E-Financial
Global Accelerex Unveils Handheld Mobile PoS
Global Accelerex and its technology and business partner, Shenzhen Xingoudu Technology Co have unveiled the XGD K370 mobile handheld terminal into the Nigerian market that supports both CDMA and GRPS communication to enable merchants overcome communication challenges that currently plague terminals operations.
Tunde Ogungbade, managing director, Global Accelerex, said the handheld mobile Point of Sale (PoS) terminal will assist merchants to expand the horizon of the capabilities available to them for electronic payment card acceptance. In addition, the K370 has an optional built in support for 1D/2D Scanner, Contactless applications (NFC, RFID, MI fare), external Wi-Fi and embedded biometric fingerprint reader as well as the usual standard features such as a terminal printer, embedded Pin Pad, EMV Level 1 & 2 Chip and Pin support among other features.
Ogungbade said that the launch of K370 mobile PoS terminal is a fallout of over 24 months, unremitting efforts in research and development between his firm, Shenzhen Xingoudu Technology Co working under the newly established rigorous certification process of the Nigerian Interbank Settlement Systems PLC (NIBSS) and the CBN’s guidelines on PoS Card Acceptance Services. Global Accelerex has successfully certified its GA-MSR Terminal Software on the XGD K370 Terminal for use in the Nigerian market.
David Yang, Senior International Business Development Executive with XGD, China, said his firm is celebrating the approval of K370, as one of the best handheld wireless model of POS terminal by NIBSS, the designated testing authority of CBN.
Yang however commended the commitment that Global Accelerex possess that has made it not only possible to certify the K370 terminal but also distribute, support and position his firm’s products and services for the Nigerian market.
He added that by working with Global Accelerex, his firm is very confident of living up to the expectations of Nigerian merchants and play an important role in the implementation of CBN’s cashless policy.
With the introduction of K370 PoS terminal, Global Accelerex has further reiterated its resolve to provide more than just e-payment to the Nigerian merchants.
Global Accelerex is an e-payment service provider that is focused on providing business solutions tailored to e-payment card acceptance in the Nigerian and West African market. Approved by the Central Bank of Nigeria as a Payment Terminal Service Provider (PTSP), Global Accelerex develops, supports, manages, markets, promotes, distributes, services, sells, leases products and services required by Merchants Acquirers and Merchants across all segments for payment card acceptance.
In addition, Global Accelerex provides value added services with products to simplify and automate business processes related to payment acceptance and improve visibility of transactions and collection for merchants.
Global Accelerex has been working for several years in partnership with Shenzhen Xingoudu Technology Co Ltd (XGD), a Neilson Report top 10 global EFTPOS manufacturer and a high-tech electronic enterprise devoted to designing, developing, manufacturing, distributing and integrating application systems and products for the special facilities of finance and communication.
Debt Management Office (DMO) said the federal government spent N3.14 trillion on servicing its domestic debt in the first quarter of 2026.
The office disclosed the data in its latest domestic debt service report for Q1 2026.
The figure comprises N2.97 trillion in interest payments and N169.68 billion in principal repayments.
The agency said in January, the government spent N741.82 billion on domestic debt service, while the figure rose to N967.67 billion in February.
Debt service increased further to N1.43 trillion in March, bringing the total for the quarter to N3.14 trillion.
The March figure was 47.7 percent higher than the N967.67 billion recorded in February and 92.7 percent above the N741.82 billion spent in January.
Also, the debt office said interest payments accounted for about 94.6 percent of total domestic debt service during the quarter.
The DMO said treasury bills accounted for the largest share of interest payments at N1 trillion, while interest on federal government bonds stood at N1.96 trillion.
The agency said the government also paid N4.24 billion in interest on FGN savings bonds during the period.
The DMO said the principal component of the debt service comprised N169.68 billion in repayments on local-denominated promissory notes.
Overall, the government’s domestic debt service rose sharply through the quarter, with March accounting for almost half of the N3.14 trillion spent between January and March.
Nigeria’s public debt increased by 0.01 percent to N159.35 trillion in the Q1 of 2026.
