E-Financial
Oradian to Grow Nigeria Microfinance Banks’ Fortune with Instafin
Oradian, a renowned IT solutions provider said that with technology designed specifically for financial inclusion by experienced practitioners, it will boost the fortunes of microfinance institutions across Nigeria.
The company said it has solution to the challenges facing microfinance institutions around the globe, hinting that its flagship product “Instafin” was designed specifically for financial inclusion.
Antonio Separovic, chief executive officer of Oradian, said that by virtue of being a Software-as-a-Service (SaaS) provider, the Company is aligning its incentives with those of the customer’s, creating a win-win scenario.
He identified Instafin as the world’s first true Core Microfinance System. “Drawing on our deep understanding of the market and our customers, Instafin combines key functionality (administration, security, accounting, loan portfolio management, & deposit tracking) with state-of-the-art features in a user-centric and powerful way. With Instafin as the keystone, our customers can begin to reap the full benefit of the Oradian experience and to grow their businesses,” he said.
Speaking on Oradian’s mission in Nigeria, he said, “When deciding where to start, we looked at Nigeria because we know the market very well. Our partner Onyeka Adibeli, based in Benin City, has been in microfinance for over 10 years with extensive knowledge of the market as well as firsthand experience when he was head of MIS at LAPO, one of the largest MFIs in Africa.
“This made Nigeria a clear frontrunner. Then we began talking to our established relationships — relationships we’ve formed over the years as consultants and vendor. As a result, these MFIs are now our first customers. Having successfully completed these implementations, we are ready to promote Instafin more widely and work with new customers — particularly in Nigeria.
“Our vision is to roll-out our easy-to-use, competitively priced system, Instafin, offering real-time reporting instantly. Microfinance is our niche, we have been in the industry for many years and believe in what we do. Microfinance is very important in the promotion of financial inclusion throughout emerging economies such as Nigeria.
“Until recently, there were few if any examples of technology specifically designed for the microfinance sector — for the most part, everything has been designed for banks and then adapted. We started explicitly from the particular functional needs of microfinance, designing a core microfinance system for microfinance by microfinance practitioners”.
Oradian’s product line include, Integrated accounting to ensure finances and operations work seamlessly; Loans and savings portfolio management; Group, Individual, and Corporate lending products; Real-time reporting; Layers for efficient reporting and accounting management and User groups and user rights management.
Meanwhile, Separovic said they are already working with customers in Bauchi, Lagos, and Oron. “Nigeria is not foreign to us; we feel very at home here. Using this foundation, we are now actively seeking new customers throughout the country, particularly customers who are looking for cost-effective ways to manage their organizations, who want and need to be more efficient while maintaining their bottom-line, and who want to be treated to excellent customer service and the best support in the business, he added.
The House of Representatives has launched an investigation into 25 insurance companies over alleged financial infractions that have reportedly led to the loss of hundreds of billions of naira in government revenue.
Chairman of the House Sub-Committee on Capital Market and Institutions, Hon. Kwamoti Laori, made the disclosure on Monday during a meeting with representatives of the affected companies at the National Assembly Complex in Abuja.
Laori said the probe was prompted by petitions accusing the companies of violating statutory provisions in their operations, thereby shortchanging the federal government.
“This committee is saddled with the responsibility of addressing a petition based on infractions by these insurance companies regarding their operations and non-compliance with certain statutory provisions,” he said.
“These infractions have led to the federal government losing hundreds of billions of naira in revenue. That is why the companies were invited—to either confirm or refute the liabilities ascribed to them.”
According to the lawmaker, each of the 25 companies had been formally notified of their respective liabilities and summoned to explain their financial dealings.
“The essence of this engagement is to ensure that what is due to the federal government from these private entities is fully remitted,” Laori added.
He emphasized that it is within the constitutional mandate of the National Assembly to track government revenue and block leakages, particularly in sectors involving private sector collaboration.
The committee also frowned at some of the companies’ attempt to stall the investigation by resorting to legal action.
“Some of the companies have gone to court and served the House with court processes. It is now up to us and the House leadership to examine those court papers,” Laori said. “If the court action does not affect the core of our mandate, we will proceed. If it does, we’ll await the court’s decision.”
He criticized what he described as a strategy aimed at obstructing parliamentary oversight.
“Going to court appears to be a deliberate attempt to throw a spanner in the works of the National Assembly,” he stated.
Laori also expressed dissatisfaction with the failure of some company heads to appear in person, instead sending representatives who were unable to respond to critical questions.
“We have insisted that Chief Operating Officers (COOs) must appear in person. One of the COOs sent someone who couldn’t answer any of the allegations—this is unacceptable,” he said. “It is the same people that will later accuse the National Assembly of not doing its job.”
