E-Financial
Interswitch Partners MEST to Support IT Entrepreneurs

Interswitch, a leading pan-African integrated payment processing and transaction switching company, has partnered with Meltwater Entrepreneurial School of Technology (MEST) to develop and extend the acclaimed MEST training programme.
The new partnership, called ‘Interswitch MEST’, will directly impact and benefit Nigeria’s IT entrepreneurs and its rapidly growing domestic ICT industry.
The fundamental goal of the Interswitch MESTpartnership is to ensure the training, mentoring and supporting of young Africans at the MEST campus in Accra, Ghana.
This new initiative enacts the intentions of the federal Ministry of Communication Technology (FMCT) to create jobs that power the development of world-class software companies in Nigeria.
The Interswitch MEST partnership will take several forms. First, the extension of the MEST programme to Nigerian students (2014 marks the first year that students outside of Ghana will be considered).
The first year will comprise Nigerian and Ghanaian students working side-by-side in the MEST Accra campus with new Nigerian faculty members being trained according to the curriculum.
The second year will see all students, new faculty and some existing staff moving to the MEST campus in Lagos, Nigeria.
This innovative solution is a symbol of continued collaboration between international, regional and Nigerian leading private sector entities, facilitated by the FMCT.
Prior to its consolidating partnership with Interswitch, MEST has offered aspiring African entrepreneurs a fully sponsored two-year, intensive and full-time schooling programme since 2008 – training over 200 Ghanaian IT entrepreneurs and investing almost $2million in 17 software startups.
“We’re proud of what we’ve built thus far,” said Neal Hansch, managing director – Investment & Incubation, “Partnering with Interswitch will allow us to build on that success and jolt our efforts in the West African region. Nigeria is an extremely important piece of the puzzle in order for us to provide the most competitive environment for our students to then build Africa’s greatest tech products. Interswitch will be a driving force behind that.”
Nigeria proves to be an attractive move for tech giants and incubators alike. As the world’s seventh most populous nation today, 28% of Forbes’ 40 richest African entrepreneurs are from Nigeria.
The rebasing of Nigeria’s GDP makes the country the largest economy in Africa, surpassing South Africa, and making the country one of the biggest economies in the world today.
Mitchell Elegbe, group managing Ddrector, Interswitch Transnational Holdings, said “We’re delighted to be driving employment in Africa’s ICT industry, through this important partnership with MEST. Interswitch has long been developing products and services that help African businesses to grow, operate more efficiently and create jobs. This partnership is a natural extension of that work, in a field we are particularly passionate. This is an extremely exciting time for technology in Nigeria, and we look forward to showing young Africans how they can meet their potential in the sector”
Omobola Johnson, minister of Communication Technology, Dr stated that ‘’The Interswitch / MEST training program is a welcome development that complements the work of the Federal Ministry in developing the skills and reach of local ICT entrepreneurs in Nigeria.
“One of the Ministry’s focal points is to develop local content, creating an environment that fosters innovation, creativity and entrepreneurship. We look forward to the success of this initiative and world class software companies in Nigeria, being created as a direct result of this collaboration’’.
Having already received over 1,000 applicants from Ghanaian students this year, Nigerian graduates from all backgrounds who are passionate about software and entrepreneurship are encouraged to now apply to MEST at www.meltwater.org/admissions before Monday 30th June, 2014. Information can also be found on www.interswitchng.com
E-Financial
Kuda Unveils New Wallet for Multiple Currencies

As the first currency supported by the functionality, Kuda launched an update for its app that allows users to send, receive, hold, and convert USD directly.

