News
Interswitch Headlines Africa Fintech Summit Nairobi 2024 With Gold Sponsorship

The Africa Fintech Summit has announced Interswitch Group as Gold Sponsor for the Africa Fintech Summit (AFTS) 2024, to be held in Nairobi, Kenya, from September 4-6, 2024.

The partnership comes at a time of significant expansion of Interswitch’s operational footprints across the continent on the back of notable milestones such as the recent consolidation of its strategic partnership with ACI Worldwide to drive the modernisation of real-time payments across 32 Markets in Sub-Saharan Africa, as well as its foray into other industry verticals including Healthcare, Energy & Transportation, among others.
Since commencing operations in 2002 out of Nigeria, Interswitch has remained at the forefront of driving innovation in the financial technology and digital payments industry, facilitating payments and leveraging innovative technology solutions to shape the future of trade and digital commerce in Africa.
As one of the pioneers of digital payment innovation in Africa, Interswitch, at its inception, disrupted the traditional cash-based payments value chain in Nigeria by supporting the introduction of electronic payments processing and switching services. It also launched Verve, Africa’s premier and leading domestic EMV-standard chip and pin payments card scheme.
Since 2021, Verve has controlled more than 50% of the Nigerian card market, courting deepened relationships with banking partners and fintech startups operating in Nigeria.
Additionally, a recent change in consumer behaviour and macroeconomic conditions has led more Nigerian banks and fintech startups to issue Verve cards to customers as a locally relevant and reliable alternative.
For instance, OPay, one of Nigeria’s largest digital banks, has issued 13 million Verve cards, while Moniepoint has issued about 4 million, further solidifying Verve’s position as a leading card and payment chip provider.
Today, Interswitch is a leading player with critical mass across Africa’s developing financial ecosystem and is active across the payments value chain, providing a full suite of omnichannel payment solutions.
Interswitch’s vision is to make payments a seamless part of everyday life in Africa, overarching the company’s drive to facilitate intuitive transaction solutions that enable individuals and communities to prosper across the continent.
Interswitch’s broad network and robust payments platform have been instrumental in the development of the payments ecosystem across the continent and provide Interswitch with the infrastructure to expand across Africa.
Commenting on the partnership with the Africa Fintech Summit for this year’s edition, Interswitch Founder & Group CEO, Mitchell Elegbe remarks, “As an Africa-focused integrated digital payments and commerce leader, and an important gateway to Africa’s Fintech Ecosystem, we are extremely delighted to support ecosystem engagement and valuable thought-leadership through the platform of the Africa Fintech Summit. 22 years ago, we set out, with a clear vision to solve social problems, starting by digitizing the use of cash.
“Today, on the realization of the tremendous transformative potential of technology to create value and unlock prosperity for Africa, we’ve set our sights on leveraging technology and innovation to digitize transactions and unlock value in other key social service sectors, just as we continue to do in the sphere of financial services, and we are excited to see that our roadmap and perspective aptly align with the theme of this year’s AFTS, which is ‘Fintech In Every Industry’.
“It is with immense gratitude and great delight that we welcome Interswitch as Gold Sponsor for the Africa Fintech Summit in Nairobi this year. It’s warming to have Interswitch grace the big stage this year and share detailed insights, trends and expert perspectives as a revered player in the African Payments Space.
“After 2 decades of building innovative African payment solutions for most payment touchpoints across the continent, we are deeply humbled to have Interswitch’s wealth of experience at this year’s summit.
This is particularly important because it fits into our 2024 AFTS in Nairobi Theme: ‘Fintech in Every Industry,’ underscoring our expectation that in the mobile-first continent of Africa, we will see fintech penetrating through all industries.
All sectors stand to benefit from being powered and served by fintechs – including insurance, saving & investments, cross-border trade, e-commerce, mobile money & digital banking, utilities, mining, trade, healthcare, and education.
“We will also see non-fintech companies leapfrogging digitally and providing these services embedded in their own product offerings as many service providers have done across the continent,” said Zekarias Amsalu, Co-Founder of AFTS and MD of Ibex Frontier.
Since its first summit in 2018, the Africa Fintech Summit has become the largest annual financial technology gathering on the African continent. In addition to its partnership with Interswitch, AFTS will be supported by a diverse cohort of partners and sponsors.
#AFTSNAIROBI2024 will bring Keynote Speeches from Kenyan policymakers & AfCFTA as well as a VIP dinner for Speakers and invited guests on the night of 04 April; panels, workshops and fireside chats on 05 & 06 September; a delegation from Prosper’s Tech for Trade Alliance along with AfCFTA’s Digital Protocol, Alpha Expo Pitch Competition & Ecosystem tours on the 06th September. The event will conclude with a happy hour for delegates and attendees on both the 5th & 6th of September.
Join Africa’s largest community of financial technology innovators, investors, and regulators at the 12th edition of AFTS coming for the first time to Nairobi, Kenya on September 4-6, 2024. Supported by an advisory board of thought leaders and fintech pioneers, the AFTS is a unique space where ideas are explored, investments are mobilized, and collaborations are formed across sectors and geographies.
More than just a conference, AFTS brings the issues, entrepreneurs, and opportunities revolutionizing finance in Africa to the world’s stage. AFTS has hosted ten previous summits having hosted 5 editions in Washington, DC and 5 more editions in Lagos, Addis Ababa, Cairo, Cape Town, and Lusaka.
Over the past 10 summits, AFTS has supported Over USD 125M in capital raise efforts for African fintech startups, Groundbreaking launch of US-government funded Prosper Africa Tech for Trade Alliance, Public discourse and debate surrounding industry trends, brand building and awareness opportunities across global fintech media, knowledge sharing between banking/fintech operators with regulators, active engagement and inclusion of regulatory authorities in continental fintech conversation, and bring the largest source of truth for announcements of financial technology innovation, and strategic partnerships across the continent and globally.
With an information-packed agenda, AFTSNAIROBI 2024 will feature regulatory roundtables, bilateral meetings, collaborative partnerships, workshops, demos, pitch competitions, ecosystem tours, whitepapers, awards, and plenty of opportunities to collaborate with the investors and entrepreneurs shaping the future of African fintech, and we are glad to have Interswitch at the forefront of these conversations with leading names within the business like Akeem Lawal (MD, Payment Processing & Switching), Jonah Adams (MD, Digital Infrastructure & Managed Services, Peter Kawumi (MD, East Africa) & Bernard Kinara (Country VP, Kenya)
As in the past years, the event will be hybrid, with live streaming provided for remote attendees via our website. Limited tickets to the 12th Edition summit are now available. Secure your passes now on our website: https://www.africafintechsummit.com/.
News
Beware of Fake Cerelac Products – NAFDAC

