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💵LemFi Secures Canada Payment Provider Registration

💵LemFi Secures Canada Payment Provider Registration

Plus:🤖NITDA, Nkenne AI Partner on Language Tech

Innovation Village
March 11, 2026

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Good Morning Valued Subscribers👋

LemFi has secured payment provider registration in Canada, marking a significant step in the fintech company’s global expansion strategy. The approval enables the remittance-focused platform to operate more formally within Canada’s financial system, strengthening its ability to facilitate cross-border payments for immigrants and diaspora communities.

The development also reinforces LemFi’s growing presence in international remittance corridors, particularly those connecting North America to emerging markets such as Nigeria and other parts of Africa. As demand for fast, affordable digital money transfers continues to rise, regulatory approvals like this are becoming critical for fintech firms seeking to scale trusted financial services across borders.

Let’s dive in👇

Today’s Menu ☕️

💵 LemFi Secures Canada Payment Provider Registration
🏦CBN Mandates Automated AML Systems for Banks
📲 Nigeria Considers Social Media Age Limits
🤖NITDA, Nkenne AI Partner on Language Tech
🪙 SiBAN, NFIU Strengthen Blockchain Compliance

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💵CROSS-BORDER PAYMENTS

LemFi Secures Canada Payment Provider Registration

LemFi has been officially registered as a Payment Service Provider by the Bank of Canada under the Retail Payment Activities Act, marking a major step in the fintech’s international regulatory expansion.

Through its Canadian subsidiary, Pomelo Technology Canada Ltd, LemFi met the country’s strict requirements for payment providers, including standards for operational resilience, risk management, and safeguarding customer funds. The registration allows the company to operate within Canada’s federal payments supervision framework......….continue reading

🏦BANKING

CBN Mandates Automated AML Systems for Banks

The Central Bank of Nigeria (CBN) has introduced new regulations requiring banks and other financial institutions to deploy automated anti-money laundering (AML) systems to detect suspicious transactions. The directive, issued on March 10, 2026, applies to deposit money banks, mobile money operators, international money transfer operators, and payment service providers.

The new systems must be capable of monitoring large volumes of transactions in real time, verifying customer identities, screening politically exposed persons, and automatically reporting suspicious activities. Banks have been given 18 months to comply with the directive, while other financial institutions have 24 months..........….continue reading

📲SOCIAL MEDIA

Nigeria Considers Social Media Age Limits

The Federal Government of Nigeria has begun consultations on a proposal to introduce age restrictions for social media use in order to improve online safety for children. The initiative, led by the Ministry of Communications, Innovation and Digital Economy, includes a public poll inviting parents, educators, young people, and digital experts to contribute feedback on how best to regulate children’s access to digital platforms.

According to the ministry, while social media offers opportunities for learning, creativity, and communication, it also exposes children to risks such as cyberbullying, harmful content, online exploitation, and data misuse. Supervising Minister Bosun Tijani emphasized that public input is essential to ensure the policy balances child protection with the benefits of internet access.....….continue reading

🤖ARTIFICIAL INTELLIGENCE

NITDA, Nkenne AI Partner on Language Tech

The National Information Technology Development Agency (NITDA) has announced a strategic collaboration with Nkenne AI to develop artificial intelligence–powered language translation solutions tailored to Nigeria’s multilingual environment. The initiative aims to support Nigeria’s ambition to become a leading AI hub in Africa while improving digital accessibility across sectors such as healthcare, fintech, and government services.

During discussions, Bunmi Ajala, National Director of the National Centre for Artificial Intelligence and Robotics (NCAIR), outlined the agency’s broader goals, including achieving 70% digital literacy in Nigeria by 2027 and strengthening the country’s AI talent pipeline. She also emphasized the need for advanced computing infrastructure such as GPUs and TPUs to support large-scale AI development.........….continue reading

🪙CRYPTOCURRENCY

SiBAN, NFIU Strengthen Blockchain Compliance

The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has intensified collaboration with the Nigerian Financial Intelligence Unit (NFIU) to improve compliance and strengthen oversight in Nigeria’s digital asset ecosystem. The engagement aims to encourage responsible innovation among Virtual Asset Service Providers (VASPs) while ensuring transparency in the rapidly growing blockchain sector.

During a meeting at the NFIU headquarters in Abuja, SiBAN President Mela Claude Ake and former president Obinna Iwuno discussed aligning industry practices with regulatory standards. NFIU CEO Hafsat Abubakar Bakari described the dialogue as an important step toward guiding the safe adoption of blockchain technologies in Nigeria.s..................….continue reading