E-Financial
O’Neill, World Renowned Economist Invests in Paga
Mr. Jim O’Neill, former chairman, Goldman Sachs Asset Management and chief economist, popularly known for his coinage of ‘BRIC’ acronym in 2001, has invested in Paga, an indigenous mobile payments service company.
Tayo Oviosu, founder and chief executive officer of the firm, announced his in a statement at the weekend.
He said the investment was coming at a time when the company was celebrating its 5th anniversary.
O’Neill coined the ‘BRIC’ acronym in 2001, which was derived from his thesis that Brazil, Russia, India and China would dominate growth in emerging markets.
He was said to have first shown interest in Paga when he interviewed Oviosu as part of a series on British Broadcasting Corporation’s radio discussing the MINT group – a new acronym O’Neill had coined to represent Mexico, Indonesia, Nigeria, Turkey.
The MINT countries, according to him, are the next set of countries he believes will be the growth markets that will shape the world’s economy in the coming decades.
O’Neill, the statement said, expressed confidence that the entrepreneurial abilities of Nigeria’s younger demographic would be a catalyst for growth over the next 20 years.
He added that indigenous startups, such as Paga, which were focused on a key sector – payments, would be the major drivers of growth.
On his decision to invest in Paga, O’Neill was quoted as saying, “On meeting the founder of Paga and understanding his vision for Paga, it was very obvious that we both shared the belief that with the right approach, Nigeria possessed the potential for huge economic growth. It is clear to me that Nigeria, Africa’s largest economy, needs payment systems that work for both businesses and individuals for her to reach her potential.”
He also said, “Paga delivers greater convenience to businesses and individuals whether they are banked or un-banked. I have chosen to invest in Paga because the team has demonstrated their ability to execute on a bold vision that can have catalytic impact. It is an exciting time for Nigeria and I believe in this vision and the team to achieve their bold vision to become the number one way to pay and get paid in Nigeria.”
In the same vein, Oviosu, said, “We are absolutely thrilled that a leading growth investor like Jim O’Neill has spotted Paga’s potential to transform the lives of millions of Nigerians by delivering the best and most convenient payment system for both businesses and individuals.
“Jim’s investment is a testament to the great work of our 205-person team. We are honoured to have Jim as a partner and we will continue to work tirelessly until Paga is the defacto way to pay or get paid in Nigeria,” he added.
Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.
This is coming nearly three years of suspension.
United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.
In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.
“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.
“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.
Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).
This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.
Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.
Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.
Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.
Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.
This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.
Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”
Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.
Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.
This is according to a judgment delivered by Justice James Omotosho on Friday.
Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.
This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.
However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.
“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.
“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.
“The court grants the reliefs of NIBSS as prayed,” he stated.
Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards
Flutterwave Secures 20 more US Money Transmitter Licences
Court Affirms NIBSS Authority to Manage BVN
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