This Memorandum of Understanding was signed at the MoMo PSB head office in Victoria Island, Lagos on Wednesday February 3.

Through this partnership, registered SMEs under SMEDAN will gain access to MoMo PSB’s digital solutions across multiple channels, including apps, POS, USSD, partner portals, and other tailored platforms.

These solutions enable merchants to accept payments through multiple channels, pay staff salaries, manage tills and multiple shops, and oversee core business activities from a single, integrated platform.

Participating businesses will also enjoy access to market opportunities within the broader MoMo PSB and MTN ecosystem, alongside capacity-building support designed to strengthen their operations and support long-term growth.

The partnership underscores MoMo PSB and SMEDAN’s shared commitment to empowering entrepreneurs with practical, accessible financial solutions that reduce operational stress, improve cash flow, and enable business growth. By combining SMEDAN’s extensive SME network with MoMo PSB’s digital financial infrastructure, the collaboration will drive meaningful impact across Nigeria’s SME ecosystem.

Speaking on the partnership, Usoro Usoro, the executive director, Strategy and Innovation for MoMo PSB said:

“This partnership with SMEDAN reflects our commitment to supporting small and medium-scale businesses with tools that help them operate more efficiently and unlock new growth opportunities. Through the MoMo PSB Business App, we’re making it easier for entrepreneurs to manage payments, increase revenue, and focus on growing their businesses profitably.”

Charles Odii, the director general/CEO of SMEDAN, also said,

“This partnership is about removing friction and making sure financial support reaches small businesses in a way that is simple, transparent, and built for real impact.”

The benefits of the MoMo PSB’s digital solutions are not limited to SMEs within the SMEDAN Ecosystem. SMEs all over Nigeria can also access these tools for growth.

MoMo PSB remains committed to bridging financial gap in Nigeria through strategic partnerships and collaboration.

The post MoMo PSB, SMEDAN Partner to Digitise Nigeria’s SME Sector appeared first on Tech | Business | Economy.

Too many ventures start with a shiny app or a complex AI model and then struggle when farmers refuse to adopt it. The farmers who need help the most are often the least forgiving of solutions that do not fit their daily reality.

Globally, there are about 570 million farms, and around 90% are small farms (less than 2 hectares). These smallholders produce roughly one‑third of the world’s food.

Their contribution is especially critical in Asia and sub‑Saharan Africa, where they form the backbone of food systems. In Nigeria, more than 80% of farmers are smallholders, contributing about 90% of the country’s agricultural production.

Yet they frequently face post‑harvest losses ranging from 15% to 50%, depending on crop and region, due to poor storage and weak market linkages. When agri‑tech founders ignore these realities, they risk building solutions that look good on paper but fail on the farm.

Start with the farmer, not the code

The first thing founders must get right is their starting point. They must ask farmers what they need, not what they want to sell.

This means frequent visits to fields, cooperative meetings and local markets, listening to questions about prices, weather, pests and transport.

Many farmers will say they want “better technology,” but they will explain that they really need higher income, lower risk and less uncertainty. Solutions that emerge from these conversations are more likely to be used and trusted.

Design for literacy, connectivity and cost

Farmers often work in areas with limited electricity, patchy mobile networks and low digital literacy. An app that requires constant data, a smartphone and a fast connection will not serve the farmers who need it most. Founders must choose simple interfaces, offline functionality, voice‑based options, USSD or SMS, and designs that work on basic phones.

They must also price their services so that a small increase in income can cover the cost. A solution that seems cheap to an urban investor may still be out of reach for a farmer earning a few hundred dollars a season.

Align incentives with real‑world risks

Smallholder farmers are risk‑averse for good reasons. They cannot afford failed experiments when a bad season can mean hunger or debt.

Agri‑tech ventures must show clear returns within one or two cycles. Input‑financing models, pay‑as‑you‑grow irrigation, and bundled packages that include training and insurance have worked because they spread the risk and reduce the upfront cost.

When farmers see that a new tool or service can increase their yield or income without pushing them deeper into debt, they are more willing to try it.

Build trust through local actors

Farmers trust fellow farmers, local extension agents, cooperative leaders and input dealers more than they trust a new app or website. Successful agri‑tech models embed themselves in existing networks instead of bypassing them.

They train lead farmers, collaborate with cooperatives, and work with local agents who can explain and support the technology. This slows down scaling but strengthens adoption, because trust is earned slowly and lost quickly.

Make data work for the farmer, not just the investor

Data is often collected to show impact to investors, not to help farmers make better decisions. Agri‑tech founders should ensure that every dataset they gather can be turned into simple, actionable advice: when to plant, when to harvest, how to store, where to sell.

