E-Financial
Microsoft Takes Cutting-Edge Technology to NSE
Microsoft Nigeria, devices and services giant, demonstrated its commitment to growing businesses in the country by taking cutting-edge technology to capital market operators at the Nigeria Stock Exchange (NSE) organised X-Gen Expo.
X-Gen is a new electronic trading platform that will allow stockbrokers and other stakeholders access the market anywhere, anytime.
The Expo also provided an avenue for market shareholders and solution providers to further discuss the functionalities and usage of the X-Gen.
On display at the Microsoft exhibition stand was the Microsoft Office 365, a cloud service which requires no hardware investment.
The Expo provided market operators the opportunity to learn more about the potential business impact of Office 365 and explore its power and functionality during a hands-on demo by officials of Ha-shem Network Services Limited, a Certified Microsoft Gold Partner.
The Microsoft Office 365 has the potential to fuel business and economic transformation by delivering cost-effective, flexible access to enterprise-class IT and also provides the productivity backbone for modern businesses.
Office 365 also brings together Microsoft Office, Microsoft SharePoint Online, Microsoft Exchange Online and Microsoft Lync Online in an always-up-to-date service, at affordable cost.
These tools put email, voicemail, enterprise social networking, instant messaging, Web portals, extranets, video conferencing, web conferencing and more at everyone’s fingertips.
In his remarks, Oscar Onyema, chief executive officer, NSE described the X-Gen Expo as the first of its kind since inception of the NSE in 1960 and stated that the “X-Gen symbolises NSE’s untiring commitment to delivering a first rate technology platform that will enable our members build and grow their businesses, and the investing community experience a more efficient market when they buy and sell securities.”
Speaking on new trading possibilities for the Nigerian capital market, Ade Bajomo, executive director, Market Operations and Technology at the NSE noted that the new trading models will support algorithm trading, customer driven electronic trading, direct market access and high frequency trading, amongst others.
“The system when introduced is expected to improve transparency, market access, audit trail and provide efficient price discovery in the market, thereby enabling investors to realise their investment objectives by using products currently offered at the Exchange in more meaningful ways.
On the panel to discuss Service Providers/Telco/Hardware/Security was Adefolu Majekodunmi, Channels and Partners director, Microsoft Nigeria.
While fielding questions from the moderator, he said: “Microsoft is working with the NSE to provide top notch technology at the right price to capital market operators. We do this through cloud service provisioning at a low cost and without infrastructure cost.”
The Microsoft Channels and Partners director explained that Microsoft has the expertise both in terms of expertise and personnel to enable the NSE achieve its objectives and as well provide application requirements for capital market operators.
He mentioned that “There are two aspects on how Microsoft’s licensed software can be made available to the industry in order to avoid patronage of pirated software that- knowing where to buy licensed software and creating awareness around issues that may arise as a result of buying pirated software. He added that the second is affordability, stating that Microsoft provides significantly affordable software”.
In terms of accessibility, Microsoft has over 2,000 partners that sell software, and that the latest addition to getting genuine software is through the cloud for best e-mails, data and storage without customers having to host the infrastructure in their offices.
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.
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
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.
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.
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.
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