E-Financial
Earnipay Secures $4mn Seed Funding to Provide On-demand Salary to Employees in Africa

Earnipay, a financial technology solution that provides flexible and on-demand salary access to income-earners, has closed a Seed round of $4million led by Canaan and with participation from XYZ Ventures, Village Global, Musha Ventures, Ventures Platform, Voltron Capital and Paystack CEO Shola Akinlade.
Targeting employees across Africa, Earnipay officially launched its operations in January 2022, having been in development and beta testing since September 2021.
Founded by Nonso Onwuzulike to improve the financial well-being of employees, Earnipay uses its technology to offer employees the opportunity to access their earned salaries into their accounts flexibly, in real-time and interest-free.
Earnipay partners with employers and seamlessly integrates with their payroll systems to offer its services to employees, who can then track and withdraw their accrued salaries via the app. Businesses are able to have complete oversight and set limits for the percentage of salaries employees can withdraw each month.
Since operating in beta, Earnipay has served over 20 businesses, outsourcing firms and HR solution providers in Nigeria including Eden Life and Thrive Agric, whose employees have used the app to access their salary over 1,000 times, indicating a strong demand for the solution.
With the Seed funding, Earnipay will accelerate the development of its technology platform to serve large enterprise employers. By doing so, Earnipay will provide employees with the tools they need to make better financial decisions and improve their quality of life. The company plans to offer its on-demand salary solution to 200,000 employees by the end of 2022.
Speaking on the funding round and the recent launch of Earnipay, CEO Nonso Onwuzulike, says, “Financial worries are the leading cause of distractions in the workplace. The monthly pay cycle means employees are often unable to afford daily expenses, cover emergencies or take advantage of immediate financial opportunities.
“As a result, they become exposed to predatory payday loans and get stuck in unending debt cycles with unrealistic payback periods and expensive interest rates.
“Earnipay exists to address this problem and offer an ethical alternative to instant salary access while helping employers improve employee engagement and retention at zero cost to their business. The future of salary is on-demand, and we’re excited to be pioneering this amazing solution in Africa.
“I’m delighted to be collaborating with a group of highly respected investors who understand the need for a platform such as Earnipay to drive better access to salaries, and, importantly, to improve the financial well-being of income-earners in Africa.”
“We’ve seen earned wage access grow rapidly in many markets and believe it’s a natural fit in Africa,” said Brendan Dickinson, partner at Canaan. “Earnipay has quickly established itself with a product built specifically for the payroll behaviours of this region, and early employer uptake is very strong. Nonso has built one of the strongest teams that we’ve met on the entire continent, and we’re thrilled for the opportunity to partner with them.”
On-demand salary access is a huge opportunity in Africa, with over 70% of Africa’s workforce (500 million people) paid every 30 days and are living paycheck to paycheck. The 30-days pay cycle has led to 40% of the workforce living in an unending debt cycle as they struggle to match their income to their daily expenses, emergencies and opportunities.
African businesses struggle to provide scalable solutions for employees to access their daily salaries as they work for it due to legacy payroll process, lack of available cash flow and internal salary advance that remains to be a tedious and manual affair.
Earnipay charges employees a small processing fee of NGN250 or NGN500 for this access. There is no payback and no interest charge because employees are accessing what they have worked for, It’s their money.
With Earnipay, employers offer more financial well-being support to their employees, which in turn enables them to attract and retain top talent in an increasingly competitive employment market.
In addition to on-demand salary, Earnipay provides financial education for employees to improve their financial literacy with a goal to enable them to make better financial decisions.
Onwuzulike concludes: “For five months, we have been working collaboratively with employers to deliver a workplace benefit that solves the biggest source of stress and distraction in the workplace: employee money issues.
“By doing so, employers are improving employee engagement and productivity, as well as positioning themselves as a better place to work. We are systematically addressing the inefficiencies in how the African workforce interacts with salaries and will continue to build products and services with both employers and employees in mind.”
E-Financial
UBA Secures N5Bn BoI Fund to Boost Women Entrepreneurs, Others

United Bank for Africa (UBA) Plc has secured a N5 billion loan facility from the Bank of Industry (BOI) to strengthen Nigeria’s micro, small and medium enterprises (MSMEs), with a special focus on women-owned businesses and key growth sectors.

