Fintech Archives - Tech | Business | Economy https://techeconomy.ng/category/economy/finnce/fintech/ Tech | Business | Economy Tue, 14 Jul 2026 19:47:47 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0.1 https://techeconomy.ng/wp-content/uploads/2026/02/cropped-techeconomy-logo-32x32.jpeg Fintech Archives - Tech | Business | Economy https://techeconomy.ng/category/economy/finnce/fintech/ 32 32 Without Reliable Power, Financial Inclusion Will Stall, Interswitch CEO Warns https://techeconomy.ng/without-reliable-power-financial-inclusion-will-stall-interswitch-ceo-warns/ https://techeconomy.ng/without-reliable-power-financial-inclusion-will-stall-interswitch-ceo-warns/#respond Tue, 14 Jul 2026 19:47:47 +0000 https://techeconomy.ng/?p=185329 Mitchell Elegbe, founder and group managing director/CEO of Interswitch, has urged Africans to invest massively in energy infrastructure as a critical enabler of financial inclusion and sustainable economic growth across the continent. In a keynote address delivered on his behalf at the 11th edition of the Nigeria Energy Forum (NEF) 2026 in Lagos, the company […]

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Mitchell Elegbe, founder and group managing director/CEO of Interswitch, has urged Africans to invest massively in energy infrastructure as a critical enabler of financial inclusion and sustainable economic growth across the continent.

In a keynote address delivered on his behalf at the 11th edition of the Nigeria Energy Forum (NEF) 2026 in Lagos, the company underscored the inextricable link between reliable energy, digital infrastructure, and inclusive prosperity.

Elegbe delivered the keynote address titled “Rewiring Financial Inclusion, Infrastructure & Investments,” through , Adeyinka Adekoya, vice president, Energy Ecosystem, emphasising that reliable energy is the foundation upon which digital transformation, financial participation and inclusive economic development are built.

Addressing policymakers, regulators, development partners, investors, private sector leaders and innovators, Elegbe observed that while Africa has made significant progress in expanding access to digital financial services, sustainable financial inclusion will remain out of reach for millions without reliable access to electricity.

He explained that energy powers the digital infrastructure underpinning payments, commerce and financial services, making it indispensable to building resilient economies, expanding opportunities for underserved communities and enabling broader participation in the formal economy.

“Financial inclusion extends beyond providing access to financial services. It is about creating the conditions that enable people and businesses to participate meaningfully in the economy. Energy is one of those critical conditions. Where energy is unavailable or unreliable, economic opportunities are constrained, digital services are limited, and financial exclusion persists. In many ways, energy poverty is financial exclusion in disguise,” Elegbe said.

Highlighting the role of innovation in shaping Africa’s future, Elegbe also stressed the importance of empowering young people to develop solutions that address pressing societal challenges while creating sustainable economic value.

“Africa’s greatest competitive advantage lies in the ingenuity of its young people. By creating an enabling environment where innovation solves real problems and attracts investment, we can accelerate inclusive development across the continent. The future is youth-driven, innovation-led and investment-enabled,” he added.

For more than two decades, Interswitch has remained at the forefront of building payment infrastructure that powers commerce, expands financial access and accelerates digital transformation across Africa.

Beyond enabling seamless payments, the company continues to invest in strategic partnerships and ecosystem collaborations that strengthen critical infrastructure, foster innovation and unlock shared value for businesses, governments and communities.

As Africa’s economies become increasingly digital and interconnected, Interswitch believes that sustainable progress will depend on resilient infrastructure, forward-looking investments and strong cross-sector collaboration.

Through platforms such as the Nigeria Energy Forum, the company continues to advocate for integrated solutions that connect energy, technology and finance, creating the conditions for broader financial inclusion and long-term economic growth.

By enabling the infrastructure and partnerships that power opportunity, Interswitch remains committed to helping build a more inclusive, resilient and prosperous Africa.

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Cashwise Launches Orbit, Giving Business Teams Their Own Virtual Dollar Cards https://techeconomy.ng/cashwise-launches-orbit-giving-business-teams-their-own-virtual-dollar-cards/ https://techeconomy.ng/cashwise-launches-orbit-giving-business-teams-their-own-virtual-dollar-cards/#respond Fri, 10 Jul 2026 10:37:52 +0000 https://techeconomy.ng/?p=185150 Cashwise Finance has introduced Orbit, virtual dollar cards platform built specifically for businesses, teams and departments, moving early users off a waitlist and into the product this month. The product addresses a problem Elsie Godwin, co-founder and Chief Operating Officer of Cashwise says she kept encountering: staff members using personal fintech accounts to pay for […]

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Cashwise Finance has introduced Orbit, virtual dollar cards platform built specifically for businesses, teams and departments, moving early users off a waitlist and into the product this month.

