Broadcasting
How Automated Payments Can Reshape Savings Beyond Local Cooperatives
By Ope Adeoye
In the bustling market of Bodija in Ibadan, you’ll find Mama Fola sitting under her umbrella stall, a ledger open beside her cooler of peppered ponmo and egusi. She’s not just a food seller — she’s also a long-time member of the Ire Ayo Traders Cooperative, a savings group that has supported women in the market for nearly 15 years.
Ope Adeoye
But until recently, that support came with a cost — not just in naira, but in time, energy, and emotional stress.
“Every week, our collection officer would walk stall to stall to collect our contributions,” Mama Fola says. “Sometimes we’d forget. Sometimes there was no change. And sometimes, we’d say ‘come back tomorrow’ — and she’d have to come back again.”
Across Nigeria, cooperative societies have long served as community lifelines — helping everyday people save money, access loans, and weather economic storms. But for all the good they do, many cooperatives still face one silent struggle: getting members to pay consistently, and on time.
And at a time when Nigeria is grappling with record inflation, currency devaluation, and reduced access to formal credit, the stakes have never been higher. If cooperatives — which serve as the main financial entry point for nearly half of adult Nigerians — cannot function efficiently, millions could be locked out of essential economic support.
In markets from Lagos to Kaduna, collection officers make daily rounds, send endless reminders, and often spend more time chasing payments than managing finances. This friction doesn’t just cause stress — it limits the ability of cooperatives to grow, plan, and include more members.
The high cost of missed contributions
For Ire Ayo, late payments weren’t just an annoyance — they were a structural challenge. Delays meant they couldn’t disburse loans on time. New members were limited, because it was too hard to track everyone. And when members dropped out, they rarely came back.
“People think running a cooperative is just about collecting money,” says Titilayo Adebayo, the society’s administrator. “But it’s really about trust. If members don’t pay, the group suffers. And if you’re always chasing people for money, that trust breaks down.”
A 2023 study by Enhancing Financial Innovation & Access (EFInA) found that nearly 46% of adult Nigerians rely on informal financial groups like cooperatives. Yet many of these groups still operate with pen and paper, and struggle to scale or sustain their services.
A quiet shift: From reminders to reliability
In 2024, Titilayo introduced a small but significant change. After consulting with members and local tech partners, Ire Ayo moved to a direct debit system that allowed members to approve a one-time mandate for monthly contributions.
“I was skeptical at first,” she says. “Would members trust it? Would it work with all our banks?”
But within the first month, collection rates went up by 30%. Members started receiving debit alerts — without reminders, without awkward follow-ups. Contributions became predictable. And Titilayo? She finally had time to do more than chase money.
“Now, I help members plan how to use their savings. We’ve started financial literacy sessions. We’re even exploring group insurance.”
What automation unlocked
The benefits weren’t just operational. For members like Mama Fola, the system gave her dignity — and peace of mind.
“Sometimes I’d feel ashamed when I delayed payment,” she admits. “Now, the money goes quietly, and I feel proud that I’m still part of something.”
The cooperative also began welcoming younger traders, okada riders, and even diaspora members who wanted to support family members back home.
One of the tools the group used was PaywithAccount — a direct debit solution developed by Nigerian fintech company OnePipe, which allows businesses and organisations to securely pull payments from customer bank accounts with consent.
For cooperatives, this kind of tool isn’t about going digital for the sake of it. It’s about removing the friction that slows down their mission.
“We’re not trying to be a tech company,” Titilayo laughs. “We just want to help people save better, borrow responsibly, and build something together.”
Why this matters now
Cooperatives are the frontline institutions of Nigeria’s financial resilience — especially for people the formal banking sector still hasn’t reached.
In a country where small businesses account for over 80% of employment, and where trust in digital finance is still growing, making it easier for people to save and contribute consistently can have ripple effects. It can stabilise communities, fuel micro-enterprises, reduce reliance on predatory lending, and help millions move from survival to stability.
“When our people save better, they live better,” Titilayo reflects. “And when they live better, the economy can breathe.”
A new kind of progress
The shift may look like a technical adjustment — but in reality, it’s a quiet revolution. Not just in how people pay, but in how they build control, confidence, and collective progress.
It’s a reminder that financial inclusion doesn’t always mean big ideas or flashy innovations. Sometimes, it’s as simple — and powerful — as making it easier to pay what you already planned to.
And for cooperatives like Ire Ayo, that kind of ease is helping turn every contribution into something greater: a pathway to stability, dignity, and shared success.
