Under this partnership, Unified Payments is appointed as:

Processor of PAPSS co-branded cards under the recently launched PAPSSCARD, the first Pan-African card Scheme.

This enables banks and deposit-taking institutions to use the services of UP to issue PAPSS co-branded cards and also accept the cards at their outlets including Automated Teller Machines (ATM) and merchant locations.

Acquirer of PAPSSCARD for co-branded cards. This enables merchants who are customers of UP to welcome PAPSS co-branded cards as a means of payment for their goods and services.

A Switch for instant payments across Africa on the PAPSS network. This enables customers of banks and deposit-taking institutions who are clients of UP to send and receive instant payments across Africa

In demonstration of UP’s cross-enterprise alliances and capabilities, UP will be the first entity in Nigeria to enable merchants to accept co-branded cards under the PAPSSCARD scheme as means of payment for goods and services at merchants’ locations. This is in addition to enabling instant cross border transaction/fund transfers across Africa.

Unified Payments will accept PAPSSCARD across its networks under the terms of the partnership agreement.

Dr. Agada Apochi, managing director and CEO of UP Group, said that UP is delighted to contribute to the ease of doing business in Nigeria and across Africa through the partnership with PAPSS.

“This is a testament to the position of UP as a shared industry infrastructure and promoter of cross-enterprise alliances”, he said.

Mike Ogbalu, chief executive officer of the Pan-African Payment & Settlement System (PAPSS), expressed his enthusiasm regarding the recently established partnership with UP in Nigeria, an important market for Pan-African payments.

He also praised the collaborative efforts and outstanding achievements of the UP team in delivering a successful Proof of Concept exclusively for the Afreximbank Annual Meetings 2025 (AAM2025) in Abuja, Nigeria.

This initiative provided selected guests with the opportunity to experience the PAPSSCARD.

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The Corporate Social Responsibility (CSR) initiative, held across several schools in Lagos including Riverbank School, Kings College, Methodist Girls High School and Green Springs School, introduced the students to the Life Values Journal, a thoughtful tool designed to help young people grow in character and civic responsibility.

Centered on the message of values, the students explored how six essential life principles: Kindness, Empathy, Patience, Self-control, Confidence and Humility can shape their choices, relationships and roles in the society.

Speaking on the initiative, Vivian Okolo, the director, Corporate Services, Unified Payments, explained that the company’s sponsorship reflects its commitment to nurturing not only technological progress but also human potential, beginning with the hearts and minds of the next generation.

Okolo advised students to adopt a solution-driven mindset emphasizing that every young person has the power to become a problem-solver, a change maker and a patriot. She also encouraged them to view innovation as a form of kindness and national service, identifying challenges within their communities and responding with creativity and care.

“Creating solutions to real problems in your country is one of the highest acts of kindness. Business should not just be about making money, it should be about making a difference. Our goal is to raise a generation that leads with heart and intention. We believe that when children grow in values, they grow into responsible adults; the kind who build strong families, healthy societies and prosperous nations,” she said.

Also speaking, Olajumoke Oluwatunmibi, managing director, Without Capes, expressed her excitement about the impact of the initiative on young learners, noting that building a better future for Nigeria requires more than just innovation but demands intentional investment in the minds and values of the next generation.

Oluwatunmibi added that the partnership with Unified Payments enables Without Capes to reach more children with the tools they need to grow into better, value-driven versions of themselves.

”The journal was created to help children develop a sense of identity, purpose, and social responsibility from an early age. We believe that values are the roots from which excellence grows. When students are guided to reflect on who they are becoming, they are more intentional about their behaviour and the impact they have on others.” she said.

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With over 200 FinTech startups eyeing the top position for dominance, it would seem like Nigeria’s finance industry has improved significantly.

However, behind the scenes of this thriving industry lies a hidden vulnerability nearly all FinTechs rely on a single entity, the Nigeria Inter-Bank Settlement System (NIBSS), to process transactions.

This dependence on a centralized payment infrastructure raises serious doubts about the reliability, competition, and long-term sustainability of digital payments in Nigeria.

NIBSS, a private company owned by the Central Bank of Nigeria (CBN) and all licensed commercial banks, serves as the backbone of the country’s financial transactions. Its main service, particularly the NIBSS Instant Payment (NIP) platform, is to enable transfers between different banks and bulk payments, making it important to both banks and FinTech companies.

As of today, over 90% of all digital transactions in Nigeria pass through its network. The total volume of transactions processed by NIBSS increased by 47.99% to 5.14 billion in 2022, compared to 3.47 billion in 2021. For FinTechs like Paystack, Flutterwave, Moniepoint, OPay, Paga, Interswitch and Kuda, integrating with NIBSS is not just a choice, it is a necessity. Without access to its platform, these companies would struggle to offer hassle-free financial services.

