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👤NIN Downtime Disrupts Banks, Telcos, Essential Services

👤NIN Downtime Disrupts Banks, Telcos, Essential Services

Plus: 💵OneDosh Launches US–Nigeria Payments Platform

Innovation Village
December 23, 2025

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Good Morning Valued Subscribers👋

For years, crypto in West Africa has lived in a strange grey zone, widely used, quietly tolerated, but rarely given clear legal backing. Ghana just changed that. By moving to formally legalize cryptocurrency under a new law, the country is sending a strong signal about how it wants to position itself in the future of digital finance.

This isn’t just a policy update for traders and blockchain startups. It reshapes how banks, fintechs, investors, and even everyday users think about digital assets, compliance, and innovation across the region. As regulators across Africa wrestle with how to balance control, consumer protection, and growth, Ghana’s decision raises an important question: is this the beginning of clearer crypto rules on the continent, or a bold outlier move that others are still hesitant to make?

Let’s dive in.👇

Today’s Menu ☕️

👤NIN Downtime Disrupts Banks, Telcos, Essential Services
⚖️CBN Mandates MFA for Foreign Card Spending Above $200
🪙Ghana Legalises Cryptocurrency Under New Regulatory Law
💵Kayko Raises $1.2M to Unlock SME Credit in Rwanda
💵OneDosh Launches US–Nigeria Payments Platform

👤IDENTITY MANAGEMENT

NIN Downtime Disrupts Banks, Telcos, Essential Services

Recurring downtime on Nigeria’s National Identification Number (NIN) platform continues to disrupt critical services across banking, telecommunications, and government agencies. Because NIN verification underpins KYC, SIM registration, financial access, and public service delivery, outages stall account openings, SIM replacements, passport processing, and digital onboarding nationwide. Despite recent upgrades by the National Identity Management Commission (NIMC), including migration to the NINAuth platform, intermittent failures persist—highlighting the need to treat digital identity infrastructure as critical national infrastructure with stronger resilience, redundancy, and transparency...........….continue reading

⚖️REGULATION

CBN Mandates MFA for Foreign Card Spending Above $200

The Central Bank of Nigeria has issued a new directive requiring multi-factor authentication (MFA) for foreign-issued card transactions that exceed set thresholds—$200 daily, $500 weekly, and $1,000 monthly. The policy applies to both POS and online transactions and is aimed at reducing cross-border fraud while improving payment reliability for tourists and Nigerians in the diaspora. Banks and acquirers must also recalibrate fraud systems to reduce false declines, support contactless payments, disclose exchange rates and fees upfront, and strengthen KYC/AML controls. The CBN says compliance will be strictly monitored, with penalties for violations, as it seeks to balance security with convenience and boost confidence in Nigeria’s payment infrastructure.............….continue reading

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🪙CRYPTOCURRENCY

Ghana Legalises Cryptocurrency Under New Regulatory Law

Ghana has passed a new law formally legalising and regulating cryptocurrency, ending years of uncertainty around digital assets. The legislation recognises crypto as a legitimate financial instrument and gives the Bank of Ghana authority to license and supervise Virtual Asset Service Providers, including exchanges and wallet providers. The framework introduces AML, consumer protection, and compliance requirements aimed at reducing fraud and systemic risk while supporting innovation. If effectively implemented, the law could strengthen investor confidence, improve consumer protection, and position Ghana as a regional leader in regulated digital finance............….continue reading

💵FUNDING

Kayko Raises $1.2M to Unlock SME Credit in Rwanda

Rwanda-based fintech Kayko has secured $1.2 million in seed funding to expand its platform that turns SME operational data into credit access. Used by over 8,500 small businesses, Kayko digitises bookkeeping, inventory, and tax-related activity, creating verifiable financial profiles that banks can use for lending decisions. The new funding will support platform scaling, stronger data infrastructure, and deeper integrations with financial institutions, helping informal and semi-formal SMEs access loans based on real business performance rather than traditional collateral...............…continue reading

💵PAYMENTS

OneDosh Launches US–Nigeria Payments Platform

OneDosh has launched its cross-border payments platform in the United States and Nigeria, opening its first major payment corridor. Built on asset-backed stablecoin technology, the platform enables real-time transfers, FX conversion, and global USD card spending, with Apple Pay and Google Pay support. Targeting freelancers, professionals, and businesses, OneDosh aims to simplify international payments while maintaining enterprise-grade compliance, with plans to expand into more regions globally.............…continue reading