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EFInA Supports LOTUS Capital with $250,000 Grant

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Lotus Capital Limited has received a Technical Assistance Grant of $250,000 (Two hundred and fifty thousand Dollars only) from Enhancing Financial Innovation & Access (EFInA) to support the “Lotus Health is Wealth Savings Plan”.

EFInA is a financial sector development organisation that promotes financial inclusion in Nigeria. Lotus Capital Limited is the pioneer provider of non-interest financial services in Nigeria. The company provides a broad spectrum of fund/portfolio management services for individual, corporate and retail clients.

The Lotus Health is Wealth Savings Plan (LHIWSP) is a dynamic non-interest, fixed income savings product that will also offer health insurance.

The Plan is structured around monthly collections of deposits from customers which will be invested in non-interest, low-risk instruments, and non-interest fixed term investments to give customers returns on their savings.

A small portion of customers’ deposits will be allocated to pay the monthly premiums for health insurance.

The project will be piloted in Lagos, Abuja and Kano States. Lotus Capital will target traders, market associations, religious associations, service companies and women pressure groups.

Speaking about the Grant, Chidinma Lawanson, chief executive officer of EFInA, stated that, “The EFInA Access to Financial Services in Nigeria 2014 survey revealed that 16.8 million adults representing 18% of the adult population who do not use non-interest banking products stated that they are likely to take up such products if they are readily available. The Lotus Health is Wealth products add to the diversity and range of affordable financial products to low and middle income segments of the population who may be unbanked and under-banked.”

Furthermore, she mentioned that, “insurance penetration is still low in Nigeria, data from the EFInA’s Access to Financial Services in Nigeria 2014 survey shows that only one million adults representing 1.1% of the total adult population have insurance while 14.3 million representing

15.3% of adults stated that they would be interested in micro insurance products. Through the

Project, Lotus Capital will drive awareness on non-interest finance and enhance financial literacy among the low income targets; given that the company’s direct sales agent will interface with customers to showcase the product.”

According to Hajara Adeola, managing director of Lotus Capital, “Since our founding, we have being dedicated to creating wealth ethically for our clients. Our firm belief is that with the right financial plan and education, everyone can and should improve the quality of their life. Through this project, we hope to encourage the development of an investment culture among the low income and financially excluded segment of the population.

“The Plan’s tie-in with health insurance is intentional as we believe that a healthy body is essential to creating and sustaining wealth. While health insurance is mandatory for workers in the formal sector, there are millions of Nigerians who work outside the formal sector and do not have access to health insurance or even formal financial services.

‘It is for this reason that the Plan is providing both an investment outlet and discounted health insurance. Our vision is a Nigeria where Nigerians regardless of their position on the economic or social ladder will have access to formal financial services and quality healthcare,

“The project is expected to deepen financial inclusion by broadening the array of non-interest products available to the banked, unbanked and under-banked population. The Plan will also contribute to the growth of small and medium scale enterprises via the financial advisory services offered to customers. The Lotus Health is Wealth Savings Plan, and indeed all our services are available to people of all faiths”, she added.

EFInA, through this innovation grant aims to promote financial inclusion through market development by enabling provision of appropriate financial products and services at an affordable price to individuals who are under-banked or may be financially excluded.


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MTN Suspends Data, Airtime Borrowing Service over New FCCPC Lending Rules

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MTN Nigeria has announced the temporary suspension of its airtime and data advance service, Xtratime, following new regulatory requirements introduced by the Federal Competition and Consumer Protection Commission (FCCPC).

MTN Suspends Data, Airtime Borrowing Service over New FCCPC Lending Rules

The telecom giant disclosed the development in a filing to the Nigerian Exchange Limited (NGX) on Thursday, stating that the move is necessary to comply with the FCCPC’s Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025.

Xtratime, widely used by prepaid subscribers, allows customers to borrow airtime or data and repay on their next recharge.

In the disclosure signed by Uto Ukpanah, company secretary, the firm confirmed the halt, noting, “MTN Nigeria Communications PLC hereby notifies the Nigerian Exchange Limited and the investing public that the company has temporarily suspended its airtime and data credit advance service (‘Xtratime’).”

The company explained that the service now falls within the scope of the FCCPC’s expanded regulatory framework, which mandates fresh licensing and stricter compliance procedures for digital credit providers.

“The suspension relates to the implementation of processes under the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025, which introduced a new compliance and licensing framework for entities providing digital or non-traditional consumer credit services,” the statement added.

Despite the suspension, MTN reassured subscribers that alternative channels for purchasing airtime and data remain fully operational. It also downplayed the financial impact of the move.

“Given the scale within the revenue mix, we do not expect the temporary suspension to have a material impact,” the company said, adding that it is closely monitoring customer behaviour and will provide further updates in its first-quarter 2026 results.

