E-Financial
IFC, Moove Partner to Boost Urban Mobility, Drive Growth in Lagos

A new partnership between IFC and Moove will improve urban mobility and ease heavy congestion in Nigeria’s megacity, Lagos, helping to drive sustainable and inclusive economic growth in the metropolis.
Moove is an African mobility financial technology firm that provides vehicle financing to mobility entrepreneurs across the continent and is Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa.
IFC’s $20 million financing package to Moove includes an up to $10 million loan from its own account and $10 million mobilized from partners under the Managed Co-Lending Portfolio Program (MCPP).
The funding will enable Moove to add up to 1,400 new cars to its fleet, including a pilot fleet of hybrid cars, to support the roll-out of more energy efficient vehicles on e-hailing platforms.
The financing comes on the back of Moove’s recent Series A, which raised $23 million to fuel growth and expansion into new markets and products. This brings Moove’s total funding raised to $68.2 million, comprising $28.2 million equity and $40 million debt.
“IFC’s financing will support our efforts to revolutionize e-hailing in Lagos by rolling out new energy-efficient vehicles and will help us in achieving our vision to democratize vehicle ownership, empowering a new generation of mobility entrepreneurs, in particular women, by offering them greater flexibility and transparency,” said Ladi Delano, co-founder and CEO of Moove.
Ride-hailing platforms in Nigeria have struggled to meet growing demand from users because of limited access to vehicle financing to support increased car ownership.
Car ownership in the country is less than 20 cars per 1,000 people, compared to over 120 per 1,000 people in South Africa. The additional cars added to Moove’s fleet will enable an estimated four million passenger trips per year in Lagos.
The investment is part of IFC’s, and the World Bank Group’s, strategies to promote diversified, inclusive growth and job creation in Nigeria and support the development of the country’s transport sector.
The limited expansion of public transport as urban populations grow is a major constraint to economic activity, and the private sector will be key to meeting the additional demand.
“Our partnership with Moove reiterates our commitment to spur economic growth in Nigeria by creating new opportunities and inclusive jobs, especially as the country recovers from the devastating impact of the COVID-19 pandemic,” said Kalim M. Shah, IFC’s Senior Country Manager for Nigeria. “It will also help Nigeria meet its climate aspirations by introducing more fuel efficient vehicles to meet the growing transportation needs of its population.”
IFC’s focus in Nigeria includes nurturing the country’s expanding digital economy, helping to narrow the infrastructure gap, supporting entrepreneurship, and boosting access to finance for smaller businesses and women entrepreneurs.
IFC has supported Nigeria throughout the pandemic, deploying up to $200 million of its COVID-19 fast-track global financing facility to several financial institutions to help them increase lending to small businesses.
E-Financial
Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards

Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.
This is coming nearly three years of suspension.
United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.
In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.
“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.
“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.
E-Financial
Flutterwave Secures 20 more US Money Transmitter Licences

Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).
This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.
Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.
Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.
Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.
Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.
This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.
Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”
Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.
E-Financial
Court Affirms NIBSS Authority to Manage BVN

Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.
This is according to a judgment delivered by Justice James Omotosho on Friday.
Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.
This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.
However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.
“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.
“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.
“The court grants the reliefs of NIBSS as prayed,” he stated.
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