Farmers who receive timely, relevant information they can understand are more likely to keep using the service. Where possible, data should also be shared back with farmers in ways that give them leverage in negotiations with buyers or lenders.

Plan for the long haul, not the short sprint

Finally, founders must think like farmers. Farming is a long cycle of planting, waiting, harvesting and replanting.

Agri‑tech ventures that treat smallholders as a short‑term growth channel will burn out. Building durable systems that reduce risk, improve markets and strengthen communities takes patience, iterative learning and a willingness to adapt.

Start small, listen closely, and let the farmer’s reality shape the roadmap. When agri‑tech founders get this right, they do not just serve underserved farmers; they stand alongside them.

Stanley Ugwubujoh is a Data Analytics Manager with 15+ years of experience in agri-tech, fintech, and communications, where he builds data systems, analytics, and machine learning solutions that improve efficiency and decision-making. He is also a Tech Coach and co-founder of Noblex Initiatives, using fashion-inspired teaching to simplify technology for young learners while promoting data literacy and mentorship.

The post What Agri-Tech Founders Must Get Right to Serve Underserved Farmers appeared first on Tech | Business | Economy.

Unveiled at an exclusive industry event themed “Beating the Odds: Innovation and Solutions for Smarter Betting Operations,” the new offerings are tailored to optimise payment flows, simplify collections, enable instant payouts, and personalise the player experience through reliable, tech-driven processes.

Hosted at the Radisson Blu Hotel, Victoria Island, Lagos, the session convened key stakeholders, regulators, and operators from across the gaming ecosystem, all seeking smarter, more efficient ways to serve Nigeria’s fast-growing digital-first consumer base.

With a deep understanding of the unique challenges and opportunities in the gaming sector, Interswitch’s integrated solutions are designed to boost operational efficiency, streamline collections, and improve customer satisfaction through seamless transactions, faster payouts, and personalised rewards.

In his welcome address, Osasere Atohengbe, vice president, Sales and Account Management, Interswitch, reaffirmed the company’s commitment to empowering businesses with intelligent and scalable solutions. He said:

“At Interswitch, our mission is to enable businesses with the right tools to thrive. We see technology as a powerful enabler, not just for gaming operators, but also for the players who expect fast, secure, and frictionless experiences. With our integrated suite of payment and collection solutions, we’re helping gaming platforms simplify backend operations, from reconciliation and payouts to collections and tracking, ultimately unlocking greater value and scalability in today’s competitive market.”

Delivering the keynote address, Adetoun Adeyemi, director of Legal, Lagos State Lotteries and Gaming Authority, who represented Bashir Are, chief executive officer, Lagos State Lotteries and Authority, lauded the initiative and emphasised its potential to transforming the entire gaming ecosystem:

“We are truly excited about the potential of Interswitch’s Integrated Solutions Suite to significantly impact the gaming industry. These innovations will not only provide operators with smarter, more efficient tools but also empower us, as regulators, to foster a transparent, compliant, and well-structured ecosystem. This initiative supports our collective goal of building a responsible and well-structured gaming industry in Lagos State.”

At the core of the offering is the Interswitch Payment Gateway, which facilitates seamless, real-time payments across a wide range of channels, including cards, bank transfers, USSD, Quickteller, Google Pay, OPay, and more, via a single, unified integration.

This simplifies onboarding and transaction processing for operators while elevating the payment experience for end-users across touchpoints.

Also featured is the Interswitch collections platform, Paydirect, a multi-channel collection platform that allows operators to accept payments through online platforms, physical bank branches, agent networks, and Point-of-Sale (POS) terminals. All transactions are consolidated into a centralised dashboard, enabling simplified tracking, real-time monitoring, and error-free reconciliation.

To support real-time disbursements, the Quickteller-powered funds transfer service allows operators to instantly pay winnings or transfer funds to bank accounts across Nigeria.

This not only fosters trust but also improves player satisfaction by ensuring timely settlements. Also integral to the suite of solutions is the Static Virtual Account (Pay with Transfer) feature, which assigns unique virtual account numbers to individual customers.

This innovation eliminates referencing errors, simplifies deposit identification, and enables automated reconciliation, giving operators greater visibility, control, and accuracy in managing inflows.

Beyond payments, Interswitch showcased an expanded portfolio of business-enabling solutions designed to drive operational efficiency, enhance customer engagement, and improve user experience for gaming operators.

The Interswitch Corporate 360 (IC360) platform was highlighted as a comprehensive tool that consolidates financial operations, covering everything from tax compliance and vendor payments to real-time account visibility and ERP integration, helping operators streamline processes and reduce redundancy.

