OPAY POS are the dominants of the agency banking market in Nigeria. So, people easily compare them to each other to decide on which is better especially when an individual is about to start a POS business in Nigeria.Meanwhile, both Moniepoint and OPAY have undoubtedly transformed how Nigerians transact, but understanding their limitations is important for making economical or financial…