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.”
E-Financial
GTCO to Become First Nigerian Bank to List on London Stock Exchange

By 8 am on July 9, GTCO Holdings is set to commence trading on the London Stock Exchange.
As the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.
This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange.
The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.
On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List.
It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.
In place of the GDRs, the group will list all its ordinary shares directly.
aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List.
The shares will also begin trading on the LSE’s main market for listed securities.
According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria.
Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.
This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.
As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.
E-Financial
NAICOM Issues New Licenses to SanlamAllianz Life, General Insurance

The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja.
Olusegun Omosehin, commissioner for Insurance emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.
The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.
SanlamAllianz recently launched its operations in Nigeria, marking a significant step in the company’s Pan-African expansion.
The launch follows the merger of Sanlam and Allianz’s Nigerian operations, creating a new entity named SanlamAllianz Nigeria.
This joint venture aims to transform the Nigerian insurance landscape by offering enhanced customer experiences, innovative solutions, and improved financial inclusion.
E-Financial
World Bank Approves Extra $65m for Nigeria’s SPESSE

World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.
The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.
The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.
The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.
This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.
The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.
Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.
This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.
In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.
Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.
These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.
Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.
In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.
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