Cashwise Finance Launches to Disrupt $20 Billion Remittances Market
Elsie Godwin, co-founder, Cashwise Finance

The product addresses a problem Elsie Godwin, co-founder and Chief Operating Officer of Cashwise says she kept encountering: staff members using personal fintech accounts to pay for company tools, company funds being exposed to multiple platforms and team members on one card, and finance teams reconciling business spend from WhatsApp screenshots because no dedicated business card infrastructure existed.

Godwin has said the idea crystallised after watching a remote staff member at a Lagos startup unable to run the company’s Google Ads campaign because she couldn’t reach her line manager to verify card details tied to a single shared account.

“You didn’t build a business to become a human ATM,” Godwin said.

Orbit by Cashwise gives each team member their own dedicated virtual dollar card, with spending limits set by the business, visibility into real-time spend, and centralized control, designed for recurring business expenses such as Google Ads, Meta Ads, TikTok Ads, and subscription tools including Notion, Figma, Adobe, Canva, AWS and various AI platforms.

Built for Businesses, startups, Marketing agencies, exporters and global businesses, Godwin said the product was shaped by direct feedback from businesses rather than formal research, and that its development was further validated through her acceptance into the Entrepreneurs for Global Change LeapX Bootcamp and Entrepreneur-in-Residence programme.

How Orbit by Cashwise Works

Per Cashwise, Orbit is structured around three core steps:

  1. Business sets up a central account. A company registers on Orbit and manages the account from an admin/finance dashboard rather than through an individual’s personal card.
  2. Dedicated cards are issued per team, department or project. Instead of one shared card routed through a single person, each team member or use-case gets its own virtual dollar card, funded from the business’s central balance.
  3. Role-Based access for teams – assign multiple user roles so finance teams, administrators and employees can access the platform based on their responsibilities
  4. Spend limits and visibility are set centrally. Admins define how much each card can spend, monitor transactions in real time, and adjust or revoke access without needing to track down whoever is holding the card.

The result, according to Godwin, is that a marketing campaign or software subscription no longer stalls because one person is unreachable; spend authority sits with the business, not with an individual’s personal account and reconciliation can be done by a click of a few buttons.

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Nigeria: Fintech Valuation Tops $10.6bn as Banking Assets Hit N180.4trn https://techeconomy.ng/nigeria-fintech-valuation-tops-10-6bn-as-banking-assets-hit-n180-4trn/ https://techeconomy.ng/nigeria-fintech-valuation-tops-10-6bn-as-banking-assets-hit-n180-4trn/#respond Tue, 07 Jul 2026 14:16:06 +0000 https://techeconomy.ng/?p=184999 | By: Francis Onyemachi Nigeria has maintained its position as Africa’s leading fintech ecosystem, with the combined valuation of its fintech companies now exceeding $10.6 billion across more than 500 firms. The figures are contained in the State of Enterprise Report 2026 released by EnterpriseNGR, which reveals the performance of Nigeria’s financial and professional services […]

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| By: Francis Onyemachi

Nigeria has maintained its position as Africa’s leading fintech ecosystem, with the combined valuation of its fintech companies now exceeding $10.6 billion across more than 500 firms.

The figures are contained in the State of Enterprise Report 2026 released by EnterpriseNGR, which reveals the performance of Nigeria’s financial and professional services sector and strengthens the country’s leadership in digital financial innovation across Africa.

According to the report, total assets held by deposit money banks rose to ₦180.37 trillion, while the Nigerian Exchange (NGX) All-Share Index recorded its strongest annual performance since 2007, gaining more than 50 per cent.

The report also showed that the banking sector accounted for 72.8 per cent of Nigeria’s total capital inflows in the first quarter of 2026, underscoring its significant role in supporting economic growth.

Commenting on the report, Obi Ibekwe, chief executive officer of EnterpriseNGR, said the publication reflects the organisation’s commitment to promoting evidence-based decision-making and supporting Nigeria’s economic transformation.

The State of Enterprise Report 2026 comes at a critical time for businesses, institutions and policymakers. In today’s environment, decisions cannot be based on assumptions alone. Leaders require credible data, sound analysis and forward-looking insight to navigate uncertainty, identify opportunities and make informed decisions with confidence,” she said.

