Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

MasterCard Lists Expectations from Digital Financial Services Lab

Published

on

Daniel Lanre Monehin, division president, Sub-Saharan Africa at MasterCard
Kindly share this post

 

MasterCard has expressed its expectations Digital Financial Services lab recently launched in East Africa with funding from the Bill & Melinda Gates Foundation.

In a telephone chat with Nigeria CommunicationsWeek, Daniel Lanre Monehin, division president, Sub-Saharan Africa at MasterCard, said although the lab comes up in East Africa, MasterCard will ensure innovations and applications developed therein be used to leapfrog financial inclusion in the African Continent.

Globally, digital payment innovations let more people take advantage of formal financial services.  These tools are simple to use, efficient and have the potential to dramatically reduce costs.

Despite these innovations, there are still 2.5 billion adults around the world who are excluded from the formal financial system. These people lack access to basic financial services and are forced to rely on cash, which creates instability and significant risks.

MasterCard is notable as a leading global payments solutions company that provides a family of well-known, widely-accepted payment card brands including MasterCard, Maestro and Cirrus and serves consumers, financial institutions, and businesses in over 210 countries and territories worldwide.

Monehin said that the new initiative seeking to impact more than 100 million people even globally, by developing practical and cost-effective financial tools that expand access and help build stable futures over the long term.

Specifically, the Divisional President said that Africans fates are now in their hands, hence MasterCard is interested in tackling issues related to biometrics, pensions, e-payment and cashless economy policies, and bring the financially excluded into the system.

He reiterated that through an $11 million grant over three years from the Bill & Melinda Gates Foundation, the lab will generate new ideas with local entrepreneurs, governments and other stakeholders across East Africa, and rapidly move from concept to reality.

“Although the lad is launched in East Africa, but the innovations coming from there will not only be implementable in East Africa, or Africa, rather MasterCard is interested in addressing several critical financial inclusion challenges. Every economy has its peculiar challenges; what we want is for Africans to develop applications that will serve the people and bring the financially excluded on-board,” Monehin said.

While expressing confidence on the viability of the project, he cited the South African Social Security Agency (SASSA), one of the world’s first debit card-based payment systems for welfare benefits and social security, which has saved the country $350million over a five-year period.

He said, “MasterCard is passionate about the new innovation and we draw our inspiration, again, from the SASSA project in South Africa where the debit card issued to the citizens serves multiple purposes. Today, South African uses the card to disburse government pension, disability, and public assistance payments because of its biometric-debit card composition.

“Unlike normal debit cards, the South African cards require users to have their fingerprints and voices digitally analyzed by computers. In effect, they’re the next generation of the EBT cards commonly used for food stamps in the United States”.

In Nigeria, he said, MasterCard is passionately involved in the management of payments account specific information under the ongoing national identity management scheme, and hopes “the Card when activated will help in bring about 70% of the financially excluded Nigerians in the banking system; deepen e-payment and help in the disbursement of pension”.

Expatiating on the payments technology deployed by Mastercard under the program, Monehin said the eID card is a chip and pin card certified according to the EuroPay, Mastercard and Visa (EMV) standard for globally interoperable, secure payments, which is mandated by the Federal Government, and it is approved and licenced by the CBN.

Thus, MasterCard’s vision for setting up the digital financial service lab was geared towards addressing issues where, “Many people lack access to the most basic financial services, leaving them trapped in a cash economy that imposes greater risks and costs on those least able to afford them.

He added that the investment made by the Gates Foundation, coupled with MasterCard strong innovation processes, they will create and scale financial services that open up a world of inclusion and help people build better, brighter futures.

Daniel who is primarily focused on establishing the MasterCard brand presence, driving card issuance, increasing acceptance, deploying innovative solutions and partnering with market regulators, noted that the new lab will be part of MasterCard Labs, MasterCard’s global Research and Development division that focuses on the evolution of technological and consumer trends and has created hundreds of prototypes over the last several years in a variety of areas from payment acceptance to authentication to P2P payments. 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

NDIC Calls for Inputs to IADI Core Principles for Effective Deposit Insurance

Published

on

Kindly share this post

Nigeria Deposit Insurance Corporation (NDIC) has called for comments from financial services industry stakeholders in the country, policy makers and the general public towards the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System.

