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In its Payments System Vision 2028 (PSV 2028), unveiled on June 1, the Central Bank of Nigeria (CBN) said it intends to run observer nodes on blockchain networks that operate approved stablecoins, enabling the regulator to see stablecoin transactions in real time. A blockchain network is a shared ledger: instead of one company keeping the only copy of transaction records, many computers maintain copies and keep them in sync. An observer node is a computer connected to the network that keeps a copy of the blockchain and monitors activity on it. It does not validate or submit transactions to the network; its job is to observe. Running observer nodes on blockchains would give the CBN a direct view of how those tokens are created, moved, or destroyed, rather than making it depend entirely on reports prepared by the companies issuing them. It marks the regulator’s attempt to bring stablecoins into Nigeria’s regulated payments system without giving up visibility over how money moves across it. Stablecoins are digital currencies built on blockchain technology and designed to maintain a 1:1 peg to real-world currencies, such as the US dollar or naira. If a stablecoin is backed by the naira one-to-one, its issuer—usually private companies—must hold an equivalent amount or more in reserves with banks and other financial institutions, and keep those reserves available when customers buy or redeem the stablecoin. Nigerians use stablecoins for remittances and as a hedge against naira volatility, the CBN said in its PSV 2028 document. Much of that activity is informal or peer-to-peer (P2P), as further noted. The central bank now wants to regulate the stablecoins it approves, require them to hold reserves, and build infrastructure that lets it see their activity directly. Nigeria is not an isolated case. On June 30, 2026, Kenya’s Capital Markets Authority (CMA) issued a tender for virtual asset blockchain analytics providers, asking bidders to provide KES 900,000 ($7,000) in tender security, signalling the regulator’s readiness to work with managed services providers to gain greater oversight into how virtual assets operate on blockchains. Regulators want greater visibility into how digital assets—especially stablecoins and their role in payments—move on blockchains as they seek to manage risks to monetary sovereignty. However, running observer nodes could increase compliance costs for stablecoin issuers, who may need to hire managed services providers to meet the CBN’s proposed technical requirements. Stablecoins are no longer fringe experiments Between July 2024 and June 2025, digital currencies, including stablecoins, accounted for an estimated $205 billion in transaction flows in Sub-Saharan Africa, according to blockchain analytics firm Chainalysis. The company said remittances, retail payments, and business-to-business (B2B) cross-border transactions using digital currencies have become increasingly common, especially in countries such as Nigeria, Kenya, South Africa, and Ethiopia. Another report by Hashed Emergent, an India-based venture capital firm that invests in early-stage Web3 firms including African startups, noted that Nigeria had the highest 24-hour stablecoin P2P transfer volume on centralised exchanges in Sub-Saharan Africa, reaching $48.2 million in 2025, underscoring how deeply embedded those channels have become in moving money in the country and cementing the CBN’s case for tighter oversight of the sector. The CBN is also building a regulatory framework around stablecoins. It has opened a second cohort of its regulatory sandbox, which now includes stablecoin issuers and other virtual asset service providers. Under its PSV 2028, the regulator plans to licence fiat-backed stablecoins and require a minimum percentage of reserves backing foreign-currency stablecoins, such as the US dollar, to be domiciled in Nigeria with approved custodians (banks). For the regulator, the next question is visibility. The key benefit of running observer nodes is independence: the central bank can read the stablecoin-issued blockchain network to obtain high-level information about the digital currency’s supply and circulation, without relying on the issuer to tell it what happened. Blockchains, such as Bitcoin and Ethereum, are already public on permissionless networks, allowing anyone to run these nodes without needing approval from a central authority. The attraction is that the regulator would no longer have to take an issuer’s word for what happened on the chain. “The practical value is not like the observer node [will] magically reveal new categories of truth,” Derek Degbe, a senior blockchain analytics engineer, told TechCabal in an interview. “The value is that they give the CBN an independent, more continuous, and evidence-based view of the on-chain side of the stablecoin system.” Licenced stablecoin issuers would be required to build features into their smart contracts—the code on which the stablecoin is built—that link reserve information to the blockchain and provide the CBN with access to relevant data. Observer nodes would allow the central bank to continuously monitor the blockchains on which approved stablecoins operate and see transactions in real time, rather than relying solely on reports from issuers, banks, independent auditors attesting to stablecoin reserves, and other regulated institutions. While it is technically possible to run observer nodes on permissionless blockchains, the harder part is deciding exactly what the CBN will monitor, how many blockchains it will support, and what happens to everything the blockchain cannot tell it. What CBN actually wants to build Beyond running nodes on