Interswitch launches PensionRemit to simplify pension contribution remittance system compliance for employers
Interswitch, one of Africa’s leading technology companies focused on creating solutions that enable individuals, businesses and communities prosper, has officially launched Interswitch PensionRemit, a fully automated platform designed to help employers comply with the recently introduced Pension Contribution Remittance System (PCRS). The new system, mandated by the National Pension Commission (PenCom) and the Pension Fund Operators Association of Nigeria (PenOp), took effect on June 1, 2025.
Fully compliant with the PCRS framework, Interswitch PensionRemit is an approved Payment Solution Service Provider (PSSP) authorized to operate under the new system. Designed for ease and efficiency, the platform enables employers to upload contribution schedules, validate Retirement Savings Account Personal Identification Numbers (RSA PINs) and Pension Fund Administrator (PFAs) in real time, and complete secure payments, all in one seamless flow.
REGULATION | Nigerian Senate Passes Law Criminalizing Crypto Ponzi and Unlicensed Schemes After ~$5 Billion Lost to Scams
After years of devastating losses to financial scams, the Nigerian government has officially passed a sweeping law that legalizes cryptocurrency and criminalizes Ponzi schemes – marking a major shift in the country’s digital asset and investment landscape.
The newly signed Investment and Securities Act, 2024 (ISA 2024), backed by Senator Osita Izunaso and approved by President Bola Tinubu, empowers regulators like the Securities and Exchange Commission (SEC) to prosecute unlicensed investment schemes and enforce rules on digital assets, virtual asset service providers (VASPs), and exchanges.
“It is now illegal to promote or operate Ponzi schemes,” said Senator Izunaso, noting that offenders face up to 10 years in prison and steep fines.
Read more: https://bitcoinke.io/2025/06/nigerian-senate-passes-law-criminalizing-crypto-ponzis/
EGBANK and Mastercard Partner to Expand Digital Payment Solutions in Egypt
EGBANK has joined forces with Mastercard to drive financial accessibility, expand digital payment adoption and introduce affluent new segments to the bank’s card portfolio. The collaboration aims to strengthen EGBANK’s strategy and reinforces its commitment to delivering convenient, seamless and secured payment experience.
Mastercard will support EGBANK in developing its portfolio of debit, credit, and commercial cards, offering tailored financial solutions with enhanced benefits.
LemFi acquires fintech pillar, to launch credit cards for immigrants
LemFi, an international payment services startup based in London, has acquired Pillar, a UK-based fintech focused on credit access for immigrants, in a strategic move that will transform financial services for immigrants. This acquisition paves the way for LemFi to launch specialised credit cards designed especially for immigrant communities, addressing one of their most persistent barriers to financial inclusion in the UK.
In 2022, Pillar raised £13M ($16.9M) in pre-seed to develop a platform for immigrants to access credit products when they move to a new country. LemFi will inherit this tech as part of the acquisition, becoming the first major remittance platform to offer credit as a core product. The deal, already approved by the FCA, also sees Pillar’s co-founders and Revolut alumni Ashutosh Bhatt and Adam Lewis join the LemFi team.
Telco-Backed Virtual Cards are Disrupting Africa’s Plastic Payments Dominance
The surge in mobile money-linked Visa and MasterCard virtual cards is reshaping e-commerce and remittances across the continent.
Africa’s long-standing reliance on bank-issued plastic cards is facing a serious shake-up. A wave of telco-driven virtual card innovations is rapidly transforming how millions across the continent pay for goods online and send remittances abroad, posing a direct challenge to traditional card networks.
Globally, the shift toward digital payments is accelerating. The 2025 Global E-commerce Payments & Fraud Report by Visa, Verifi, and the Merchant Risk Council, shows that plastic cards still lead in merchant acceptance at 80%, but digital wallets (73%) and mobile commerce payments (45%) are quickly catching up, highlighting the rising preference for flexible, digital-first options.
Digital Payment Update – Open Banking Fuels Fintech Surge in the Middle East
Recent developments in digital payment integration highlight the transformative impact of Open Banking in the Middle East, as detailed in a new white paper by TPAY MOBILE. The document emphasizes how innovative financial technologies, coupled with updated licensing and increased investment, are spurring rapid fintech growth in the region.
Despite relatively lower valuations compared to Western markets, the Middle East’s strategic position and Open Banking’s potential to create seamless digital experiences present significant profit opportunities. These changes are contributing to the expected global increase in digital payment adoption, with digital wallet users projected to reach over 5.2 billion by 2026.
Read more: https://shorturl.at/Gb2VE
Stablecoins Emerge as Key Players in Global Payments
Binance Blog published a new article, revealing insights into the growing role of stablecoins in global payments. Between January 2023 and February 2025, stablecoins have settled $94.2 billion in payments, marking their evolution from a niche cryptocurrency segment to a significant player in the digital economy. This shift is driven by increased adoption, regulatory clarity, and milestones such as Circle’s public listing on the New York Stock Exchange.
According to a report by Artemis, the stablecoin supply has surged to $239 billion by May 2025, with over 150 million blockchain addresses holding stablecoins and 10 million addresses transacting daily. Business-to-business transactions have become the largest use case, accounting for $36 billion annually, surpassing peer-to-peer, card-linked, and business-to-consumer payments.
Deloitte has dubbed 2025 as “the year of payment stablecoins,” highlighting their market cap exceeding $200 billion and expanding use cases beyond crypto trading, including remittances and B2B payments. Deutsche Bank’s report estimates the stablecoin market has grown from $20 billion in 2020 to $246 billion, with Tether’s USDT holding a significant market share.
