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.”
FirstBank of Nigeria has announced an upward review of its transaction alert fee, raising the charge from N4 to N6 per SMS.
In a customer notice, the bank attributed the increase to the recent hike in telecom service costs by network providers.
“We understand that staying connected and informed about financial activity on your FirstBank account is crucial,” the bank stated. “Unfortunately, due to the recent increase in telecom service charges by service providers, the fee for our SMS transaction alerts has been adjusted from N4 to N6 per message.”
The bank acknowledged that the change may cause some inconvenience to customers but assured that efforts are being made to minimise the impact while maintaining service quality.
“We know that this change might cause you some inconvenience, but we are committed to minimising the impact of this change while we continue to provide you with the best financial services possible,” the message read.
The bank encouraged customers with concerns or questions about the adjustment to reach out through its official contact channels.
The adjustment comes at a time when banks are reviewing cost structures following increased operating expenses, including rising telecom tariffs and inflationary pressures across sectors.
The new SMS fee will apply per transaction alert received by customers.
However, some customers took to X (formerly Twitter) to criticise the move, especially at a time when other banks are reportedly scrapping similar charges.
An X user, @Tonyvyncent, wrote, “FirstBankngr have mercy. In a period when others like Sterling Bank are removing charges for customers, you’re increasing charges. No emotional intelligence.”
Tijjani Borodo, chairman, Chartered Institute of Directors (CIoD) Nigeria, has blamed bank failures on poor corporate governance, but commended the Nigeria Deposit Insurance Corporation (NDIC) for its notable achievements in bank liquidation and resolution.
The NDIC excellence in operational standards, consistent implementation of its mandate, and unwavering commitment to ethical leadership and sound corporate governance especially in banking supervision and depositor protection, have been critical factors in the Corporation’s success in promoting the stability of the banking sector and the nation’s financial system.
He made these remarks during a courtesy visit by the CIoD Governing Council to the Management of the NDIC at the Corporation’s Head Office in Abuja.
He stated that as the apex professional body for directors in Nigeria, the CIoD had instituted mechanisms and procedures to sanction erring directors found culpable of unethical conduct.
He reaffirmed the Institute’s strong commitment to promoting high standards of governance and leadership across all sectors, including the banking industry.
Borodo described the visit of the Governing Council of the CIoD opportunity to strengthen and sustain the partnership between the Institute and the NDIC, particularly in the area of capacity building through Board induction programmes, executive leadership development, and governance training tailored to the specific needs of directors in both the public and private sectors.
In response, Bello Hassan, NDIC managing director/CE, expressed appreciation to the CIoD leadership in promoting professionalism and corporate accountability.
He emphasised the NDIC’s commitment to depositor protection and financial system stability, stressing that corporate governance is central to the Corporation’s operational mandate and critical in strengthening the integrity and resilience of banks as well as instilling public confidence in the financial system.
Hassan further reiterated the Corporation’s readiness to sustain its partnership with the Institute in advancing a strong culture of corporate governance among the NDIC’s executive staff and across the broader financial industry.
E-Financial
Moniepoint Secures Place Among Africa’s Fastest-Growing Companies for Third Consecutive Year
Moniepoint Inc. has once again been recognized by the Financial Times as one of Africa’s fastest-growing companies, marking its third consecutive year on the prestigious list.
This ranking reinforces Moniepoint’s rapid expansion and its position as a leading financial institution dedicated to serving Africans globally.
Released on May 14, 2025, the ranking was compiled by Statista, which rigorously screened companies based on their revenue growth from 2020 to 2023.
Moniepoint stood out with a remarkable 2023 revenue of $264.51 million, outperforming competitors across diverse industries including technology, telecoms, financial services, and healthcare.
The fintech powerhouse processes over 1 billion transactions monthly, with a total payments volume exceeding $22 billion, serving ten million businesses and individuals across Nigeria. Its continuous success is reflected in its $110 million Series C funding round in October 2024, which attracted investment from Visa, a global digital payments leader.
Moniepoint’s expansion goes beyond Africa, with the recent launch of MonieWorld, a remittance and digital financial service tailored for the UK’s African diaspora, offering seamless money transfers to Nigeria.
CEO Tosin Eniolorunda expressed his excitement about the company’s achievements and future growth, emphasizing Moniepoint’s dedication to financial inclusion and innovation.
The company has also received multiple awards, including Financially Inclusive Fintech of the Year by the Central Bank of Nigeria and Best Bank for SMEs at BusinessDay’s BAFI Awards.
Since its first ranking in 2023, Moniepoint has rapidly scaled its services, providing millions with reliable financial solutions while enabling access to essential banking tools for businesses and individuals, including those in underserved areas.
With its continued recognition by the Financial Times, Moniepoint remains a trailblazer in Africa’s fintech sector, solidifying its reputation as a key player in driving financial empowerment and accessibility across the continent and beyond.
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