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CoralPay Deploys C’Gate, Composite Payment-Processing Engine

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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.

CoralPay Deploys C’Gate, Composite Payment-Processing Engine

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.”

 

 

 


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E-Financial

Reps Investigate 25 Insurance Firms for Financial Infractions

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The House of Representatives has launched an investigation into 25 insurance companies over alleged financial infractions that have reportedly led to the loss of hundreds of billions of naira in government revenue.

Chairman of the House Sub-Committee on Capital Market and Institutions, Hon. Kwamoti Laori, made the disclosure on Monday during a meeting with representatives of the affected companies at the National Assembly Complex in Abuja.

Laori said the probe was prompted by petitions accusing the companies of violating statutory provisions in their operations, thereby shortchanging the federal government.

“This committee is saddled with the responsibility of addressing a petition based on infractions by these insurance companies regarding their operations and non-compliance with certain statutory provisions,” he said.

“These infractions have led to the federal government losing hundreds of billions of naira in revenue. That is why the companies were invited—to either confirm or refute the liabilities ascribed to them.”

According to the lawmaker, each of the 25 companies had been formally notified of their respective liabilities and summoned to explain their financial dealings.

“The essence of this engagement is to ensure that what is due to the federal government from these private entities is fully remitted,” Laori added.

He emphasized that it is within the constitutional mandate of the National Assembly to track government revenue and block leakages, particularly in sectors involving private sector collaboration.

The committee also frowned at some of the companies’ attempt to stall the investigation by resorting to legal action.

“Some of the companies have gone to court and served the House with court processes. It is now up to us and the House leadership to examine those court papers,” Laori said. “If the court action does not affect the core of our mandate, we will proceed. If it does, we’ll await the court’s decision.”

He criticized what he described as a strategy aimed at obstructing parliamentary oversight.

“Going to court appears to be a deliberate attempt to throw a spanner in the works of the National Assembly,” he stated.

Laori also expressed dissatisfaction with the failure of some company heads to appear in person, instead sending representatives who were unable to respond to critical questions.

“We have insisted that Chief Operating Officers (COOs) must appear in person. One of the COOs sent someone who couldn’t answer any of the allegations—this is unacceptable,” he said. “It is the same people that will later accuse the National Assembly of not doing its job.”

The committee chairman did not spare the industry’s regulator—the National Insurance Commission (NAICOM)—which he accused of negligence.

“NAICOM has a supervisory role, and if they were doing their job effectively, we wouldn’t be here conducting this investigation. They need to sit up,” Laori said.

 

Meanwhile, 17 of the companies currently in court sent a legal representative, Mr. Abimbola Kayode, to the hearing on Monday.

 


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E-Financial

Naira Slides Again, Hits ₦1,532.34/$ Despite CBN’s Dollar Push

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The naira closed the past week weaker than the previous one, as it depreciated by 0.14 per cent week-on-week to settle at 1,532.34/$ at the Nigerian Foreign Exchange Market.

This weakening came despite the naira rebounding to a four-month high on the first trading day to close at 1,518.88/$. After that, it weakened to 1,530.25/$, then lower to 1,533.11/$ before gaining some strength to close the week at 1,532.34/$ at the official market.

During the past week, the highest amount that the naira traded for was 1,538/$, and the lowest was 1,515/$ on the NFEM.

At the parallel market, the currency closed trading within the band of 1,535.00/$ and 1,544.00/$1.

Analysts have maintained that the intervention of the Central Bank of Nigeria and improvement in the foreign exchange liquidity were essential to stabilising the naira at the FX market.

Cowry Assets Management Limited, in its weekly market report, averred that the naira had recorded mixed trading across the markets as it appreciated slightly by 0.06 per cent week-on-week to close at 1,544.00/$1 at the parallel market while closing in the red zone at the official market.

“The divergent movements reflect ongoing supply-demand imbalances and the evolving FX liquidity landscape,” stated the analysts, who, however, maintained that the naira looks to record further gains as improved oil output and elevated prices drive higher dollar inflows, which could sustain the current pace of reserve accretion.

“The positive oil earnings outlook, combined with steady capital inflows, should offer continued support for the naira and enhance near-term FX market stability,” the report added.

Recent data from the Nigerian Upstream Petroleum Regulatory Commission shows that the average daily crude oil production (excluding condensates) rose by 3.6 per cent to 1.51 million barrels per day in June 2025 from 1.45 mbpd in May. This marks the first time in five months that Nigeria has met its OPEC production quota, reflecting improvements in operational efficiencies and security around key oil-producing assets.

AIICO Capital Limited, in its weekly report, noted that the CBN had intervened intermittently in the FX market in the past week.

It stated, “Dollar sales early and late in the week helped maintain relative stability. The naira closed at 1,532.34/$, down 13.6 bps w/w. Reserves rose by $422m to $37.85bn” as of Thursday from $37.43bn in the previous week.

It is expected that the naira will likely hold its current range amid better liquidity, while markets weigh potential FX impacts from the Monetary Policy Committee’s decision starting Monday (today).

Analysts are split on what the decision of the MPC should be regarding the benchmark. On one side, doves are calling for a modest rate cut, pointing to cooling inflation, a more stable naira, and signs of reform traction. On the other hand, hawks are warning that premature easing could undo all the gains of FX reforms and decelerating inflation, especially with food supply shocks and global risk still very much in the picture.

“For now, traders are positioning around the edges, but the real signal will come from the tone of the communique,” Comercio Partners asserted.


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E-Financial

Fidelity Bank to Empower 100 SMEs Across Nigeria with Digital Tools

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As part of its unwavering commitment to digitally transform Nigeria’s small and medium-scale enterprises (SMEs), leading financial institution Fidelity Bank is set to empower entrepreneurs across the country with cutting-edge digital tools designed to streamline operations, boost productivity, and drive sustainable growth.

Through the Fidelity SME Empowerment Program (FSEP), the bank will equip 100 growth-ready entrepreneurs with a comprehensive digital toolkit that includes: a POS desktop system, access to ERPRev software, receipt printer & barcode scanner; inventory & management tools. business training and support; free fidelity pos with branding and onboarding assistance

Interested entrepreneurs can apply via: https://bit.ly/SMEEmpowermentprogram2025

Commenting on the initiative, Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, stated:

“Studies have shown the exponential growth SMEs can achieve through digitalisation. As Nigeria’s leading SME partner, we are walking the talk by providing free digital toolkits to our customers. This aligns with our mission to help individuals grow, businesses thrive, and economies prosper.”

Fidelity Bank’s dedication to SME development is reflected in its broader vision of fostering economic inclusivity and building a resilient business ecosystem nationwide.

As part of its World SME Day 2025 celebrations, the bank granted free access to its renowned SME Hub in Gbagada, Lagos, and hosted a special mentoring session for female entrepreneurs led by CEO Dr. Nneka Onyeali-Ikpe. These efforts complement its regular masterclasses and ongoing support for small businesses and creatives.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.


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