General News
Loyalty & Innovative Services Keys to e-Payment Adoption – Ogungbade
Tunde Ogungbade is the managing director of Global Accelerex. He spent the first decade of his career in consulting and has worked with global companies like Price WaterCooper, Ernst and Yong and other companies in UK, USA and Nigeria. He spoke to chike onwuegbuchi on issues around CBN e-payment policy as well as value his company is bringing to the e-payment space.
Global Accelerex
Global Accelerex is a company that is a player in the e-payment industry. We focus primarily on solving business problems through our value added services. A lot of things have transpired over the last several years in the e-payment industry in Nigeria but the question that needs to be answered is how do we bring value to the consumers and retailers? Global Accelerex is focused primarily on looking at how industry solutions can be created to bring value to the retailers and consumers so that adoption can be easy, the industry itself can expand and the penetration that everyone is hoping for can be achieved.
Role in the CBN e-Payment Policy
Our role is multifaceted. If you look at that policy, it talks about merchant acquirers, issuers, payment terminals service providers (PTSPs), card distributors and suppliers. There are different people in that ecosystem; we do not play one role, we play multiple roles so we do not identify with a specific role in that regard. However, we have terminals that we market, that we exclusively planned and designed to address the purpose in this market so you can call us a PoS terminal supplier. We also can be classified as a payment terminal application developer because we create value added solutions. You can also call us a PTSP because we focus on the deployment side of PoS. How do you make it operational beyond just dropping the PoS, how does the merchant or the retailer and the consumer get value out of it? We are looking at industry solutions to solving problems. A case in point is retail, how do you create loyalty around that so that the consumer can come back. We are beyond just supplying PoS terminals as a distributor, we are beyond just focusing on deployment side, we are looking at the whole ecosystem and creating value by fixing those different labels in the guidelines.
Solving Business Problems
For example what happens today is that a bank is in partnership with a PTSP and in trying to get people to use the PoS, what do they do? They get the PTSP help with the deployment, they get the software, they do the deployment, drop it off and hope that retailer starts using it and derives value from it. Let’s look at what happens- the value chain. The retailer is thinking, number one- I don’t need this thing, there is a policy that is forcing it on me but I don’t need it. Number two, it is cutting into my margin and at the end of the day I would be paying something to use the system. Number three, the consumer is not really attracted to this thing and it is going to take me a long time to bring value. If you look at the value chain itself there are disincentives across it. What we are saying about solving business problem is that we are looking at creating solutions that thinks about the consumers; thinks about the retailers, thinks about the bank, thinks about the whole needs and infrastructure and how everyone can have a win-win collaboration in that space. How do we do that? We look at something that has been tested and that is loyalty management. How consumers can feel with an incentive not to bring out cash and bring out a card. We are looking at that as we look at the different industries that we deploy PoS terminals to. If you are in a retail shop, we look at what will make you come back to that retail shop, such as having a sales promotion tending towards getting a discount. We are looking at the whole ecosystem.
For the banks, we are saying I’m helping you grow people who will bring float to your account so that you can then operate profitably. Everybody across the chain needs to get value out of it and there are solutions that we have created that specifically addresses that problem and that is what we mean by value added solutions.
How Positioned Are You to Deliver?
We have a business platform and we run it on an infrastructure that is scalable, the scale is what we thought of from the ground to up because we want to ensure that as people come en mass on our platform, it can deliver the service. One of the challenges for PTSPs today is that there is no infrastructure for the support. There is need for retailers to know that there is a phone call away and someone can provide them service quality and assurance.
We are bringing excellence in service delivery on the platform which means we have resources and people that have been trained to deliver the service in a way that tracks things from cradle to grave. We are not just thinking about installing the PoS but what happens throughout the PoS lifecycle, how is it working for this merchant. Customer service experience is important. On the platform side, we deliver value added services so much so that a retailer can hold a platform and know what happens and also what will happen as far as forecasting is concerned. That is what we are talking about.
Challenge of Infrastructure Support
It will affect our service but we are working very closely with Mobile Network Operators (MNOs) in looking at different ways of providing infrastructure support. Technology always goes through the time it was first deployed and the time it starts working. That is happening today in the industry. We are doing some research and development, specifically on the CDMA side to make sure as we are planning our geographic deployments, we are looking at the difference in topology of distribution and coverage of mobile networks services so that, that can be part of our deployment strategy. We know that the challenges are here today but technology will leapfrog it so when the GSM towers can accommodate everybody plus these PoS terminals. The question that needs to be answered at that time would be how am I getting value out of it and we are preparing for that because we will overcome the technology challenges.
