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Interswitch ‘Reward Money’ as Catalyst for CBN Cashless Initiative

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In order to give more to Verve cardholders in Nigeria, Interswitch, pan-African integrated transaction and payment processing company, has gone live with the Welcome XLS loyalty solution.
The loyalty scheme, known as Reward Money is a merchant funded programme that helps Interswitch differentiate Verve card from other payment cards in Nigeria. The scheme is facilitated by Welcome Real-time, the global leader in innovative loyalty solutions. 
The Reward Money scheme allows Verve cardholders to get instant rewards while using their cards at any of over 1,000 merchant outlets participating in the scheme. The Reward Money earned is based on each merchant’s pre–agreed discount and is instantly converted to spendable money on the customer’s card. The attractiveness of the scheme will help drive usage of the Verve card among consumers.
Implementing the Welcome XLS loyalty solution enables merchants and card issuers to execute loyalty programmes across multiple channels, such as at the point of sale (PoS) terminals, ATM or via the web. This functionality is unique in the Nigerian market.
Interswitch has also set up its Customer Acquisition and Retention System (CARES), which is also based on the Welcome XLS platform. This system aims to help banks offer bank-wide loyalty programmes, where customers are rewarded for their use of banking products and services allowing the bank to build a customer holistic reward platform. Interswitch provides consulting services that aid the organisation to set up a loyalty network (or specific scheme). The services would range from concept design, reward design, solution design and deployment; ensuring the pre–defined business objective of the organisation is achieved. This system will also be available for issuers, acquirers and merchants to drive customer loyalty.
Director, Payment Infrastructure and Transaction Processing for Interswitch, Akeem Lawal said,  “in order to meet our needs, we needed a technology platform capable of operating consistently across several channels and with the flexibility to cater for additional payment methods in the future. Welcome XLS demonstrated this, allowing banks and retailers to set up a loyalty scheme that makes it simple for the cardholder to enrol, earn rewards and subsequently redeem them. These elements are integral to driving customer loyalty. To this end, we have introduced the Reward Money scheme in certain merchant locations, and it is our hope that it will contribute to driving the cashless economy initiative by the Central Bank of Nigeria.”
Philippe David, chief executive officer, Welcome Real-time added that: “The payments landscape in Nigeria is evolving quickly thanks to government initiatives encouraging card usage. The deployment of loyalty programmes such as Reward Money in the region will act as a catalyst for the Nigerian Central Bank’s cashless initiative. Our work with Interswitch is a testament to our ongoing collaboration with clients and partners across the globe, helping them to innovate and encourage brand loyalty.”


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Senate Gives Tinubu Nod to Borrow Fresh $6Bn

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Senate on Tuesday approved the fresh $6 billion loan request forwarded to the lawmakers by President Bola Tinubu.

Senate Gives Tinubu Nod to Borrow Fresh $6Bn

Lawmakers approved the fresh loan on the same date the request letter was read by Godswill Akpabio, senate president.

The Senate approved the loans following the presentation and consideration of the report by Senator Aliyu Wamakko, chairman, Senate Committee on Local and Foreign Debts.

President Tinubu had written to the Senate seeking approval to borrow a total of $6 billion to finance key government projects and address budgetary gaps.

The requests were contained in two separate letters addressed to Godswill Akpabio, president of the Senate, and read during Tuesday’s plenary.

In the first letter, the President requested approval to obtain a $5 billion loan from Abu Dhabi Bank.

According to the President, the facility will be used to cover the nation’s budget deficit and support debt financing, among other fiscal obligations.

The request forms part of the Federal Government’s efforts to stabilise public finances and sustain ongoing government programmes.

In a separate communication, Tinubu also sought approval to secure a $1 billion UK Export Finance loan facility from London Citi Bank.

The loan is intended for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.

The President said the project aims to address critical infrastructure deficiencies in the country’s maritime sector

According to him, the rehabilitation will help improve efficiency, enhance safety standards, and support Nigeria’s efforts to diversify its economy beyond oil.

He added that the initiative would also strengthen Nigeria’s position as a regional trade hub.

Both requests have now been considered and approved by the Upper Legislative Chamber.


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FG Earmarks $2Bn to Launch 2 Satellites in 2028, 2029

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Federal government has fixed 2028 and 2029 for the launch of two communication satellites, NIGCOMSAT-2A and NIGCOMSAT-2B, as part of efforts to strengthen security and expand digital connectivity.

FG Earmarks $2Bn to Launch 2 Satellites in 2028, 2029

The government will be committing over $22 billion on the ambitious space-led growth agenda focused on new satellite launches, increased industry revenue and expanded broadband access in underserved communities.

At the opening of the 2026 Nigerian Satellite Week in Abuja, Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, confirmed the government’s approval for the acquisition of two new satellites—NigComSat 2A and 2B, describing the move as a “defining commitment” to national development, digital sovereignty and economic competitiveness.

Also, Mrs Jane Nkechi Egerton-Idehen, managing director of Nigerian Communications Satellite Limited (NigComSat), noted that the projects have moved beyond procurement to the execution stage.

She said the satellites are designed to enhance intelligence gathering, surveillance, and connectivity across Nigeria and neighbouring countries, particularly in support of security operations.

“For 2A and 2B, we have started the process. We have closed the tender and are now back into the financing and implementation stage. 2A is built to come up in 2028, and 2B for 2029.

“When they are up and running, they are expected to provide security within the borders and neighbouring countries. They will support the security agencies because data collection and intelligence in real time is important. Satellites like communication satellites allow that, irrespective of where they are,” she said.

On his part, Tijani, said the satellite programme forms part of a broader government strategy to deepen digital infrastructure nationwide.

According to him, the initiative complements ongoing investments in fibre-optic expansion and telecommunications infrastructure, while extending connectivity beyond Nigeria’s borders.

“The President’s approval of NIGCOMSAT-2A and 2B demonstrates a clear commitment to building the future. These satellites will enhance security, connect remote communities, and extend our fibre-optic network into neighbouring countries.

“Some of these neighbouring countries pay up to ten times more for internet capacity than Lagos. Extending our fibre network will not only improve connectivity but also enhance border security and regional collaboration.

“Satellite technology affects everything, from how a child in a rural community accesses the internet to how farmers make critical decisions and how businesses operate across distance,” he said.

 


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FG Launches CLHEEAN to Streamline Access to Government Services

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Federal government has announced the launch of CLHEEAN, an artificial intelligence-powered mobile application designed to improve interactions between citizens and public institutions.

FG Launches CLHEEAN to Streamline Access to Government Services

It is also a civic education and community engagement app.

Developed under the National Orientation Agency (NOA), the platform functions as a virtual assistant accessible via mobile devices.

It allows users to access information on public policies, ask questions, and interact directly with government services.

The app includes features such as instant messaging, voice recognition, and multilingual support, including several local languages, to reach a wider audience.

With CLHEEAN, users can also submit feedback, report concerns, and take part in discussions on public policies. The approach is intended to strengthen citizen participation and improve communication between the government and the public.

Lanre Issa-Onilu, director general of the NOA, said the initiative addresses a long-standing gap between citizens seeking to be heard and systems that do not always respond effectively, adding that the platform marks a step toward closing that gap.

The launch comes as Nigeria continues to face challenges in citizen engagement and the dissemination of public information.

By leveraging artificial intelligence, authorities aim to make public services more accessible while improving transparency and responsiveness.

The initiative also reflects a broader trend across Africa, where governments are increasingly exploring the use of AI to modernize public services and strengthen ties with citizens.


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