E-Financial
Flutterwave Partners with Audiomack to Expand Access and Monetisation Opportunities for African Artists
Flutterwave, Africa’s leading payments technology company, has announced a strategic partnership with music-streaming and discovery platform, Audiomack.
This collaboration enables Audiomack to provide premium music experiences and unlock new features for its customers and artistes for a fee. With a strong presence in almost all 54 countries on the African continent, Audiomack has become the go-to platform for artists, tastemakers, labels, and fans seeking to explore and share music from diverse African cultures.
Since its inception in 2012, Audiomack has been committed to supporting the African music scene, opening a Lagos office, and expanding its reach in 2021 in key African markets such as Kenya, Tanzania, Uganda, and South Africa.
As Audiomack enters its next growth phase across Africa, the partnership with Flutterwave brings seamless and secure payment processing capabilities to its users.
This collaboration will enable Audiomack to offer more payment modes like bank transfer, local cards, and mobile money, native to African users, making the platform accessible to a broader audience across the continent.
The partnership also empowers African artists with enhanced monetization capabilities. With Flutterwave’s expertise in secure and reliable payment processing, Audiomack will provide African musicians with more opportunities to monetize their work.
This includes offering seamless payment options to fans who want to support their favourite artists directly.
Commenting on the partnership, Flutterwave’s Founder and CEO, Olugbenga Agboola, said: “We are excited to join forces with Audiomack and contribute to the growth of Africa’s music industry.
“By leveraging our technology, we will expand the Audiomack user base across Africa while empowering African artists with increased monetization opportunities.
“Audiomack’s commitment to promoting African music and providing a platform for artists to showcase their talent aligns perfectly with Flutterwave’s mission to simplify payments and foster economic growth across the continent.
“This partnership represents a significant step forward in realising these shared goals.”
On his part, Co-Founder and CEO, Audiomack, Dave Macli, said: “We are delighted to partner with Flutterwave to enhance the Audiomack experience for our African users.
“This collaboration enables us to bring Audiomack to even more people in Africa and gives African artists the tools they need to thrive and monetize their art effectively.”
The Flutterwave and Audiomack partnership marks an exciting milestone in the African music industry, further accelerating its growth and expanding its global footprint.
Audiomack’s users in Africa can look forward to enhanced access to Audiomack’s vast music library and an improved user experience, while African artists will gain greater opportunities for financial success and artistic recognition.
Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).
This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.
Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.
“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.
He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”
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