E-Financial
Due Network Launching in Nigeria to Redefine International Payments
Due Network, a next-gen fintech startup, has announced their plans to launch their global payments platform in Nigeria. The solution offers borderless multi-currency accounts, enabling seamless international money movement for businesses and individuals alike.
Due provides 50+ markets with uninterrupted access to global liquidity by connecting various domestic payment rails around the world, while facilitating the transactions at much lower costs and significantly faster settlement times compared to existing methods.
As an example, a company in Nigeria will be able to use NGN via NIP to pay their vendor in Europe, who then can receive the payment in EUR via SEPA — instantly, at near-zero costs and with a few clicks from a single interface.
“The global payments ecosystem is riddled with inefficiencies,” explained CEO and Co-Founder Robert Sargsian. “Receiving funds from overseas, paying international vendors or even moving intracompany funds across countries is expensive, slow and hard to access. We are here to challenge and change that.”
Powered by open and interoperable decentralised ledger protocols, Due enables their Nigerian clients to use Naira to add/hold digital US Dollars and Euros in their accounts, which can then be used to send/receive funds across Sub-Saharan Africa, the UK, EEA and the US.
Notably, all Due accounts are fully non-custodial, meaning the clients maintain complete control and custody over their funds on the platform. No intermediaries – not even Due themselves – can access the client funds in any way, providing the account holders with direct and unobstructed access without any restrictions or dependencies.
The company is headquartered in London, UK, and recently announced its $3.3 million Seed round to further develop Due’s technology and expand its fiat currency connectivity to more markets.
Due’s waitlist is now live with initial launch slated for later this month, focused on key corridors connecting Sub-Saharan Africa, the UK, EEA and the US, with expansion into Latin America (e.g. Mexico, Brazil) and Asia-Pacific (e.g. Hong Kong, Singapore) scheduled for Q1 2024. The company is also actively working to integrate digitised Real World Assets (e.g. tokenised US Treasuries) to provide more markets with wider access to yield-bearing assets.
Robert Sargsian and Co-Founder/CTO, Alex Popov, are joined by a global team spanning across London, Lagos, Munich, New York, Sofia and Mexico City. The team brings experience from renowned companies including Revolut, Uber, Binance and Bolt.
“We want to be a driving force in transforming how the global economy runs,” shared Sargsian. “Our vision is a future where money is truly global, permissionless and inclusive.”
The Senate on Wednesday adopted the harmonised conference committee report on the four tax reform bills.
The resolution of the Senate followed its consideration and approval of the recommendations of the conference committee of both chambers set up to harmonize the Bills.
The Chairman of the Senate Committee on Finance and leader of the Senate delegation in the conference committee, Senator Mohammed Sani Musa, presented the report.
The four tax reforms Bills which were transmitted to the National Assembly in November last year by President Bola Ahmed Tinubu include: The Joint Revenue Board (Establishment) Bill, 2025 (SB. 583); Nigeria Revenue Service (Establishment) Bill, 2025 (SB. 584); Nigeria Tax Administration Bill, 2025 (SB. 585); and Nigeria Tax Bill, 2025 (SB. 586).
In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.
This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.
Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs.
“This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”
The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.
“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.
He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.
This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.
Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production.
This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has launched a new feature called Advance Top-Up on its USSD banking platform *919#, which is designed to provide instant access to airtime and data for its customers especially when they are out of call credit or disconnected from the internet.
The new feature which was unveiled at the UBA head office in Marina recently, allows customers to borrow airtime or data directly from their mobile devices, offering a fast, dependable solution.
Shamsideen Fashola, group head, Retail and Digital Banking, UBA, who spoke during the official launch, described the feature as a timely addition to the bank’s digital offerings and a testament to the its customer-first approach.
“At UBA, we are constantly looking for ways to make banking and everyday services more accessible for our customers. With the launch of Advance Top-Up on our USSD platform, *919#, we are giving our customers the power to stay connected without interruption, regardless of time, location, or airtime balance,” Shamsideen said.
UBA’s Advance Top-Up which is now live on *919#, joins a wide range of services on the platform, which include airtime and data purchases, money transfers to UBA and other banks, account balance checks, card blocking and freezing, online transaction controls, bill payments, and more.
Fashola emphasised the simplicity and convenience of the solution, adding that “You don’t need to download an app or visit a data centre. Just dial *919#, follow the prompt, and you’re immediately connected. It’s simple, fast, and reliable.”
Alero Ladipo, Bank’s Group Head, Marketing and Corporate Communication, added that the feature was developed based on real feedback from customers and their evolving needs.
“Our users asked for a way to stay connected when they have no airtime, and as always, we have come up with a quick solution, right there on their phones, instantly, with no fuss, and no need for internet connectivity. Whether for emergency communications or business continuity, *919# puts instant connectivity in every customer’s hands,” she explained.
She explained that only recently, the bank unveiled its newly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empower small and Medium Scale Enterprises across Africa.
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