Ibekwe added that the financial and professional services sector remains one of the country’s strongest drivers of enterprise, investment and economic development.

This report demonstrates not only the sector’s resilience but also the opportunities that exist to unlock greater productivity, attract capital, strengthen institutions and accelerate sustainable growth through purposeful policy implementation and private sector collaboration,” she said.

Further findings showed that the insurance and pension industries also recorded strong growth. Gross Premiums Written increased by 47.3% to ₦2.30 trillion, while pension assets grew by 21.9% to ₦27.45 trillion.

The report also highlighted the financial sector’s growing contribution to government revenue.

According to the findings, the Financial and Insurance sector contributed ₦1.50 trillion in Company Income Tax (CIT), accounting for 30% of total collections and making it the largest contributor to corporate tax revenue.

EnterpriseNGR said the report is intended to provide business leaders, investors, regulators, policymakers, researchers and development partners with comprehensive analysis based on official data, market intelligence and sector research.

Beyond assessing current performance, the report identifies growth opportunities across banking, fintech, insurance, pensions, capital markets, asset management, non-interest finance, sustainable finance and professional services.

Despite a challenging macroeconomic environment affected by inflation, exchange rate adjustments and evolving global economic conditions, the report noted the financial and professional services sector was an important driver of investment mobilisation, national competitiveness and Nigeria’s broader economic transformation.

The report recommended sustained structural reforms to strengthen investor confidence, deepen financial inclusion, improve market efficiency and reinforce Nigeria’s position as a leading regional financial hub.

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Five Ways Remita Powers Everyday Payments in Nigeria https://techeconomy.ng/five-ways-remita-powers-everyday-payments-in-nigeria/ https://techeconomy.ng/five-ways-remita-powers-everyday-payments-in-nigeria/#respond Mon, 06 Jul 2026 13:10:08 +0000 https://techeconomy.ng/?p=184884 Most people only notice a payment platform when something goes wrong. When money moves instantly, salaries arrive on time or school fees are confirmed in minutes, the technology behind it often goes unnoticed. That is where Remita comes in. Beyond its well-known role in government payments, the platform now supports payment services used daily by […]

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Most people only notice a payment platform when something goes wrong. When money moves instantly, salaries arrive on time or school fees are confirmed in minutes, the technology behind it often goes unnoticed.

That is where Remita comes in. Beyond its well-known role in government payments, the platform now supports payment services used daily by businesses, schools, hospitals and millions of Nigerians.

1. Making Bank Transfers Work Smoothly

Every instant transfer depends on reliable payment rails. Remita’s licensed account-to-account switching platform moves funds securely between financial institutions, helping transactions reach the right destination without delays.

2. Making Payment Records Easier to Track

The Remita Retrieval Reference (RRR) gives every payment a unique identity. It connects invoices, payments and reconciliation, making it easier for organisations to trace transactions and reduce errors. In 2025 alone, more than 100 million electronic invoices were generated through the platform.

3. Processing Salaries and Statutory Payments

Many employers use Remita to pay staff across different banks while also handling pension contributions, taxes and other statutory deductions. Managing these obligations from one platform saves time and reduces administrative work.

4. Supporting Schools and Healthcare Providers

Students use Remita to pay tuition and acceptance fees, while patients use it to settle hospital bills. The platform gives institutions a secure way to collect payments and maintain accurate financial records.

5. Building for the Next Generation of Payments

Remita is also preparing for a new way to pay. Its Model Context Protocol (MCP) server is designed to support conversational payments, allowing users to ask an AI assistant to complete tasks such as paying a bill or transferring money using natural language.

As digital payments become part of everyday life, dependable payment infrastructure matters more than ever.

Much of that work happens behind the scenes, and Remita continues to provide the systems that keep money moving for businesses, institutions and individuals across Nigeria.