Oliver Alawuba, GMD, UBA
The fund, drawn from the Federal Government’s MSME Fund, is designed to boost economic activity by providing affordable financing to entrepreneurs in Green Energy, Education, Healthcare and Women-Led Enterprises.
Oliver Alawuba, group managing director/chief executive officer, UBA, said the bank remains committed to removing the financial hurdles that stifle small businesses. He noted that MSMEs form the backbone of any developing economy and must be supported to thrive.
“At UBA, we recognise the pivotal role MSMEs play in driving economic development. By offering loans at a competitive 9% interest rate with a three-year tenor, we are creating opportunities for businesses to scale. Our message to entrepreneurs is clear: don’t let this opportunity pass you by,” Alawuba stated.
Under the scheme, entrepreneurs can access up to N5 million each, with a three-month moratorium on principal repayment to allow businesses stabilise before repayment begins.
Shamsideen Fashola, group head of Retail and Digital Banking, UBA, described the initiative as a strategic intervention to drive financial inclusion and long-term development.
“This programme is targeted at sectors that are central to Nigeria’s sustainable growth. By providing affordable funding to these businesses, we expect to see expansion, job creation and stronger contributions to the economy,” Fashola said.
Also speaking, Alero Ladipo, group head of Marketing and Corporate Communications, UBA, stressed the importance of the initiative for women entrepreneurs in particular.
“What sets this scheme apart is its accessibility and business-friendly terms. We urge eligible businesses, especially women-owned enterprises, to take advantage of this window by visiting any UBA branch or applying online,” she said.
UBA, one of Africa’s largest financial institutions, operates in 20 African countries and major global financial centres including the UK, USA, France and the UAE.
The bank serves over 45 million customers worldwide and employs more than 25,000 people across its network.
E-Financial
CBN Releases Bank Customers’ Bill of Rights, Obligations

Central Bank of Nigeria (CBN) has released Bank Customers’ Bill of Rights and obligations to the public giving customers the right to be informed, right to choose, right to safety, right to privacy and confidentiality, and the right to redress.
The report, released at the “CBN Fair” held in Lagos, with theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”.
In the bill of right customers also have right to good service, right to equality and right to free monthly statement of account.
On the other hand, the report listed certain obligations that a customer owes to his or her bank.
They include duty to financial obligations, duty to protect instruments and information, duty to provide factual information and not to mislead the bank, duty to report suspected fraud or error and duty of personal safety and safety of assets.
The document, described the customer as the most important person in the economy and every business succeeds only when the customer is happy.
Describing the customer as a king, it said: “As a king, the customer has many rights. But a king also has duties which he owes himself and the society. In Nigeria, customers of banks have certain rights and duties guaranteed by law, regulation and conventions”.
The report disclosed that a bank customer, has a right to disclosure of information from his/her bank on products and services the bank offers.
“The information provided must be complete, relevant and truthful. Your bank must explain to your understanding all contractual terms and charges prior to the consummation of any agreement or contract. This right enables you to have relevant information in order to make rational choices. It amounts to a breach of right if your bank fails to provide this information or deliberately misleads you in anyway,” it said.
According to the apex bank, bank customers also have a right to select from the range of products and services made available by your bank at competitive prices.
“This means that as a customer, you can, at all times, decide on the product or service to accept/purchase and the ones to decline. It is wrong for a bank to restrict your choices or compel you to accept/purchase products or services that are ill-suited for your needs. Where you are not satisfied with your bank’s service delivery on any product or service, you have the right to end the contract or even the banking relationship provided you settle all outstanding commitments,” it said.
The CBN explained that the right to safety requires a bank to guarantee all its customers a secure and conducive banking environment devoid of threats to their safety and health.
“You have the right to be reasonably protected from accidents while on the premises of your bank. You also have the right to be protected from negative effects of pollution of any kind whether arising from your bank’s operations or from other sources. It is necessary to stress that your bank is obligated to adhere strictly to applicable safety and directives to ensure that your safety and well being are adequately guaranteed while you are on the premises of your bank,” it said.
Continuing, the apex bank also highlighted the customers right to privacy and confidentiality.
It explained that as a bank customer, one has the right to freedom from disclosure of your account details by your bank as intrusion into your account by third party.
In other words, a bank is not to divulge your account information to a third party; a bank must also protect customers’ information from unauthorized access by a third party.
It however, stated that there are, expectations to this right where a bank is required by law to make disclosure; and where a customer consents to the disclosure.
“A bank must provide its customers a redress mechanism to express their displeasure or grievance. The mechanism must be free, accessible, transparent, timely and convenient. You have a right to efficient complaints management system through which you can lodge complaints against your bank. You also have the right to be kept abreast of resolution process (acknowledgment, feedback, updates, and explanation) and ultimately, basis of decision. Where you are not satisfied with the decision of your bank, you have the right of review either by your bank, the Central Bank of Nigeria (CBN) or the court,” it stated.
The CBN however, stated that all customers have a right to value for their money which involves the right to be treated with respect and dignity by banks and their representatives.
“The hallmark of banking is customer satisfaction and as such your bank would have failed if it was unable to offer quality and value-adding banking services to you as a customer. Part of this right is that your bank must provide appropriate response to your needs and complaints,” it said.
E-Financial
SEC Partners Chainalysis to Tackle Rising Crypto Scams