In addition, Interswitch’s Enterprise Rewards Solution offers a digital rewards platform that incentivises customer behaviour with instant airtime, data, vouchers, and other perks, backed by intelligent analytics for targeted engagement.

The USSD and offline solutions ensure uninterrupted access to gaming services even without internet connectivity, reducing transaction drop-offs, while the Salary Lending Solution provides employees of partner firms with quick, short-term salary advances via Quickteller.

Complementing these offerings, the broader suite also incorporates advanced tools such as Digital Escrow Services for secure transactions, Fraud Management Systems to mitigate risks, and API Integration Tools that enable seamless incorporation of Interswitch’s capabilities into operators’ existing infrastructure.

Together, these solutions underscore Interswitch’s commitment to delivering not only smarter payments but also comprehensive business enablement for gaming operators.

Through its combination of cutting-edge payment solutions and a wide array of operational tools, Interswitch is redefining the future of Nigeria’s gaming industry.

With smarter, tech-enabled operations, the company is empowering gaming operators to enhance compliance, increase efficiency, and build deeper relationships with customers.

By leading conversations on smarter payment solutions and enabling tech-powered growth in gaming, Interswitch is reinforcing its role as a trusted partner in shaping the future of digital financial services, not only in Nigeria but across Africa.

The post Interswitch Empowers Gaming Operators with Tech-Driven Solutions for Smarter Operations appeared first on Tech | Business | Economy.

This timeless street slang now finds fresh relevance in the realm of mobile banking, especially with the storm brewing between telcos, banks, and the supposed “saviour” in between, the Nigerian Communications Commission (NCC).

After years of battles over who should bear the cost of USSD transactions, the NCC made a grand intervention: going forward, customers would pay USSD fees directly from their airtime, not their bank accounts.

At first glance, this appeared like a clear-cut win. No more bank debits. No more inter-corporate disputes spilling into the public domain.

The problem, however, is that while the squabbling giants may have agreed to stop fighting, it’s the unsuspecting Nigerian consumer who is now being short-changed, quite literally.

The NCC’s policy to move USSD charges directly to consumers’ airtime accounts was heralded as a user-friendly solution.

With this move, telcos could now collect fees instantly, sidestepping the previously convoluted billing process that required bank involvement.

On paper, the process seems fair: you initiate a USSD banking session, you’re charged N6.98 for the service, and you proceed to complete your transaction. In reality, however, this is where the chaos begins

Today alone, I attempted four USSD transactions on my mobile phone. Not one of them completed. The system failed at various points, some before I could input my PIN, others at the point of confirming the amount. Yet, for each attempt, I received the same cheerful text message:

“Your last USSD session was successful and charged at N6.98. Main Bal: 853.24.”

Successful? Really?

Let’s break this down. Transferring money via USSD is typically a six-step process:

1. Dial the code
2. Select transfer option
3. Input account number
4. Confirm name/amount
5. Enter PIN
6. Transaction completes

My session fails between step 3 and 4, yet the N6.98 has already been deducted by the second step. Where’s the value in that?

This is the critical question: If a USSD transaction fails, and value isn’t delivered, no money sent, no confirmation received, why should users still be charged?

It’s akin to paying a taxi fare for a trip you never took. Worse still, there is no obvious path to recourse or refund.

While banks previously handled disputes with some structure, telcos are not exactly known for efficient customer care. You call, you queue, you explain, and in the end, you get told to “try again later.” So, are we now in a system where users get taxed for failed services with no accountability?

In Lagos parlance, “one chance” refers to a fraudulent situation disguised as legitimate transport. Many Nigerians are beginning to feel that this new USSD billing system may just be the digital equivalent.

You think you’re initiating a transaction, and boom, before you know it, your airtime is gone and you have nothing to show for it.

Even more worrying is the absence of a seamless complaint resolution channel. If a telco charges you repeatedly for incomplete sessions, who do you report to? NCC?

The telco’s customer service? Your bank? There’s a growing fear that the consumer is now trapped in a billing Bermuda Triangle.

In my mind, to regain user trust and ensure fairness, several things must happen urgently:

1. Transparent Billing Logic: The charge must only apply after the transaction is successfully completed. It’s unethical to charge for an incomplete process.

2. Instant Refunds for Failed Sessions: Just like bank reversal notifications, telcos must auto-refund airtime where a session fails or terminates prematurely.

3. Centralized Dispute Resolution Platform: NCC must compel telcos to create user-friendly, time-bound dispute resolution platforms where customers can easily report and resolve airtime deductions for failed transactions.

4. Consumer Awareness Campaigns: Many Nigerians are still in the dark about this billing change. There must be a comprehensive public awareness initiative to educate users on how the system works and how to seek redress.

