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Prepaid Market in Nigeria, Africa Still Young-Dearman

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Global Technology Partners specializes in creating innovative processing solutions internationally in the pre-paid card category. David Dearman, vice president of the company spoke on plans to provide Visa pre paid cards and particalurly its plans for Nigeria.

Global Technology Partners (GTP) Card
The primary difference in the models will be that the GTP platform will open up full banking services to ALL Africans, not just the “bankable” Africans.  With over 10 years of experience in the US markets, the GTP group of affiliated companies now provide payroll services for some of the largest companies in America, saving these companies millions of dollars a year by using a prepaid card. GTP is a specialized processor (100% prepaid experts) that works closely with banks to implement successful programs leveraging our experience.  With our card to card transfer feature, one family member can be in Lagos with a card, the other in the UK, Italy or France and send money in real time through the GTP proprietary remittance system. 
Assessment of Prepaid Card Business in Africa
GTP brought the first Prepaid Visa “Classic” card to West Africa in December of 2007 with BIB bank in Ouagadougou, Burkina Faso (Africards Visa Card) who sponsored the program.  BIB won the award for bringing the newest technology in card programs to the region.  BIB’s card program has been highly successful and consumers are enjoying the benefits of having the first Prepaid Visa “Classic” re-loadable card in the region that can be used worldwide.  The prepaid market in Africa is still in its infancy stages. 
Giving Value and Changing the Market Dynamics
Since GTP is a Visa approved international processor, we work with the banks to create a financial model that works for the consumer.  Our experience has taught us that the consumer must see the value proposition in the product before they will give it a test drive.
Reservations for Prepaid Cards
It’s the prepaid card that gives this security to the consumer.  Consumers would rather shop online with a prepaid card and not their credit card or debit card as that could compromise their primary banking account cards or have issue with identity theft. 
Footprints in Africa
GTP has been working in Africa for more than 3 years now and was the first to enter the prepaid sector with the features our system deploys.  We are working with many major financial institutions to bring this product and technology to the continent.  We performed our pilot in Burkina Faso, and have begun implementation with the CTMI for the West African region.  We have other banks we are working with in Cameroon, Mali, Mauritania, Senegal, Nigeria, Gambia and Kenya. (And others)
Nigeria Roll Out Plans and Local Partners
GTP is in current discussions with various large Nigerian banking partners and cannot disclose these partners at this time.  We will be able to make an announcement within the next 30 days as to who these partners will be.
Benefits for Financial Institutions, Merchants and End Users
Under the current worldwide financial crisis, financial institutions are looking for additional income streams to strengthen their balance sheets.  The Prepaid sector provides the bank a new consumer and a new income stream, thus increasing their deposits and increasing the banks profitability.  Merchants will have more POS machines making it more convenient to the consumer to make additional purchases without having to carry so much cash. 
Visa and other Prepaid Cards
Visa is the primary brand in Africa.  In the West African region, Visa and its member banks have more ATM machines than any other network.
Regulatory Compliance for Cards
GTP works with the banks under the rules of each specific country along with the Central Bank.  The cards do require a form of government issued ID and a signed application to mitigate AML and Know Your Customer requirements.  Our platform is a flexible system that can be modified to allow for velocity limitations to comply with local law.
Market Positions in US
Our CEO Mr. Bob Merrick co-founded FSV Payment Systems that is now the third largest processor for prepaid cards in the US.  We began GTP about four years ago as our international division to expand into the underserved regions and GTP has made Africa a strategic growth initiative for the next five years. At GTP, we are prepaid experts and not a group that provides multiple banking services as most competitors.
Opening a Local Office or Working through Partnership
GTP has formed a local company in Abidjan, Cote d’Ivoire and is currently opening an office in Abidjan.  We will also be opening an office later in the year in Lagos, Nigeria and Accra, Ghana.  We are currently discussing the idea of forming a new company and bringing in an African partner to assist us in these operations on an exclusive basis for the entire continent of Africa.
Nigerian Market Ripe For Mass Prepaid Cards? Definitely. The GTP prepaid platform with its feature rich advantages will transform the way Nigerians conduct their financial business.  I see Nigeria as a prime market that will be the top market for prepaid in Africa.
Product Lines
GTP product lines include the basic general spend reloadable Visa Card, an International Money Remittance Visa Card, Visa Payroll Cards, Travel and Expense Cards, Vendor Payment Cards and Consumer/Merchant Gift Cards
Inclusion for the Unbanked And Microfinance In Nigeria
We are in current discussions with many microfinance groups in Nigeria and others across Africa.  This product will revolutionize the manner in which the unbanked can now enter the financial mainstream and be able to remit money at a very low cost.
Nigerians Should Expect
Nigerians should expect by third quarter of 2009 to have a Visa prepaid product that can be issued to almost anyone regardless of their financial stature and enter the worldwide financial mainstream.  They will now have the “options” that the other developed nations take for granted.  No bank account will be needed; the card IS your bank account

 

 
 

 


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FG to Use Digital Economy Initiatives to Curb Corruption Among Youth

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Lateef Fagbemi (SAN), the Attorney-General of the Federation and Minister of Justice, has said that Federal Government is intensifying its use of digital-economy initiatives to curb corruption among young Nigerians.