blockchains, Nigeria’s central bank has also proposed licencing fiat-backed stablecoins and requiring issuers to keep reserves fully segregated, audited, and attested to daily. The CBN is evaluating a “RegTech Node” that would give it direct, real-time visibility into approved stablecoins. The node would be read-only, allowing the bank to watch the blockchain without changing transactions. For this to work, the CBN wants each licenced issuer to build four things into its stablecoin. First, smart contract transparency hooks, which would record every mint, burn, and redemption, so the CBN can see when tokens are created, destroyed, or redeemed. Second, regulator access addresses, allowing the CBN to read relevant data without interfering with transactions. Third, a link to reserves. Approved custodians would publish cryptographically signed proofs of reserves to the blockchain, allowing the CBN to compare reserves with tokens in circulation. Fourth, source code
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In partnership with Lire en Français اقرأ هذا باللغة العربية TGIFWAW! The Naira Life Conference is almost here! We’re down to the final days. Tomorrow, professionals, entrepreneurs, investors, and creators will gather at The Jewel Aeida, Lekki, Lagos, for a full day of honest conversations about making, growing, and protecting money. Want to earn more, build wealth, or grow a business? Learn how to increase your market value, get practical advice on stocks, mutual funds, and cryptocurrencies, build your first portfolio, and discover what it really takes to turn a hustle into a wealth engine. The room only has a few seats left. Don’t wait until it’s too late to secure a ticket. Get your Naira Life Conference ticket. Become smarter about tech and commerce in Francophone Africa, and the policies shaping them. Read previous editions here first and subscribe below. Subscribe Quizzes Uber, Bolt aren’t banned from Nigerian airports—yet Comsol is building a wholesale 5G network for SA Who secured the bag? World Wide Web 3 Events Economy Uber and Bolt aren’t banned from Nigerian airports, yet Image Source: Tenor Have you ever tried ordering a ride after landing at Nigeria’s Murtala Muhammed International Airport (MMIA) and watched the little car icons on your app multiply until it looked like a huge pile-up? FAAN wants to bring some order to that chaos. What happened? The Federal Airports Authority of Nigeria (FAAN), the regulator that manages Nigeria’s commercial airports, has said it is speaking to ride-hailing companies, including Bolt and Uber, about a framework that would allow them to pick up passengers at airports while meeting the authority’s safety and operational requirements. FAAN added that until those agreements are signed, Uber and Bolt do not have formal approval to pick up passengers from Nigerian airport terminals. Explain like I’m new here: This is all part of FAAN’s master plan to digitise airport access systems and turn airport transport into something it can manage. In March, it fully activated its cashless policy at airport access points, where airport users were required to obtain a FAAN electronic payment card that must be scanned at entry points. In June, it launched the Airport Car Hire Rank Management System (ACHRAMS) at MMIA to register and track airport car-hire operators. So what does FAAN want and why? It wants control and visibility over commercial transport operating on airport property. FAAN said it has received complaints about touting and passenger solicitation around airports and wants commercial transport providers operating on its turf to be identifiable and accountable. Where does that leave you? For now, don’t delete Uber or Bolt. FAAN has said that ACHRAMS is not an e-hailing app designed to compete with ride-sharing platforms, but until agreements are completed, Uber, Bolt, and other ride-hailing platforms don’t have formal approval to pick up passengers from Nigerian airport terminals. Every business owner needs to watch this. The business questions you Google, answered by experts. Watch for free. Telecoms Network access provider Comsol is building a wholesale 5G network for South Africa Image Source: Tenor South Africa is getting another 5G network, but this one has a slightly different plan. Comsol, a South African telecom company, is building the network and selling access to other businesses. What happened? Comsol has started selling wholesale access to a national 5G network built specifically for home broadband. The network will be available to Internet service providers (ISPs), mobile virtual network operators (MVNOs), and other resellers, while Comsol stays behind the scenes handling the infrastructure. Explain like I’m new here: Normally, a telecom company builds the network and sells the internet service directly to customers. Comsol, however, builds and operates the 5G network that an ISP or MVNO can use to create a home broadband package, decide what to charge, and sell it under its own brand. What’s interesting: South Africa already has a mature 5G market. MTN and Vodacom launched the country’s first 5G networks in 2020, while Telkom and Rain have also built 5G offerings. In 2022, MTN had the fastest median 5G download speed, according to GSMA. Comsol wants to become the network that other businesses can use to compete with these heavyweights. We’ve seen this before: Ghana’s Next-Gen InfraCo (NGIC) launched in 2024 as a shared 4G/5G infrastructure company and commenced operations in March, with the idea that mobile operators and Internet providers could use one national network instead of each building everything themselves. Comsol is doing something similar, although its network is focused on 5G home