5. Monthly Public Report on USSD Deductions: NCC should demand transparency. Telcos must publish regular reports on total USSD charges, refunds processed, and customer complaints handled.

Wahala, truly, no dey finish. From endless queues at the bank to USSD sessions that deduct airtime but deliver no service, Nigerians are once again caught in the web of poor systems and zero accountability.

The NCC must step up. Telcos must clean up. And consumers must rise up, to demand fairness, transparency, and value for every kobo deducted from their airtime.

The real question remains: If this system continues unchecked, are we now paying to be frustrated?

*Elvis Eromosele, a corporate communications professional and sustainability advocate, wrote via elviseroms@gmail.com.

The post USSD ‘Wahala’ Reloaded: Are Telcos Quietly Dipping into Your Airtime? appeared first on Tech | Business | Economy.

This initiative underscores MTN’s commitment to customer-centricity, coming on the heels of recent adjustments to voice and data tariffs.

The MTN Mega Billion Promo is aimed at cushioning the impact of these changes while delivering visible and immediate value to subscribers.

“We understand the evolving needs of our customers, especially in the current economic climate,” said Dr. Karl Toriola, CEO, MTN Nigeria. “The MTN Mega Billion Promo is our way of giving back, providing tangible value, and demonstrating our unwavering commitment to their financial well-being. We remain customer-first in everything we do.”

The promo is geared towards producing 195 millionaires and a total of 5,460 winners within 90 days. Rewards range from daily cash prizes to a N5 million jackpot on weekdays and aN10 million jackpot in the ‘Saturday Mega Draw,’ creating a weekly climax of excitement.

“The MTN Mega Billion Promo is more than a reward scheme,” said Onyinye Ikenna-Emeka, chief marketing officer, MTN Nigeria. “It is a strategic initiative to empower customers through MoMo PSB. By leveraging MoMo for prize disbursements, we are not only facilitating winnings, we are also driving broader financial inclusion.”

Participation is free and open to all MTN subscribers aged 18 and above. Customers can opt in through the following channels:

•    USSD: Dial*900#;
•     MyMTN App: Use the Mega Billion section to opt in and track entries;
•     SMS: Text ‘MEGA’ to 900;
•     Web: Visit https://mtnmegabillion.comand click subscribe.

Once in, every recharge of N100 or more made via bank channels, VTU, myMTN NG, MoMo, USSD, or Logical Pins automatically qualifies the subscriber for daily and weekly draws.

Winners will be selected using a random number selector, based on accumulated points from recharge frequency and amount.

Daily excitement draws will be streamed live across Instagram Live, YouTube Live, and Facebook Live, ensuring transparency and daily engagement, and allowing participants to witness the selection process in real time. Winners will be notified through official MTN channels, and public announcements will be made only with their consent.

The MTN Mega Billion Promo delivers on MTN’s brand promise to provide customers with value, excitement and empowerment, especially in a time of economic change.

The post Mega Billion Promo: MTN Promises 195 Millionaires in 90 Days – How to Participate appeared first on Tech | Business | Economy.

As e-commerce surges and mobile payment adoption rises across the continent, businesses are searching for unified solutions that streamline operations while enhancing customer experiences.

For businesses looking to turn their payment systems from an operational necessity into a strategic asset, one company offers a compelling path forward.

With its sector-specific approach to payment orchestration, Zest, the fintech subsidiary of Stanbic IBTC Holdings, is positioning itself as a crucial partner for businesses seeking growth in Africa’s digital economy.

At its core, Zest offers something desperately needed in Africa’s diverse payment ecosystem: unification. Through sophisticated payment orchestration, their flagship platform, a payment gateway, brings multiple payment capabilities like cards, mobile money, bank transfers, and QR codes, into a single, comprehensive business dashboard.

This consolidation eliminates the headaches of managing separate systems while providing businesses with powerful tools: aggregator capabilities for multi-location collections, real-time reporting, instant settlements, reduced payment failures, and valuable customer insights that drive strategic decisions.

“Businesses today don’t just need to accept payments, they need to orchestrate experiences that are fast, seamless, and scalable,” explains Stanley Jacob, CEO of Zest.

Industry-Specific Solutions

Beyond the plug and play payment gateway, what truly sets Zest apart is its commitment to sector-led customization. Rather than offering one-size-fits-all solutions, the fintech delivers customizations of its platform to address industry-specific challenges.

One energy sector client now manages over 100 gas stations nationwide with real-time transaction monitoring against available inventory.

Additionally, Zest powers the client’s card-based loyalty system and pre-funding capabilities—a comprehensive solution that addresses multiple business needs simultaneously.

In another example, a major ports industry player benefits from custom-fitted payment collection infrastructure designed specifically for its complex operational requirements.