Assessment of Cashless Policy
My assessment of it is that the infrastructural challenges are there and can hinder or create a bias in the minds of two key and very relevant voices in this whole thing which are the retailers and the consumers. I think the ongoing awareness can help on one side, the regulators are aware of that and I am sure the CBN, NIBSS and all other players involved are doing everything to educate consumers and the retailers that this is no difference between what is happening with your phone call, it is the same problem. It is a capacity issue and as the industry deals with that or looks for alternate technology that can allow data to access towers separate from voice, technology will be overcome.
There is a better technology the industry should be thinking about which is the economic impact. When you think about the economic impact, there should be some alliances between regulators to try and provide the capital to build the infrastructure so that the industry can thrive. The whole tower arrangement that brings about these problems is a capacity problem. If you are going down the Third Mainland Bridge at 4pm, the problem is capacity but at 2pm, the traffic is not there. How many people are trying to come on at the same time and how do we plan for that? Regulators can think about the benefits of this cashless policy, the liquidity that it creates and the amount of money coming into the banking system as pay back to create an incentive to look at regulators encouraging mobile network operators to invest in expanding capacity to accommodate PoS terminals to function well because on one hand, there is a disincentive on their side because there is no incremental revenue with the small data traffic on their networks.
Products
We have exclusive partnership with a company called XGD, which is one of the top 10 PoS manufacturers in the world. We have partnered exclusively with them, we have inspected their facilities physically, although they have the capacity to meet the Nigerian market demand and their PoS device is one of a kind. We know that it is able to provide three solutions in one. It provides Near Field Computing (NFC), it has the ability to take a scan and also provides biometrics. Why is that important? Another thing that hinders technology is- Is someone going to take my money? Biometrics answer that question. Another thing that can help retailers is the fact that they can also determine prices upfront. That device has all these capacities. Obviously, there is an enhancement but the device itself provides the printing capacity. The possibilities with the application are numerous and we have ability to use the software development kits to create variety of solutions that can address a number of things from the market place.
Transaction Led and Non Transaction Led Services
We understand that sometimes the business problem might not involve a transaction which is what we call business intelligence. We have some segments of clients that we’ve engaged with that have need for intelligence that is not transaction based and we have specific solutions because we bring expertise not just technology. We have expertise in logistics, marketing and we are fusing all those key points together to create value added services to some of our clients that have that need.
If it is payment based, we will address the problem through business intelligence to add value to what they do.
On the other hand, there are some people that need to have a transaction to be able to provide intelligence and we look at that as well. These things are uniquely tailored to clients needs. What we do first is listen to the client. We bring value. We understand the business as far as the industry is concerned. Is it in the manufacturing sector, we have strength in that area. We have people who understand the business language; we have analysts and thought leaders in that area.
e-Payment in Nigeria
It is a journey; it is not a sprint, it is a marathon and we are getting there. The dynamics to win this ecosystem is going to evolve over time but we can start recording some early success. One of the things we believe would happen is rapid adoption like consumers taking on the likes of facebook approach to e-payment. When people go to the bank to get a card we believe that there is going to be value created for them beyond spending cash and that is what is happening. It goes viral like a social media group just as everybody wants to get on facebook. Same thing must happen and how is it going to happen? We the industry must look for innovative ways to attract the retailers, to bring them and say there is something worthy of saving the time to go to the ATM to withdraw cash to give to another person who needs to put it in another person’s account. That can happen electronically. Loyalty and innovative business services would make consumers want to use it. We have started going in that direction and I believe it would happen.
A recent study – Nigeria’s Credit Landscape Report 2025 – has revealed a striking paradox in the nation’s financial ecosystem, revealing that while more Nigerians are becoming financially included, only about 6% of adults currently access credit through formal financial institutions.
Published by Credit Direct in June 2026, the report highlights that although more than 64% of Nigerian adults are financially included, formal credit penetration remains significantly low. Credit to the Nigerian private sector stands at just 13.1% of GDP, well below peer African economies such as Kenya and South Africa. The findings point to persistent barriers to credit access for households, entrepreneurs and small businesses, despite improving economic conditions and growing business activity across key sectors of the economy.