Babs Ogundeyi, MD, Kuda
The action comes in response to growing consumer demand for currency-neutral spending, savings, and income management.
As part of its expansion strategy, digital bank Kuda has introduced a multicurrency wallet to assist Africans who live, work, and travel internationally.
Users may keep, fund, and convert between five main currencies—the US dollar, British pound, euro, Nigerian naira, and Canadian dollar—all within a single wallet on the Kuda app with this application, which is still undergoing testing.
“The new wallet is designed to simplify the fragmented experience Africans face when managing money across different countries and currencies,” said Nosa Oyegun, senior vice president, Business Banking, Kuda, during a media parley in Lagos.
“People no longer reside in a single nation. Due to their global reach, Africans should be able to transfer their money with ease, Oyegun stated.
He claims that eligible customers outside of Nigeria may already access the wallet on Android smartphones, and an iOS deployment is planned.
He clarified that Kuda purposefully decided against developing a distinct wallet app.
Customers will be able to log in as normal, open foreign currency balances, convert money when needed, and send or spend money without switching platforms because it will be integrated into the core Kuda experience.
More than N100 billion entered Kuda accounts from LemFi in 2024 alone.
“This wallet is just our first step in acknowledging and supporting the fact that our customers are already living this cross-border reality,” Oyegun stated.
Kuda wants to give people a smooth financial tool that suits their lifestyle, not only currency exchange.
By removing the bottlenecks involved in the need to switch between various apps or financial services, the wallet will enable users from overseas to send money home, exchange currencies, and continue spending from the same account when they visit Nigeria.
Oyegun emphasized throughout the event that the wallet also takes client retention into account.
Kuda plans to keep helping people who move overseas as they adjust to life in other nations rather than losing them.
He further claimed that these users had not churned. “They simply switched nations. We wish to continue servicing them.
Kuda is now one of many African fintech companies developing products for cross-border use cases as a result of the move.
Oyegun pointed out that Kuda’s goal is to become a financial partner for Africans wherever they may be, going beyond simply exchanging currencies.
The bank’s growth trajectory is reflected in Kuda’s first-quarter 2025 performance, which was disclosed during the briefing. Customer confidence in the company’s digital-first strategy was strengthened when it recorded N453 billion in savings deposits and processed N8.4 trillion in total transaction volume.
With the new feature being introduced on the app, Kuda Microfinance Bank hopes to assist online business owners, freelancers, and remote workers who make money in USD with the recently added feature, which is currently undergoing testing.
Users can choose to accept USD payments directly or convert naira into USD using the Spend tab.
In the near future, GBP and EUR will be recognized as alternative currencies, according to the financial institution.
Additionally, in Nigeria, where inflation is severe, having USD on hand might be advantageous and convenient for people.
More Nigerians have recently begun to use digital platforms to improve the stability of their financial status.
For the majority of them, managing multiple currencies—whether via remote work, cryptocurrency, or international trade—has become the standard. Kuda Bank aims to meet these demands and grow its business to meet the demands of the market.
The financial institution’s continued dedication to providing solutions that give its users the best possible experience which is demonstrated by the multicurrency wallet feature.
Speaking about the project, Kuda representatives emphasized that the new wallet was created to make it easier for Africans to manage their money across various nations and currencies.
Customers can log in as normal, open foreign currency balances, convert funds, and spend or send money without switching platforms thanks to the integration of this feature within Kuda.
Along with currency conversion, Kuda plans to provide a financial tool that eliminates the need for users to switch between apps or financial services by enabling users from other countries to send money to Nigeria, convert currencies, and spend from the same account when they visit.
E-Financial
Reps Investigate 25 Insurance Firms for Financial Infractions