Empowering businesses of all sizes

While large corporations benefit from Zest’s enterprise-level customizations, smaller businesses aren’t left behind. The platform offers multi-rail payment checkout systems and free customizable storefronts embedded in its business dashboard.

With some of the most competitive pricing across different payment rails; cards, account-based transactions, USSD, QR codes, Apple Pay, and Google Pay, Zest enables even small merchants to offer customers multiple payment options. The platform’s bank-agnostic nature allows merchants to receive settlements in any bank of their choice.

“For Africa’s SMEs and corporates, orchestrated payments are no longer a nice-to-have, they are survival infrastructure,” emphasizes Ifeoluwa Adekunle-Yusuf, VP of Products and Engineering at Zest.

With digital payments in Africa projected to exceed $40 billion in annual revenue by 2025 according to McKinsey, and mobile money penetration now reaching 46% across the continent, businesses need reliable payment partners who understand the unique challenges and opportunities of the African market.

Zest’s seamless architecture ensures that businesses of all types—from small retailers and educators to artisans and service providers—can deliver professional, reliable payment experiences that power sustainable growth.

As African businesses continue their digital transformation journey, payment orchestration platforms like Zest will play an increasingly vital role in determining which companies thrive in the digital economy and which get left behind.

Smart businesses who are looking to grow more efficiently can get started with Zest, click here.

The post Zest: Revolutionizing Payment Solutions for African Businesses appeared first on Tech | Business | Economy.

It was simple, fast, and accessible even on the most basic mobile phones. From transferring money to paying bills, and checking balances to buying airtime, USSD provided seamless access to banking without the need for internet access.

But now, a terse, polite message from banks may have sounded the death knell of the service. In what feels like a final move in a long-standing tussle between telecom service providers and banks, the new directive from the Nigerian Communications Commission (NCC) mandates that going forward, USSD banking charges will be deducted directly from customers’ airtime, not their bank accounts.

The innocuous-looking message read in part:

“Dear Customer, from Tuesday, June 3, 2025, USSD banking charges will no longer be deducted from your bank account. Instead, the fees will be billed directly to your airtime in line with the NCC’s End-User Billing (EUB) directive. Each session will attract a charge of ₦6.98 per 120 seconds.”

Buried in this simple announcement is the latest twist in the long-drawn battle between telecom operators and banks over USSD service charges.

This is a battle that has lasted for years, involving regulators and resulting in service disruptions, legal threats, and regulatory interventions. Now, it seems banks are preparing to exit the USSD battlefield altogether.

The NCC directive effectively removes the banks from the fee-collection equation and places the burden squarely on the end-user. For many, this change marks more than a billing switch; it signals the slow phasing out of a channel that revolutionized financial inclusion in Nigeria.

There are, undeniably, a few upsides to this new structure. First, customers now receive prompts before airtime deductions are made, ensuring a more transparent process.

Second, telcos finally receive payment for services rendered, which could encourage better service delivery and network investments.

Finally, the new model simplifies the revenue flow i.e. banks no longer need to collect and remit fees on behalf of telcos. In short, the move creates regulatory clarity and administrative efficiency.

However, the challenges are just as significant, if not more so. USSD banking emerged as a revolutionary tool for financial inclusion. It brought formal financial services to people without smartphones, data, and internet access.

With just a basic phone and a GSM line, millions of Nigerians were able to check balances, transfer money, and buy airtime.

Now, each session comes at a direct cost, ₦6.98 per 120 seconds. For the average urban user, this may seem trivial. However, for rural dwellers, low-income earners, petty traders, and others at the economic margins, this is a heavy toll.

There’s also the psychological shift. A service that was once “free” or indirectly billed now requires upfront airtime, confirmation prompts, and network reliability. Add this to the banks’ not-so-subtle nudging of customers towards mobile apps and Internet banking, and the writing becomes clear: USSD banking is being slowly phased out.

You can’t blame the banks, it’s simple economics. USSD doesn’t allow for tailored digital engagement or targeted marketing.

It lacks the analytical depth of app-based platforms. And now that they must rely on telcos to facilitate and collect the fees, it’s no longer strategically beneficial.

But here’s the catch: Nigeria is still a country with high levels of digital illiteracy, device poverty, and limited internet penetration.

To phase out USSD without adequate replacement infrastructure or support systems would risk reversing the gains made in financial inclusion over the past decade.

Some would argue that there would be winners and losers. Yes, Telecom operators who now receive direct payment for USSD sessions; banks which shed the headache of fee collection and shift customers to digital platforms they control and tech-savvy customers who already prefer app-based banking solutions are all winners.

