E-Financial
Banks Outsource Payment Gateway Services to Fintech
Some money deposit banks have started the outsourcing of their payment gateway services to payment platform providers, in a bid to ensure efficient service delivery and focus on traditional banking services.
Banks in the country as part of their services provide payment gateway for merchants who sign up with them to be able to receive payment through point of sale terminal, internet among other electronic payment channels.
But Zenith bank and Flutterwave, a financial technology services provider, recently inked an agreement to allow the bank to sign up merchants for the service while Flutterwave provide the payment gateway to ensure that the sign up merchants get payments through the various e-payment channels.
Reacting to this developments, Tunde Ogungbade, managing director, Global Accelerex , said that it is an expected and a welcomed development.
“Banks and other financial institutions need FinTech companies and Fintech companies cannot exist without Banks. It is a symbiotic relationship. The Banks and OFIs have the regulatory experience, operational expertise, business risk management and customer trust that have been built over decades and for some, even over a century.
“FinTechs bring the information technology agility and new business models, among other offering to enable Banks identify, grow and reach new market segment or serve exist ones at a low cost structure by using modern business computing platform to complement existing core banking platforms.
“FinTechs also serve as that research and development side of a bank to experiment with new products, services or solutions tailored to various segments without the need to modify stable and functioning core banking which are costly and risk prone.
“As more banks and FinTech see this relationship as a complementary rather that a competitive one, there will be more outsourcing agreements beyond payment that will be a win-win for both sides. This is assuming there is no desire for customer ownership and control, or holding store value (money) on the part of the FinTech, which are critical to the identity and functions of Banks,” he said.
Corroborating Ogungbade, James Agada, managing director, CWG, said that such arrangement will save banks from making further investment in technology as well as maintenance of the infrastructure.
“I see more of such arrangement coming in the industry. I don’t think any bank would want to stop the trend,” he said.
A payment gateway is a merchant service offering that is provided by a Payment Service Provider either directly to merchant or in partnership with a bank.
It was traditional required for e-commerce to enable a third party know as a Payment Service Provider to serve merchants who need to accept payments online so that such payments can authorize and processed for the merchant and the funds settled.
Since all funds have to end up in a bank at settlement, these payment gateways need to connect to a bank eventually, either directly or indirectly.
Relationships with Card Schemes, such as Visa or MasterCard can only be through a bank or at the introduction of a bank, at least for the initial first card scheme relationship to be established. This is because these schemes only have banks or OFIs as members.
Banks do incur fixed cost for establish card scheme membership so utility is key. There can be several business models and roles played by a FinTech acting as a Payment Gateway which depends on its agreement with its partner bank and its status with the Card Schemes.
Nigeria Deposit Insurance Corporation (NDIC) has urged youths to shun investment scams and embrace the habit of saving.
NDIC said that for a nation to be prosperous, its citizens must learn to build legitimate wealth through savings and then advance to investment.
Mr Adegbenga Fagbuyi, assistant director, Communication and Corporate Affairs, NDIC, made the remarks while addressing students of Lagelu Grammar School, Ibadan, during the 2026 Financial Literacy Day.
Delivering his speech on “Smart Money,” Fagbuyi highlighted the importance of having basic knowledge of the financial system, making sound financial decisions, understanding the benefits of saving in banks, setting financial goals, maintaining financial discipline, and avoiding Ponzi schemes that promise high returns.
Fagbuyi said youths are among the major targets of the government’s financial inclusion drive, adding that the Financial Literacy Day formed part of activities marking Global Money Week, adopted by the Bankers’ Committee in Nigeria as a platform for mentoring youths on savings and investment.
He said, “The government wants everybody to be participants in the financial sector. But how can you be a participant if you don’t know how to save? How can you be a participant if you cannot convert your savings into an investment? So, most importantly, youths are one of the major targets of the financial inclusion drive of the government.”
Fagbuyi described financial inclusion as bringing everybody into the financial safety net by encouraging participation in banking, insurance, pensions, and the capital market.
He stressed that the government does not want youths to become adults who lack knowledge of safe banking practices, insurance, and the capital market.
“Government does not want them to grow old, to become adults who do not know about savings, safe banking habits, insurance, and the capital market. That is why we go to schools to sensitise students to all these basic financial matters, particularly savings, so that our students can begin to learn to save, learn credible investment habits through which they can be making legitimate income.
“We also educate them about the deposit insurance system administered by NDIC. When you save in banks, the banks are supervised and regulated. And if eventually they fail, you will not lose your money. That is what NDIC does,” Fagbuyi said.
He revealed that the sensitisation programme, which started about 10 years ago and is organised by the Bankers’ Committee, comprising the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all the deposit money banks in Nigeria, has been held across states nationwide.
He said, “Minimum, every year, we go to 10 states. And we normally sensitise 200 students in each school. So this year, that means we are targeting 2,000 students.”
Fagbuyi, however, said the objective of the programme is not to cover all schools across the country but to set a standard for state governments and schools to replicate.
“But I must emphasise that the objective is not to cover all schools. It is to set a standard for state governments and for schools to replicate. You agree with me that we cannot be everywhere.
“But as a partner, as a key stakeholder in the financial inclusion drive of the federal government, we go to states to showcase what the government’s intention, so that states and schools can replicate. So it is on this note that we always urge states’ Ministries of Education, Science and Technology to replicate and expand these programmes across their respective states.”
In his address, Olusegun Olayiwola, Oyo State Commissioner for Education, Science and Technology, represented by Alhaji Lukuman Kareem, permanent secretary, Education Inspectorate, Ibadan North, commended the NDIC for selecting a school in Ibadan for the financial literacy sensitisation programme.