The FCCPC’s 2025 regulations significantly broaden oversight of Nigeria’s digital lending ecosystem, bringing telecom operators and other providers of short-term credit services under stricter scrutiny. Companies offering such services are now required to register and obtain regulatory approval to continue operations.

The Commission had initially introduced a framework for digital lending in 2022, but expanded it in 2025 amid rising concerns over consumer debt, data privacy and lending practices.

 

 

 


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Nokia, Orange Partner on AI-native 6G Networks

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Nokia and Orange are co-developing new strategies to maximise spectral efficiency across existing and future mobile bands, including the upper 6 GHz range, as networks transition toward 6G.

This follows an announcement of a partnership with NVIDIA to develop and evaluate Artificial Intelligence Radio Access Network (AI-RAN) technologies.

The initiative will combine the anyRAN 5G software of Nokia with the AI infrastructure of NVIDIA to improve network performance and energy efficiency.

The collaboration aims to transform service delivery for Orange across Europe, the Middle East, and Africa, says Nokia.

Under a new structured co-innovation framework, the partners will explore how GPU-based radio processors can boost performance via advanced receivers.

The goal is to integrate artificial intelligence (AI) directly into the RAN to automate environments, support sensing services and drive resource utilisation.

“By collaborating with Nokia and NVIDIA, we can better understand how the AI-native architecture enabled by AI-RAN can improve the efficiency of key radio algorithms such as scheduling, beamforming, and power optimisation — enhancing both spectral efficiency and energy performance, while also enabling advanced capabilities like predictive optimisation and radio sensing. This collaboration is an important step in our long-term network strategy,” says Laurent Leboucher, group chief technology officer at Orange.

Pallavi Mahajan, chief technology and AI officer at Nokia, comments: “AI is reshaping how networks are designed, introducing new levels of intelligence and flexibility across the radio layer.

“Through this collaboration with Orange, we are exploring how Nokia and NVIDIA’s AI-RAN solution brings advanced AI and RAN functions together in a unified architecture. This will be instrumental in enabling the industry’s transition toward cognitive, AI native networks.”

Orange is currently the fourth-largest telecoms operator in Africa with 18 markets on the continent. The partnership marks a significant attempt to leverage AI to accelerate digital transformation as the first wave of 6G approaches.


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Zoho Nigeria champions women’s digital empowerment at the Guardian Women Festival

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Zoho Nigeria partnered with Guardian Newspapers for the Guardian Woman Festival, a month-long initiative celebrating women’s contributions to business, governance, and social development while promoting digital empowerment for female entrepreneurs.

Zoho Nigeria champions women’s digital empowerment at the Guardian Women Festival

Kehinde Ogundare

Held at the Federal Palace Hotel in Victoria Island, Lagos, the festival focused on the theme “Reciprocity,” encouraging the exchange of value, networks, and digital innovation to strengthen women-led businesses and foster collaboration.

During the event, Kehinde Ogundare, Country Head of Zoho Nigeria, delivered a keynote address titled “Give Value, Gain Growth: Women Driving Reciprocal Innovation in the Digital Economy”. In his remarks, he highlighted the urgent need to bridge the digital gap for female entrepreneurs.

While Nigeria has the highest concentration of women-owned businesses in Africa, fewer than 30% currently use digital tools to manage or grow their operations. Ogundare noted that technology does not replace the strengths women already bring to business, such as relationship building and community engagement. Instead, it amplifies them, enabling entrepreneurs to reach wider audiences and scale more efficiently.

“The difference is not talent. Not capital. Not ambition. It is digital adoption,” said Ogundare during his keynote. “Smart tools create smart businesses. Smart businesses create strong economies. When women entrepreneurs and leaders have access to the right tools, the possibilities for growth are limitless.”

Zubaida Aliyu, Sales Manager at Zoho Nigeria, also brought her expertise to the festival’s panel session on ‘Women in the Business of Digital Innovation’. She highlighted how women are uniquely positioned to create shared value in digital spaces by building platforms that encourage knowledge sharing, mentorship, and collaboration.

Aliyu also challenged organisations that continue to view women’s digital inclusion primarily as corporate social responsibility rather than a strategic business priority.

“Tech creates a level playing field,” she said, noting that digital platforms remove limitations related to location and infrastructure size. Addressing organisations that overlook the economic value of inclusive digital strategies, she added, “They are leaving money on the table — they need to think of it as a strategy not charity”.

Through its participation in the Guardian Woman Festival, Zoho reaffirmed its commitment to providing affordable and accessible enterprise-grade technology to businesses of all sizes. By helping women transition from manual effort to digital efficiency, Zoho aims to support entrepreneurs build scalable enterprises and ensure their sustained success in Africa’s digital economy.


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