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Paylater Lending app Eyes Full-Service Digital Bank

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Paylater, Nigerian retail lending startup, is working on a plan to transition to a full service digital bank after securing a $5 million debt facility from Nairobi-based Lendable, technology-enabled funding provider to African consumer and small business lenders.

 

qz.com reported that Paylater is looking to deploy new products while transitioning to a digital bank.

 

Since launching in 2016, the Paylater mobile app was downloaded by over 1 million users and disbursed loans of over N13 billion ($36 million).

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But now, the company is looking to get into the unbanked population of Nigeria and provide banking services for them.

 

The startup will be announcing a name change to fit its new business in the first week in April.

 

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In Nigeria, there is an estimated 60% of adults without a bank account. Nigeria and six other countries are home to nearly half of the 1.7 billion people without bank accounts, according to the World Bank Global Findex Database report.

 

Paylater is a unit of OneFi which started in 2011 as One Credit, which provided loans to middle class salary earners, using a paper-based application process that required supporting documentation.

 

But that restricted the scope of the service in a country where more than 60% of working adults are in the informal sector and therefore are not paid documented monthly salaries or possessed formal documentation.

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The introduction of a bank verification number (BVN) by Nigeria’s central bank in 2016 enabled young companies like One Credit to launch more flexible, digital lending services available to more people including Paylater.

 

The BVN is the first true record of Nigerians employing biometric security and linking all back accounts owned by a single user.

 

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“As we are pushing on with our web and digital platforms, we also want to reach out to a segment in the economy that is always talked about but not really catered to,” said Chijoke Dozie, who co-founded OneFi with his brother Ngozi.

 

In a few months, OneFi will also be launching some of its services deploying USSD mobile technology found in simple feature phones rather than the more expensive smartphones.

 

The idea is to “onboard people that are not using smartphones and we are banking on our reputation as loan providers to reach them.”

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The strides that digital lenders have made have made traditional banks offer retail loans to customers. But in the past, this was not the case. Banks in Nigeria have a poor reputation for providing credit. Customers of commercial banks are burdened with paper applications and high interest rates coupled with the need to produce collateral.

 

News of Paylater’s transition to a digital bank comes in the week that Diamond Bank, which was controlled by the Dozie family, is being  merged with Access Bank. Diamond Bank, which was most recently run by another Dozie brother, Uzoma, had struggled over the last couple of years. Last October, the chairman and three directors of the bank resigned following a protracted dispute involving a major investor.

 

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OneFi’s Dozie believes that deal with Lendable is international validation of the progress they have made and their preparedness for the next step. This line of financing provides the opportunity to transition into a full-service digital bank. The company will also be announcing a partnership with Visa—a move to provide credit via QR codes in supermarkets and clinics.

 

Daniel Goldfarb, the co founder of Lendable, which is backed by Omidyar Investments, said his company is looking to increase access to finance in frontier markets and wants to do this through non-banking lenders. “Paylater has shown that they know their market intimately, while having impressive tech and a platform that is scalable. We are expecting 75% growth within nine months.”

 

 

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E-Business

Microsoft to Unveil Next-generation AI Chip in September

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Microsoft is planning to unveil its new Maia 300 AI chip this fall, potentially as soon ​as next month, The Information reported on Monday, citing ‌people with direct knowledge of the plans.

The company introduced its Maia AI chip in November 2023 but has lagged rivals such as Alphabet and ​Amazon in scaling up its in-house chip efforts as ​it seeks to reduce its reliance on Nvidia’s costly ⁠processors.

Google began recognizing revenue from direct sales of its custom ​AI chips, called Tensor Processing Units, in the quarter ended June, ​while Amazon has also seen growing adoption of its processors, including its Trainium chips.

Microsoft has been in talks with chipmaker TSMC to secure manufacturing ​capacity for more than 300,000 units of the chip for ​delivery in 2027, according to the report. It is also looking to significantly ramp up ‌production ⁠and persuade major cloud customers such as Anthropic to adopt the chip.

Microsoft ultimately ​aims to ⁠secure capacity for more than 1 million Maia 300 chips, though component supplies and ongoing capacity ​negotiations with TSMC could constrain its plans, according ​to the ⁠report.

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It unveiled its second-generation Maia 200 in January, built by TSMC using 3-nanometer technology.

Microsoft packed the chip with a significant amount of ⁠SRAM, ​a type of memory that can provide ​speed advantages for AI systems handling large numbers of user requests.

 

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X Replaces Revenue Sharing wit New Creator Rewards Programme

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X has announced plans to discontinue its Revenue Sharing programme and introduce a new Original Content Rewards programme to reward creators for producing original content on the platform.

X Replaces Revenue Sharing wit New Creator Rewards Programme

The social media company announced the changes at the weekend in a post on its X Creators handle, saying the new programme would reward creators who contribute original content.

“Today, we’re introducing the Original Content Rewards Program, a new way to reward creators who bring original ideas, expertise, reporting, creativity, and commentary to X,” the company said.

X said it would stop accepting new enrolments into the Revenue Sharing programme from Friday, while existing participants would continue earning until September 7, 2026.

“Starting today, we’re no longer accepting new enrollments into Revenue Sharing,” it said.

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According to the company, existing Revenue Sharing participants will receive three final payouts, with two scheduled for August 14 and August 28, while the final payment for earnings accrued through September 7 is expected around September 11.

X said existing Revenue Sharing participants would begin getting access to apply for the new programme from September 8, subject to meeting its eligibility requirements.