However, low-income users who depend on USSD as their only form of banking, rural communities where smartphones and data access remain luxury items and Nigeria’s financial inclusion agenda which may face a major setback would all be losers.

Going forward, we must now ask: how do we preserve financial inclusion while embracing digital transformation? A few ideas come to mind:

Tiered USSD Pricing: Offer essential services (such as balance checks or intra-bank transfers) at no cost or heavily subsidised rates, while charging for higher-value services.

Digital Literacy Campaigns: Educate users, especially in rural areas, on the use of mobile apps and internet banking.

Device Accessibility Initiatives: Encourage partnerships to provide affordable smartphones and basic data packages.

Public-Private Subsidy Models: The government, banks, and telcos can jointly fund access for the poorest Nigerians, similar to universal service obligations in other sectors.

This shift in USSD billing policy may seem like just another regulatory adjustment. But for millions of Nigerians, it could determine whether they remain financially included or pushed out of the system entirely.

As we pursue a cashless, digital Nigeria, we must ensure that no one is left behind, not the market woman in Aba, the farmer in Katsina, or the street vendor in Agege. Progress should not come at the cost of access.

*Eromosele, a corporate communication professional and public affairs analyst, wrote via elviseroms@gmail.com

The post Is This the End of USSD Banking in Nigeria? appeared first on Tech | Business | Economy.

According to industry watchers, the state of Nigeria’s telecom sector, in this light, can no longer be described as ‘competition’, as the sector is now drifting towards duopoly.

How?

9mobile missing in Action

9mobile, formerly known as Etisalat Nigeria, was once a thriving telecommunications brand in Nigeria, known for its innovative services and strong customer base.

It gained popularity as the fourth GSM operator in Nigeria and quickly established a significant presence, becoming a favourite among youth for its innovative offerings.

Today, 9mobile is gasping for air. It is faced with significant challenges, including prolonged network downtime, which has led to customer frustration and financial losses.

Subscribers have reported issues making calls, sending SMS, and accessing the internet, along with difficulties in porting their numbers to other networks.

These disruptions have prompted customers to voice their concerns on social media and demand intervention from regulatory bodies like the Nigerian Communications Commission (NCC).

It became so frustrating that customers even believe when false news was circulated that 9mobile was shutting down operations.

9mobile has lost a substantial portion of its subscriber base, moving from 23.4 million subscribers in 2015 to just 2.96 million as of February and March 2025.

…Globacom losing grounds

On the other hand, Globacom, commonly known as Glo, has played a significant role in shaping Nigeria’s telecom landscape.

Glo revolutionized Nigeria’s telecom industry by introducing per-second billing, making mobile communication more affordable.

It is the first single company in Africa to build a high-capacity submarine fiber-optic cable, enhancing internet speeds and connectivity.

Glo has sponsored major sporting events, including the Nigerian Premier League and the Glo-CAF Awards, promoting African football.

The company has positively impacted Nigerians through various initiatives, including promos that have helped people win houses, cars, and financial rewards.

Glo continues to push boundaries with its 4G LTE network, offering high-speed mobile internet to users.

Glo boasts of millions of subscribers in Nigeria and Ghana, establishing itself as a major telecom player.

However, analysis by Techeconomy shows that the MNO is facing decline is subscriber base too. The company’s market share has slumped to a record low of 11.9% as of April 2025, following a 69% drop in its reported subscriber base.

From over 60 million active users at the beginning of 2024, Glo now stands at just 20.6 million. In April alone, 108,393 subscribers dropped the network, according to data from the Nigerian Communications Commission (NCC).

Industry watchers are worried over Glo’s sharp fall which exposes customer dissatisfaction and an indictment of how far the company has drifted from its pioneering roots.

Once a national pride known for disrupting the market with per-second billing and free SIMs, Glo has now become the poster child for stagnation.

Beyond losing subscribers, Glo is losing trust. Between January and May 2025, the network suffered 45 major outages, second only to 9mobile’s 63. These blackouts could be attributed to fibre cuts, vandalism, equipment theft and power failures which repeatedly affected its services.

On 21 May, for instance, Glo users in five states were left without voice, data, SMS and USSD access for over eight hours. A fibre cut in Adamawa and Taraba on 20 May took more than four days to fix.

Other networks have issues, yes, but they respond faster. MTN, for example, typically resolves disruptions in 1–3 hours. Glo’s slow response times frustrate users, making them port to other networks. In April alone, 1,233 subscribers ported out of Glo.

“Globacom’s problem is mostly corporate governance, not because of a lack of subscribers,” said Wole Adetuyi, CEO of Swift Telephone Network said in a recent interview. “What it does is to make people think that the telecom business cannot be efficiently done by Nigerian executives, which is not true. There are many successful Nigerian companies in the telecom industry.”