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Energy Gaps Threaten Africa’s Financial Inclusion Drive, Interswitch’s Elegbe Says https://techeconomy.ng/energy-gaps-threaten-africas-financial-inclusion-drive-interswitchs-elegbe-says/ https://techeconomy.ng/energy-gaps-threaten-africas-financial-inclusion-drive-interswitchs-elegbe-says/#respond Wed, 01 Jul 2026 18:26:18 +0000 https://techeconomy.ng/?p=184642 Reinforcing its commitment to advancing inclusive growth and sustainable development across Africa, Interswitch, one of Africa’s leading integrated payments and digital commerce companies, has called for increased investment in energy infrastructure as a critical enabler of financial inclusion and sustainable economic growth across the continent. The call was made at the 11th edition of the […]

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Reinforcing its commitment to advancing inclusive growth and sustainable development across Africa, Interswitch, one of Africa’s leading integrated payments and digital commerce companies, has called for increased investment in energy infrastructure as a critical enabler of financial inclusion and sustainable economic growth across the continent.

The call was made at the 11th edition of the Nigeria Energy Forum (NEF) 2026, held recently in Lagos, where the company underscored the inextricable link between reliable energy, digital infrastructure and inclusive prosperity.

Representing Mitchell Elegbe, founder and Group CEO, Interswitch, Adeyinka Adekoya, vice president, Energy Ecosystem, delivered the keynote address titled “Rewiring Financial Inclusion, Infrastructure & Investments,” emphasising that reliable energy is the foundation upon which digital transformation, financial participation and inclusive economic development are built.

Addressing policymakers, regulators, development partners, investors, private sector leaders and innovators, Adekoya observed that while Africa has made significant progress in expanding access to digital financial services, sustainable financial inclusion will remain out of reach for millions without reliable access to electricity.

He explained that energy powers the digital infrastructure underpinning payments, commerce and financial services, making it indispensable to building resilient economies, expanding opportunities for underserved communities and enabling broader participation in the formal economy.

“Financial inclusion extends beyond providing access to financial services. It is about creating the conditions that enable people and businesses to participate meaningfully in the economy. Energy is one of those critical conditions. Where energy is unavailable or unreliable, economic opportunities are constrained, digital services are limited, and financial exclusion persists. In many ways, energy poverty is financial exclusion in disguise,” Adekoya said.

Highlighting the role of innovation in shaping Africa’s future, Adekoya also stressed the importance of empowering young people to develop solutions that address pressing societal challenges while creating sustainable economic value.

“Africa’s greatest competitive advantage lies in the ingenuity of its young people. By creating an enabling environment where innovation solves real problems and attracts investment, we can accelerate inclusive development across the continent. The future is youth-driven, innovation-led and investment-enabled,” he added.

For more than two decades, Interswitch has remained at the forefront of building payment infrastructure that powers commerce, expands financial access and accelerates digital transformation across Africa. Beyond enabling seamless payments, the company continues to invest in strategic partnerships and ecosystem collaborations that strengthen critical infrastructure, foster innovation and unlock shared value for businesses, governments and communities.

As Africa’s economies become increasingly digital and interconnected, Interswitch believes that sustainable progress will depend on resilient infrastructure, forward-looking investments and strong cross-sector collaboration.

Through platforms such as the Nigeria Energy Forum, the company continues to advocate for integrated solutions that connect energy, technology and finance, creating the conditions for broader financial inclusion and long-term economic growth.

Interswitch Group at NEF
L-R: Engr. Deji Ojo, Assistant General Manager, Nigerian Independent System Operator (NISO); Jadesola Rawa, Senior Associate, Grants, All On; Dr. Oluwole Daniel Adeuyi, Group Chairman, Nigeria Energy Forum (NEF); Dr. Ibironke Oluwabamise, National Coordinator, GEF-SGP, UNDP Nigeria; Adeyinka Adekoya, Vice President, Energy Ecosystem, Interswitch; and Yemi Aje, Executive Director, Investment and Development, O’odua Group, during the 11th edition of the Nigeria Energy Forum (NEF), held recently in Lagos.

By enabling the infrastructure and partnerships that power opportunity, Interswitch remains committed to helping build a more inclusive, resilient and prosperous Africa.

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Financial Services Move Closer to Home as eTranzact Onboards over 1000 PocketMoni Agents in Ogun https://techeconomy.ng/etranzact-onboards-1000-pocketmoni-agents-in-ogun/ https://techeconomy.ng/etranzact-onboards-1000-pocketmoni-agents-in-ogun/#respond Mon, 29 Jun 2026 12:48:29 +0000 https://techeconomy.ng/?p=184402 Residents of Obafemi Owode Local Government Area of Ogun State are benefiting from improved access to financial services following a large-scale financial inclusion initiative by eTranzact International Plc, under which the onboarding of over 1,000 agents and the deployment of thousands of PocketMoni terminals across communities in the area are ongoing. The initiative which was […]

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Residents of Obafemi Owode Local Government Area of Ogun State are benefiting from improved access to financial services following a large-scale financial inclusion initiative by eTranzact International Plc, under which the onboarding of over 1,000 agents and the deployment of thousands of PocketMoni terminals across communities in the area are ongoing.