The report also notes that Nigeria’s real sector recorded sustained expansion throughout 2025, with manufacturing, services and agriculture posting positive growth indicators, creating increased demand for working capital and business financing.
Reacting to the findings, Mutual Benefits Assurance Plc said the report reinforces the urgent need for a more holistic approach to financial inclusion, one that combines access to finance with savings, insurance protection and long-term financial planning.
The leading insurer noted that while access to credit remains important for economic growth, financial protection mechanisms are equally essential in helping individuals and businesses withstand economic shocks.
Through its diverse portfolio of solutions, Mutual Benefits continues to provide Nigerians with tools to build, preserve and protect wealth. These include education-focused protection plans, life assurance products, savings-oriented solutions, motor and property insurance, health coverage and business protection products designed to safeguard livelihoods and future goals.
According to the Managing Director, Mutual Benefits Assurance Plc, Femi Asenuga: “The conversation around financial inclusion must go beyond opening bank accounts and accessing loans. True financial empowerment is achieved when individuals and businesses can access financing opportunities while also protecting their income, assets, families and future aspirations from unforeseen risks.
“For many Nigerian families and business owners, a single unexpected event such as a medical emergency, fire incident, business disruption or loss of income, can erase years of financial progress. This is why insurance and disciplined savings remain critical pillars of long-term financial resilience.”
The report further reveals that Microfinance Banks account for only 5.4% of Nigeria’s total loan book, underscoring the need for stronger support for SMEs and underserved communities that often struggle to access conventional bank financing.
As part of its commitment to advancing financial inclusion, Mutual Microfinance Bank continues to deliver accessible financing solutions tailored to the needs of small businesses, traders, salary earners, entrepreneurs and emerging enterprises across Nigeria. As at December 31, 2025, the Bank had disbursed loans totaling N1.372 billion, further strengthening access to formal credit for individuals and businesses across its target segments. This growth trajectory continued into 2026, with the loan portfolio rising to N1.558 billion by the end of Q1 2026, reflecting sustained momentum in supporting productive economic activity
Asenuga added: “Small businesses remain the backbone of Nigeria’s economy, yet many continue to face significant barriers in accessing affordable financing. Through Mutual Microfinance Bank, we are helping to bridge this gap by providing flexible financial solutions that enable entrepreneurs to grow, create jobs and contribute meaningfully to economic development.
“At the same time, we encourage individuals and businesses to think beyond borrowing by adopting a culture of saving, risk management and financial protection. Sustainable prosperity is built not only by generating income but also by protecting it.”
With economic activity expected to strengthen further and demand for financing projected to increase across several sectors, Mutual Benefits believes that the future of financial inclusion in Nigeria will depend on creating an ecosystem where access to credit, savings and protection work together to improve financial well-being.
The company reaffirmed its commitment to supporting Nigerians through innovative insurance solutions and accessible financial services that empower individuals, families, and businesses to build resilience, pursue opportunities confidently, and achieve lasting financial security.
Mutual Benefits Assurance Plc is one of Nigeria’s leading insurance companies with over 30 years of experience in providing reliable and innovative life and non-life insurance solutions to individuals, families and businesses. Through innovation, customer-centricity and a commitment to financial inclusion, the company continues to deliver value, protection and peace of mind to customers across Nigeria.
On its part, Mutual Microfinance Bank is committed to expanding access to financial services for individuals, micro-enterprises and small businesses through innovative savings products, accessible financing solutions and customer-focused banking services that promote economic empowerment and financial inclusion.
General News
Trashverse Recycling Technology Emerges Winner as MTN’s The Gathering on 100 Pitchathon Concludes with N5m Awarded in Aba
MTN Nigeria has successfully concluded the Aba leg of its youth cultural and creative movement, The Gathering on 100. The 18-hour event marks a significant milestone for entrepreneurship in Eastern Nigeria.
The event, which took place at the Prime Time Event Centre in Osisioma from June 14 to 15, 2026, transformed the venue into a tech hub for young innovators in Aba.
The Pitchathon had 10 standout startups compete for a total prize pool of ₦5 million. The competition showcased the immense potential of Aba’s youth, encouraging them to live life to the fullest through technological and creative excellence.
