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Financial Inclusion: CBN Directs Licence Payment Service Banks To Reach Unbanked Persons

The Central Bank of Nigeria (CBN) has issued guidelines for licensing and regulation of Payment Service Banks (PSBs) as it aims to enhance financial inclusion to small businesses, low-income households, and other financially excluded entities.
In a circular to PSBs on Thursday, the financial regulator said that despite several initiatives introduced, the inclusion rate remained below expectations.
It added that in collaboration with critical stakeholders in the digital financial ecosystem, the need to establish a guideline for the operations of the PSBs is crucial to enhance financial inclusion and stimulate economic activities at the grassroots through the provision of financial services.
“The National Financial Inclusion Strategy (NFIS) seeks to ensure that over 80 percent of the bankable adults in Nigeria have access to financial services by 2020. The CBN in collaboration with stakeholders launched the NFIS on 23rd October 2012 with a view to reducing the exclusion rate to 20 percent by 2020.
“Despite several initiatives including the Introduction of Microfinance banking, Agent Banking, Tiered Know-Your-Customer Requirements, and Mobile Money Operation (MMO) in pursuit of this objective, the inclusion rate remains below expectation.
“In view of the challenges to effective outreach to rural communities as well as the need to complement the services provided by other licensed entities, the CBN issues this regulation to provide for the licensing and operations of Payment Service Banks (PSBs) in Nigeria,” it added.
According to the CBN, the Payment Service Banks structure shall include; “Operate mostly in the rural areas and unbanked locations targeting financially excluded persons, with not less than 25% financial service touchpoints in such rural areas as defined by the CBN from time to time; enter into direct partnership with card scheme operators. Such cards shall not be eligible for foreign currency transactions; deploy ATMs in some of these areas, amongst others.
However, the apex bank revealed that the PSBs shall not grant any form of loans, accept foreign currency deposits, deal in the foreign exchange market or accept any closed scheme in electronic value as a form of deposit or payment.
The CBN stated that banking agents, telecommunications companies, retail chains, postal and courier service providers, mobile money operators, FinTech, and any other entity whose application is approved on merit are eligible to promote the new scheme.
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Starship to leave for Mars at end of 2026 – Elon Musk

Elon Musk has announced an ambitious timeline for SpaceX’s Mars mission, revealing that the company’s massive Starship rocket is set to depart for the Red Planet at the end of 2026. The mission will include Tesla’s humanoid robot, Optimus, as part of the spacecraft’s payload.
“If those landings go well, then human landings may start as soon as 2029, although 2031 is more likely,” Musk posted on his social media platform, X.
The Starship rocket—considered the world’s most powerful—is central to Musk’s long-term vision of colonizing Mars. However, significant technical hurdles remain before this dream becomes reality.
NASA is also counting on a modified version of Starship to serve as the lunar lander for its Artemis program, which aims to return astronauts to the Moon this decade. But before SpaceX can proceed with interplanetary travel, it must demonstrate that Starship is safe, reliable, and capable of complex in-orbit refueling—an essential requirement for deep space missions.
SpaceX recently encountered a setback when the latest test flight of Starship ended in an explosion. While the booster was successfully caught in its orbital test, the upper stage failed, tumbling out of control before the live feed abruptly cut. The incident mirrored a previous attempt.
The Federal Aviation Administration (FAA) has mandated an investigation before Starship can fly again, adding another layer of scrutiny to SpaceX’s ambitious timeline.
Despite these challenges, Musk remains optimistic, continuing to push forward toward his goal of making humanity a multi-planetary species.
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Obi donates N20m to Colleges of Nursing in Ahiara and Ihiala

The 2023 Labour Party (LP) presidential candidate, Peter Obi, has donated N20 million to two Colleges of Nursing Sciences in Imo and Anambra States. The beneficiaries are Holy Rosary College of Nursing, Ogbe, in Ahiara Catholic Diocese, Mbaise, and College of Nursing Sciences, Our Lady of Lourdes Hospital, Ihiala.
Obi, a former Governor of Anambra State, presented N10 million cheques to each institution during his visits on Friday. At the Holy Rosary College of Nursing, he handed over the cheque to the Bishop of Ahiara Diocese, Most Rev Simeon Nwobi, at the college’s construction site. Similarly, at Our Lady of Lourdes, Ihiala, he presented the donation to the Students’ Union Government (SUG) President, Miss Anigbo Chisom Mary, in the presence of excited students.
Highlighting the significance of his donation, Obi stressed that healthcare and education are critical to national development. He commended the Catholic Diocese of Ahiara for investing in nursing education, describing it as a vital step in securing Nigeria’s future.
“My Lords, what you are doing is a great service to our country,” Obi said. “This donation is not a favour but a recognition of your efforts in nation-building. I will always support this project because it is about securing a better future for Nigeria.”
Obi further urged the government to prioritize quality education, including the prompt payment of teachers’ salaries. He emphasized the need for free and accessible education at the primary and secondary levels, both in public and private schools.
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Tinubu’s administration not running govt in secrecy — AGF Fagbemi

The Attorney General of the Federation and Minister of Justice, Lateef Olasunkanmi Fagbemi, SAN, has reaffirmed the Federal Government’s commitment to transparency, stating that government affairs will no longer be conducted in secrecy.
Speaking at a Stakeholders’ Town Hall Meeting on the Application of the Freedom of Information Act (FoIA) in Awka, Anambra State, Fagbemi urged Nigerians to use the Act to demand accountability from their elected and appointed officials. The event was organized by the Centre for Transparency Advocacy (CTA) in collaboration with the Federal Ministry of Justice.
Represented by Garba Sunday, a lawyer in the ministry’s FoIA department, Fagbemi emphasized that the FoI Act empowers citizens to access government records and information without providing reasons for their request. He encouraged public officeholders to disclose their activities to foster trust and dispel rumors.
“The Act also provides for people with disabilities and other vulnerable groups to access government records. However, while the law guarantees access to information, there are exemptions and conditions that must be met before certain records can be released,” Fagbemi stated.
He commended the Anambra State government for actively implementing the Act, allowing citizens to stay informed about governance. He further called on Nigerians to exercise their right to information and participate in governance, adding that transparency leads to good governance.
“We appreciate the efforts of organizations like Rule of Law and Anti-Corruption (RoLAC) and CTA for making this town hall meeting possible. The purpose of the FoI Act is to promote **transparency, accountability, and good governance—**not to be used as a tool for blackmail or political attacks,” he added.
In her remarks, CTA Executive Director, Faith Nwadishi, lamented that many Nigerians remain unaware of their rights under the FoI Act, despite its enactment over 14 years ago.
“The Act allows citizens, including women, youth, and people with disabilities (PWDs), to track budgets, monitor government programs, and expose corruption. However, those who passed the law have done little to educate the public about its importance,” she stated.
Nwadishi highlighted that the town hall meeting aimed to empower marginalized groups to use the FoI Act in holding government institutions accountable. She also noted the work of the Strengthening Accountability and Governance in Nigeria Initiative (SAGNI) in promoting transparency in the Federal Capital Territory, Anambra State, and Edo State.
As calls for transparency and accountability grow louder, stakeholders emphasized the need for public institutions to proactively disclose information and for Nigerians to actively demand their rights, ensuring that governance remains open and inclusive.
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