The initiative which was launched through the company’s PocketMoni Business platform was designed to expand access to digital financial services in underserved communities while creating income opportunities for residents and small business owners.

eTranzact PLC

Executed in collaboration with Obafemi Owode, the zonal community development committee (CDC), the programme forms part of eTranzact’s commitment to extending financial services beyond urban centres and bringing convenient banking solutions closer to the grassroots.

The growing network of agents and terminals now enables residents to carry out everyday transactions, including cash withdrawals, transfers, bill payments and other financial services within their communities, reducing the need to travel long distances to access banking services.

Chairman of the Zonal Community Development Committee (CDC), Obafemi Owode, Engineer Gboyega Kareem Adeleke, described the initiative as a significant step towards improving financial access and economic activity within the local government area.

“Before PocketMoni came, our people had to travel far for simple withdrawals and bill payments. Today, those services are available within our communities through people we know and trust. This is development that directly impacts lives, and we commend eTranzact for bringing these opportunities to the grassroots,” he said.

Speaking on the initiative, Divisional Head, Financial Inclusion, eTranzact International Plc, Olalekan Disu, said the project highlights the impact of taking financial services directly to communities.

“Financial inclusion is not just about opening access to financial products, it is about creating opportunities and building trust within communities. By empowering local agents and deploying thousands of terminals, we are helping to stimulate economic activity, create livelihoods and make financial services more accessible to people at the grassroots,” he said.

Disu added that the success recorded in Obafemi Owode reinforces the importance of community engagement in driving sustainable financial inclusion and supporting Nigeria’s transition to a more digitally enabled economy.

According to the company, the initiative forms part of a broader strategy to bridge financial access gaps across rural and semi-urban communities while advancing national financial inclusion objectives.

Following the positive response from residents and community stakeholders, eTranzact said it plans to replicate the model across other local government areas in the south-west, further expanding access to secure, convenient and affordable digital financial services.

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4G Capital hits $1 Billion in Loans Disbursed to African Entrepreneurs https://techeconomy.ng/4g-capital-hits-1-billion-in-loans-disbursed-to-african-entrepreneurs/ https://techeconomy.ng/4g-capital-hits-1-billion-in-loans-disbursed-to-african-entrepreneurs/#respond Thu, 25 Jun 2026 14:49:18 +0000 https://techeconomy.ng/?p=184134 4G Capital, the fintech powering small businesses in Africa, today announced a major milestone: more than US$1 billion in loans disbursed to entrepreneurs across Kenya and Uganda. Since 2013, 4G Capital has supported around 800,000 customers through over 7.6 million working capital loans, helping business owners access the finance and business skills they need to […]

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4G Capital, the fintech powering small businesses in Africa, today announced a major milestone: more than US$1 billion in loans disbursed to entrepreneurs across Kenya and Uganda.

Since 2013, 4G Capital has supported around 800,000 customers through over 7.6 million working capital loans, helping business owners access the finance and business skills they need to grow resilient enterprises, increase incomes, and create jobs within their communities.

The milestone reflects 4G Capital’s commitment to closing the financing gap for entrepreneurs traditionally excluded from formal financial services.

By combining supply chain financing with customised business training, the company has enabled thousands of small businesses to strengthen cash flow, build resilience and unlock growth opportunities.

At the heart of this success is 4G Capital’s proprietary digital financial infrastructure,  using its advanced AI-powered lending layer to empower relationship officers through a touch-tech network of more than 1,600 field agents across 226 branches in Kenya and Uganda.

The company’s data-driven lending platform assesses each customer’s business cycle to provide appropriately sized working capital loans while maintaining strong portfolio quality and responsible lending practices.

Today, 4G Capital maintains a repayment rate of 95%, demonstrating that financial inclusion and portfolio performance can go hand in hand.

Beyond financing, 4G Capital continues to drive real economic impact across East Africa through embedded business skills training for its clients. The business has contributed to the creation of more than 1.4 million jobs and generated over US$3 billion in economic impact.

The majority of customers are women and youth entrepreneurs, with 73% female customers and more than half operating in rural marketplaces where access to formal financial services remains limited.