The participating startups, representing a cross-section of Aba’s burgeoning innovation ecosystem, impressed judges with solutions ranging from logistics to artisanal tech. Among the finalists were Trashverse Recycling Technology Limited founded by Charles Ikechukwu, Yadah Food, founded by Deborah Enyinnaya and Utytrends Global Ventures led by Utibe Akwa.
After a rigorous evaluation by judges Chiemela Anosike, Dr. Chime Chimezie-Uche, and Justina Nwokedi, the winners were officially announced. Trashverse Recycling Technology Limited, led by Charles Ikechukwu, claimed the first-place prize of ₦2.5 million.
Ikechukwu, founder of Trashverse Recycling Technology Limited, shared his excitement “Winning this pitchathon is a dream come true for our team. The support from The Gathering on 100 and MTN validates our vision and provides the financial backing we need to scale our production and serve more customers in Aba and the global stage.”
Utytrends Global Ventures secured the second-place prize of ₦1.5 million, while Yadah Food took home ₦1 million. These founders showcased solutions that blended local ingenuity with scalable technological frameworks, reinforcing Aba’s reputation as a powerhouse of Nigerian manufacturing and entrepreneurial spirit.
The Gathering on 100’s Pitchathon provided a platform for these early-stage founders to validate their business ideas before an audience of investors and industry stakeholders. For the winners, the funding serves as a catalyst to scale their operations and fulfill market demands, effectively bridging the gap between innovative concepts and industrial-scale production.
Reflecting on the Pitchathon, the Regional Manager, Operations, Southern Region, MTN Nigeria, Ifeanyichukwu Odom, said “Aba has always been a city of creators, innovators, and dreamers. Today, we witnessed young people expressing their passions across business, creativity, culture, and technology. The Gathering is about giving them a platform to be seen, heard, and celebrated.”
She noted that the Pitchathon had showcased the depth of talent and innovation emerging from the region, with participants presenting solutions capable of creating meaningful impact in their communities. “The Pitchathon winners made one thing clear, the Eastern Nigeria startup ecosystem is not waiting to be discovered. It is already forming, and it is ready when structure and support meet ambition. Through the power of connectivity and digital innovation, MTN remains committed to helping young Nigerians unlock their potential and Live It 100.”
This Aba edition built on the momentum of the Lagos edition held at the National Stadium, Surulere, in April, where eight startups received ₦45 million in funding. With its Aba execution, MTN has deepened access to opportunity and visibility for the next generation of business leaders.
Dominion Consultancy Concepts has officially announced the second edition of the KidsCook Showdown, a unique educational and creative cooking competition designed to foster leadership, teamwork, creativity and accountability among children ages 6 to 8.
Following its successful debut in 2025, this latest edition marks a significant milestone by securing the official approval of the Lagos State Universal Basic Education Board (LASUBEB). For the first time, the initiative will shine a spotlight on public education, featuring 20 children within the ages of 6 to 8 years old, selected from 10 public primary schools across the Kosofe Local Government Area.
The KidsCook Showdown is far more than a typical cooking contest. Under the close guidance of professional chefs, the young participants will work in teams to tackle fun, high-energy culinary challenges.
Rather than focusing solely on the final dish, a panel of judges will evaluate the children on essential life skills: teamwork, confidence, time management, communication, and hygiene.
Speaking about the vision behind the program, Enitan Tanimowo, Director of Dominion Consultancy Concepts, emphasised the importance of introducing children to household chores early.
“Our goal is to inspire children to see cooking not just as a chore, but as a fun, creative way to develop themselves, learn discipline, and build confidence and these skills help them into the future,” Tanimowo stated.
“By expanding into our public schools with LASUBEB’s vital support, we are ensuring that children from all backgrounds get an equal opportunity to develop leadership and accountability in a structured, inspiring environment.”
Tanimowo added that the initiative directly aligns with the United Nations Sustainable Development Goals—specifically SDG 3 (Good Health and Well-being) and SDG 4 (Quality Education)—by using hands-on, practical learning to promote balanced nutrition and social development. The event is bringing together parents, teachers, and professionals to champion the next generation.
The grand scale of this edition is made possible through the robust corporate and media backing of industry-leading brands. This year’s KidsCook Showdown is proudly supported by Zuri Seasoning, Ribena, Channels TV, Integrated Indigo Limited, and other partners committed to youth development and impactful community engagement in Nigeria.
Together, these partners are helping transform the kitchen into a classroom where future leaders are shaped, one recipe at a time.
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