The House of Representatives has launched an investigation into 25 insurance companies over alleged financial infractions that have reportedly led to the loss of hundreds of billions of naira in government revenue.
Chairman of the House Sub-Committee on Capital Market and Institutions, Hon. Kwamoti Laori, made the disclosure on Monday during a meeting with representatives of the affected companies at the National Assembly Complex in Abuja.
Laori said the probe was prompted by petitions accusing the companies of violating statutory provisions in their operations, thereby shortchanging the federal government.
“This committee is saddled with the responsibility of addressing a petition based on infractions by these insurance companies regarding their operations and non-compliance with certain statutory provisions,” he said.
“These infractions have led to the federal government losing hundreds of billions of naira in revenue. That is why the companies were invited—to either confirm or refute the liabilities ascribed to them.”
According to the lawmaker, each of the 25 companies had been formally notified of their respective liabilities and summoned to explain their financial dealings.
“The essence of this engagement is to ensure that what is due to the federal government from these private entities is fully remitted,” Laori added.
He emphasized that it is within the constitutional mandate of the National Assembly to track government revenue and block leakages, particularly in sectors involving private sector collaboration.
The committee also frowned at some of the companies’ attempt to stall the investigation by resorting to legal action.
“Some of the companies have gone to court and served the House with court processes. It is now up to us and the House leadership to examine those court papers,” Laori said. “If the court action does not affect the core of our mandate, we will proceed. If it does, we’ll await the court’s decision.”
He criticized what he described as a strategy aimed at obstructing parliamentary oversight.
“Going to court appears to be a deliberate attempt to throw a spanner in the works of the National Assembly,” he stated.
Laori also expressed dissatisfaction with the failure of some company heads to appear in person, instead sending representatives who were unable to respond to critical questions.
“We have insisted that Chief Operating Officers (COOs) must appear in person. One of the COOs sent someone who couldn’t answer any of the allegations—this is unacceptable,” he said. “It is the same people that will later accuse the National Assembly of not doing its job.”
The committee chairman did not spare the industry’s regulator—the National Insurance Commission (NAICOM)—which he accused of negligence.
“NAICOM has a supervisory role, and if they were doing their job effectively, we wouldn’t be here conducting this investigation. They need to sit up,” Laori said.
Meanwhile, 17 of the companies currently in court sent a legal representative, Mr. Abimbola Kayode, to the hearing on Monday.
E-Financial
Naira Slides Again, Hits ₦1,532.34/$ Despite CBN’s Dollar Push

The naira closed the past week weaker than the previous one, as it depreciated by 0.14 per cent week-on-week to settle at 1,532.34/$ at the Nigerian Foreign Exchange Market.
This weakening came despite the naira rebounding to a four-month high on the first trading day to close at 1,518.88/$. After that, it weakened to 1,530.25/$, then lower to 1,533.11/$ before gaining some strength to close the week at 1,532.34/$ at the official market.
During the past week, the highest amount that the naira traded for was 1,538/$, and the lowest was 1,515/$ on the NFEM.
At the parallel market, the currency closed trading within the band of 1,535.00/$ and 1,544.00/$1.
Analysts have maintained that the intervention of the Central Bank of Nigeria and improvement in the foreign exchange liquidity were essential to stabilising the naira at the FX market.
Cowry Assets Management Limited, in its weekly market report, averred that the naira had recorded mixed trading across the markets as it appreciated slightly by 0.06 per cent week-on-week to close at 1,544.00/$1 at the parallel market while closing in the red zone at the official market.
“The divergent movements reflect ongoing supply-demand imbalances and the evolving FX liquidity landscape,” stated the analysts, who, however, maintained that the naira looks to record further gains as improved oil output and elevated prices drive higher dollar inflows, which could sustain the current pace of reserve accretion.
“The positive oil earnings outlook, combined with steady capital inflows, should offer continued support for the naira and enhance near-term FX market stability,” the report added.
Recent data from the Nigerian Upstream Petroleum Regulatory Commission shows that the average daily crude oil production (excluding condensates) rose by 3.6 per cent to 1.51 million barrels per day in June 2025 from 1.45 mbpd in May. This marks the first time in five months that Nigeria has met its OPEC production quota, reflecting improvements in operational efficiencies and security around key oil-producing assets.
AIICO Capital Limited, in its weekly report, noted that the CBN had intervened intermittently in the FX market in the past week.
It stated, “Dollar sales early and late in the week helped maintain relative stability. The naira closed at 1,532.34/$, down 13.6 bps w/w. Reserves rose by $422m to $37.85bn” as of Thursday from $37.43bn in the previous week.
It is expected that the naira will likely hold its current range amid better liquidity, while markets weigh potential FX impacts from the Monetary Policy Committee’s decision starting Monday (today).
Analysts are split on what the decision of the MPC should be regarding the benchmark. On one side, doves are calling for a modest rate cut, pointing to cooling inflation, a more stable naira, and signs of reform traction. On the other hand, hawks are warning that premature easing could undo all the gains of FX reforms and decelerating inflation, especially with food supply shocks and global risk still very much in the picture.
“For now, traders are positioning around the edges, but the real signal will come from the tone of the communique,” Comercio Partners asserted.
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