As customers build successful repayment histories, their access to capital grows alongside their businesses. On average, customers nearly double their borrowing capacity within 36 months, enabling them to invest more confidently in stock, operations, and business expansion, and boosting revenues by an average of 82% per year.

 Commenting on the milestone, Wayne Hennessy-Barrett, founder and executive chairman of 4G Capital, said:

 “Reaching the US$1 billion lending milestone is a testament to our amazing customers, their determination, resilience, and ambition.  This milestone belongs as much to them as it does to our fantastic team.”

The announcement comes as 4G Capital continues its next phase of growth and digital innovation. Earlier this year, the company was recognised in the Financial Times Africa’s Fastest Growing Companies 2026 ranking, placing it 3rd among Kenyan fintech and financial services firms.

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Bolanle Baruwa: Enterprise-Grade Payment Infrastructure is Crucial for the Growth of African Businesses https://techeconomy.ng/bolanle-baruwa-enterprise-grade-payment-infrastructure-is-crucial-for-the-growth-of-african-businesses/ https://techeconomy.ng/bolanle-baruwa-enterprise-grade-payment-infrastructure-is-crucial-for-the-growth-of-african-businesses/#respond Thu, 25 Jun 2026 10:47:58 +0000 https://techeconomy.ng/?p=184107 Bolanle Baruwa, the head of SME Business at Flutterwave, has praised the growth of Africa’s fintech ecosystem, stating that the continent’s payment infrastructure is now at par with the world’s technology. She made the remarks during her appearances at the NYSE Tech Summit in San Francisco and the Africa Fintech Summit in Washington, D.C. She […]

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Bolanle Baruwa, the head of SME Business at Flutterwave, has praised the growth of Africa’s fintech ecosystem, stating that the continent’s payment infrastructure is now at par with the world’s technology.

She made the remarks during her appearances at the NYSE Tech Summit in San Francisco and the Africa Fintech Summit in Washington, D.C.

She noted that small and micro enterprises (SMEs), which dominate Africa’s economy, stand to gain the most from this development.

During the NYSE Tech Summit, Baruwa participated in a fireside chat titled: “Building Global Payment Rails for the Next Billion.”

Bolanle Baruwa addressed the persistent friction points for enterprises moving money internationally, such as slow settlement, FX liquidity constraints, and the complexity of navigating compliance across multiple African markets.

She highlighted Flutterwave’s role as an infrastructure layer enabling multinationals and African enterprises to navigate these challenges on a single platform in over 34 countries.

She also addressed the strategic positioning of stablecoins as infrastructure, not a niche crypto tool, for markets where correspondent banking remains costly and slow.

Commenting on these developments, she said:

“For a business in Lagos or Nairobi, enterprise-grade infrastructure is not a luxury; it is survival. It means not losing a day’s revenue to a settlement delay or watching a cross-border payment fail because of fragmented rails.”

At the Africa Fintech Summit (AFTS) in Washington DC, Baruwa delivered a keynote speech on behalf of Olugbenga ‘GB’ Agboola, Flutterwave founder and CEO.

In the speech, she traced Flutterwave’s decade-long evolution from a payment gateway connecting fragmented financial systems to a financial operating system for Africa.

She emphasized that milestones like acquiring Mono, an open banking platform, and securing a microfinance banking license in Nigeria, enable Flutterwave to manage payments, banking, data, and identity through a single, unified stack.

“The roads are paved. The Superhighway is open. Africa’s payment systems are no longer catching up with the world; they are setting the pace,” Baruwa noted.

Speaking on the panel “The Signal from Rwanda: Perspective from Fintech Operators,” at AFTS, Bolanle championed regional license passporting initiatives such as the Rwanda-Ghana and Rwanda-Kenya license passporting initiatives as a model for reducing regulatory fragmentation continent-wide. For an infrastructure provider operating at scale, she argued that the administrative cost of siloed jurisdictions remains a primary barrier to continental growth.

Baruwa also highlighted the company’s broader commitment to SMEs, removing backend complexities and allowing businesses in Lagos or Accra, or Nairobi, to accept payments from customers in international hubs like Washington, D.C., as seamlessly as a local transaction.

She also shared the cross-border capabilities of Send App by Flutterwave, which is now evolving from a remittance platform into a full consumer banking experience with dedicated account numbers, stablecoin wallets, and travel cards.

This marks Flutterwave’s definitive evolution into a true multi-rail financial operating system, designed to handle fiat rails and regulated stablecoins with equal efficiency for the next decade of African commerce.