The first payout under the Original Content Rewards programme will be made on August 28, 2026, while existing Revenue Sharing creators who enrol in the new programme from September 8 will receive their first payment on September 25.

Under the new programme, eligible creators will earn from qualified impressions generated by their original content, with payments made every two weeks.

X defined qualified impressions as unique impressions from Premium users on the Home Timeline feed, where at least 50 per cent of a post is visible.

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On the other hand, “The following are excluded from qualified impressions: impressions from the same account counted more than once per post; paid, promoted, or artificially generated impressions; and fraudulent impressions,” it said.

To qualify, creators must be at least 18 years old, live in a country where the programme is available, maintain an account in good standing and have either a personal or vusiness account.

They must also subscribe to X Premium, Premium+ or Premium Business, have at least 500 verified followers and record at least 500,000 Home Timeline impressions from verified users within the previous 90 days.

X said creators must also regularly post original content to remain eligible.

“We want to recognize creators who break news, share expertise, tell stories, create entertainment, and contribute meaningful perspectives to the conversation,” the company said.

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The platform said original content could include threads, videos, memes, graphics, illustrations, reporting, analysis, commentary and reactions that add meaningful value to existing conversations.

It said creators who use content produced by others would need to add meaningful commentary, context, analysis, humour or creative transformation for such posts to qualify.

“Building on existing conversations is a core part of X, but simply reposting someone else’s content is not enough,” it said.

X said minor edits such as cropping, filters, borders, watermarks, speed adjustments or simple text overlays would generally not qualify as meaningful transformation on their own.

It also warned that content copied or substantially reproduced from another creator, content downloaded and re-uploaded from X or another platform without being the original author’s, automated content, disinformation and misleading content would be ineligible.

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The company said accounts that violate the programme’s requirements could be temporarily or permanently removed from it, depending on the severity of the violation.

It added that creators would be responsible for ensuring they had the necessary rights, permissions or licences to use content created by others.

“Original content is content you personally create that reflects your own voice, perspective, expertise, or creativity,” X said.

The company said the new programme was intended to reward creators who make the platform more valuable by bringing original ideas and perspectives to its conversations.

“The Original Content Rewards Program is designed to reward the creators who start them, shape them, and move them forward,” it said.

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NITDA Introduces Cloud Certification Boost Data Localisation Compliance

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National Information Technology Development Agency (NITDA) has introduced so-called Nigeria’s Certified Cloud Register, regulatory framework developed under the agency’s National Sovereign Cloud Initiative to determine which cloud providers are authorized to handle sensitive data, such as banking records.

NITDA Introduces Cloud Certification Boost Data Localisation Compliance

In effect, from October, NITDA requires banks, fintech companies and other regulated organisations to source cloud infrastructure providers from a national register of certified firms approved to host sensitive financial and government data.

The Certified Cloud Register, is expected to strengthen data sovereignty, improve regulatory oversight and support the implementation of the Central Bank of Nigeria’s (CBN) data localisation policy, which takes effect on January 1, 2027.

Under the framework, banks, fintechs, government institutions and other regulated entities will be able to verify whether cloud service providers, data centre operators, managed service providers and Artificial Intelligence (AI) infrastructure companies have met NITDA’s certification requirements before entrusting them with critical digital workloads.

The initiative is expected to provide regulated institutions with a standardised process for selecting cloud infrastructure providers that satisfy Nigeria’s technical, security and regulatory requirements.

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According to NITDA, the framework establishes “a common national standard, an independent assessment process and a public register of approved providers that banks, fintechs and government institutions can rely on when selecting cloud infrastructure partners.”

The register is expected to become a key compliance tool ahead of the CBN’s directive, which requires all payment transaction data generated within Nigeria to be stored and processed locally, effective from January 1, 2027.

The policy applies to deposit money banks, microfinance banks, mobile money operators, payment service providers, switching companies and other financial institutions.

The certification regime is also expected to reshape Nigeria’s cloud computing ecosystem, making regulatory approval a major requirement for cloud providers seeking to handle sensitive data for regulated industries.

Figures cited by NITDA showed that Nigeria’s 10 largest banks spent about N177.91 billion on information technology in the first quarter of 2026, representing a 31 per cent increase over the corresponding period last year.

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A sizeable portion of the investment currently supports cloud infrastructure hosted outside Nigeria, a trend the new certification framework is expected to address by encouraging greater utilisation of compliant local infrastructure.

NITDA said the certification programme will apply the same technical and regulatory standards to indigenous cloud providers and international hyperscale operators, creating a level playing field for all companies seeking to provide cloud services to regulated sectors.

The agency also disclosed that more than 85 per cent of Nigerian businesses currently rely on cloud services, with the majority using infrastructure hosted outside the country.

It said the new framework is aimed at improving confidence in Nigeria’s digital infrastructure while promoting local capacity and enhancing oversight of critical national data.

Speaking on the objective of the initiative, Kashifu Inuwa Abdullahi, director-general of NITDA, said the programme is designed to strengthen Nigeria’s position in the global digital economy rather than exclude foreign technology companies.

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According to him, the initiative is intended “to redefine the terms under which Nigeria participates in the global digital economy rather than isolate the country from international technology providers.”

The Certified Cloud Register forms part of broader efforts by the Federal Government to deepen digital trust, strengthen cybersecurity and ensure that critical financial and public sector data are managed in line with Nigeria’s evolving data governance and sovereignty objectives.

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