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Fintech, VPD Money Transaction Volume Growth Rate Hits 2,548%, Processes Over $200m

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VPD Money, Pan-Africa’s fastest growing fintech, has worked with partners in the industry to process a cumulated volume of over $200 million worth of transaction with volume rising to over 2,548 per cent for its customers since inception of operation two years ago.

The neo-bank with big dreams for the Nigerian businesses especially small and medium enterprises (SMEs), signed strategic partnership with key players in the industry both home and abroad, which has enabled it to on boarded over 50,000 customers to date.

VPD Money is a Pan-African fintech that has leveraged on partnerships to introduced unifying wallet, bank account and AI-powered savings experience at a very affordable cost, thereby lowering barrier to entry and providing access and opportunities to the outrageous over 1.7 billion unbanked people in the world (350 million of which are in Africa), as well as giving them the capability to create a “customized-banking” experience.

VPD Money’s Co-founder and Senior Product & Project Manager, Mohammed Adeleke Liadi, said the fintech startup instead of creating another typical incumbent or commercial bank, that have not catered to the unbanked or creating another generic digital bank, created a soothing platform for the unbanked and underserved.

“The unbanked people doesn’t necessarily mean they don’t have a job but the cost of entry to financial service is just too high for them. They have uncertainty to the benefits of being in the financial realm and of course, a rational decision, hence, they stay unbanked,” he said.

“Both individuals and businesses (SMEs) are using VPD Money services at the moment to customize their own banking experience as they deem fit. That’s why we tag it the “Bank of You”.

As a fintech platform, he said, VPD Money provides a reliable, fast and convenient way for individuals and businesses to manage their finances, regardless of the recent physical cash shortage in Nigeria.

“With VPD Money, you can access your funds anytime, anywhere and make transactions with ease. With VPD Money, individuals and businesses can carry out their financial transactions without the need for physical cash.”

Mohammed said, “Our platform offers instant notification of payments, reduced costs, and a better user experience; thus, making VPD Money a reliable option for cashless transactions during this cash crunch. In real sense, VPD Money is the only fintech at the moment really offering free transfers for our users

“Because of the architecture of VPD Money technology, baring the current issues in the country, it is obvious that the financial institutions has not penetrated through the hinterlands of the country, especially North, as well as some parts of the South- mostly out of Lagos and we know the incumbents can’t solve this.

“We have structured our technology stacks and deployed our solution in such a way that it addresses those in the hinterlands and aids their ability to spend without dependencies on cash.

The market size is huge: Over 1.7 billion unbanked people globally, over 350 million of which are in Africa and over 75 million in Nigeria- with this figure, there is a lot to do to address the unbanked,” he said matter of fact.

Going further, Mohammed said VPD Money’s relentlessness and aspirations to address the unbanked people is not just restricted to Nigeria alone. “We have deployed our MVP in Nigeria- being our country of origin, because we are well experienced in this terrain; then spreading our tentacles outside the shores of Nigeria. While we have our footprint in Nigeria, we have our global ambition, hence, we are registered in the UK and America.

“We are aware that expansion to other countries can’t be achieved alone and that’s why we’ve already started to develop various strategic partnerships within and outside the shores of Nigeria. We know we can achieve this with our speed, solution and security, hence, we expect to be in at least two other countries in Q4 of 2023, as part of our phase one expansion.


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UK–Nigeria Skills and Schools Trade Mission Concludes with Strong Foundations for Education Partnership

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A high-level UK delegation has concluded a week-long skills and schools trade mission to Nigeria, marking a significant step forward in education and skills cooperation between the two countries.

Running from 19-23 April 2026 across Abuja and Lagos State, the mission brought together leading UK private schools, skills providers, and education institutions with Nigerian partners, schools, and the Honourable Minister of Education Dr Tunji Alausa.

The mission follows the high profile and well received state visit to the UK in March, which also included education engagements.  Supported by the UK’s Department for Business and Trade (DBT), the mission forms part of its new International Education Strategy, under which Nigeria has been identified as one of five priority education markets, spearheaded by Professor Sir Steve Smith, who is looking forward to visiting the country again this year.