broadband rather than being a shared mobile network for the whole country. What does this mean for you? An interesting thing to look out for will be the price. Comsol hasn’t disclosed what it will charge its wholesale partners, and those partners will still have to add their own costs and margins. A wholesale network could make connectivity cheaper by spreading infrastructure costs across providers, but it doesn’t guarantee cheaper Internet for you. Naira Life 2026 is here! The Naira Life Conference 2026 is bringing together Nigeria’s top finance minds, industry leaders, creators, and business strategists for a full-day of specialised sessions and masterclasses designed for ambitious Nigerians who want to make, keep, grow, and pass on real wealth. Happening on August 22 at the Jewel Aeida, Lekki, Lagos. Secure a seat in the room. Insights Funding Tracker Image Source: Success Sotonwa for TechCabal Insights Terra Industries, a Nigerian defence-tech startup, raised $18 million in seed funding. The investment came from existing investors 8VC, Silent Ventures, Nova Global, Belief Capital, and SV Angel, alongside new investors Norleo Space Investments and angel investor Grant Gordon. (Aug 17) Here are the other deals for the week: Pouchers, a Nigerian stablecoin-powered payments platform, raised $500,000 in a pre-seed funding round led by Stack Directory LLC, a Dubai-based internet investment company, with participation from other strategic angel investors. (Aug 17) Jem, a South African workforce management startup, raised $8.4 million in Series A funding led by Quona Capital, with participation from University Technology Fund,
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Nigeria’s Securities and Exchange Commission (SEC) has proposed new rules that would allow it to approve new digital and virtual asset operators, set governance requirements, and gain deeper visibility into transactions, wallets, and the movement of digital assets in and out of the country. The proposed rules, issued on Thursday, would mandate cryptocurrency businesses targeting Nigerian users to register with the SEC, even if they operate from outside the country. The rules cover exchanges, custodians, and virtual asset service providers (VASPs), as well as tokenisation and digital-asset offering platforms. It marks a significant expansion of the SEC’s approach to regulating crypto in Nigeria, shifting the focus from simply bringing virtual asset businesses into its sandbox framework to issuing operating rules to closely supervise how they operate, move customer assets, and interact with the wider financial system. The proposal underscores one of the key areas where Nigeria’s virtual asset regulation lies: transaction monitoring. Several virtual asset businesses now face re-enforced costs of operating in the digital asset sector. Exchanges and digital asset custodians would each need ₦2 billion ($1.5 million) in minimum capital, while VASPs would require ₦200 million ($148,400). Digital asset platform operators (DAPOs) such as token issuers, digital asset offering platforms (DAOPs)—including companies that provide platforms for token issuance—and real-world asset tokenisation platforms (RATOPs) must all maintain minimum capital requirements of ₦500 million ($371,000). Notably, ancillary virtual asset providers (AVASPs), which provide technological infrastructure for virtual asset businesses, are no longer included in the proposed rules. The category previously carried a minimum capital requirement of ₦300 million ($222,600) under the SEC’s revised guidelines issued in March. Digital asset exchanges would pay a ₦30 million ($22,270) registration fee, while VASPs would pay ₦15 million ($11,130). But the bigger change may be how much information crypto companies would have to make available to the regulator. The SEC could require regulated firms to provide application programming interface (API)-based or other electronic access to operational, transactional, financial, wallet, custody, and settlement data. Digital asset firms would also have to identify and report transactions involving Nigerian residents and cross-border flows, including wallet addresses, transaction values, timestamps, and counterparty information. “The Commission may refuse to register an applicant where the Commission is not satisfied with the applicant’s information, governance, ownership, financial condition, operational model, technology, risk controls, compliance arrangements, regulatory status or ability to comply with these rules,” the SEC said in the proposed rules. Exchange operators face additional requirements. Customer assets cannot be freely mixed with company funds, while related-party custody arrangements would require a separately incorporated and regulated custodian. The SEC is also seeking to pull more of crypto’s newer business models into its regulatory perimeter. Staking, lending, yield products, liquidity pools, peer-to-peer (P2P) and over-the-counter (OTC) trading, and non-custodial wallet services are explicitly addressed in the proposed framework. The proposal follows the SEC’s recent push to bring more virtual asset companies into its Accelerated Regulatory Incubation Programme (ARIP), with 12 firms admitted since July and on track to receive approvals-in-principle. The pace marks an acceleration from 2025, when new admissions slowed. The SEC said under the new framework, ARIP approval-in-principle would last two years, but would not amount to full registration and would come with restricted operating scopes and enhanced supervision. True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks. Get 20% off Early Bird tickets for a limited time.
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