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Flutterwave gains Nigerian banking licence to run microfinance services

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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.

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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.

READ ALSO; Users raise concerns over shorter usage time on Claude AI

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.

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Business

Customer Testimonial Highlights Why Mutual Benefits Assurance Stands Out

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BY NKECHI NAECHE-ESEZOBOR—In a time when confidence in insurance is steadily growing, a satisfied customer of Mutual Benefits Assurance Plc is sharing his experience to encourage more Nigerians to embrace the value of protection and peace of mind.

Mr. Abdelhamid Abdelrahman of RAP Building Solutions Ltd recently applauded the company for its swift claims settlement and attentive customer service, describing his journey as clear evidence that insurance truly works when managed by a dependable provider.

Abdelrahman explained that his decision to insure his vehicles with the company was influenced by its strong reputation and visible presence within his business environment in Lagos. Easy access to one of its offices also gave him added confidence, allowing for seamless interaction and support whenever needed. Four years on, he remains a loyal customer.

He said: “I had my doubts at some point, thinking that because they are one of the oldest insurance companies, perhaps their service might not be as efficient. But when I had a vehicle claim in 2023, it was processed in no time.

He added that subsequent claims involving other vehicles in his fleet were handled just as efficiently, further strengthening his confidence in the company.

“Since then, I have felt that whenever I have a vehicle, I will always subscribe to their packages and services. Mutual Benefits may be one of the oldest, but they are still one of the most responsive insurance companies in Nigeria. Their response to customers’ questions and feedback is very fast. I have no regrets partnering with them,” he stated.

Abdelrahman also used the opportunity to encourage Nigerians who remain sceptical about insurance to reconsider their views.

“Many people believe insurance does not work in Nigeria, but it does. When the time comes to make a claim and it is handled smoothly, then you know insurance truly works,” he said.

Industry experts have repeatedly noted that prompt claims settlement remains one of the strongest indicators of trust and credibility in the insurance sector. According to analysts, customers are more likely to retain policies, renew coverage and recommend insurers when claims are paid quickly and transparently.

They explain that efficient claims management not only provides financial relief during difficult times but also helps improve public perception of insurance as a dependable financial safety net. In markets where scepticism exists, real customer experiences and timely claims payments often play a critical role in driving adoption.

Mutual Benefits Assurance Plc has consistently positioned prompt claims settlement as a core part of its customer promise, with billions of naira paid out monthly across life and general insurance categories.

As economic uncertainties continue to heighten the need for financial protection, stakeholders say insurers that deliver swift and seamless claims experiences are likely to enjoy stronger customer loyalty and wider market acceptance.

The post Customer Testimonial Highlights Why Mutual Benefits Assurance Stands Out appeared first on Business Today NG.

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Pastor Arrested Over Alleged Defilement of Minor in Karshi

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BY SUNDAY SAMUEL—Nasarawa State Police Command  attached to Karshi Divisional Headquarters have arrested one Pastor Asonye Isaiah, 37, of Rock of Love and Adoration Ground, Old Karsh I, Abuja, for allegedly defiling a 16-year-old girl in Nasarawa State.

According to statement released by SP Ramhan Nansel, Police Public Relations Officer, via the commands official X account that the arrest followed a complaint lodged at the Division on 18th April, 2026, at about 2000hrs.

Preliminary investigation revealed that the suspect deceived the victim’s aunt, claiming her niece was “

possessed” and required cleansing at a river. He instead took the victim to a hotel in New Karshi, where he allegedly had unlawful carnal knowledge of her twice. He further threatened to kill her if she disclosed the incident.

The crime came to light after the victim’s guardian observed unusual changes in her behaviour and questioned her. The victim was immediately taken for medical examination, which confirmed penile penetration.

Upon interrogation, the suspect confessed to the offence and pleaded for leniency.

The Commissioner of Police, CP Shetima Jauro Mohammed, has directed that the case be transferred to the State Criminal Investigation Department, Lafia, for comprehensive investigation and prosecution.

He assured that justice will be served and urged members of the public to exercise caution regarding places of worship they attend and individuals who parade themselves as clerics.

The post Pastor Arrested Over Alleged Defilement of Minor in Karshi appeared first on Business Today NG.

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