The committee chairman did not spare the industry’s regulator—the National Insurance Commission (NAICOM)—which he accused of negligence.
“NAICOM has a supervisory role, and if they were doing their job effectively, we wouldn’t be here conducting this investigation. They need to sit up,” Laori said.
Meanwhile, 17 of the companies currently in court sent a legal representative, Mr. Abimbola Kayode, to the hearing on Monday.
The naira closed the past week weaker than the previous one, as it depreciated by 0.14 per cent week-on-week to settle at 1,532.34/$ at the Nigerian Foreign Exchange Market.
This weakening came despite the naira rebounding to a four-month high on the first trading day to close at 1,518.88/$. After that, it weakened to 1,530.25/$, then lower to 1,533.11/$ before gaining some strength to close the week at 1,532.34/$ at the official market.
During the past week, the highest amount that the naira traded for was 1,538/$, and the lowest was 1,515/$ on the NFEM.
At the parallel market, the currency closed trading within the band of 1,535.00/$ and 1,544.00/$1.
Analysts have maintained that the intervention of the Central Bank of Nigeria and improvement in the foreign exchange liquidity were essential to stabilising the naira at the FX market.
Cowry Assets Management Limited, in its weekly market report, averred that the naira had recorded mixed trading across the markets as it appreciated slightly by 0.06 per cent week-on-week to close at 1,544.00/$1 at the parallel market while closing in the red zone at the official market.
“The divergent movements reflect ongoing supply-demand imbalances and the evolving FX liquidity landscape,” stated the analysts, who, however, maintained that the naira looks to record further gains as improved oil output and elevated prices drive higher dollar inflows, which could sustain the current pace of reserve accretion.
“The positive oil earnings outlook, combined with steady capital inflows, should offer continued support for the naira and enhance near-term FX market stability,” the report added.
Recent data from the Nigerian Upstream Petroleum Regulatory Commission shows that the average daily crude oil production (excluding condensates) rose by 3.6 per cent to 1.51 million barrels per day in June 2025 from 1.45 mbpd in May. This marks the first time in five months that Nigeria has met its OPEC production quota, reflecting improvements in operational efficiencies and security around key oil-producing assets.
AIICO Capital Limited, in its weekly report, noted that the CBN had intervened intermittently in the FX market in the past week.
It stated, “Dollar sales early and late in the week helped maintain relative stability. The naira closed at 1,532.34/$, down 13.6 bps w/w. Reserves rose by $422m to $37.85bn” as of Thursday from $37.43bn in the previous week.
It is expected that the naira will likely hold its current range amid better liquidity, while markets weigh potential FX impacts from the Monetary Policy Committee’s decision starting Monday (today).
Analysts are split on what the decision of the MPC should be regarding the benchmark. On one side, doves are calling for a modest rate cut, pointing to cooling inflation, a more stable naira, and signs of reform traction. On the other hand, hawks are warning that premature easing could undo all the gains of FX reforms and decelerating inflation, especially with food supply shocks and global risk still very much in the picture.
“For now, traders are positioning around the edges, but the real signal will come from the tone of the communique,” Comercio Partners asserted.
As part of its unwavering commitment to digitally transform Nigeria’s small and medium-scale enterprises (SMEs), leading financial institution Fidelity Bank is set to empower entrepreneurs across the country with cutting-edge digital tools designed to streamline operations, boost productivity, and drive sustainable growth.
Through the Fidelity SME Empowerment Program (FSEP), the bank will equip 100 growth-ready entrepreneurs with a comprehensive digital toolkit that includes: a POS desktop system, access to ERPRev software, receipt printer & barcode scanner; inventory & management tools. business training and support; free fidelity pos with branding and onboarding assistance
Interested entrepreneurs can apply via: https://bit.ly/SMEEmpowermentprogram2025
Commenting on the initiative, Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, stated:
“Studies have shown the exponential growth SMEs can achieve through digitalisation. As Nigeria’s leading SME partner, we are walking the talk by providing free digital toolkits to our customers. This aligns with our mission to help individuals grow, businesses thrive, and economies prosper.”
Fidelity Bank’s dedication to SME development is reflected in its broader vision of fostering economic inclusivity and building a resilient business ecosystem nationwide.
As part of its World SME Day 2025 celebrations, the bank granted free access to its renowned SME Hub in Gbagada, Lagos, and hosted a special mentoring session for female entrepreneurs led by CEO Dr. Nneka Onyeali-Ikpe. These efforts complement its regular masterclasses and ongoing support for small businesses and creatives.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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