A surge in cryptocurrency fraud has prompted the Securities and Exchange Commission (SEC) to strengthen its monitoring measures.
The regulator has partnered with blockchain analytics firm Chainalysis to improve its ability to detect and disrupt illicit activity.
This move follows growing concerns about the security of Nigeria’s expanding digital asset market.
At a joint webinar themed “Combating Scams with Blockchain Intelligence,” Dr. Emomotimi Agama, director-general, SEC, stressed the need for coordinated action.
He said transparency in crypto transactions should be the foundation of enforcement in the sector.
Agama warned that without collaboration, fraudulent activity could grow more dangerous in the future.
The SEC plans to use blockchain’s permanent transaction records to trace and monitor illicit movements of funds. This will include identifying wallet clusters, tracking fund transfers, and analysing transaction histories on networks such as Bitcoin and Ethereum.
Agama said these measures would help the commission detect scams earlier and respond faster.
The Chainalysis 2025 Crypto Crime Report provided data that reinforced the urgency of the SEC’s initiative.
According to the report, illicit crypto addresses received $178 billion worldwide over the last five years.
The highest volume was recorded in 2022, with $54.3 billion, followed by $46.1 billion in 2023 and $40.9 billion in 2024.
Agama said these figures showed the scale of the problem and the need for advanced analytics in enforcement work.
He also noted that Nigeria must improve its technical capacity to match the sophistication of modern financial crimes.
The partnership with Chainalysis is expected to help bridge this capability gap.
The SEC is working under the framework provided by the Investment and Securities Act (ISA) 2025, which took effect in April.
Agama described the law as a key step toward establishing clear rules for the digital asset market.
It also enables cooperation between Nigerian regulators and international partners without discouraging innovation.
He called for active collaboration between regulators, technology providers, and industry players to address fraud before it escalates. “
With all the various tools at our disposal, we must brace up for the challenges ahead,” Agama said.
He added that the collective goal should be to stop criminal activity at its source.
The SEC’s collaboration with Chainalysis is positioned as a strategic move to safeguard investors and improve market integrity.
It reflects an effort to place Nigeria among regional leaders in regulated digital finance.
By integrating blockchain analytics into its operations, the commission aims to create a safer environment for crypto transactions in the country.
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