E-Financial
OneCard Deploys SAP Business ONE Cloud to Streamline Process
OneCard Nigeria, an innovative fast moving consumer goods (FMCG) company that provides top up solutions on multiple platforms has announced the implementation of SAP Business ONE Cloud for its operations.
SAP Business ONE Cloud is a cloud-based subscription offering that provides small businesses or subsidiaries of large companies with a single software solution to manage critical business processes.
OneCard Nigeria announced that its choice of SAP solution after evaluating various offerings in the market was based on SAP’s robust platform which is well suited to support its mission of providing world class services that impact lives positively.
Mr Ahmad Baba, chief executive officer, OneCard Nigeria, said; “We have chosen SAP Business ONE Cloud for our business because it provides a comprehensive and fully integrated offering built on proven best practices. SAP Business ONE Cloud has delivered us a best fit for our unique business requirements’’.
Engineer Kajubi, chief operating officer (COO), OneCard Nigeria, also confirmed that the choice of SAP Business ONE Cloud was logical by saying, “We know that we can count on SAP to help our business grow. The ERP engine provided by SAP makes it possible for us to have timely and accurate information all the time. This is a major requirement in today’s business environment”.
The SAP Business ONE Cloud was implemented for OneCard Nigeria by STREAD IT, SAP’s ONE Cloud Go-To partner in Nigeria.
Olalekan Ajayi, chief executive officer, STREAD IT, said, “One major advantage that SAP Business ONE Cloud offers firms such as OneCard, is that it is a single application that integrates all core business functions, including financials, sales, customer relationship management, inventory and operations”.
He advised small and mid-sized businesses to consider making a switch to the SAP Business ONE Cloud because of the solution’s extensibility as it can be easily integrated into a company’s existing core application
Olalekan added, “Huge upfront capital outlay is known to usually make small and mid-sized businesses shy away from investing in IT infrastructure for their organisation. With SAP Business ONE Cloud however, this problem is non-existent as implementation runs on an attractive flexible monthly ‘pay-as you-go’ structure which eases the burden of huge upfront investment”.
Addressing the issue of data security, Olalekan disclosed that all data are hosted in an SAP Certified Data Centre.
Richard Edet, country manager, SAP Nigeria, explained, “We are quite delighted to have been chosen to be part of OneCard Nigeria’s service rollout. Our determination is to ensure that OneCard Nigeria benefits from the satisfactory experience that thousands of small and medium size companies already receive from us worldwide. We understand that businesses could sometimes face urgent rollout deadline like OneCard, so we are delighted that under six weeks after SAP was signed on, the solution was set up”.
He commended OneCard Nigeria for the innovation that it had brought into the country through services in its various channels.
OneCard Nigeria is a fast moving consumer goods company that provides top-up solutions on multiple platforms for various services like mobile phones, toll fees, transportation, pay television and fuel cards nationwide.
On the other hand, StreadIT is a provider of IT and business solutions to small, medium-sized and large local and international firms.
While SAP Africa, subsidiary of SAP AG began business operations in 1982 headquartered in Woodmead – Johannesburg, Gauteng Province, South Africa.
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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