The NCC has now turned its attention to Glo, auditing its SIM registration and data compliance processes.

While all telcos operate under the weight of Nigeria’s unstable business environment and infrastructure gaps, Glo needs drastic changes; starting with corporate (governance) restructuring and major investments in infrastructure to avoid losing its position in Nigeria’s telecom sector it once helped build.

The post Nigeria’s Telecom Sector Drifting to Duopoly appeared first on Tech | Business | Economy.

A payment gateway enables businesses, governments, NGOs, charities, and others to receive payments from their websites or other digital touchpoints through cards, transfers, USSD, wallets, etc, for themselves or on behalf of their customers.

While there are a number of payment gateway providers in Nigeria, the 10 prominent players are listed below:

1. Remita
2. Paystack
3. Flutterwave
4. Interswitch
5. Seerbit
6. Fincra
7. Kora
8. Moniepoint
9. eTranzact
10. HabariPay

1. Remita

Launched in 2005, the Remita payment gateway is offered by Remita Payment Services Limited, a subsidiary of SystemSpecs. It is robust and resilient and is in use by many SMEs, corporates, religious institutions, NGOs, governments, fintechs, etc.

Selected by the Central Bank of Nigeria, it serves as the payment gateway for the National Treasury Single Account (TSA) initiative, processing millions of local and foreign transactions across multiple channels. Remita processes more than N60 trillion in transaction value annually.

2. Paystack

Founded in 2015, Paystack is a leading payment gateway provider. Its payment gateway enables customers to easily activate collections on their digital touchpoints.

By July 2024, Paystack announced it had processed a staggering N1 trillion in a single month – a milestone that spoke volumes of its rapid adoption among startups and enterprises.

Founded by Nigerian entrepreneurs, Paystack was acquired by global payment company Stripe in October 2020.

3. Flutterwave

Founded in 2016, Flutterwave is a pan-African payments company providing payment gateway services to merchants, fintechs, and other entities. Merchants use Flutterwave payment gateway to receive payments in different currencies through cards, mobile money, USSD, and bank transfers. Flutterwave processed US$31 billion in transaction value in 2024.

4. Interswitch

Founded in 2002, with an initial focus on card switching and processing, Interswitch expanded into providing payment gateway services that enable customers to receive money digitally through different payment channels. Interswitch processed 1.2 billion transactions in March 2023.

5. Seerbit

Founded in 2019, Seerbit is a Nigerian fintech startup with a mandate to bridge Africa’s offline–online payment divide. The Seerbit payment gateway enables its customers to receive payments digitally through multiple payment channels. As of 2025, Seerbit is active in 12 African countries.

6. Fincra

Founded in 2021 with a grand vision to create a borderless Africa seamlessly connected to global finance. It provides multiple APIs for pay-ins (payment gateway, payment links, virtual accounts) and pay-outs (bulk disbursements, IMTO‑licensed transfers). Between 2023 and 2024, Fincra processed over US$10 billion in transaction value.

7. Kora

Founded in 2017, Kora is among the 10 leading payment gateway providers in Nigeria. It initially started as a blockchain remittance platform before pivoting to B2B Payment infrastructure services.

In addition to its payment gateway service, it now offers pay-ins, payouts, virtual accounts, and card issuing across Africa – helping local and global businesses scale in multiple currencies.

8. Moniepoint

Founded in 2015 as Teamapt, Moniepoint has evolved into a leading payment company. Its Monnify payment gateway allows merchants to receive payments through multiple channels, including cards, bank transfers, USSD, etc. As of 2025, Moniepoint processes roughly US$17 billion monthly.

9. eTranzact

Founded in 2003, eTranzact is a leading payments company that provides a wide-array of payment solutions. Its payment gateway Webconnect, enables businesses to accept payments via cards, USSD, bank transfers, etc.

Merchants on Webconnect benefit from seamless integration, a transaction dashboard, and prompt settlements. eTranzact processes trillions of Naira in payment value annually.

10. HabariPay

Founded in 2021, HabariPay is the fintech subsidiary of GTCO. Its Squad payment gateway allows merchants to collect payments from a variety of payment channels, including cards, bank transfers, USSD, etc. HabariPay processed N27.4 trillion in 2024 alone.

The post Nigeria’s Top 10 Payment Gateway Providers appeared first on Tech | Business | Economy.

Most discussions surrounding the future of payments tend to focus on developed markets; however, much can be learned from developing markets such as Nigeria in understanding what really shapes global payment solutions.

With its specific challenges as well as opportunities, Nigeria has carved a niche as a laboratory of innovation around payments, and it shows how creativity and adaptability overcome barriers and drive progress.

