Founded in 1997 by a consortium of leading Nigerian banks, Unified Payments has been a trailblazer in e-payment services.

As the only non-bank entity in Nigeria licensed as a Principal Member or licensed Acquirer of all major payment schemes, including American Express, Mastercard, Visa, UnionPay and Payattitude, the company has delivered secure, scalable and innovative payment solutions that empower businesses and individuals following its transformation to a scheme-neutral and option-neutral service provider.

Speaking on the significant milestone, the Managing Director/CEO of UP group of companies, Dr. Agada Apochi expressed profound appreciation to the UP team, Shareholders and customers for their unwavering support and trust enabling the growth of the company over the years.

Apochi reaffirmed the company’s commitment to continually leverage our shared technology infrastructure towards delivering seamless, adaptable, secure and intelligent payment solutions that fuel economic growth and inclusion.

“At Unified Payments, we are immensely proud of the milestones we have achieved over these 28 years. What began as a bold initiative to create innovative financial solutions in Nigeria has evolved into a powerhouse that is unifying businesses, connecting people and driving sustainable progress. Our success is a testament to the dedication of our team, the trust of our shareholders and customers towards our relentless pursuit of excellence. As we look to the future, we remain committed to pushing boundaries, fostering inclusion and delivering solutions that make a real difference in the lives of People and businesses. Here’s to many more years of unifying excellence,” he said.

Over the years, Unified Payments has pioneered numerous industry-first innovations, including but not limited to the issuance and acceptance of EMV Chip+PIN cards in Nigeria, significantly reducing card fraud in the country, its recent partnership with Pan-African Payment & Settlement System (PAPSS) to facilitate cross-border transactions among others.

The company also enabled Nigerian Naira account holders to use their cards globally for the first time, enabled acceptance of foreign cards for purchase at merchant locations and cash withdrawals; and simplified payments using phone numbers for increased accessibility.

UP also developed robust offerings spanning acquiring, processing, switching, payment terminal services aggregation, interbank transfers, agency banking, online payment gateways, value-added services, thereby empowering banks, businesses and consumers to transact effortlessly.

Through its commitment to cross-enterprise alliances, UP has enabled many other Fintech companies and businesses in Nigeria who leverage the licenses and capabilities of UP.

The renewed vision of UP is – To be the trusted enabler of businesses and lifestyle while the mission is – Building shared technology infrastructure and partnerships.

As reported by the Wall Street Journal, this offer, which has been described as unusually large, stresses the high stakes involved in securing the Apple Card partnership.

Sources familiar with the matter revealed that Visa’s bid comes as other financial firms are also eager to take over from Goldman Sachs, which is exiting its consumer banking venture with Apple. 

American Express is also aggressively pursuing the deal, not just as a network provider but as the card’s issuer—an arrangement that could alter Apple Card’s benefits and merchant fees.

Goldman Sachs initially partnered with Apple in 2019, aiming to expand beyond investment banking and trading. However, financial losses and regulatory cases forced the bank to reconsider. 

By late 2022, it had begun scaling back its consumer banking operations, and by November 2023, reports confirmed the breakup of its partnership with Apple.

Apple has reportedly been in discussions with Barclays, Synchrony Financial, and JPMorgan Chase, all of whom are vying for the lucrative contract. JPMorgan, in particular, has been engaged in talks with Apple since last year, exploring adjustments to billing features and other terms.

For Apple Card users, the transition could bring changes—possibly new reward structures, revised fraud protection measures, or even temporary service disruptions. However, given Apple’s focus on seamless user experience, any shift will likely be managed carefully to minimise inconvenience.

Neither Apple nor Visa has publicly commented on the ongoing negotiations.

The cards are:

1. O3 American Express Green Card for consumers,
2. O3 American Express Gold Card for consumers, and
3. O3 American Express Platinum Card for consumers; and
4. O3 American Express Gold Business Card for small- and medium-sized enterprises (SMEs).

With the O3 American Express Green, Gold, and Platinum Cards, O3 Capital will enhance its overall customer offering, providing American Express Card Members a range of travel and lifestyle benefits for use in Nigeria and when travelling overseas.

These Cards will provide access to discounts at select businesses across Nigeria, cinema and dining perks, hotel and car rental benefits, and various insurances and protections.

Additionally, the O3 American Express Platinum Card will provide access to a travel and lifestyle concierge service, a membership with a global hotel programme, and five complimentary visits per year to eligible local and international airport lounges.

Cards will be able to be used at American Express accepting merchants across Nigeria and around the world.

The O3 American Express Gold Business Card will be the first American Express card launched in Nigeria to specifically support the spending needs of businesses.

This card will improve the day-to-day management of business transactions and cashflow with access to a credit facility, the ability to perform international transactions, and the inclusion of an extended repayment period of up to 45 days.

It will also aim to support the running of a business, with benefits such as three complimentary visits per year to eligible local and international airport lounges, car rental perks, and travel insurance included.

Abimbola Pinheiro, Chief Executive Officer of O3 Capital, said:

“This agreement with American Express is a significant milestone, both for O3 Capital and for Nigerian businesses. We will provide solutions for a wide range of customers – from consumers looking for more value from their payment products to businesses who want to enjoy the benefits of a domestically issued card with the international reach of American Express. We are particularly proud to be the first who will issue an American Express Business card to the Nigerian business community and we look forward to working with American Express to fulfil our potential.”

