Business
FG seeks banks’ support to strengthen revenue collection through digital platform
The Federal Government has intensified efforts to improve revenue collection and reduce leakages by engaging commercial banks to implement the Revenue Optimisation Assurance Platform (RevOp), a digital system designed to enhance transparency and accountability in public finance management.
The initiative was the focus of a sensitisation workshop organised by the Office of the Accountant-General of the Federation (OAGF) in Abuja on Friday.
Speaking at the event, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, represented by the Permanent Secretary for Special Duties, Mohammed Danjuma, said the platform was introduced to modernise government revenue administration and address longstanding inefficiencies associated with manual processes.
According to him, RevOp provides a centralised digital platform that enables government agencies to generate bills, collect payments, monitor transactions, and report revenue in real time.
“RevOp serves as a critical tool in the government’s drive to improve revenue administration, reduce leakages and enhance public sector accountability,” he said.
Mr Oyedele said the government remains committed to deploying technology-driven solutions to strengthen revenue generation and improve financial management across public institutions.
He noted that while the platform has recorded progress since its introduction, implementation challenges persist, particularly among some banking personnel responsible for processing payments.
According to him, inadequate understanding of the platform’s processes by frontline banking staff has affected customer experience and transaction efficiency.
“These challenges, though operational in nature, have significant impacts on the overall customer experience and effectiveness of the initiative. This is precisely why we are here today,” he added.
The minister stressed that commercial banks play a critical role in ensuring the initiative’s success, adding that their responsibilities extend beyond collecting payments to supporting efficient revenue administration.
He urged financial institutions to ensure that knowledge gained from the workshop reaches branch managers, customer service officers and tellers who interact directly with members of the public.
Over 70 per cent of agencies are onboarded
Also speaking, the Director of Revenue and Investment at the OAGF, Adebayo Adewale, disclosed that more than 70 per cent of federal government-owned entities have already been integrated into the platform.
He explained that RevOp was developed as a government-owned solution to eliminate operational silos and streamline revenue collection across ministries, departments and agencies.
According to him, the platform works through existing licensed payment service providers and commercial banks nationwide.
“People will be presenting RevOp-generated bills to commercial banks for payment, and we expect prompt collection,” he said.
The Product Manager of RevOp, Idris Dosunmu, said the platform integrates billing, payment, and settlement processes into a single framework, ensuring greater transparency from bill generation to final remittance.
“This will ensure that every penny due to the federal government goes into government coffers,” he noted.
The Revenue Optimisation Assurance Platform forms part of the Federal Government’s broader public finance reform programme aimed at improving accountability, boosting non-oil revenue and strengthening oversight of public funds.
READ ALSO: Standard Bank targets $15.4bn expansion in Nigeria, African SME markets
Approved by the Federal Executive Council, the platform enables real-time monitoring and reconciliation of government revenues while integrating with other digital financial management systems.
Earlier this month, government officials disclosed that 31 ministries, departments and agencies had already been onboarded onto the platform, with plans to expand coverage across the public sector.
Authorities say the initiative is expected to help curb fraud, improve revenue tracking and strengthen confidence in government financial management systems as Nigeria seeks to increase domestic revenue mobilisation.
Climate tech, the field of technologies and solutions that are increasingly adapted to tackle the climate crisis, has emerged as Africa’s top venture funding sector, confining fintech, which has dominated the scene for years, to the back seat.
The sector accounted for less than a quarter of the aggregate venture capital that flowed into Africa in the nine years to 2025, according to a report released Tuesday by London-based research house Briter.
Climate tech’s role in venture funding became particularly pronounced in 2025, when it alone contributed 40 per cent, or $1.5 billion, compared with other years in the near-decade period under review, the study said. That was up from 13 per cent or $206 million in 2016.
“This growth has been accompanied by a rapid expansion in the number of funded companies and deals,” the report titled “The State of ClimateTech in Africa 2.0: Moving Beyond the Headline Numbers,” stated.
“Between 2016 and 2025, ClimateTech companies raised approximately $6.35 billion across 779 companies,” the research, conducted by Briter, conducted along with Catalyst Fund, BFA Global, FSD Africa and Africa: The Big Deal, added.
Nigeria’s growing profile
The report indicated that Nigeria, Africa’s largest nation by population, is quietly building a reputation as a climate-solution powerhouse, second only to Kenya. It attracted 12.9 per cent of the continent’s total investment between 2019 and 2025.
That said, Kenya, which tops the group of the three largest markets, which also includes South Africa, took more than half of the pool. It implies Nigeria needs to cover a vast swathe of ground within the ecosystem in the years ahead to stand a chance of leading Africa.
The country remains the fintech capital of Africa for years, with fintech revenue currently standing above $14 billion at a compounded annual growth rate of 31.4 per cent. The prestige has ridden a prolonged payments-led boom that has produced unicorns like Flutterwave, OPay and Moniepoint, with valuations above $1 billion.
Nevertheless, the report’s emphasis on climate tech as the newest sweetheart of offshore investors means that sector may end up as the leader of the broader tech industry in a matter of years, provided the current funding tempo doesn’t slow.
READ ALSO: Group urges FG to scale up clean cooking to achieve climate targets
It highlighted areas such as logistics, farmer-to-market links, and post-harvest loss reduction as bright spots where Nigeria can leverage its potential in climate tech.
A case in point is Lagos-based Winich Farms and a generation of new platforms, which it said have drawn inspiration from Twiga Foods, a mobile-enabled B2B supply platform operating from Kenya.
Winich and those others, the research said, are forging ahead where Twiga faced difficulties in its early days, as they are now incorporating market access, embedded finance and logistics, helping them avert costs that otherwise could have gone into building physical infrastructure. Walking that path has also cleared the hurdle for Winich Farm and the rest to link farmers up with off-takers, “rather than assuming demand will follow supply,” it noted.
Universal Insurance Plc, Nigeria’s top underwriter, said it has paid a total of ₦1.35billion in claims during the second quarter of 2026.
This milestone according to the company highlights its ongoing commitment to customer satisfaction and the prompt settlement of genuine claims across its diverse business lines.
Tge company noted that theu claims were paid across key portfolios, including Agriculture, Aviation, Bond, Engineering, Fire, General Accident, Marine, Motor, Oil & Gas, and Special Risk insurance, demonstrating the company’s capacity to support its policyholders when they need it most.
Speaking on the performance, the Managing Director and Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, noted that the impressive claims payout reflects the company’s financial strength, operational efficiency, and customer-centric philosophy.
“At Universal Insurance Plc, our customers remain at the heart of everything we do. Insurance is built on trust, and nothing demonstrates that trust more than our ability to honour genuine claims promptly. The payment of over ₦1.35 billion in claims within the second quarter of year 2026 is a clear testament to our unwavering commitment to standing by our policyholders in their moments of need.”
He emphasized that prompt claims settlement remains a core strategic priority for the company as it seeks to strengthen trust in the insurance industry and deliver exceptional service to individuals, businesses, and corporate organizations.
The insurer added that every genuine claim is processed with professionalism, transparency, and urgency to ensure minimal disruption to the businesses and daily lives of its clients.
As it deepens its market presence, Universal Insurance Plc plans to continue developing innovative products, leveraging technology for faster service delivery, and maintaining high standards of corporate governance to protect the lives, businesses, and investments of its clients.
The post Universal Insurance Reaffirms Reliability with ₦1.35bn Q2 Claims Payout appeared first on Business Today NG.
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