Speaking at the commemoration of the 2025 International Anti-Corruption Day held on Tuesday in Abuja, the AGF said the administration of President Bola Ahmed Tinubu has deliberately positioned technology, innovation training, and digital-skills development at the heart of its anti-corruption strategy for young people.

The event, organized by Technical Unit on Governance and Anti-Corruption Reforms (TUGAR) domiciled at the Nigeria Extractive Industries Transparency Initiative (NEITI) had the theme: “Uniting with Youth Against Corruption: Shaping Tomorrow’s Integrity”.

Fagbemi, who delivered the keynote address, said the government believes that empowered, skilled and economically engaged youths are less vulnerable to corrupt influences.

According to him, programmes such as the 3 Million Technical Talents Programme (3MTT) and the recently launched Nigerian Youth Academy (NiYA) are already equipping millions of young Nigerians with ICT and digital-innovation skills, reducing their dependence on patronage systems that fuel corrupt practices.

“A hopeful youth is harder to corrupt; an engaged youth is harder to mislead; and an empowered youth is a powerful force for national transformation,” Fagbemi said.

He explained that by investing in digital literacy, tech entrepreneurship and innovation-driven training, the Tinubu administration aims to create a generation of young Nigerians who are globally competitive and resistant to corruption.

Beyond digital skills, the AGF pointed at several government efforts to expand educational access through the Nigeria Education Loan Fund (NELFUND), and support youth entrepreneurship via the Nigeria Youth Investment Fund (NYIF) and the iDICE programme, providing funding, training and mentorship for young innovators in tech, entertainment, agriculture and design.

Fagbemi added that the inclusion of young people in governance, through appointments and expanded civic-engagement platforms, was another strategic tool to strengthen integrity and transparency in public life.

He urged stakeholders to deepen efforts to integrate anti-corruption values into school curricula, establish integrity clubs, mentor young leaders, and leverage ICT tools to promote transparency, whistleblowing and public accountability.

Earlier, the Head of TUGAR, Mrs Jane Onwumere said the gathering was especially meaningful because it reflected a shared truth: that tomorrow’s integrity rests significantly in the hands of the youth.

“The theme therefore, is not just a slogan but a call to action and a reminder that young people are not only beneficiaries of good governance, they are co-architects of it.

“Corruption has affected lives and the economy negatively in many ways. One of such is the “japa wave” which has seen young Nigerians leave the country in droves in search of greener pastures. This syndrome has drained the country of resources and human capital. It has in many situations split the family unit, a critical foundation for anti-corruption efforts”, Onwumere, added.

In his speech, the Executive Secretary, NEITI, Hon. Musa Sarkin Adar expressed the agency’s commitment to empowering young Nigerians not only as advocates for accountability but also as active partners in shaping the future of integrity in the extractive industries and beyond.

“At NEITI, we recognize that corruption undermines opportunities for growth, distorts resource governance, and deepens inequality. We also know that a united, informed, and courageous generation can dismantle these barriers.

“This is why NEITI will continue to expand civic education, strengthen our reporting mechanisms, support youth-led innovation, and create more platforms for constructive engagement with young professionals, students, and entrepreneurs”, he added.

 


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SEC Seeks Freeze of CBEX Accounts Over N1.3tn Ponzi Scheme

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Securities and Exchange Commission (SEC) has asked the Investments and Securities Tribunal to order the freezing of bank accounts belonging to Crypto Bridge Exchange (CBEX) and 25 other defendants accused of defrauding Nigerians of about ₦1.3 trillion through an unlawful digital asset investment scheme.

SEC Seeks Freeze of CBEX Accounts Over N1.3tn Ponzi Scheme

CBEX

The request was made during the first sitting of the 6th Tribunal in case IST/OA/02/2025 between the SEC and CBEX with 25 others, presided over by tribunal chairman, Hon. Aminu Jinaidu.

The SEC urged the tribunal to compel commercial banks and financial institutions nationwide to freeze all accounts linked to the defendants.

It also sought orders for the seizure of houses and assets allegedly acquired with funds sourced from unsuspecting investors.

According to the commission, CBEX operated illegally by posing as a digital assets platform and capital market operator without registration.

“CBEX is an unregistered platform promising its users 100 percent return on investments within 30 days, which is unlawful and contrary to Section 3(b) of the Investments and Securities Act 2025,” the SEC told the tribunal.

The regulator disclosed that international authorities had previously raised concerns about CBEX.

The Securities and Futures Commission of Hong Kong issued an advisory on April 23, 2024, warning that the platform was a suspicious virtual asset entity.

The tribunal noted that CBEX and the other defendants failed to appear in court and were not represented by legal counsel.

Hon. Jinaidu therefore ordered that hearing notices be served on the defendants through national newspapers.

