E-Financial
CoralPay Deploys C’Gate, Composite Payment-Processing Engine
CoralPay Technology Limited has deployed the C’Gate, (CoralPay Payment Gateway and Processing) Platform, which has been described as the first interoperable USSD and mobile payment processing platform, which assures seamless and secure payment (Financial and Non-financial) transaction processing.
The C’Gate platform is a composite payment-processing engine. It allows customers using the USSD short codes of their respective banks, alongside their mobile Apps to pay for goods and services directly from their bank accounts and wallets.
The transactions are accepted on point-of-sale (POS) terminals, Automated Teller Machine (ATMs), Smart and Feature Phones on e-Commerce websites as well as ChatBots.
The C’Gate also has capabilities for card processing, telephony processing, account to account transfers, and several other forms of payments.
Chioma Nkechika, chief executive officer, CoralPay Technology Limited, explained that the C’Gate platform, can best be described as super payment processing engine, designed and built based on varied experiences from across the globe. It embeds several global payment designs and standards into one processing base, as used in developing the solution.
Presently commercial banks, insurance companies, Health sector operators, Mobile Money Operators, Other Financial Institutions (OFI, PSB, MFBs) and Insurance Companies, have all adopted the payment solution. Some of the Deposit Money Banks (DMBs) are GTBank, Zenith Bank, UBA Plc, First Bank, Access Bank, FCMB, Fidelity Bank, Wema Bank, Keystone Bank, Sterling Bank, Providus Bank among others.
Nkechika, explained further that, “For the insurance companies, the ease of collection of premiums from their customers across urban and rural locations has been a huge concern, it comes with a lot of difficulties due to logistics challenges and non-availability of sufficient secure payment points, which has now been solved with the C’Gate solution.
“Also with the C’Gate, you are able to remotely and securely pay your premiums to the designated Insurance Company account for onward remittance to your specific purpose account. For our several partnerships in the health sector (Private and Public Sector alike), payment and remittance of health insurance premiums, has been made more secure and simplified.”
Nkechika described, “the one key feature of the C’Gate platform, that has been most interesting and novel, to be considered as the flagship product, is the ability to use your USSD payment code from any bank or OFI (Other Financial Institutions) to pay remotely on any point of sale (PoS) terminal that has been deployed in the market today and a receipt printed.”
Speaking further, he described CoralPay as an institution that was conceptualized essentially to fill the identified gaps in the e-payment ecosystem. “Typically today, though some of payment processing institutions have tried to develop solutions for financial inclusion, these have largely operated in silos that have not allowed for full integration of all partners and upcoming startups in the ecosystem.
“Our objective as Coral pay is to create a Gold Standard for Payment and Transaction Processing in Africa”. When we describe gold standard, it is not just to say you are redefining standards, but you are taking the best of practices across various payment schemes and their stakeholder communities alongside regulatory partners and bringing it into a common standard to create a Gold Standard for Africa promoting our uniqueness.
“So today, CoralPay having launched this platform, we call C’Gate (CoralPay Payment Gateway). We have provided a ubiquitous platform that enables commercial, private and public institutions alongside their customers and patrons to transact using varied types of payment instruments that are available in the market today, through one seamless payment platform.
“Existing today are USSD codes, cards, telephones, accounts. Also you have other tools and devices that exist, but one thing that has remained a problem is that they have all operated in silos, because the channel on which they can transact are limited to their design.
“But with the C’Gate platform, all of these different tools can all work from one base platform which is the Coral Payment Gateway and Processing Platform”
Listing the benefits of the C’Gate USSD solution, Nkechika said: “Convenience and Security is key”. The USSD payment code switching as offered via the C’Gate platform offers convenience and security enabling users to either when physically present on location or remotely pay for good and services with ease.
“But beyond the convenience and security value, is the time efficiency of the transaction process. Most typical transactions today take an average of 30 seconds to 40 seconds to consummate. However with our improved streamlining we have been able to achieve within 20 seconds to complete a transaction, particularly for straight string dial transactions. So, it is faster. Then also in terms of the cost of processing, the C’Gate USSD transaction cost is cheaper compared to other payment instruments.