Although NIBSS has been very reliable lately, its dominance poses a huge risk. If this system fails, it could trigger disruptions and transmit shocks to financial markets, the domestic economy as well as at cross-border levels. Similar situations in the past have resulted in transaction backlogs, leaving many unable to access their funds for hours or days.

Now, if a cyberattack or a major technical failure were to cripple NIBSS, the entire digital payment system could halt, which will expose the dangers of relying on a single point of failure. In an economy where cash usage is declining fast and digital payments are becoming the norm, this level of dependency is alarming.

In February 2022, the Nigeria Inter-Bank Settlement System (NIBSS) experienced significant downtime, leading to widespread transaction failures and delays across the country.

This disruption affected numerous businesses and consumers, highlighting the risks associated with the centralized nature of Nigeria’s payment infrastructure.

For instance, many bank customers reported being unable to complete interbank transfers, causing inconvenience and financial strain.

Such incidents underscore the urgent need for Nigeria to diversify its payment systems and reduce over-reliance on a single entity like NIBSS to ensure a more resilient and efficient financial ecosystem

Beyond the operational risks, the FinTech industry’s reliance on NIBSS hinders innovation. Even though startups compete on user experience and additional features, they remain focused on a payment platform controlled by a single entity. This limits their ability to develop proprietary transaction-processing solutions.

In countries like Kenya and India, alternative payment networks like M-Pesa and the Unified Payments Interface (UPI) have allowed FinTechs to create independent, creative payment models.

In Nigeria, however, any disruption to NIBSS leaves FinTech with no viable alternative, bringing back the need for a more decentralized system.

Regulatory uncertainty further increases the risks. Because NIBSS operates under CBN’s regulatory framework, its policies directly impact FinTech.

The regulatory system is unpredictable, and if the CBN were to introduce stricter control over NIBSS operations, FinTech companies could find themselves constrained in ways they never anticipated.

To reduce over-reliance on NIBSS, Nigeria must embrace a decentralized approach to digital payments by working on alternative payment networks.

Private-sector-led initiatives, such as Verve by Interswitch, could be expanded to provide more transaction-processing options.

Open Banking platforms should also be leveraged to allow the process of direct bank-to-bank transfers without routing everything through NIBSS.

With the rise of Open Banking, FinTechs should be able to process direct payments between bank accounts without relying solely on NIBSS. Countries like the UK (via Open Banking) and Brazil (via Pix) have successfully launched such models.

While NIBSS is an important player in the Nigerian financial industry, Nigeria’s FinTechs must not place all its eggs in one basket. Over-reliance on a single entity is risky, which may expose the industry to risks of disruption, regulatory shocks, and limited innovation.

If Nigeria is to achieve a truly welcoming and creative financial platform, it must prioritize the development of alternative payment solutions that can function independently of NIBSS.

The progress of FinTech in Nigeria depends not just on big names but on creating a payment infrastructure that is decentralized, secure, and adaptable to change.

*Morgan Nwaiku is a digital technology professional. His career spans collaborations with Nigeria’s FinTech unicorns and hubs.

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Distinguished guests, industry leaders, and technological visionaries congregated at the Oriental Hotel in Lekki, Lagos, for conversation about how emerging technologies are reshaping economies and offering unprecedented opportunities for progress and societal enhancement.

The Digital Agenda Forum 2023 was also a platform to celebrate innovators and technology enthusiasts across various fields of endeavour.

The event had in attendance leading tech innovators from the nation’s IT space, like Tony Emaekpore, President, Association of telecoms Companies of Nigeria, President, Institute of Software Practitioners of Nigeria, Dr Agada Apochi, group managing director, Unified Payments, Amos Emmanuel,, Founder, Innovationbed Africa, Femi Kalejaiye, Managing Director, Opolo, Wale Owoeye, Managing Director, Cedarview Communications, Ndidi Rita Amuchienwa, Partner Strategy Executive for EMEA, Intel and Harsh Gujarati founder C2S Innovation among others.

Dr. Agada Apochi, GMD of Unified Payments, was honoured with the prestigious “Financial Technology ICON of the Year award”, recognizing his significant contributions to the advancement of financial technology in Nigeria.

He has over 30 years of professional experience in banking and financial technology.  He is a Fellow, Chartered Institute of Bankers of Nigeria, Fellow, International Academy of Cards & Payments, Fellow, Institute of Credit Administration, Certified International Cards & Payments Professional (CICPP), Certified Associate of Capability Maturity Model Institute, Chartered Mediator and Conciliator, Barrister and Solicitor.

Tony Emoekpere was recognised with the “Outstanding Contribution to Telecom Development Award” for his long standing consistency in the nation’s Telecommunication Industry. He is a C-Level Executive and accredited Project Manager with over 23 years’ experience in Telecommunications Management, ICT Service Provisioning, Infrastructure Design, Implementation, and Maintenance.