Mobile money is the one outstanding feature in the Nigerian payment ecosystem, with mobile money services such as Paga and OPay revolutionizing the way money is sent, received, or stored by a largely non-banking populace.

They brought marketing to the users, allowing them to conduct transactions with nothing more than their mobile phone without undergoing the rigors of having to open a bank account traditionally.

If Nigeria, whose situation presents some of the greatest challenges in mobile money, succeeds in something as basic as bringing everyone into the payment ecosystem, it illustrates how payment solutions must, themselves, be low-cost, best-suited, and accessible to the unbanked.

Thus, it is a lesson worth taking by other regions toward confronting the same challenge and offering solutions to overcome it.

Collaboration is arguably what most solidly springs out from Nigeria. It is reputedly anchored on partnerships from fintech start-ups and banks, as well as telecom providers, and that is why regulators are adding their voice in the Nigerian payments ecosystem.

The merger between MTN—the country’s leading telecoms provider—and banks enabled this huge success, being that MTN Mobile Money is a service that exploits the broad reach of mobile networks and the inherent security that the banking infrastructure offers.

All these can be very much linked as part of the reasons why they are seen to give more value to the solutions they create together; thus, for the global markets too, it goes to show that pooling together between the traditional players and the fintech organizations will definitely help drive innovations in payment matters.

From the Nigerian experience, the Central Bank of Nigeria (CBN), as a regulator, has been very proactive in creating a regulatory environment.

These regulations indeed play a pivotal factor in shaping the payment landscape that promotes innovation while ensuring safety and stability. Initiatives such as the Payment Service Bank license and cashless policy have built a framework within which digital payments could grow.

At the same time, the CBN has instituted guidelines that consumer protection has played along with policies against fraud like the Bank Verification Number (BVN) system.

This requirement will highlight the need for regulators to increasingly work toward finding a balance between enabling financial innovation and safeguarding the financial system for the global markets.

There is also a general trend emerging among the rise of digital wallets and QR code payments among consumers in Nigeria.

The likes of Quickteller and PalmPay have simplified digital payment for consumers and merchants, especially in informal markets.

QR codes, in particular, have gained a lot of ground and acceptance because they offer an inexpensive way to pay for services.

They are also very easy to use and require minimal infrastructure. Global payment providers should design solutions that are intuitive, easy to use, and compatible with existing behaviors as the keys to driving adoption in traditionally cash-dominated markets are simplicity and accessibility.

Nigeria’s payment ecosystem teaches resilience and adaptability. The infrastructure challenges, like unreliable electricity and internet connectivity, have forced innovators to come up with solutions that function with very wrong environments.

It highlights that USSD (Unstructured Supplementary Service Data) codes have become the most popular payment methods due to their compatibility with basic mobile phones and lack of internet connectivity.

Such discoveries show how resourceful these Nigerian innovators have been and are a good lesson to share with world markets undergoing similar experiences.

Nigeria’s payments ecosystem has challenges, including fraud and cybersecurity, which are real concerns that would call for continuous investment in security measures and consumer education.

The user is confused about navigating unconsolidated systems with no single payment standard due to innovation.

All stakeholders (i.e., the regulators, financial institutions, and fintech companies) must work together to solve these challenges.

So, what can global markets learn from Nigeria’s payment system? First and foremost, accessibility and inclusivity must come first, designing solutions that meet the needs of traditionally underserved populations.

Encourage collaboration between traditional players and innovators to make progress. Create regulatory environments that encourage innovation while ensuring security and stability.

Manage simplicity and adaptability to push adoption and mitigate infrastructure challenges. Invest in security and education towards consumer trust protection.

By virtue of innovation and resilience before it, Nigeria’s payment ecosystem is a source to learn from.

It provides lessons to be internalized in crafting payment systems for global markets that are technologically advanced but, at the same time, inclusive, accessible, and impactful.

More than ever, with lessons from Nigeria, payment systems meant to work for everyone is charted out in pathways wherein financial inclusion becomes the priority in solving current challenges posed by a turning world towards digital. Nigeria is setting the standard for global payments in the future.

*Oluwaseun Adeoye is a Product Manager with 12+ years in finance, specializing in electronic payments and digital banking. He holds a Computer Science degree from Bowen University and is pursuing a Graduate Certificate in Cloud Data Management at Conestoga College. Skilled in API integration, business development, and project management, he has delivered customized payment solutions for Nigerian and global markets.

Outside work, he enjoys learning, music, and leveraging technology to simplify tasks.

The post Global Perspectives on Payment Solutions – Lessons from Nigerian Markets appeared first on Tech | Business | Economy.