“Indeed we are delighted at the speed of the integration, adaptability and adoption of use of the USSD code for payment across several of the Key focus Verticals for growth of electronic payments transactions in Nigeria which include, Health, Hospitality, Agriculture, Entertainment & Gaming, Transportation, Education, Government Flows, Retail, Smart Cities/Communities etc. We have taken this payment value several notches higher with the C’Gate platform and we achieved this success through partnerships and collaboration with other stakeholders and partners in the payment ecosystem.”
Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts.
The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds.
Court filings reveal that the cybercriminals exploited a critical system glitch, discreetly transferring the money in small amounts across 54 financial institutions to evade detection.
Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that tracking the transactions has been challenging due to their fragmented nature.
Acting swiftly, the bank filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, requesting an emergency order to halt further withdrawals. On April 2, 2025, the bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being actively moved—suggesting an ongoing laundering operation.
In response, Justice Deinde Dipeolu granted a Post No Debit (PND) order, freezing all implicated accounts pending further investigation.
This crisis comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board over governance failures. Under the leadership of MD Yetunde Oni, the bank now faces intense scrutiny as customers demand accountability.
The Central Bank of Nigeria (CBN) has announced a comprehensive review of documentation requirements for transactions processed through the Pan-African Payment and Settlement System (PAPSS), aimed at enhancing intra-African trade, promoting financial inclusion, and improving operational efficiency for cross-border payments within Africa.
In a press release issued on Monday, the CBN outlined key updates to the documentation framework in a circular addressed to Authorised Dealer Banks (ADBs) and the general public.
The revised guidelines are part of the CBN’s ongoing efforts to streamline processes and support seamless financial transactions across the continent.
Under the new framework, individuals conducting low-value transactions up to USD 2,000 equivalent in naira and corporates transacting up to USD 5,000 equivalent in naira can now rely on basic Know-Your-Customer (KYC) and Anti-Money Laundering (AML) documents already provided to their ADBs.
This measure simplifies compliance requirements for smaller transactions and reduces administrative burdens.
For transactions exceeding the specified thresholds, parties must comply with the full documentation requirements as outlined in the CBN Foreign Exchange Manual and related circulars to ensure regulatory compliance.
Applicants are also responsible for ensuring that all necessary regulatory documents are available to facilitate the clearance of goods as mandated by relevant government agencies.
The new policy permits ADBs to source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, eliminating the previous requirement to obtain forex directly from the CBN.
Additionally, all export proceeds repatriated via PAPSS must be certified by the relevant processing banks to promote transparency and regulatory adherence.
The CBN urged all ADBs to adopt PAPSS and commence originating transactions in accordance with the updated policy.
Exporters, importers, and individuals were encouraged to familiarize themselves with the new requirements and leverage PAPSS for efficient cross-border transactions across Africa.
The Federal Inland Revenue Service has directed banks across the country to immediately identify and close any tax and levy collection accounts not authorised under its TaxPro Max platform.
The directive, aimed at promoting transparency and ensuring uniformity in tax collection, was disclosed in a public notice titled “Directive to close unauthorised FIRS tax collection accounts,” issued by the FIRS Chairman, Zacch Adedeji, and circulated to journalists on Monday by his Special Adviser on Media, Dare Adekanmbi.
According to the notice, all tax and levy collections must now be processed exclusively through assessments generated on the TaxPro Max system.
The FIRS warned that all banks participating in its collection, remittance, and reconciliation scheme must comply without delay, discontinue the use of unauthorised accounts, and ensure only transactions initiated from the TaxPro Max platform are processed.
“We count on your cooperation to ensure a smooth transition to this centralised system, thereby contributing to a more transparent and efficient tax collection process,” the agency stated.
Developed locally, the TaxPro Max platform facilitates key tax activities such as taxpayer registration, filing of returns, payment processing, and the issuance of tax clearance certificates.
It was introduced to streamline tax administration and support the FIRS’s broader digitalisation agenda.
The agency also urged taxpayers and stakeholders seeking clarification to contact its Revenue Accounting and Refund Department.
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