Broadcasting
NBC Files Fresh Appeal against Judgment Barring it from Imposing Fines on Broadcast Stations
National Broadcasting Commission (NBC) has filed an application seeking the permission of the court of appeal to file a fresh appeal against the judgement of the federal high court in Abuja barring it from imposing fines on erring broadcast stations.
In the application filed at the court of appeal in Abuja by Dapo Akinosun, counsel to the NBC, the commission argued sanity in Nigeria’s broadcasting sector is under threat and that the public interest would be better served if the court grants the application.
On January 17, 2024, Rita Ofili-Ajumogobia, a judge at the federal high court in Abuja, restrained the NBC from imposing a N5 million fine on broadcast stations sanctioned in 2022 over allegations of “undermining Nigeria’s national security by broadcasting documentaries on banditry in Nigeria”.
The affected broadcast stations were Multichoice Nigeria Limited, owners of DSTV; TelCom Satellite Limited (TSTV); Trust-TV Network Limited; and NTA StarTimes Limited.
The suit was filed by Media Rights Agenda (MRA).
Dissatisfied with the ruling, the NBC appealed the judgement filed an appeal at the court of appeal in Abuja.
In June, the court of appeal dismissed the commission’s appeal, holding that it was “fundamentally defective” and incompetent.
Jane Inyang, lead judge of the panel, held that the parties before the lower court were identified as “Incorporated Trustees of Media Rights Agenda (as applicant) and National Broadcasting Commission (as respondent)” but in the notice of appeal the purported appellant was described as the “Nigerian Broadcasting Commission”,
The judge held that the discrepancy was significant and that the court lacked jurisdiction to entertain the commission’s appeal.
In the application, the NBC urged the court to grant it leave to raise and argue a fresh issue on appeal relating to the legal capacity of MRA to institute and maintain the original suit before the lower court.
The commission argued that the defect in the earlier notice of appeal, which resulted in the dismissal of its appeal, arose “solely from an inadvertent misdescription” of its name by its lawyer.
The NBC told the court that the subsisting judgement raises questions on the commission’s statutory powers to regulate broadcasting and enforce compliance with broadcasting standards in Nigeria.
The commission argued that the subsisting judgment is capable of creating uncertainty regarding its regulatory powers if it is allowed to stand.
The NBC also argued that without the pronouncement by the appellate court on the issues raised in the appeal, its regulatory framework would be weakened.
“A weakened regulatory framework may embolden non-compliance with established broadcasting standards, thereby increasing the dissemination of false, misleading and unverified information capable of causing unnecessary public anxiety, panic and social unrest,” the NBC said.
“Absence of effective regulatory oversight may further encourage irresponsible broadcasting practices and the misuse of broadcast and digital media platforms by persons who deliberately publish sensational, inaccurate or inflammatory content to intimidate, harass or unduly influence individuals, institutions and public discourse.”
David Adedeji Adeleke, known professionally as Davido, has shared his past suicidal thoughts as he dropped Oriadé, his sixth studio album yesterday.
Davido
Davido said he chose the date on purpose as it marks exactly 15 years since he began his professional music career.
Oriadé is a Yoruba word combining “Ori,” meaning destiny, and “Adé,” meaning crown.
It translates to “the crowned head.” The album has 13 tracks and features Black Sherif, Aya Nakamura, Leon Thomas, Mayorkun, and Llona.
It follows his 2025 project, 5ive, which reached number two on the Billboard World Albums chart.
Davido also announced an international tour to support the new record.
In the days leading up to the release, Davido gave interviews that revealed personal details about his past and his current life.
Speaking to Vibe Magazine on Thursday, he described a 2014 incident in Ghana that left him feeling suicidal.
He said he invited a woman back to his hotel room after a show, and she later posted a photo of him sleeping online.
He said the fallout overwhelmed him.
“My daddy was calling me. My sisters were calling me. If I saw the balcony that day, I would have jumped,” he said.
He said he was young at the time and did not fully understand the consequences of his actions.
He described the experience as a turning point that changed how he thinks about privacy and fame.
In the same interview, he explained why he often dresses down in public despite his wealth.
He recalled a trip to the South of France where he went out in shorts and slippers without his watch.
“I’ve been on jets, I’ve been flying, I’ve been in all these places since I was a baby. I’ve been seeing money since I was a baby. So all these things don’t really excite me,” he said.
He added that he sometimes prefers to drive a Toyota to the supermarket in Atlanta instead of one of his luxury cars.
In a separate livestream with Davrel, Davido spoke about how his life has changed since marrying his wife, Chioma, and becoming a father.
He said his home no longer holds the large crowds it once did.