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As Cashless Policy Conversations Gain Momentum, Payment Service Providers are Quietly Getting Ready https://techeconomy.ng/as-cashless-policy-conversations-gain-momentum-payment-service-providers-are-quietly-getting-ready/ https://techeconomy.ng/as-cashless-policy-conversations-gain-momentum-payment-service-providers-are-quietly-getting-ready/#respond Wed, 24 Jun 2026 16:53:58 +0000 https://techeconomy.ng/?p=183985 Recent reports suggesting that the Federal Government may reintroduce aspects of Nigeria’s cashless policy have brought digital payments back into public conversation. Much of the discussion has focused on regulation, adoption and the implications for consumers and businesses. Yet beyond policy announcements and public debate lies another factor that will shape the outcome of any […]

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Recent reports suggesting that the Federal Government may reintroduce aspects of Nigeria’s cashless policy have brought digital payments back into public conversation. Much of the discussion has focused on regulation, adoption and the implications for consumers and businesses.

Yet beyond policy announcements and public debate lies another factor that will shape the outcome of any renewed cashless drive: the readiness of the payment infrastructure that Nigerians rely on every day.

Over the years, digital payments have become deeply woven into daily economic activity. Individuals pay school fees online, settle utility bills through mobile devices and transfer funds without visiting a bank branch. Businesses, from neighbourhood stores to large enterprises, depend on electronic payments to receive revenue, manage suppliers and support operations.

These habits did not emerge by chance. They are the result of sustained investments by financial institutions and payment service providers that have spent years building and maintaining the systems that keep transactions moving.

As usage has increased, so too have customer expectations. People are no longer impressed simply because a payment can be completed digitally.

They want transactions processed quickly, clear information when issues arise and platforms that are easy to understand. A poor user experience can easily push customers towards alternatives, making convenience and reliability increasingly important factors in customer retention.

This shift in customer behaviour has influenced how payment providers approach product development and customer engagement.

Across the industry, organisations are paying closer attention to the quality of interactions users have with their platforms. Players such as Remita, Moniepoint, OPay, Flutterwave and Paystack have each made visible investments in platform stability, user experience and merchant onboarding in recent years, reflecting a broader industry recognition that the next phase of digital payment adoption will be shaped as much by infrastructure quality as by policy direction.

Improvements that may appear routine on the surface often reflect broader efforts to respond to changing customer needs and prepare for higher levels of digital activity.

Remita’s recently launched website is one example of this trend. The refreshed platform offers a more intuitive experience for users seeking information about payment services and solutions.

While a website update may not attract the same attention as a major product launch, it reflects an understanding that customer experience begins long before a transaction takes place. For many users, the first interaction with a platform happens online, making accessibility, clarity and ease of navigation increasingly important.

Paystack’s partnership with the Federal Airports Authority of Nigeria offers a more visible illustration of the same readiness-first thinking, this time embedded directly into public infrastructure.

Drivers accessing airports in Lagos and Abuja can now pay entry fees by tapping a prepaid NFC card at the gate, bypassing cash entirely and reducing wait times in the process. It is a practical example of a payment provider integrating digital infrastructure into everyday public life, without waiting for policy to lead the way.

The same thinking can be observed across Nigeria’s digital payments sector. Service providers continue to review how customers access information, initiate transactions and receive support.

The goal is not merely to keep pace with current demand but to ensure systems can accommodate future growth as more individuals and businesses adopt digital payment channels.

For businesses, this preparation carries practical significance. A retailer processing hundreds of customer payments daily needs confidence that transactions will be completed without disruption. An entrepreneur running an online business depends on reliable payment channels to maintain customer trust. When payment systems perform consistently, they support commercial activity in ways that are often unnoticed. It is only when they fail that their importance becomes fully apparent.

This is why conversations about cashless transactions should extend beyond policy measures alone. Regulations may encourage adoption, but long-term usage depends on trust.

Consumers must believe that payment platforms will work when needed, while businesses require systems capable of supporting their operations without unnecessary complications. Building that confidence requires continuous investment in technology, security and customer experience.

Nigeria’s digital economy has expanded considerably over the past decade, and payment providers have played a central role in that progress.

As discussions around cashless transactions gain momentum once again, attention will naturally focus on government policy and regulatory direction.

Equally important, however, are the organisations that continue to strengthen the infrastructure supporting digital commerce behind the scenes.

