Business
Flutterwave gains Nigerian banking licence to run microfinance services
Africa’s payments giant Flutterwave has received regulatory approval in Nigeria, where its operational headquarters are located, to operate a microfinance unit.
The move will enable it to branch out into lending and holding deposits on behalf of customers.
Those services were previously outside the domain of the fintech powerhouse, which has built a reputation in payments, cross-border money transfers, switching, and card processing over 10 years of operation.
“This milestone allows us to make our infrastructure more efficient and deliver faster, more reliable financial services,” Olugbenga Agboola, founder and CEO, said in a statement on Thursday.
“By operating directly within the financial system, we can streamline money movement, accelerate settlement for merchants, and build products that support sustainable long-term growth,” he stated further.
The permit opens the door for Flutterwave to directly access national clearing and settlement systems and streamline transaction processing without relying on commercial banks, as was the case before.
It now has greater flexibility to oversee the flow of funds across its platform and to earn more value by handling transactions independently.
Flutterwave, Africa’s most valuable startup, will face immediate rivalry from Moniepoint, which attained unicorn status in October 2024, and PalmPay, named by the Financial Times as Africa’s second fastest-growing company in 2025.
Moniepoint only days ago acquired Nairobi-based cloud-based restaurant management platform Orda Africa and a 78 per cent stake in Kenya’s Sumac Microfinance Bank.
Neobank revolution
Traditional banks in Africa’s most populous country, still held back by legacy banking bottlenecks, are fast losing the consumer banking space to digital banks, which are leveraging technological edge and innovation to disrupt banking operations while winning over millions of underserved Nigerians without access to financial services.
Moniepoint, for instance, processes 26 million payments daily with 10 million plus users on its clientele, while PalmPay, as of last July, was already handling 15 million transactions every day with 35 million users signed on to its platform, according to both companies’ websites.
Competition has grown even fiercer in recent years after big telcos like MTN Nigeria and Airtel set up payments units, MoMo PSB and SmartCash, respectively, to gain a slice of the multi-trillion naira market.
Unlike in the past, when cash drove communal nightlife across the country, digital transactions now power that segment of Nigeria’s informal economy.
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A report by Moniepoint released in February and titled, “A Case Study on the Business of Community Nightlife in Nigeria”, revealed that over 27,000 clubs, bars and lounges processed three transactions per second across its network.
Flutterwave’s planned initial public offering, in the works for years now, received a boost this January after the firm bought Mono Technologies Nigeria Limited, a pioneer in open banking infrastructure in Africa.
The company expects Mono’s “Plaid-like” infrastructure to strengthen its prospects of transitioning into a full-stack financial data and infrastructure company, a precondition to listing on the Nigerian Exchange and NASDAQ.
BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.
The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.
According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.
The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.
Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.
While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.
The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.
Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.
The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.
The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.
The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.
According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.
“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.
Fuel tax rules remain unchanged.
The government also clarified that existing tax arrangements on petroleum products remain in place.
It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.
It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.
According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.
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Telecoms excise duty
On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.
It added that the tax is, therefore, no longer in force.
The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.
It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.
The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.
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