Meta threatens to cut off Facebook in Nigeria over huge fines | Open Banking Is Coming to Nigeria!
Here is what you need to know about this week's Global news review and how it affects you and your business:
Global News: Meta threatens to cut off Facebook in Nigeria over huge fines
Meta, the parent company of Facebook and Instagram, has warned that it may be forced to suspend its services (Facebook and Instagram) in Nigeria over what it calls “unrealistic” regulatory demands by local authorities.
Our thoughts:
Big Tech vs. Nigeria: Could Facebook and Instagram Really Go Dark?
If you use Facebook or Instagram for business or connection, this is something you need to know.
Meta (the parent company of Facebook and Instagram) has just warned that it may be forced to suspend its services in Nigeria. The company is calling out “unrealistic” demands from Nigerian regulators.
Let’s break it down 👇
What’s Going On?
Last year, three Nigerian agencies fined Meta over $290 million,
Anti-competitive practices ($220M), lol
Running unapproved ads ($37.5M), and
Violating data privacy laws ($32.8M).
Meta went to court to challenge the fines—but the court said no. Now, the company says it might pull out of Nigeria to avoid enforcement action. That could mean no Facebook or Instagram.
Why This Matters
If you use these platforms to:
Run a small business,
Advertise or sell online,
Connect with customers,
Stay updated or promote content...
This news should have your attention. Facebook remains Nigeria’s most used social media platform, and many small business owners rely on it to earn a living.
So, What’s the Real Issue?
The biggest clash is with Nigeria’s data protection agency.
Here’s what they’re asking Meta to do:
Get approval before transferring Nigerian user data abroad.
Create a new data privacy icon to educate users about how their data is used—especially the risks.
Meta says these demands are “unrealistic” and that Nigeria’s interpretation of the law is off base.
What Could Happen Next?
A few possible outcomes:
Negotiation: Meta and Nigerian authorities find a middle ground.
Suspension: Meta pulls the plug temporarily to apply pressure.
Business Disruption: Entrepreneurs, influencers, and digital marketers could take a major hit.
New Opportunities: Other platforms like TikTok or local apps may swoop in.
But one thing is clear: this is a huge moment for tech in Africa.
Final Thoughts
Whether you’re a business owner, content creator, or just someone who scrolls for fun—this isn’t just a “tech company” issue. It’s about access, data rights, regulation, and the future of Nigeria’s digital economy.
Let’s watch closely. June is the deadline for Meta to decide.
What would you do if Facebook or Instagram suddenly went offline? Let me know—I’m curious.
Nigerian News: Open Banking Is Coming to Nigeria—Here’s Why It Matters to You!
Nigeria’s Central Bank (CBN) has approved the launch of open banking, mandating that banks begin sharing customer data with other financial institutions starting in August 2025.
Our thoughts
After years of anticipation, the Central Bank of Nigeria (CBN) has officially approved the launch of open banking, making Nigeria the first African country to implement it at scale.
Starting August 2025, your bank will be able to share your financial data—with your permission—with other licensed financial institutions.
Sounds technical? It is. But it’s also powerful. And it’s about to change how you bank.
What Is Open Banking?
Open banking means you control your financial data—and can choose to share it securely with approved apps, banks, and fintechs. Think of it as unlocking your financial life, but safely.
With your consent, providers can access:
- Your account balance
- Transaction history
- Spending patterns
And in some cases, even initiate payments on your behalf.
This happens via APIs—secure tech pipelines between banks and financial apps. Your BVN or NIN will be used to manage your permissions. CBN has also set up a central registry to track and authenticate everyone involved.
Why Does It Matter?
Today, each bank sees only part of your financial life.
Let’s say:
You use Bank A for shopping and
Bank B for saving and investing.
To Bank A, you're just a spender with no savings. But if you apply for a loan there, they’ll assume you’re high-risk—even though you’ve got ₦2 million stashed at Bank B.
Open banking fixes this.
You can give Bank A permission to view your Bank B savings—instantly improving your credit profile and access to better loan terms.
It’s like moving from a world where your data is locked up…
…to one where you hold the keys and decide who sees what.
If you’ve ever connected PayPal or Wise to your US bank account—that’s open banking in action.
Real-Life Use Cases
· An individual with accounts at multiple banks and investment firms can see their total financial position—bank balances, debts, and investment portfolio—in one dashboard.
· Budgeting apps can access a user’s bank transactions across multiple accounts, build a consolidated budget, track spending habits, and suggest savings or investment strategies in real time.
By pulling transaction and savings patterns, asset managers can update a customer’s risk profile dynamically and suggest new asset allocations tailored to life events (e.g. a pay raise or job loss).
A new user signing up with an asset manager or fintech can use open banking to instantly verify identity, income history, and account data, speeding up onboarding and eliminating redundant KYC forms. Making sense now? But
What About Security?
Yes, open banking comes with risks—especially around cybersecurity. But here’s the thing: You are in charge.
Only share access with CBN-licensed providers you trust. Read the fine print, check their credibility, and revoke access if needed.
From Passive to Powerful
Open banking is more than a tech upgrade. It’s a mindset shift. It puts competition back in the system and hands you the negotiating power. You can compare services, switch easily, and expect more tailored financial solutions.
Your money story isn’t just about naira and kobo anymore. It’s about data, consent, access, and choice. We expect more products and apps to plug into this policy- good thing is that they will need to meet CBN’s requirements to do so- this is where growth comes.
African News: UN is relocating staff to Nairobi
Here’s a major global shift that caught our eye this week — and it might just reshape how power, property, and policy play out across continents.
What’s Happening?
The United Nations is moving some of its major operations—including parts of UNICEF and UNFPA—out of cities like New York, Vienna, and Geneva, and into Nairobi, Kenya.
Why? According to UN Secretary-General António Guterres, it’s all about cutting costs and boosting efficiency. The initiative, codenamed UN80 (to mark the UN’s 80th anniversary), is a big restructuring effort driven by shrinking global resources. Think of it as the UN tightening its belt.
What’s Moving?
Administrative and service functions from expensive HQs
Entire support teams and operations units
With that comes job restructuring and even layoffs in some departments
Guterres says Nairobi is already prepped to handle the load. The UN has been investing in the city for years, and it's now set to become a more central hub for global development work.
Why Should You Care?
These shifts don’t just affect diplomats and aid workers — they ripple through real estate, business ecosystems, and international hiring trends.
If you live in New York, Geneva, or Vienna:
UN offices might start vacating prime real estate.
Local businesses that depend on UN staff could feel the pinch.
The high-end rental market might soften a bit.
If you live in or invest in Nairobi (TMWC member slide in):
Expect a surge in demand for quality office space and residential properties.
More jobs will open up for local professionals, especially in admin, tech, comms, and project support roles.
Nairobi’s reputation as a global diplomatic and innovation hub just got a big boost.
This is particularly exciting for the club as we closed investment property deals in the heart of Nairobi in 2023!!!
This move is part of a wider trend: global institutions are decentralizing. The Global South is rising—not just as a consumer market, but as a center of influence and operational control.
In short, we’re seeing a reshuffling of global priorities—and Africa is finally stepping into a bigger room.
The world is moving—literally—and how we respond could open up new windows of opportunity.
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