Interswitch Group, an integrated digital payments and commerce company, together with global banking software provider, Temenos have reassured the Central Bank of Nigeria (CBN) of their commitment to advancing the modernisation of Nigeria’s financial services sector.
Interswitch and Temenos had earlier in June announced a strategic partnership across Africa which would see Interswitch leverage Temenos solutions – across core banking, digital banking, payments, wealth management and financial crime mitigation – to provide cloud-hosted and on-premises managed services to banks and financial institutions across Africa.
This will enable institutions to progressively transform their banking platform and evolve to more customer-centric business models. The service will initially support key African markets including Nigeria, Ghana, Côte d’Ivoire, Kenya and others.
The recent regulatory visit to CBN headquarters in Abuja, was led by the Founder and Group Chief Executive Officer of Interswitch, Mitchell Elegbe, and Managing Director for the Middle East and Africa (MEA) at Temenos, Santhosh Rao, as part of the ongoing efforts by both organisations to deepen collaboration with Central Banks across the African region on the future of digital banking infrastructure across Nigeria and key African markets.
Discussions centred on the strategic partnership between Interswitch and Temenos, and how it will enable Nigerian financial institutions to progressively modernise their core banking platforms and transition to more customer-centric business models.
The two organisations also explored opportunities to work with the CBN in charting new frontiers in Central Bank Digital Currency (CBDC) innovation, leveraging resilient financial networks and decentralised application platforms to support the issuance and management of CBDCs.
Commenting on the visit, Elegbesaid: “Our partnership as Interswitch with Temenos and our continued engagement with the Central Bank of Nigeria reflect a shared commitment to building banking infrastructure that is resilient, inclusive, and ready for the next phase of Africa’s financial evolution.
We are proud to be at the table as these conversations shape the future of digital banking technology and innovation across key Africa markets…”
The Bank of Industry, through BOI Financing SPV Plc, has opened subscriptions for its inaugural Series 1 Fixed Rate Bond worth up to N250bn under its $1bn multi-currency instruments programme, seeking to raise long-term capital to finance businesses across Nigeria’s priority sectors.
The offer, which opened on 5 August and closes on 11 August, is being arranged by Chapel Hill Denham as the lead issuing house. The five-year bond is priced within a yield range of 17.35 per cent to 17.50 per cent and will be listed on the FMDQ Securities Exchange.
According to the offer document, proceeds from the issuance will be deployed to finance eligible businesses and projects across sectors, including agriculture and food processing, healthcare, engineering and technology, renewable energy, petrochemicals, oil and gas, creative industries and solid minerals, in line with BOI’s development finance mandate.
The lender said the financing is expected to improve access to medium and long-term funding for Nigerian enterprises, expand productive capacity, create and preserve jobs, deepen local value addition, support import substitution, boost exports and strengthen domestic value chains.
BOI, Nigeria’s foremost development finance institution, said it has provided funding to more than one million businesses across the country and disbursed over N1.27tn between 2023 and 2025. The institution operates across 34 states and the Federal Capital Territory and is jointly owned by the Ministry of Finance Incorporated and the Central Bank of Nigeria.
The bank also highlighted its financial performance, reporting a 36 per cent compound annual growth rate in gross earnings between 2021 and 2025.
Interest income rose 64 per cent to N884bn in 2025 from N538bn in the previous year, while its capital adequacy ratio stood at 39 per cent, nearly four times the regulatory minimum of 10 per cent. Its non-performing loan ratio was 1.7 per cent, below the CBN’s prudential limit of five per cent.
The bond has been assigned AAA ratings by Agusto & Co. and Intelligence Africa, reflecting the issuer’s strong capitalization, profitability, liquidity and ownership structure.
The issuance is open to institutional and qualified investors with a minimum subscription of N5m and additional investments in multiples of N1m. Interest will be paid semi-annually at a fixed rate, while principal repayment will begin in the third year through equal semi-annual amortised instalments until maturity in 2031.
The bond is also exempt from tax, making it an attractive investment option for investors seeking stable returns amid expectations of declining interest rates.
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