He noted that such initiatives must go beyond the classroom to shape young minds, adding that children cannot achieve expected outcomes unless they are properly guided.
“That’s why we significantly appreciate the efforts of the Bankers’ Committee, NDIC, the Central Bank of Nigeria, and all other members for this,” he said.
The commissioner charged the students to take the lessons seriously, noting that opportunities lost may not be easily regained. He also advised the NDIC to expand the programme to include students from neighbouring schools in future editions to maximise its impact without additional transportation costs.
Additionally, Olayiwola urged teachers to cascade the training to other students, who should in turn enlighten their siblings at home.
Nigeria Revenue Service (NRS) has set a July 31 deadline for all large taxpayers to wholly adopt the national e-invoicing and electronic fiscal system (EFS)- called digital exchange of structured invoice data between a supplier and a buyer.
This is sequel to a public notice issued by NRS on February 17, 2026 on the implementation timeline and the mandatory adoption of the national e-invoicing and EFS otherwise known as the Merchant Buyer Solution (MBS).
Zacch Adedeji, chairman, NRS, personally signed the public notice informing all large taxpayers of the need to complete the onboarding, integration, testing, and commencement of invoice transmission to the NRS e-invoicing platform in accordance with the prescribed implementation framework.
According to a statement issued on Sunday by Dare Adekanmbi, special adviser on Media to the chairman, “NRS has already commenced compliance monitoring activities in order to assess the level of adherence to the e-invoicing mandate among large taxpayers.
“Consequently, any defaulting member may be subjected to appropriate regulatory and enforcement actions in accordance with the provisions of the relevant tax laws and regulations.
“Affected taxpayers are, therefore, advised to urgently conclude all outstanding onboarding and integration activities and commence invoice transmission before the compliance deadline.
“The NRS appreciates the cooperation of taxpayers and remains committed to providing the necessary support to ensure the successful implementation of the national e-invoicing regime,” the notice said.
Large taxpayers are companies with gross turnover of N5 billion and above.
As of the first quarter of this year, over 1,000 companies had complied.
Compliance with the e-invoicing and Electronic Fiscal System covers the completion of onboarding on the NRS Merchant Buyer Solution (MBS) and successful integration of taxpayer systems through approved Access Point Providers (APPs) and/or systems Integrators (SIs).
Others are completion of all required validation and testing activities; active transmission of invoices to the NRS e-invoicing platform in line with approved standards and guidelines; and ensuring the receipt of only compliant e-invoices with valid Invoice Reference Number (RIN) from suppliers.
Access Holdings Plc has completed the sale of a 7.44% stake in its Ghanaian subsidiary, a move believe is tied to a Central Bank of Nigeria (CBN) rule capping how much local banks can hold in foreign units.
This was disclosed in a filing with the Ghana Stock Exchange (GSE) recently, which was obtained by our reporter over the weekend.
The corporate disclosure signed by the Company Secretary, Helen De Cardi Nelson, Access Bank (Ghana) Plc, stated that the outcome of the transaction reflects continued investor interest in Access Bank (Ghana) Plc and confidence in the long-term prospects of the Bank.
According to the release, the sale attracted strong participation from a well-diversified pool of investors, including pension funds, institutional investors and high-net-worth individuals.
Access Bank (Ghana) Plc, listed on the Ghana Stock Exchange, disclosed that its parent, Access Bank Plc, sold 12,085,318 ordinary shares representing 7.44% of the unit’s issued shares on July 15, 2026.
The sale went through the Ghana Stock Exchange with regulatory clearance, including a no-objection from the Bank of Ghana.
Buyers included pension funds, institutional investors, and high-net-worth individuals. IC Securities (Ghana) Ltd acted as adviser and executing broker.
Commenting on the deal, Managing Director of Access Bank (Ghana), Ms. Pearl Nkrumah, said the transaction deepens local ownership and liquidity in the bank’s shares, and keeps management focused on turning its scale into value for stakeholders.
Before the sale, Access Bank Plc held 93.40% of Access Bank Ghana, with the remaining 6.60% already in the hands of other shareholders from the unit’s GSE listing.
Stake sold: 7.44%; Estimated holding after the sale: 85.96%; Public and other investors: approximately 14.04%
Access Holdings therefore retains firm majority control of its Ghanaian unit; this is a partial dilution, not an exit.
Adebutu, PDP Chieftain Accuses Nigerian Governors of Embezzling LG Allocations
ICPC Secures Final Forfeiture of N941m Linked to IPPIS Fraud
NDIC Urges Youths to Shun Ponzi Schemes, Embrace Savings
NRS Issues July 31 Deadline for e-Invoicing Compliance
SERAP to Sue NASS over Bill Empowering NDPC to Regulate Social Media
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries
Tokenization, Blockchain Technology will Transform Financial Institutions – IMF
News3 days agoEFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
News3 days agoNCC, NDLEA Partner to Fight Piracy and Drug Trafficking
General News3 days agoDangote Refinery’s Private Placement Reportedly Hits $2.5Bn
Telecom3 days agoTinubu Moves to Protect Nigerians From Crypto Scams With New Executive Order
Telecom3 days agoNCC Leads Tecno, Hyperspace, Digital Realty To NITRA Forum On Scientific Innovation
E-Financial3 days agoCBN to Monitor Every Dollar with FXBT, Forex Tracker
Telecom3 days agoPayPal Rejects $53bn Stripe-Advent Takeover Bid, Says Offer Undervalues Company
E-Financial3 days agoFG Moves to Crack Down on Crypto Fraud with Virtual Assets Executive Order