Mohammed Badi, President of Global Network Services at American Express, commented:

“With the O3 Capital American Express cards, consumers and businesses in Nigeria will have even more payment choice. American Express is excited to continue to strengthen its presence in Nigeria and expand its reach across Africa. The first-ever American Express Business Card in the most populous African country will give us another way to support local businesses with their growth aspirations.”

Established in 2014, O3 Capital is currently the second largest credit card issuer in Nigeria with over 20,000 cards. It has strategically focused on issuing Naira-denominated credit and prepaid cards to the Nigerian market.

American Express is a globally integra

ted payments company with products and services such as personal cards, business cards and services, travel services, gift cards, prepaid cards, etc.

Fyle, an expense management platform that works with customers’ existing credit cards, today announced a new integration with American Express to offer U.S.

Business and Corporate Card Members the ability to issue on-demand virtual Cards via the Fyle platform, with built-in controls, and enhanced security.

To achieve this integration, Fyle is participating in the American Express Sync Commercial Partner Program.

“We are teaming up with American Express to give our customers access to the control, enhanced security, and cash flow management that come with using an American Express virtual Card, alongside the ability to automate receipt tracking, credit card reconciliation, and expense accounting with Fyle,” said Yashwanth Madhusudhan, Co-Founder & CEO of Fyle. “The integration helps us provide an elevated user experience and more value to our customers.”

With the integration, Customers with an American Express Business or Corporate Card can issue unlimited virtual Cards linked to their existing physical cards using Fyle. The benefits of issuing virtual Cards are:

• Establish specific controls for each on-demand virtual Card, including spending limits and expiration dates.
• Pay suppliers using virtual Cards and take advantage of their American Express billing cycle to manage cash flow for their business until their Card payment is due.
• Receive real-time transaction data and notifications via text messages to maximize visibility.
• Automate receipt collection and make reconciliation faster with Fyle’s expense management platform.
• Pay with enhanced security by enabling employees, freelancers, and subcontractors to make payments on their behalf without sharing their physical Card details.

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He joins the company from American Express and Kabbage, where he managed fintech businesses operating at scale and helped lead the sale of Kabbage and its integration within American Express’ Global Commercial Services segment.

Key points:

• Oneal joins from American Express, where he was Vice President, Chief Financial Officer and Head of Capital Markets of Kabbage, one of the world’s largest fintech platforms offering credit, banking and payments solutions.
• Previously, as CFO of late-stage, pre-IPO Kabbage, Oneal helped lead its acquisition and integration within American Express.
• Oneal’s experience managing large-scale operations and capital markets will help continue Flutterwave’s growth, accelerate the company’s expansion, further develop credit products and prepare for a potential IPO in the future.
• Former Kabbage Controller, Rebecca Mendel, and former Kabbage Head of Treasury and Tax, Daniel Eidson, have also joined the company and will report directly to Oneal.

Following its Series D funding round in February 2022, which valued the company at over $3 billion, Flutterwave continues to deliver strong growth as the African economy increasingly shifts to digital payments. 

Having recently completed its $250 million in Series D funding, valuing the company at over $3 billion, Flutterwave is going through a period of rapid growth. 

As Chief Financial officer, Oneal Bhambani will serve a key function in enabling the company’s expansion with best-in-class discipline, operational controls and financial rigour.

At Kabbage, Oneal was responsible for all of the company’s financial operations and functions including IPO-ready financial and operational controls.

Following the American Express acquisition in April 2022, he was the CFO and Head of Capital Markets of Kabbage’s business unit, which provides credit, banking, and payments solutions to American Express’ commercial customers. 

Before and after the acquisition, Oneal was a key stakeholder in capital allocation and led critical strategic initiatives for the business.

Earlier in his career, Oneal was a growth-stage investor at The TCW Group (an investment firm owned by The Carlyle Group), and Riverwood Capital.

Oneal Bhambani began his career in investment banking at UBS. 

This period of growth has enabled Flutterwave to further add to its Global Finance team, bringing in executives with a strong track record in controllership, treasury, and tax.

The company hired Rebecca Mendel, former Kabbage Controller, and Daniel Eidson, former Kabbage Head of Treasury and Tax.  Both Rebecca and Daniel will report directly to Oneal.

Commenting on Oneal’s appointment, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said:

“I am excited to welcome Oneal to Flutterwave. His track record of operating finance to enable scale and innovation with listed company standard financial controls will help us accelerate our growth as we continue to meet the needs of our expanding global customer base.  I am also looking forward to working with Oneal on deal-related initiatives, given the number of inorganic opportunities we are seeing in today’s market environment.”

Commenting on his appointment, Oneal Bhambani said:

“It is a rare opportunity to join a high-scale, de facto market leader in one of the fastest growing markets in the world. I am looking forward to partnering with Flutterwave’s team to enable solutions for our customers in Africa and across the globe. I fully expect to apply best-in-class strategies learned from my tenures at American Express and Kabbage.”