E-Financial
pawaPay Secures Seed Funding of $9M

African payments company pawaPay, has secured a $9m Seed raise. The round was co-led by MSA and UK-based investment fund 88mph, with participation from Vunani Capital, Kepple Ventures and Zagadat Capital.
The capital will be deployed to scale pawaPay’s operational presence, find more talent to join the team, and expand into new markets on the continent.
Founded in 2020, pawaPay is focused on the mobile money infrastructure provided by telecommunications companies (telco) in Africa. Each telco in each country provides its own unique mobile money product, which makes the mobile money infrastructure as a whole – across borders and telcos – highly fragmented and opaque.
For merchants, this fragmentation means that it is unnecessarily expensive to use and frustratingly unstable. Through pawaPay’s simple API, merchants can access more than 300 million customers in more than ten markets and enjoy seamless, transparent and highly reliable payments.
pawaPay’s customers are large Pan-Africa/global merchants and companies needing to make payments to African consumers’ accounts.
Payments in Africa have long been made difficult by large unbanked populations, declined credit card transactions, charge-backs, fraud, dropped and lost payments, and slow cross-border settlements.
The alternative financial infrastructure created by the telco-led mobile money wallets now has more than half a billion registered accounts in Africa, making it both one of the largest financial infrastructures in the world and one of the most under-developed.
pawaPay has positioned itself as an industry leader in high volume mobile money payments and focuses on delivering reliability and transparency for merchants wishing to connect to the customers on the continent.
With a single API, pawaPay’s customers can access all telco mobile money systems and thus receive and send payments to hundreds of millions of people. pawaPay handles local operations, compliance, regulatory cover and bank accounts, making it as simple as clicking a button to start receiving payments in a new market. pawaPay is already successfully handling millions of transactions on its rails per week and has operations in 10 countries.
Commenting on the company’s raise and growth prospects, Nikolai Barnwell, CEO of pawaPay said, “Africa’s alternative financial infrastructure is in an exciting phase with double digits CAGR everywhere.
“And mobile money has come out as the de facto money infrastructure for hundreds of millions of people on the continent. A quarter of the adult population is an active mobile money user.
“A third of all wallet holders have their salaries paid into them. We’re making a bet that this infrastructure will continue to grow and offer a superior experience than traditional financial infrastructures such as card and banking.
With more than 500 million registered users on the continent – 200 million of which are active frequent users, this isn’t a fringe fad or a stepping stone to cards and swift payments.
This is an example for the rest of the world of how payments could – and should look. Most of our competitors are largely focused on bank and card payments; but over the past many years we have been laser focused on addressing the unique set of challenges that accompanies specializing in mobile money.
I think this gives us a good position to explore the opportunities that are coming up as this alternative financial infrastructure continues to grow.
“We are excited to have world-class investors supporting our vision to connect every mobile money wallet in Africa to each other, and the rest of the world, as we continue to make it simpler to do payments”.
Kresten Buch, Founder of 88mph, added “When we first invested in Africa in 2010, one of the key drivers was that mobile money was a superior payment method to credit and debit cards when used for online payment.
“So, we are excited to be an investor in pawaPay’s journey and continue to witness the development of digital infrastructure in Africa”.
Mr. Eazi, singer, songwriter, entrepreneur and Founder of Zagadat Capital, added “Being investors hugely focused on Africa and very familiar with the landscape, we believe that mobile money focused fintech is not just one of the most exciting places to invest but also one of the most important bridges to ensuring financial inclusion of the billions of people across the continent, the kicker for us was that we believe in the clear mission, vision and strategy & we are confident that the pawaPay team is the best team to achieve it”.
E-Financial
NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
E-Financial
SEC Directs Companies to Honour Unclaimed Dividend Requests

Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
E-Financial
FIRS Launches Revised SOP to Streamline Tax Payment

Federal Inland Revenue Service (FIRS) has revised its Standard Operating Procedure (SOP) as part of efforts to improve consistency, transparency, and service delivery in tax administration across the country.
According to a statement on Monday in Abuja by Mr. Collins Omokaro, Special Adviser on Communication Strategy and Advocacy to the Executive Chairman of FIRS, the revised SOP offers a unified framework for core tax processes including registration, payment, audit, and enforcement.
“This is about people, experience, and impact. It’s a step toward a tax system that supports voluntary compliance and national development,” Omokaro said.
He explained that while FIRS field offices have long operated with good intentions, inconsistent methods across different locations often created confusion for taxpayers.
The revised SOP, he said, is designed to eliminate such disparities by providing a single, clear roadmap for operations in all of the Service’s over 300 offices nationwide.
More than just a procedural manual, the new SOP is described as a statement of institutional direction, reflecting values that define the future of the Service.
Omokaro quoted Dr. Zacch Adedeji, executive chairman of FIRS, as saying that “This SOP is not just a technical document—it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people.”
The SOP update is one component of a broader reform agenda underway at FIRS, which aims to transform the agency into a fully service-oriented institution.
The changes are also aligned with the ongoing digital transformation within the agency, which is intended to harmonize human and technological systems for faster, more reliable, and taxpayer-friendly service delivery.
Internally, the SOP is expected to enhance operational efficiency and provide a foundation for improved staff training, clearer guidance, and stronger evaluation systems. Omokaro noted that every FIRS employee is expected to study, implement, and embody the procedures outlined in the new document.
“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” he said.
The SOP reform is being introduced as part of the Service’s broader mission to reposition itself as a modern tax authority grounded in accountability, consistency, and a shared sense of national purpose.
The move comes as the FIRS continues to modernize its processes, improve tax collection efficiency, and foster a culture of voluntary compliance—all aimed at strengthening revenue mobilization to support Nigeria’s development agenda.
- Telecom2 days ago
Telcos Hit by Major Outages across Lagos, Enugu, Others
- E-Business2 days ago
Human Hacking: When Cyber Criminals Target You
- News2 days ago
Beware!, Fraudsters Using our Name to Defraud Investors- NNPCL
- E-Financial2 days ago
AGF Drops Charges Against Fidelity Bank MD, Cites Lack of Direct Involvement
- E-Financial2 days ago
FIRS Launches Revised SOP to Streamline Tax Payment
- E-Financial2 days ago
Confidence in Nigerian Economy Grows as Forex Inflows Reach $5.96Bn
- News2 days ago
FG Plans AgriConnect Initiative Pilot
- News2 days ago
AAAN Congratulates Steve Babaeko, X3M Ideas on Financial Times Recognition