“I can no longer have 100 people in my house like before,” he said.
He said he speaks to Chioma every day regardless of his schedule.
He also disclosed that he spends between $200,000 and $300,000 a month on himself, not including costs for his wife, children, jewelry and cars.
He said the amount is lower when he is in the United States, where he described his lifestyle as quieter.
Africa Prudential Plc has reaffirmed its commitment to digital transformation, revenue diversification and sustainable growth after reporting a strong financial performance for the first half of 2026.
Dr Catherine Nwosu
The company made this known during its H1 2026 Investor Call, which brought together institutional investors, shareholders, investment analysts, regulators and other stakeholders to review its financial performance and strategic outlook.
Dr Catherine Nwosu, managing director and Chief Executive Officer of Africa Prudential, said the company’s performance reflected the resilience of its business model and the effectiveness of its long-term growth strategy despite prevailing macroeconomic challenges.
According to the company’s financial results, gross earnings rose by 27 per cent year-on-year to N4.28 billion, from N3.34 billion recorded in the corresponding period of 2025.
Profit before tax increased by 22 per cent to N2.41 billion, while profit after tax grew by 18 per cent to N1.59 billion.
The company also reported a 27 per cent rise in net operating income to N4.21 billion, while total assets increased by 13 per cent to N46.53 billion.
Shareholders’ funds equally rose by 13 per cent to N12.52 billion, reflecting continued financial strength.
Management attributed the performance to sustained growth in its core registrar business, increased corporate action activities in the Nigerian capital market, improved treasury earnings and rising adoption of its technology-driven solutions.
The company said it was steadily transforming from a traditional share registrar into a broader technology and business solutions provider serving Nigeria’s capital market ecosystem.
During the interactive session, investors sought clarification on the sustainability of earnings, particularly as interest rates are expected to moderate.
Responding, Nwosu said the company was deliberately expanding its recurring fee-based revenue streams to reduce dependence on treasury income.
“Interest rates influence our treasury income positively, but that is why we are deliberately diversifying our revenue streams.
“Our strategy is to grow recurring fee-based business lines such as our digital solutions, Know Your Customer (KYC) services, Annual General Meeting (AGM) technology, probate services and the SabiVest mobile app.
“Over time, this will reduce our reliance on interest income and create a more balanced and resilient earnings mix,” she said.
Nwosu noted that increasing capital market activities had created stronger demand for seamless digital investor experiences, improved operational efficiency and enhanced compliance solutions.
She said the company would continue investing in technology-enabled products capable of delivering long-term value to shareholders while strengthening its competitive position.
According to her, Africa Prudential has identified five strategic priorities for the second half of 2026.
The priorities include driving sustainable growth across its core registrar and emerging business lines, accelerating technology-led product innovation, strengthening brand leadership, investing in talent development and deepening corporate governance.
She said the investor engagement demonstrated the company’s commitment to transparency, accountability and regular engagement with shareholders and the investment community.
Africa Prudential reaffirmed its commitment to leveraging innovation, operational excellence and sound financial management to sustain growth and strengthen its leadership position in Nigeria’s capital market.
Fake Agency: ICPC Indicts NITDA, Others over Inadequate Due Diligence
Tax Reform Built on Taxing Prosperity, Not Poverty– Adedeji
UNESCO Taps Oguamanam,Nigerian Scholar to Advisory Body on Science, Tech Ethics
MTN Alerts Subscribers over Fake 25GB Anniversary MTN Data Giveaway
X Replaces Revenue Sharing wit New Creator Rewards Programme
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
Fact-Check: Elon Musk’s “Tesla Pi Phone” is Internet Rumor
NBC Tasks Broadcasting Stations over 2028 DSO Global Deadline
Police Busts Syndicate Who Allegedly Stole N3Bn from Financial Institution
NBC Scraps Annual Digital Access Fee on DSO
General News2 days agoGuinness Rewards Consumers with ₦17 Million in First Week of ‘Open for More’ Promo Draw
News2 days agoGlovo Pioneers AI Quick-Commerce
News2 days agoWorld Bank Debars United Aviation Services, Owner over Fraudulent Activities
E-Business2 days agoNITDA Introduces Cloud Certification Boost Data Localisation Compliance
Telecom2 days agoNCC, Enugu Sign Deal to Operate Digital Industrial Park, Learning Centre
E-Financial2 days agoBOI Opens N250Bn Bond Offer to Fund Businesses
News2 days agoEnugu State Approves Land for ITF’s Digital Fabrication Centre
General News2 days agoMeta Hit With $567m US Court Order Over Alleged Harm to Children