E-Financial
MasterCard Rolls-out In-App Flight Payments Solution

Consumers booking flights through low cost airline Mango’s mobile apps can now make secure and convenient payments using MasterPass, MasterCard’s digital wallet service.
Travellers can pay for flights booked through the Mango mobile app, available on all major operating platforms (Android, Blackberry 10, iOS and Windows 8.1) by selecting MasterPass as the payment option, completing their purchase with a single touch without leaving the application.
This checkout process creates a seamless purchase experience, supported by the highest levels of security.
“Consumers want to shop and pay in a way that suits their lifestyle. Whether it’s in-store, online or on-the-go, the payment experience needs to be simple and fast, while being safe and secure,” says Mark Elliott, division president, MasterCard, South Africa. “This is the first MasterPass in-app feature to go live in South Africa. The evolution of the digital wallet from an e-commerce to an in-app channel enables consumers to adopt their preferred payment method.”
“Mango continually pursues innovation across its business and we remain the only African airline to offer mobile apps for booking and payment on the go. The addition of MasterCard’s innovative MasterPass product to our range of payment methods is a welcome addition to Mango’s existing wide payment method acceptance portfolio,” says Mango spokesperson, Hein Kaiser.
MasterPass allows consumers to store all their MasterCard or other branded credit or debit card information, and shipping and billing address details, securely in one place.
This means they can make secure online and in-app payments without the repeated hassle of entering these details each time they want to complete a transaction.
Before accessing the Mango app to pay with MasterPass, consumers need to download and install the MasterPass app on their mobile device, which is free for download from the iOS, Android, Windows or BlackBerry app stores.
Standard Bank is the first local bank to offer a digital wallet powered by MasterPass, but the service can be used by consumers who bank with any South African bank.
E-Financial
NDIC Fixes April as Time Uninsured Depositors of Heritage Bank will Receive Liquidation Dividends

Depositors of Heritage Bank (in-liquidation) with balances exceeding the insured sum of ₦5 million will be paid from the sale of physical assets and debt recovery efforts soon, the Nigeria Deposit Insurance Corporation (NDIC) announced on Sunday.
With substantial progress recorded in asset realization, the first tranche of liquidation dividends will be paid to uninsured depositors in April 2025 on a pro-rata basis, in line with Section 72 of the NDIC Act 2023, which prioritizes claims.
The clarification follows concerns raised by depositors regarding the status of their uninsured funds.
A statement issued by the NDIC’s Acting Head of Communication & Public Affairs, Hawwau Gambo, reiterated the Corporation’s commitment to ensuring timely payments.
Following the revocation of Heritage Bank’s banking license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC was appointed as the liquidator in accordance with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55(1 & 2) of the NDIC Act 2023.
In line with its statutory mandate, the Corporation immediately commenced the bank’s liquidation process, including the verification and payment of insured deposits.
Providing an update on the ₦5 million maximum payout per depositor, the NDIC noted significant progress while acknowledging some challenges affecting certain depositors, including issues related to Bank Verification Numbers (BVN), Post No Debit (PND) restrictions, and Know Your Customer (KYC) limitations.
“Significant progress has been made in reimbursing insured deposits up to the ₦5 million limit per depositor.
“However, depositors yet to receive payments are largely those without Bank Verification Numbers (BVN) or alternate accounts in other banks, which are required to process payments through the Nigeria Inter-Bank Settlement System (NIBSS). Others have Post No Debit (PND) restrictions on their accounts.
“Additionally, some accounts have KYC limitations, such as Tier 1 accounts that restrict maximum lodgment of funds, while others have name mismatches requiring resolution.
“Some depositors who have already been paid may also be unaware due to a lack of mobile transaction alerts on their alternate accounts where the NDIC deposited their insured funds.
“Therefore, depositors are advised to check their alternate bank accounts, as some payments may have been processed without their immediate awareness,” the statement read.
Regarding payments to uninsured depositors, the Corporation explained:
“While depositors with balances above ₦5 million have received their insured sums, the remaining amounts will be paid as liquidation dividends, in accordance with the Corporation’s statutory mandate.
“The NDIC has made substantial progress in selling the bank’s physical assets and recovering debts to ensure that depositors with balances above the insured limit receive their payments as soon as possible.
As a demonstration of this commitment, the Corporation began realizing physical assets and investments while aggressively recovering outstanding risk assets, alongside verifying and paying insured sums.
“To ensure transparency and compliance with legal requirements, the NDIC has widely advertised the asset disposal process on its official website, social media platforms, major national newspapers, and through radio and television announcements.”
The NDIC emphasized that its simultaneous approach of paying insured depositors while aggressively pursuing asset sales and debt recovery is designed to accelerate the liquidation process and ensure that all depositors receive their funds without unnecessary delays.
“With the significant progress recorded in asset realization, the Corporation will declare the first tranche of liquidation dividends in April 2025, to be paid to uninsured depositors on a pro-rata basis, in line with Section 72 of the NDIC Act 2023, which governs the priority of claims.”
E-Financial
Titan Trust Bank Selects Oracle FSS for Core and Digital Banking Technology

Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
E-Financial
IMF Appoints Elumelu, Nigerian Businessman to Advisory Council

International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
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