E-Financial
InterSwitch Launches $10m e-Payment Growth Fund

Interswitch, a leading pan-African integrated payment, processing and transaction switching company, announces the launch of a new $10 million ‘ePayment Growth Fund’.
The fund is intended to serve as a catalyst for funding innovation and disruptive business concepts within the payment industry across Africa.
Interswitch is seeking to collaborate with African entrepreneurs and start-up businesses developing innovative products and services that empower Africans to participate in the emerging payment ecosystems currently transforming business on the continent.
The fund has made its first investment in ‘Africa Courier Express’ (ACE), formerly A-Post, a Nigeria-based and Africa focused technology driven ecommerce logistics and warehousing firm.
ACE has developed and rolled out a new cutting-edge technology to track, deliver and collect payments seamlessly for and on-behalf of its clients.
The company will receive an initial investment of US$850,000 from the Interswitch ePayment Growth Fund to enable management execute its West Africa expansion plans with the potential to access additional funding.
The investment by Interswitch represents the start of a new partnership model to deepen the ecommerce space across Africa.
ACE was launched in November 2013 by Tunde Kehinde and Ercin Eksin, two experienced professionals with strong market experience in running successful retail and logistics businesses in emerging markets.
The company currently provides reliable third-party logistics, tracking and pay-on-delivery (cash and electronic) services for retail businesses in Nigeria.
Since launch, ACE has established physical presence in 5 cities across Nigeria, has shipped to almost 100,000 customers, and is currently one of Nigeria’s largest ecommerce logistics management companies.
The investment by the Interswitch fund will enable ACE to grow the West Africa’s retail market by allowing retailers to focus on their core business of purchasing and managing inventory.
ACE has distribution hubs in major cities across Nigeria (Lagos, Abuja, Port Harcourt, Ibadan and Abeokuta), developed a world class IT backbone infrastructure to support transparent tracking of packages, acquired anchor clients, and hired experienced logistics staff to launch and run the business.
The company is currently supporting a number of blue chip clients and is experiencing growing demand for its services across several sectors.
Mitchell Elegbe, group managing director, Interswitch, said: “Interswitch is committed to encouraging innovative ideas and developing start-ups across Africa. We created the US$10 million e-payment growth fund to do just that, and it is with great excitement that today we can announce our first investment. ACE is exactly the sort of business we want to support: dynamic, energetic and dedicated to breaking barriers for e-commerce in the African market.”
Tunde Kehinde and Ercin Eksin, founders, ACE, said: “We are delighted and very proud to be selected as the first investment from the Interswitch ePayment Growth Fund. This new capital provided through our new partnership with Interswitch, and which is part of a larger US$2.6 million funding, will enable us to accelerate our expansion through Nigeria and beyond into West Africa.”
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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