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Kuda Business Partners with Paystack and SeerBit to Support Nigerian SMEs

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Kuda has launched Kuda Business Perks, a new initiative aimed at providing Nigerian SMEs with discounted services to ease operational costs amid economic challenges. With rising inflation, FX instability, and sluggish consumer demand, small businesses are struggling to maintain profitability.

SMEs make up 96% of businesses in Nigeria and contribute nearly half of the country’s GDP, according to the National Bureau of Statistics (NBS) and SMEDAN.

However, a 2024 PwC Nigeria MSME Survey found that over 70% of Nigerian SMEs cite high operational costs as their biggest barrier to growth.

To address this, Kuda Business Perks offers discounted services across key business areas, including payments, inventory tracking, staff healthcare, and marketing.

Through partnerships with fintech providers like SeerBit and Paystack, as well as platforms such as Vendy, OneHealth, Lumi, and Braudit, SMEs registered with the Corporate Affairs Commission (CAC) and holding Kuda business accounts can access affordable tools to streamline operations.

According to Nosa Oyegun, VP of Product Innovation and Strategy at Kuda, the initiative is about providing practical solutions rather than generic rewards. He emphasized that small businesses need tools that work and pricing that makes sense, and Kuda is partnering with platforms that matter to lower cost barriers.

The rollout is happening in phases, with each perk addressing a core business need. For example, businesses using SeerBit through Kuda will enjoy lower transaction fees on local payments, while Paystack integration will help SMEs accept payments globally more efficiently.

Kuda Business Perks showcases how digital banking infrastructure can evolve beyond access to affordability, tackling one of the most pressing challenges for Nigerian SMEs today.


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NCAA Orders Airlines to Enforce $10,000 Currency Declaration Rule

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The Nigeria Civil Aviation Authority has ordered all international airlines flying into Nigeria to enforce the $10,000 currency declaration rule.

The authority said the rule is required for passengers to declare cash or negotiable instruments above the limit, as part of efforts to strengthen anti-money laundering compliance.

According to the NCAA, the directive, referenced as NCAA/CPD/ABV/298, dated 24 April 2025 seeks to address gaps in the enforcement of existing currency declaration obligations for inbound passengers.

This was announced in a statement issued by the Director of Public Affairs and Consumer Protection, Michael Achimugu, via his official X account on Tuesday.

“International carriers must take two key actions, which include “Make inflight or pre-landing announcements informing passengers of their legal obligation to declare any currency or Bearer Negotiable Instruments exceeding $10,000 USD or its equivalent upon arrival in Nigeria.

“Distribute currency declaration forms onboard for passengers to complete before landing. The NCAA has received reports indicating that some airlines are yet to comply with this directive”, the statement read.

The NCAA said these requirements are consistent with international best practices and are vital to preventing the illegal movement of large sums of money across borders.

The Authority warned that full cooperation from international airlines is essential, saying, “Please note that the cooperation of all international airlines operating in Nigeria is critical to supporting the country’s efforts to align with global financial standards.”

Accordingly, the authority emphasised that full implementation of this directive, particularly as it concerns inbound passenger declarations, is of utmost importance.

“Compliance will be closely monitored, and non-compliant airlines will face appropriate sanctions,” it added.


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Appeal Court Nullifies Registration of ‘KPMG Professional Services’

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The court of appeal in Lagos has asked the Corporate Affairs Commission (CAC) to revoke the certificate of registration of “KPMG Professional Services”.

Appeal Court Nullifies Registration of ‘KPMG Professional Services'

In a unanimous decision delivered on Thursday, the appellant court granted the reliefs sought by KPMG Nigeria against CAC and KPMG Professional Services.

The judgment was read by Abdullahi Mahmud Bayero, the judge.

The two other judges are Abimbola Obaseki-Adejumo and A.M. Talba.

In 2002, KPMG Professional Services was registered as a company with CAC despite the existence of KPMG Nigeria, comprising its audit, tax, and consulting arms.

The KPMG Nigeria has long been registered in Nigeria before 2002.

