E-Financial
Due Network Launching in Nigeria to Redefine International Payments

Due Network, a next-gen fintech startup, has announced their plans to launch their global payments platform in Nigeria. The solution offers borderless multi-currency accounts, enabling seamless international money movement for businesses and individuals alike.
Due provides 50+ markets with uninterrupted access to global liquidity by connecting various domestic payment rails around the world, while facilitating the transactions at much lower costs and significantly faster settlement times compared to existing methods.
As an example, a company in Nigeria will be able to use NGN via NIP to pay their vendor in Europe, who then can receive the payment in EUR via SEPA — instantly, at near-zero costs and with a few clicks from a single interface.
“The global payments ecosystem is riddled with inefficiencies,” explained CEO and Co-Founder Robert Sargsian. “Receiving funds from overseas, paying international vendors or even moving intracompany funds across countries is expensive, slow and hard to access. We are here to challenge and change that.”
Powered by open and interoperable decentralised ledger protocols, Due enables their Nigerian clients to use Naira to add/hold digital US Dollars and Euros in their accounts, which can then be used to send/receive funds across Sub-Saharan Africa, the UK, EEA and the US.
Notably, all Due accounts are fully non-custodial, meaning the clients maintain complete control and custody over their funds on the platform. No intermediaries – not even Due themselves – can access the client funds in any way, providing the account holders with direct and unobstructed access without any restrictions or dependencies.
The company is headquartered in London, UK, and recently announced its $3.3 million Seed round to further develop Due’s technology and expand its fiat currency connectivity to more markets.
Due’s waitlist is now live with initial launch slated for later this month, focused on key corridors connecting Sub-Saharan Africa, the UK, EEA and the US, with expansion into Latin America (e.g. Mexico, Brazil) and Asia-Pacific (e.g. Hong Kong, Singapore) scheduled for Q1 2024. The company is also actively working to integrate digitised Real World Assets (e.g. tokenised US Treasuries) to provide more markets with wider access to yield-bearing assets.
Robert Sargsian and Co-Founder/CTO, Alex Popov, are joined by a global team spanning across London, Lagos, Munich, New York, Sofia and Mexico City. The team brings experience from renowned companies including Revolut, Uber, Binance and Bolt.
“We want to be a driving force in transforming how the global economy runs,” shared Sargsian. “Our vision is a future where money is truly global, permissionless and inclusive.”
E-Financial
Smartcash PSB Launches Access to Instant Motor Insurance via Leadway Assurance

In continuation of its mission to make financial services simpler, faster, and more accessible, SmartCash Payment Service Bank, a subsidiary of Airtel Nigeria, has announced a strategic partnership with Leadway Assurance to offer Smartcash users an effortless access to Leadway’s mobile-friendly motor insurance service.
Starting from ₦15,000, this new offering provides a convenient and affordable way for motorists to stay protected and compliant with national insurance requirements. With this collaboration, new and existing Smartcash customers can now acquire or renew two types of Leadway Assurance motor insurance: the Third-Party Insurance and AutoBase Comprehensive Insurance, directly on the Smartcash app or by dialling *939#.
While the third-party motor insurance plan offers the legally required minimum cover, protecting motorists from liability for damages or injuries caused to others, the AutoBase Comprehensive Insurance plan extends that protection to cover the user’s own vehicle in the event of accidents.
Commenting on this partnership, Chief Executive Officer, Smartcash PSB, Tunde Kuponiyi highlighted the importance of the collaboration in driving convenient and inclusive insurance access for Nigerians.
“At Smartcash, our goal has always been to bring inclusive financial solutions closer to everyday Nigerians. By partnering with Leadway Assurance, we’re making it easier for motorists to insure their vehicles without stress or delays. It’s insurance that moves at your speed,” he said.
He also noted that Smartcash users can complete the entire purchase process in under three minutes, from plan selection to payment with no physical paperwork or documentation required. Customers receive instant confirmation and their digital policy documents via email, making insurance more accessible than ever.
Also speaking on the partnership, Kike Fischer, Director, Sales, Retail and Partnership, Leadway Assurance, added: “At Leadway, innovation and exceptional service are at the core of our mission to deepen insurance penetration and inclusion.
“This collaboration with SmartCash enables us to deliver real-time protection to more Nigerians via a trusted, everyday platform. It marks a bold step in transforming how insurance is accessed and experienced across the country.”
The insurance integrated service is also fully inclusive, as it works across all types of mobile phones. Users without smartphones or internet access can access the same features via USSD, ensuring nationwide reach, especially in rural and underserved areas.
This partnership reinforces Smartcash’s commitment to delivering digital-first financial services that meet the real-world needs of Nigerians. By simplifying access to essential products like motor insurance, Smartcash continues to empower users with tools that protect, support, and uplift their daily lives.
E-Financial
Fidelity Bank Refutes ₦5 Billion Bail Payment Claim, Labels Report “False”

Fidelity Bank has dismissed allegations that its Managing Director, Nneka Onyeali-Ikpe, paid ₦5 billion to evade police detention amid an ongoing fraud investigation.
The bank described the report, published by Sahara Reporters, as “malicious” and aimed at misleading the public.
The controversy arose from a recorded conversation in which Onyeali-Ikpe allegedly referenced ₦5 billion in connection with her bail.
However, Fidelity Bank clarified that the amount referenced was a bail bond signed on self-recognizance—not a direct payment to the police.
Authorities later withdrew fraud charges against Onyeali-Ikpe, with the Attorney General of the Federation citing justice, fairness, and lack of evidence implicating her in the matter.
Fidelity Bank emphasized its commitment to strong corporate governance and adherence to ethical standards.
E-Financial
CBN Suspends Dividend, Bonus Payments for Banks under Forbearance

Central Bank of Nigeria (CBN) has suspended dividend payments to shareholders and bonuses to directors and senior management staff of banks currently benefiting from regulatory forbearance.
Forbearance refers to the temporary reduction or postponement of payments, such as for loans or mortgages, usually introduced to give temporary relief to individuals, and corporations, including financial institutions encumbered by financial straits.
The directive was contained in a circular dated June 13, signed by Olubukola Akinwunmi, director of Banking Supervision, CBN.
According to the CBN, the move is part of efforts to strengthen capital buffers, enhance balance sheet resilience and promote prudent internal capital retention within the banking sector during what it described as a transitional period.
The regulatory forbearance arrangement, which allows banks some relief in meeting credit exposure and Single Obligor Limit (SOL) requirements, is currently being reviewed by the central bank in terms of capital positions and provisioning adequacy.
As part of this review, the CBN directed affected banks to suspend dividend payments, defer bonuses, and refrain from making investments in foreign subsidiaries or launching new offshore ventures.
“This temporary suspension is until such a time as the regulatory forbearance is fully exited and the banks’ capital adequacy and provisioning levels are independently verified to be fully compliant with prevailing standards,” the CBN said.
The bank added that the measure is to ensure that internal resources are retained to meet existing and future obligations and support “the orderly restoration of sound prudential positions.”
The CBN also said it will continue to monitor developments and engage with institutions as necessary.
The move comes amid efforts to tighten supervision across the financial system following recent banking sector reforms and recapitalisation directives.
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