E-Financial
CoralPay Deploys C’Gate, Composite Payment-Processing Engine
CoralPay Technology Limited has deployed the C’Gate, (CoralPay Payment Gateway and Processing) Platform, which has been described as the first interoperable USSD and mobile payment processing platform, which assures seamless and secure payment (Financial and Non-financial) transaction processing.
The C’Gate platform is a composite payment-processing engine. It allows customers using the USSD short codes of their respective banks, alongside their mobile Apps to pay for goods and services directly from their bank accounts and wallets.
The transactions are accepted on point-of-sale (POS) terminals, Automated Teller Machine (ATMs), Smart and Feature Phones on e-Commerce websites as well as ChatBots.
The C’Gate also has capabilities for card processing, telephony processing, account to account transfers, and several other forms of payments.
Chioma Nkechika, chief executive officer, CoralPay Technology Limited, explained that the C’Gate platform, can best be described as super payment processing engine, designed and built based on varied experiences from across the globe. It embeds several global payment designs and standards into one processing base, as used in developing the solution.
Presently commercial banks, insurance companies, Health sector operators, Mobile Money Operators, Other Financial Institutions (OFI, PSB, MFBs) and Insurance Companies, have all adopted the payment solution. Some of the Deposit Money Banks (DMBs) are GTBank, Zenith Bank, UBA Plc, First Bank, Access Bank, FCMB, Fidelity Bank, Wema Bank, Keystone Bank, Sterling Bank, Providus Bank among others.
Nkechika, explained further that, “For the insurance companies, the ease of collection of premiums from their customers across urban and rural locations has been a huge concern, it comes with a lot of difficulties due to logistics challenges and non-availability of sufficient secure payment points, which has now been solved with the C’Gate solution.
“Also with the C’Gate, you are able to remotely and securely pay your premiums to the designated Insurance Company account for onward remittance to your specific purpose account. For our several partnerships in the health sector (Private and Public Sector alike), payment and remittance of health insurance premiums, has been made more secure and simplified.”
Nkechika described, “the one key feature of the C’Gate platform, that has been most interesting and novel, to be considered as the flagship product, is the ability to use your USSD payment code from any bank or OFI (Other Financial Institutions) to pay remotely on any point of sale (PoS) terminal that has been deployed in the market today and a receipt printed.”
Speaking further, he described CoralPay as an institution that was conceptualized essentially to fill the identified gaps in the e-payment ecosystem. “Typically today, though some of payment processing institutions have tried to develop solutions for financial inclusion, these have largely operated in silos that have not allowed for full integration of all partners and upcoming startups in the ecosystem.
“Our objective as Coral pay is to create a Gold Standard for Payment and Transaction Processing in Africa”. When we describe gold standard, it is not just to say you are redefining standards, but you are taking the best of practices across various payment schemes and their stakeholder communities alongside regulatory partners and bringing it into a common standard to create a Gold Standard for Africa promoting our uniqueness.
“So today, CoralPay having launched this platform, we call C’Gate (CoralPay Payment Gateway). We have provided a ubiquitous platform that enables commercial, private and public institutions alongside their customers and patrons to transact using varied types of payment instruments that are available in the market today, through one seamless payment platform.
“Existing today are USSD codes, cards, telephones, accounts. Also you have other tools and devices that exist, but one thing that has remained a problem is that they have all operated in silos, because the channel on which they can transact are limited to their design.
“But with the C’Gate platform, all of these different tools can all work from one base platform which is the Coral Payment Gateway and Processing Platform”
Listing the benefits of the C’Gate USSD solution, Nkechika said: “Convenience and Security is key”. The USSD payment code switching as offered via the C’Gate platform offers convenience and security enabling users to either when physically present on location or remotely pay for good and services with ease.
“But beyond the convenience and security value, is the time efficiency of the transaction process. Most typical transactions today take an average of 30 seconds to 40 seconds to consummate. However with our improved streamlining we have been able to achieve within 20 seconds to complete a transaction, particularly for straight string dial transactions. So, it is faster. Then also in terms of the cost of processing, the C’Gate USSD transaction cost is cheaper compared to other payment instruments.
“Indeed we are delighted at the speed of the integration, adaptability and adoption of use of the USSD code for payment across several of the Key focus Verticals for growth of electronic payments transactions in Nigeria which include, Health, Hospitality, Agriculture, Entertainment & Gaming, Transportation, Education, Government Flows, Retail, Smart Cities/Communities etc. We have taken this payment value several notches higher with the C’Gate platform and we achieved this success through partnerships and collaboration with other stakeholders and partners in the payment ecosystem.”
Federal Capital Territory High Court has ordered Stanbic IBTC Bank Limited to pay N15 million in damages to two former customers after finding that the bank unlawfully retained and processed their personal information after they had terminated their banking relationship.
In a judgment delivered on July 29, Justice Kayode Agunloye also directed the bank to erase all personal data belonging to the claimants that it is not legally required to retain and restrained it from further processing or using such information without lawful authority or the customers’ consent.
The court held that the bank breached the Nigeria Data Protection Act (NDPA) 2023, the claimants’ constitutional right to privacy under Section 37 of the 1999 Constitution (as amended), and provisions of the Federal Competition and Consumer Protection Act (FCCPA).
The suit, marked CV/2190/25, was filed by David Ogundipe and Salami Tolulope Ibrahim, who argued that Stanbic IBTC continued to process their personal data for marketing purposes even after they had closed their corporate account with the bank.
According to the claimants, the account was shut following unresolved issues with the bank.