The mission focused on in-country delivery of education, the establishment of world-renowned UK schools in Nigeria, and the development of skills and Technical and Vocational Education and Training (TVET) systems aligned with industry demand.

In Abuja, the delegation met with Nigeria’s Honourable Minister of Education, Dr Tunji Alausa, securing strong political backing for UK–Nigeria education partnerships and set the groundwork for ongoing institutional collaboration across both schools and skills.

In Lagos, delegates engaged further with potential partners and investors. In both cities the delegation was thrilled to visit local British curriculum schools and colleges to further enable them to experience first-hand the teaching and learning environment.

British Deputy High Commissioner, Jonny Baxter, said: “The UK and Nigeria share a deep and longstanding relationship, and opportunities in education are one of its most exciting frontiers.

“This mission has demonstrated the strong appetite on both sides to deepen collaboration in education and skills.”

“By bringing together UK schools and skills providers with Nigerian partners and policymakers, we are laying the foundations for even more long-term partnerships that support Nigeria’s education priorities, strengthen skills aligned to industry needs, and create opportunities for sustainable, in-country delivery as well as positioning Nigeria as the regional hub for high quality education.”

DBT Head of International Education, Sarah Chidgey, said: “This mission is a perfect example of the International Education Strategy being put into action, building on multiple two-way visits and the UK and Nigeria’s warm relationship. It has been heartening to see all the progress in UK Nigeria education collaboration since my first visit to Nigeria, as part of a wider delegation, in 2022.”

DBT’s mission concluded with a strong pipeline of follow-up activity, including targeted one-to-one meetings, MoU discussions, and agreed next steps between UK and Nigerian counterparts.

 


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Tinubu Seeks Senate Approval for $516m Sokoto-Badagry Highway Loan

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President Bola Tinubu has requested Senate approval for a $516.3 million foreign syndicated loan to fund key sections of the Sokoto-Badagry superhighway, a cornerstone of his Renewed Hope Agenda.

Tinubu Seeks Senate Approval for $516m Sokoto-Badagry Highway Loan

Tinubu

 

In a letter read by Senate President Godswill Akpabio during Thursday’s plenary, Tinubu invoked Sections 16 and 21 of the Debt Management Office Act, 2011, to secure financing via Deutsche Bank AG for Sections 1, Phase 1A, and 1B. The 1,000-kilometre project will span Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, linking Illela to Badagry and boosting trade, connectivity, and goods movement.

The nine-year loan, with a three-year grace period and interest at SOFR plus 5.3 per cent, includes a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The Federal Government will provide over ₦265 billion in counterpart funding for land acquisition and infrastructure.

Akpabio referred the request to the Senate Committee on Local and Foreign Debts for a one-week turnaround report. He endorsed the borrowing, stating it advances road safety and national integration.

The highway aims to cut travel times and stimulate economic corridors, with the Federal Executive Council already approving the plan.


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Karex, World’s Top Condom Maker to Hike Prices due to Iran war

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Karex, world’s largest condom maker, plans to raise prices by up to 30 percent due to supply disruptions linked to the Iran war.

Karex, World's Top Condom Maker to Hike Prices due to Iran war

This means that safe sex could get more expensive if the war continues to disrupt global supply chains, according to Goh Miah Kiat, CEO, Karex.

Kiat told old Reuters that rising freight costs and shipping delays have increased demand and forced the company to pass costs to customers.

Broader supply chain issues and higher oil prices could impact many everyday products that rely on petrochemicals.

“The situation is definitely very fragile, prices are expensive… We ​have no choice but to transfer the costs right now to ⁠the customers,” Goh told Reuters.

Karex joins a growing list of companies that are bracing for supply chain disruptions amid the ongoing war in Iran.

Based in Malaysia, Karex produces condoms, personal lubricants, gloves, medical catheters and probe covers.

The company manufactures male latex condoms including ONE, Trustex, Carex and Pasante, and it can produce over 5 billion condoms annually. Karex also exports to more than 130 countries, according to its website.

“We’re seeing a lot more condoms actually sitting on vessels that have not arrived at their destination but are highly required,” Goh said.

 


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