KPMG Audit was registered in 1969, KPMG Tax Consultants in 1990, and KPMG Consulting in 1969.

Displeased with the registration of KPMG Professional Services, KPMG Nigeria approached the federal high court.

The consulting firm had argued that the name “KPMG Professional Services” was deceptively similar to its long-established identity.

In 2005, the lower court dismissed KPMG Nigeria’s case, citing an alleged merger between KPMG Nigeria and Akintola Williams Deloitte as reason the company could no longer assert rights to the name.

The lower upheld the second respondent’s (KPMG Professional Services) counterclaim and ordered that KPMG Nigeria’s name be struck off the CAC register.

The lower court had premised its decision on newspaper articles stating that KPMG Nigeria reportedly merged with Akintola Williams Deloitte.

Delivering the judgment, Bayero ruled that the lower court erred by relying on newspaper articles to ascertain that KPMG Nigeria allegedly merged with another company.

The judge said the documents showing the alleged merger were not presented before the lower court, and the form of the alleged merger could not have been known.

“In any event, the only branch of KPMG, if any, that entered into a merger with Akintola Williams as stated in the newspaper articles 18, is KPMG Audit,” the judge ruled.

“The other spheres were totally unaffected. It would therefore be wrong to state that the merger (which has not been shown to this Court) of KPMG Audit with Akintola Williams means all the other areas of business, including KPMG Consulting and KPMG Tax Consultants, also ceased to exist.

“Even if the Appellants (KPMG Nigeria) had ceased to do business as the Court seemed to have held, the 2nd Respondents (KPMG Professional Services) should not have been carrying on business until the Appellant’s certificate of registration is withdrawn or set aside.

“They cannot use the name until the Appellant’s certification of registration is withdrawn or set aside. They cannot use the name until the name is removed from the 1st Respondent’s (CAC) Register of Names.

“The 1st Respondents can only assign the name to the 2nd Respondents after first taking it away from the Appellants.”

The court ruled that CAC erred by registering KPMG Professional Services despite the existence of a business name, which is already registered.

The judge reversed the earlier ruling of the lower court and reaffirmed the primacy of statutory protection for existing business names under Nigerian corporate law.

 

 

 


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Air Peace Launches Abuja–London Heathrow, Gatwick flights October 26

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Air Peace has announced the launch of direct flights from Abuja to London Heathrow and Gatwick airports, with operations scheduled to begin on October 26, 2025.

The airline said in a statement on Sunday that round-trip fares for the Abuja–London service will start from N1m, making it the first Nigerian carrier to offer direct connections from the capital to both of London’s major international airports. This was contained in a press release issued on Sunday by the airline’s spokesperson, Efe Osifo-Whiskey.

“Direct international flight services from Abuja to both London Heathrow and London Gatwick Airports, effective October 26, 2025.

“Air Peace becomes the first Nigerian carrier to offer direct services from Abuja to both of London’s major international airports, further solidifying its role as a leader in regional and intercontinental aviation.

“Travellers originating from any of Air Peace’s domestic destinations across Nigeria can now book through fares via Abuja to either Heathrow or Gatwick using a single ticket, eliminating the need for multiple bookings or baggage re-checks,” the statement read.

Similarly, the new route opens convenient access for inbound passengers from the UK to cities across Nigeria.

“Travellers from London can access multiple destinations across Nigeria using a single Air Peace ticket through Abuja every morning. These destinations are Lagos, Port Harcourt, Enugu, Benin, Warri, Owerri, Kano, Yola, Gombe and Asaba, for now. Other destinations will be added later,” Osifo-Whiskey stated.

Air Peace is also offering what it describes as unprecedented value in pricing and service.

Osifo-Whiskey said, “It provides a distinct competitive advantage, enabling passengers to travel between Nigeria and the United Kingdom with greater ease, efficiency, and value, due to the possibility of choosing multiple cities entry and exit points.

“Has the cheapest fares ever, starting from only 1 Million Naira round trip. Huge baggage allowance.”

The Abuja–London launch comes months after the airline began Lagos–London Heathrow flights, which started earlier in 2024.


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