He is a graduate in Electrical/Electronic Engineering from the Obafemi Awolowo University Ile-Ife, member of the International Institute of Electrical and Electronic Engineers and member of the Project Management Institute.

Hajia Thaibat Adeniran was awarded with “Outstanding Contribution to Insurance Tech” for her exceptional contributions to the advancement of insurance technology.

“Blockchain Influencer of the Year” was bestowed upon Oluseyi Akindeinde Founder Hyperspace Technologies for his profound impact in shaping the blockchain landscape. With over two decades of expertise in the technology and information security sectors, he recently dedicated a significant portion of his professional journey to understanding and addressing the security challenges within Electronic Funds Transfer (EFT) and Financial Transaction Systems (FTS).

He has had the privilege to share the findings of his comprehensive research work at an array of esteemed conferences and with prestigious organisations such as the NSA, CBN, ISSAN, CCIBN, CIBN, EFCC, NSE, EPPAN, and the executive councils and senior management of numerous financial institutions across Nigeria.

The awards underscore the dedication and innovation of these individuals in driving Nigeria towards a future where technology plays a transformative role in societal progress.

In his welcome address, Don Pedro Aganbi, Country Partner of Technology Africa, expressed gratitude amidst the gathering of thought leaders and innovators. He emphasized the transformative power of emerging technologies such as AI, Cloud, Blockchain, 5G, IoT, digital payments, Metaverse, Renewable Energy, robotics, and big data analytics.

“With a commitment to steer our nation toward sustainable development through strategic integration of these transformative tools, we aim to unlock the full potential of technology for the benefit of all Nigerians,” stated Don Pedro Aganbi.

The Digital Agenda Forum 2023 encapsulated a collective commitment to innovation, collaboration, and progress. It brought together luminaries and pioneers to chart a course that transcends barriers and fosters inclusivity in harnessing the potential of technology for the betterment of Nigeria.

The post Agada Apochi – GMD Unified Payments, others Receive Digital Agenda Forum Awards appeared first on Tech | Business | Economy.

The strategic move further strengthens 18-year partnership between the two technology titans and has enabled Unified Payments to become the first institution to achieve 3DS2.2 certification that supports first-in-kind secure and seamless payment options.

Unified Payments’ clients will now be able to introduce a range of new, convenient and secure payment methods including Pay-with-phone-number, phone-number-on-file and pay-by-link.

Unified Payment’s mission is to become Africa’s dominant and world-class e-payment service provider by leveraging the most advanced technologies available.

To maintain its leadership position in the market, the Fintech giant, needed to migrate its existing payment gateway to a solution that would enable it to achieve 3DS2.2 certification in the shortest time frame possible and provide enhanced payment experiences through secure omnichannel payment platforms that also allows for quick adaptation to changing consumer preferences.

Speaking on this great feat, Dr. Agada Apochi, Managing Director, UP commented, thus:

“We are delighted to have successfully migrated our payment gateway to the latest technologies, working with Compass Plus, “This makes us the first institution in Nigeria to enable certain payment options including pay-with-phone number on 3DS2.2 compliant standard, ensuring we deliver the smoothest and most secure payment experiences possible. It also puts us in the perfect position to introduce a range of new payment methods to our customers, solidifying our commitment to leading in Africa’s digital payment innovations.

“We are proud to have supported Unified Payments to become 3DS2.2 compliant institution in Nigeria and the first to achieve certain payment options,” said Rustam Bagautdinov, Key Account Manager at Compass Plus Technologies. “Over the years, we have worked with UP on a range of projects to help them drive innovation in the African payments industry, and it’s always a pleasure to work with such a forward-thinking company. We look forward to further supporting their business and other innovative projects in the future.”

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Established in 1997, Unified Payments has consistently demonstrated a commitment to innovation, excellence, growth, and customer satisfaction throughout its remarkable journey.

Over the past 26 years, Unified Payments has transformed the landscape of the payment industry by providing cutting-edge solutions that empower businesses and individuals to transact seamlessly, securely, and conveniently. With a strong emphasis on technology, user experience, and reliability, Unified Payments has earned a reputation as a trailblazer in the Fintech and payment space.

A statement signed by Dr. Agada Apochi, the Managing Director, said the company has made significant progress by setting the records for many firsts in the e-payment sector.

Among many firsts, Unified Payments pioneered the issuance and acceptance of EMV Chip+PIN cards in Nigeria, which led to a reduction of card fraud in Nigeria by over 95%, enabled Nigerian banks to issue first-ever payment cards to Naira account holders for use globally; introduced the first-ever acceptance of foreign cards at ATMs, a joint acquiring company for Nigerian banks.