Despite the closure, they alleged that Stanbic IBTC continued sending promotional emails and text messages to their personal and corporate email addresses as well as their telephone numbers.
The customers said their solicitors later wrote to the bank demanding that all marketing communications cease and that their personal data should no longer be processed for promotional purposes.
Although the bank reportedly acknowledged the request and assured them that the messages would stop, the unsolicited communications allegedly continued, prompting them to seek judicial intervention.
In his ruling, Justice Agunloye held that once the banking relationship had ended and the customers had withdrawn their consent, the bank no longer had any lawful basis to process their personal data for marketing activities.
The judge ruled that the continued use of the claimants’ information amounted to an infringement of their constitutional right to privacy and constituted an unfair trade practice under the FCCPA.
The court consequently ordered Stanbic IBTC to delete all personal information relating to the claimants that it is not legally required to retain and to cease every form of data processing except where permitted by law or regulatory obligations.
Justice Agunloye also granted a perpetual injunction restraining the bank, its officers and agents from retaining, processing, transmitting or using the claimants’ personal data for marketing, promotional or any other unauthorised purpose.
While the claimants sought N250 million as damages, the court awarded N15 million as general damages, describing the amount as adequate compensation for the persistent unsolicited communications, the bank’s failure to honour requests for data erasure and the violation of the customers’ privacy rights.
The bank was further ordered to pay N500,000 as the cost of the suit, while the claim for N7 million as litigation expenses was dismissed for lack of sufficient proof.
Justice Agunloye directed that all monetary awards would attract 10 per cent post-judgment interest annually until fully settled.
However, the court declined to order the complete deletion of every record relating to the claimants, holding that banks remain under statutory obligations to retain certain customer records in compliance with financial regulations and anti-money laundering laws.
Reacting to the verdict, counsel to the claimants, O.E. Oluwadamisi of Earnest Attorneys LP, described the decision as a landmark judgment for data protection in Nigeria.
He said the ruling reinforces the mandatory nature of compliance with the Nigeria Data Protection Act and makes it clear that organisations cannot continue processing customers’ personal information after consent has been withdrawn unless authorised by law.
One of the successful claimants, David Ogundipe, welcomed the judgment, saying it represented a victory not only for the litigants but also for millions of Nigerians whose personal information is held by corporate organisations.
He expressed hope that the ruling would encourage institutions across the country to strengthen compliance with data protection laws and place greater respect on customers’ privacy rights.
The number of Bank Verification Numbers (BVNs) on the Nigerian banking industry’s fraud watchlist reached 13,117, according to the Central Bank of Nigeria (CBN).
This is coming as banks strengthen efforts to detect and prevent financial crimes.
According to the CBN’s 2025 Annual Report and Statement of Accounts, the number of BVNs on the banking industry’s fraud watchlist increased from 9,476 in 2024 to 13,117 in 2025. This represents a 38.4 per cent increase.
The apex bank explained that commercial banks, including Access Bank, Zenith Bank, United Bank for Africa (UBA), and other financial institutions, added 3,641 new BVNs to the watchlist during the year.
The report said the increase reflects stronger fraud monitoring, improved compliance, better risk management, and enhanced systems for detecting suspicious transactions.
It added that the higher number does not necessarily mean fraud has increased, but shows banks are becoming more active in identifying and blocking suspicious activities.
The report also revealed that consumer lending declined for the first time since 2019.
Outstanding consumer credit dropped by 19.89 per cent, falling from N4.72 trillion in 2024 to N3.78 trillion in 2025.
The CBN attributed the decline to high interest rates, which made borrowing more expensive for many Nigerians.
Personal loans recorded the biggest drop, falling to N1.85 trillion.
However, retail loans rose by 63.77 per cent to N1.94 trillion, making them the largest category of consumer credit for the first time in several years.
Central Bank of Nigeria (CBN), has ordered banks to refund a total N19.12 billion to customers for illegal deductions and poor complaint handling.
This is coming as bank customers lodged 23,129 complaints against financial institutions in 2025, representing 11 per cent increase over the previous year.
The apex bank also imposed N1.69 billion in penalties on financial institutions for regulatory breaches, poor complaint handling and failure to comply with its directives, according to its 2025 Annual Report.
The CBN attributed the increase in complaints to growing public confidence in its consumer protection framework rather than a deterioration in banking services.
The report stated: “The Bank received a total of 23,129 complaints from consumers of financial services in 2025, a rise of 10.53 per cent above the 20,925 in 2024. The trend reflected increased awareness and improved confidence in the Bank’s consumer complaint resolution process.”
The apex bank added: “A total of 18,824 complaints were resolved, indicating a 9.36 per cent increase over the 17,213 complaints resolved in 2024.”
On the value of disputed transactions, the CBN said: “Total claims in local currency increased to N40.61 billion from N17.13 billion in 2024. Foreign currency claims also rose, reaching $344.2 million compared with $1.06 million in the preceding year.”
According to the report, “Based on the resolved complaints, the sums of N19.12 billion and $329.3 million were refunded in 2025, compared with N9.66 billion and $0.67 million in 2024.”
The CBN said it strengthened enforcement against erring financial institutions during the year.
It stated: “During the review period, the Bank imposed 11 penalties on financial institutions totalling N1.26 billion for infractions ranging from regulatory breaches and failure to respond to regulatory queries.”
The report further disclosed: “In addition, the Bank imposed 21 penalties on financial institutions to the tune of N430 million for infractions ranging from delays in resolving customer complaints to failure to comply with the Bank’s directives.”
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