CBEX reportedly entered the Nigerian market in July 2024, operating via a website and mobile application, while claiming to use advanced Artificial Intelligence to generate unusually high profits from cryptocurrency trading.

Investors were promised returns of up to 100 percent within a 40 to 45 day lock-in period.

The scheme later collapsed, triggering widespread losses. Investigations revealed that CBEX functioned as a Ponzi scheme that siphoned more than ₦1.3 trillion, estimated at about $800 million, before disappearing.

The matter has been adjourned to January 27, 2026.


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Lagos Launches Tele-Vet, Nigeria’s First Veterinary Call Centre

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L-r: Asst. Chief Veterinary Officer, Dr. Olawale Olatunde; Permsec, Ministry of Agriculture and Food Systems, Mr. Emmanuel Audu; Commissioner for Agriculture & Food Systems, Ms. Abisola Olusanya; Nitroswitch Quality Assurance Officer, Mr. Israel Oluwafemi; Asst. Chief Veterinary Officer, Dr. Tolulope Akin-Oluwole; and Pathology Veterinary Officer, Dr. Esther Onyinye, at the commissioning of Nigeria's first Tele-Veterinary Call Center at the Lagos State Animal Hospital, Oko-Oba, Agege.
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The Lagos State Government, through the Ministry of Agriculture and Food Systems, has launched TELE-VET, Nigeria’s first Tele-Veterinary Call Centre, marking a groundbreaking milestone set to transform access to expert animal healthcare using mobile technology.

Speaking at the event held at the Lagos State Ministry of Agriculture and Food Systems, Animal Hospital, Oko-Oba, Agege, the state’s Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, described TELE-VET as a transformative initiative that strengthens animal health systems, improves food safety, and accelerates agricultural innovation across the state and beyond.

She stated that technology continues to redefine global food systems, and Lagos, under the leadership of Governor Babajide Olusola Sanwo-Olu, remains committed to deploying digital solutions that enhance efficiency, empower farmers, and safeguard public health. The Commissioner explained that TELE-VET addresses long-standing challenges faced by farmers and pet owners, especially limited access to timely and professional veterinary care.

Ms. Olusanya highlighted that TELE-VET builds on the existing mobile platforms, M-Agric and M-Health, available on MTN and Glo networks, which provide daily expert tips, mentorship, and animal-care guidance. By dialing *20791#, users can subscribe for ₦100/day, ₦300/week, or ₦500/month, gaining instant access to a variety of services, while all active subscribers can access the Call Centre free of charge.

She added that the Call Centre will deliver emergency support, first-aid guidance, disease-prevention information, and livestock and pet care assistance, noting that the platform helps farmers reduce costs, save time, and access expert care without traveling long distances. She emphasized that TELE-VET will also enhance surveillance and early detection of zoonotic diseases, aligning with the One World, One Health framework that integrates human, animal, and environmental health.

The Commissioner further mentioned that TELE-VET sets the stage for future innovations, including livestock and pet health insurance, e-commerce for veterinary products, improved mobility for safe animal transport, and enhanced financing opportunities for farmers, positioning Lagos as a national leader in technology-driven agricultural transformation.

Earlier, the Permanent Secretary, Ministry of Agriculture and Food Systems, Mr. Emmanuel Audu, commended the initiative as a groundbreaking intervention that will significantly improve service delivery within the State’s veterinary ecosystem. He stressed that TELE-VET responds to the evolving needs of farmers and pet owners who require swift and professional support to enhance productivity and ensure animal well-being.

Mr. Audu noted that the Ministry has invested extensively in strengthening the infrastructure, technical systems, and human resources needed to operate a world-class veterinary call centre. He stated that the service is a strategic investment in Lagos State’s food security architecture, enabling efficient livestock health management and timely response to potential disease outbreaks.

The Permanent Secretary explained that the Call Centre will minimize animal losses, improve farm management practices, and provide timely advisory services to farmers, aligning with the Ministry’s mandate to promote sustainable agricultural practices across all 57 LGAs and LCDAs. He praised the collaboration among veterinary professionals, ICT partners, and technical teams that made the initiative possible.

Mr. Audu reaffirmed the Ministry’s commitment to continuously upgrading the TELE-VET platform to accommodate innovations that improve efficiency and expand service offerings. He encouraged residents to adopt the platform fully, noting that its success depends on widespread participation.

In his remarks, the Director of Veterinary Services, Dr. Rasheed Macaulay, stated that the launch of TELE-VET marks a new era in veterinary care delivery in Lagos State. He explained that the platform provides a practical solution to challenges such as limited manpower, delayed emergency response, and difficulties reaching farmers in remote areas by connecting residents directly to certified experts.

Dr. Macaulay added that TELE-VET will strengthen disease surveillance and reporting across the State, aiding early detection of animal diseases and preventing zoonotic infections. With real-time consultations, improved documentation, and faster escalation processes, the platform will support frontline veterinarians and promote safer, healthier food systems for all Lagos residents.


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