The company was also the first, EMV third party processor in Nigeria, first processor in Sub-Saharan Africa to process payment or withdrawal with just phone number. First Nigerian principal member of a global payment scheme. Unified Payment also pioneered multi-bank mobile application and USSD (Unstructured Supplementary Service Data) and the use of telephone numbers as digital account numbers.

According to Apochi, “At Unified Payments (UP), “we are very proud of what we have built; thanks to our esteemed customers and the dedicated staff at Unified Payments.

“Our journey over the past 26 years has been a testament to the grit, dedication, and vision of our entire team. We are not resting on our oars. Our resolve to continue to drive innovation, simplified payments solutions and delivering unparalleled value to our customers remains unwavering.

“Our strategy has been defined by cross-enterprise alliances, working with different stakeholders including our competitors to create a bigger market thereby increasing the opportunities for different stakeholders. We remain committed to our customers’ needs and adapting to the market demands to ensure Nigerians continue to enjoy seamless payment solutions using our platforms”

Unified Payments has consistently led the way in leveraging technology to provide secure, seamless, and efficient payment experiences. With a diverse range of offerings, including Acquiring, Issuer processing, Acquirer processing, Payment Terminal Service Provider (PTSP), Switching, Interbank transfer services, Settlement services, Agency Banking, Online payment gateways, Card services, Value Added Services (VAS) and Solutions, Verification services, Pay with Just Phone Number services, Bespoke services, etc., Unified Payments is dedicated to continuously shape the future of payments.

Unified Payment Services Limited is a group of companies with services including Financial Technology, Payment Scheme, Banking, Digital Commerce, Value Added Service, Payment Solutions, and Software Solutions.

The post Unified Payments, the Fintech Giant at 26 appeared first on Tech | Business | Economy.

NFW is one of the largest gatherings of players in the fintech ecosystem in Nigeria as well as Africa and this edition will hold in a hybrid format which offers you the opportunities to attend physically or be a part of the event online.

You can register to attend the #NFW2022 here.

The Nigeria Fintech Week (#NFW2022) theme for this year is reflective of Deloitte’s Fintech Report which highlights customer inertia and infrastructure as one of the failings of the global fintech ecosystem.

The theme also speaks to the need to take on the issue of sustainable impact across sectors as the world finds its footing in the ‘next normal’.

In light of this, this year’s edition would practically touch on emerging technologies spanning different verticals and e-government in the African contexts.

The hybrid event which has Fintech Association of Nigeria, FintechNGR, and Fintech Associates Limited, as its organizing partners, is set to host about ten thousand attendees.

Some of the features of Nigeria Fintech Week which are applicable to businesses and professionals alike include opportunities to expand business & professional networks, interact and learn from top industry leaders & respected icons, and advance thought leadership.

The NFW team is also big on promoting emerging voices and experts, so you can send in your application if interested in being a part of the speaker line-up this year.

Other aspects of the event more particular to corporate brands are product acquisition/promotion, brand exposure & publicity, technology launches/showcase, fast-track customer acquisition, co-create solutions off the event, foster new B2B and B2C partnerships, as well as media interviews and appearances. For brand participation, you are encouraged to kindly send an expression of interest while slots are still open.

Other key features include TechSpark – a full-day hands-on session for students on deepening technical skills & tech-enabled businesses which will be held at select campuses, pavilions at the physical location in Landmark by international investors and embassies, as well as regulatory parleys and Ecosystem Hour.

The 2021 edition had over 8000 participants in attendance both online and physically from 20 countries and had notable highlights such as the launch of DigiStuds – a digital academy training project for undergraduates in Nigerian universities, Ecosystem Hour with representatives from other local/regional ecosystem bodies, and a mini TechSpark.

It also had practical sessions on NFTs, Disruption Disrupted, discourses on fintech in the capital market, femtech, payments and a lot more.

Past editions of the Nigeria Fintech Week had given birth to Fintech Association of Nigeria, the umbrella body for about 300 players in the Fintech space from the twenty-one sectors of the economy, the Africa Fintech Network, the body of thirty-two national Fintech Associations across Africa, Fintech Adoption Roadmap Policy in the Capital Market, helped young startups to launch out and scale up, rallying point on regulatory issues amongst others. 

Some of the sponsors at NFW2021 include Zenith Bank, Mastercard, Ecobank, Aella, Access Bank, Unified Payments, TeamApt, VFD Group, Softalliance, CreditRegistry, Jackson, Etti & Edu, FastCredit, AELEX,Coinnews, DLM, Odua Investment Company Limited,  AppZone and numerous product exhibitors, in addition to ecosystem/media partners like NIBSS, NCC, TechEconomy.ng, Proshare, Nairametrics.

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