NDIC Calls for Inputs to IADI Core Principles for Effective Deposit Insurance

The proposed revision launched by IADI in May 2025, is a significant step towards enhancing the resilience and relevance of deposit insurance frameworks in the face of an evolving global financial landscape.

Specifically, the revision is aimed at comprehensively addressing structural changes, including digital innovation, the growing role of deposit insurers in resolution, and lessons learned from the banking turmoil in March 2023, which is the most significant systemic stress event since the 2007-09 global financial crisis.

The IADI Core Principles are used by jurisdictions, including Nigeria, as a benchmark for assessing the quality of their deposit insurance systems and for identifying gaps in their deposit insurance practices and measures to address them.

The Core Principles are also used by the International Monetary Fund (IMF) and the World Bank in the context of the Financial Sector Assessment Programme (FSAP), to assess the effectiveness of jurisdictions’ deposit insurance systems and practices.

The first set of the Core Principles was issued jointly by the IADI and the Basel Committee on Banking Supervision (BCBS) in June 2009 while the document is subjected to periodic revision order to keep it up-to-date with evolving trends on the global financial system landscape.

As a founding and committed member of IADI, NDIC recognises the importance of the ongoing revision and hereby invites stakeholders and the general public to actively participate in the process by reviewing the document on the lin


Kindly share this post
Continue Reading

E-Financial

Onafriq Marks 15 Years of Revolutionizing African Payments

Published

on

Kindly share this post

Onafriq, Africa’s largest digital payments network, has celebrated a major milestone, connecting nearly 1 billion mobile money wallets and 500 million bank accounts across the continent.

According to a statement released by the company, Onafriq has evolved from a mobile money switch to a comprehensive omnichannel payments network, facilitating seamless transactions and financial inclusion.

The company’s network now connects 961 million registered mobile wallets and 464 million registered bank accounts, with over 2,000 cross-border payment corridors supported.

Speaking on the achievement, Dare Okoudjou, Founder and CEO of Onafriq, said, “We remain fully committed to connecting every individual and business in Africa with each other and the world.”

Okoudjou noted that the company has grown in lockstep with the continent’s digital evolution, from mobile money to bank accounts, remittances, and real-time trade.

As Onafriq embarks on its next chapter, the company aims to develop infrastructure with local relevance while maintaining the scale of its pan-African infrastructure.

A prime example is Nigeria, where Onafriq is developing a unique payments stack that combines the strength of its cross-border network with the regulatory and foreign exchange realities of one of Africa’s most dynamic economies.

The company is also exploring blockchain infrastructure and stablecoin integrations to facilitate near-instant, programmable payments, aligning with the objectives of the African Continental Free Trade Area (AfCFTA).

“We are increasingly focused on creating infrastructure with local depth,” Okoudjou said.

With extensive experience, wide reach, and a proven execution track record, Onafriq remains dedicated to building a payment infrastructure that unlocks prosperity across borders and within local communities.


Kindly share this post
Continue Reading

E-Financial

UBA Compiles with NCC, to Deduct USSD from Customers’ Accounts

Published

on

Kindly share this post

United Bank for Africa (UBA) has informed its customers that, in compliance with a new directive from the Nigerian Communications Commission (NCC), charges for USSD banking services will no longer be deducted from bank accounts, effective June 3, 2025.

UBA Compiles with NCC, to Deduct USSD from Customers’ Accounts

 

In a notice sent to customers, the bank explained that the charges would now be deducted directly from users’ mobile airtime balances, in line with the NCC’s newly introduced End-User Billing (EUB) framework.

It said the new model aimed to ensure transparency in USSD transactions and shift billing responsibility to mobile network operators.

According to UBA, each USSD session would now cost ₦6.98 per 120 seconds, saying that customers initiating transactions would receive a prompt to provide consent at the start of each session, and airtime would only be debited if the bank is available to process the request.

The bank advised customers who are not comfortable with the new billing arrangement to opt for other digital banking alternatives such as the UBA mobile app and internet banking platform, which remain fully operational and user-friendly.

UBA reaffirmed its commitment to providing secure and accessible digital services, and encouraged customers to choose the channel that best suits their banking needs.

The policy marks a significant shift in Nigeria’s digital banking ecosystem and is expected to address longstanding disputes over USSD service charges between telecom operators and financial institutions.

 

 

 

 


Kindly share this post
Continue Reading

Trending