The companies preparing for increased digital activity are doing so long before new policies take effect. Through platform improvements, customer-focused upgrades and ongoing investments in reliability, they are helping create the conditions that make digital payments practical for millions of Nigerians.

If cashless transactions are set to occupy a larger place in the country’s economic future, the readiness of these platforms will matter just as much as the policies designed to encourage their use.

The post As Cashless Policy Conversations Gain Momentum, Payment Service Providers are Quietly Getting Ready appeared first on Tech | Business | Economy.

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Three Infrastructure Gaps Nigerian Lenders Can’t Afford to Ignore  https://techeconomy.ng/three-infrastructure-gaps-nigerian-lenders-cant-afford-to-ignore/ https://techeconomy.ng/three-infrastructure-gaps-nigerian-lenders-cant-afford-to-ignore/#respond Fri, 12 Jun 2026 07:43:06 +0000 https://techeconomy.ng/?p=183298 Digital transformation has modernised the front end of the credit process in Nigeria, streamlining customer journeys and shortening the path from application to disbursement. However, this progress has not reached the core of the credit process. While digital application flows are now standard, the underlying risk infrastructure remains underdeveloped. Following the withdrawal of the Central […]

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Digital transformation has modernised the front end of the credit process in Nigeria, streamlining customer journeys and shortening the path from application to disbursement. However, this progress has not reached the core of the credit process.

While digital application flows are now standard, the underlying risk infrastructure remains underdeveloped. Following the withdrawal of the Central Bank of Nigeria’s forbearance measures, the sector’s non-performing loan (NPL) ratio climbed to 8.03% – well above the 5% regulatory limit.

The deeper, structural flaw is that banks still run on legacy risk models and backward-looking data: an approach that leaves existing portfolios exposed while shutting out the vast retail market.

To scale retail and SME credit safely, forward-looking institutions must close three critical gaps in their core credit infrastructure.

1. The Bureau and Data Blind Spot

Many institutions rely on a fragmented view of borrower risk. Internal transaction data offers a deep but narrow view of a borrower’s behaviour within one institution, while periodic credit bureau reports provide a broad but shallow, negative-only history across other lenders. Because credit bureau coverage in Nigeria remains relatively low and data sharing is often inconsistent, neither source effectively captures how a borrower actually earns, spends, and repays.

Resolving this requires unifying the data architecture, integrating internal behavioural signals with diverse external streams such as payroll, utility, and alternative financial data, to build a continuous, real-time picture of cash flow and true repayment capacity.

2. Static Risk Acceptance Criteria

To assess a borrower’s credit eligibility, banks apply internal risk acceptance criteria that are often static. In a volatile macroeconomic environment marked by shifting interest rates and inflation, a borrower’s financial reality changes rapidly, rendering these rigid, point-in-time benchmarks obsolete.

Furthermore, out of caution, these inflexible thresholds often default to conservative rejections for unfamiliar applicants, such as new salaried employees or thin-file borrowers – those with little or no formal credit history for a bureau or bank to draw on – leaving profitable loans on the table.

Transitioning to a predictive model changes risk management into a continuous, data-driven cycle. By ingesting high-frequency behavioural data, risk systems can dynamically govern their acceptance criteria in real-time, allowing them to adjust parameters, optimize pricing, and deploy interventions well before a default occurs.

3. The Collections Disconnect

In many institutions, collections teams operate in silos downstream of the credit department, meaning critical recovery performance data rarely gets fed back to front-end risk models.

Consequently, underwriting systems fail to  learn from actual repayment behaviours – repeating the same structural pricing mistakes. Integrating these functions via a direct data pipeline creates a self-learning loop, routing recovery outcomes back into the origination engine.

This empowers the risk engine to dynamically update models, continuously refining underwriting criteria based on real-world results to prevent future defaults and capture lost basis points

The Bottom Line

Closing these gaps requires intentionality: moving away from ‘set-and-forget’ tools to systems that actively manage risk. It means moving beyond fragmented data toward an integrated intelligence layer that learns from borrower behaviour to govern automated decisions with precision.

The lenders that lead over the next year will be those that treat credit not as an isolated transaction, but as a continuous, dynamic process.

At Mathesis, we have spent years building the engine that makes this possible, powering over eight million loans for two plus million Nigerians.

The future of credit belongs to those who adopt this predictive approach – and we have the proven tools and expertise to help you get there.

*Winston Osuchukwu is the founder and chief executive of Mathesis, a Nigerian credit intelligence company.

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