National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.
It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.
NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).
Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.
NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.
It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.
According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.
“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.
“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.
The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.
It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.
NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.
It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.
The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.
News
NITDA Strengthens Collaboration with NIPSS to Drive Digital Innovation, Orange Economy Growth

The National Information Technology Development Agency (NITDA) has reinforced its commitment to advancing Nigeria’s digital transformation agenda through strengthened collaboration with key strategic institutions, as it hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course (SEC) 48, 2026.

The visit, which builds on an earlier strategic study tour, provided a platform for in-depth engagement on the role of digital innovation in driving sustainable economic growth, with particular focus on the Orange Economy.
Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Director of Stakeholder Management and Partnerships, Dr Aristotle Onumo, highlighted the Agency’s commitment to fostering a vibrant digital ecosystem through inclusive policies, strategic partnerships, and capacity development initiatives.
“NITDA is committed to creating an enabling environment where innovation can thrive by bringing together government, private sector, academia, and creatives to drive Nigeria’s digital economy,” he stated.
Inuwa underscored the growing importance of the Orange Economy, describing it as a critical driver of innovation and economic value through intellectual property. He identified sectors such as digital content creation, film, animation, and digital art as key contributors to national development.
“The Orange Economy represents a powerful opportunity to transform our rich cultural heritage and creativity into sustainable economic growth,” he noted.
He further highlighted Nigeria’s unique advantage, particularly its youthful and creative population, while calling for stronger collaboration among stakeholders to fully harness the sector’s potential.
“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” he added.
During the engagement, NITDA also presented its strategic initiatives aimed at supporting the digital and creative sectors, including digital infrastructure development, promotion of digital literacy, and implementation of policies that enable startups and innovators to scale.
Addressing challenges facing the sector, Inuwa pointed to issues such as limited access to funding, infrastructure gaps, weak intellectual property protection, and ecosystem fragmentation, while emphasising the need for coordinated action.
“Addressing challenges such as funding gaps, infrastructure deficits, and intellectual property protection is critical to unlocking the full potential of Nigeria’s creative economy,” he said.
The Agency reiterated its target of achieving 70 per cent digital literacy by 2027, noting that ongoing programmes are equipping millions of Nigerians with essential digital skills, including those in underserved and informal sectors.
In his remark, Professor Omotayo described the visit as an important opportunity to deepen understanding of how digital technologies are reshaping economic sectors, particularly the creative industry. He noted that the insights gathered would contribute significantly to policy recommendations aimed at strengthening Nigeria’s economic framework.
Participants of the SEC 48 programme engaged actively during the session, raising questions on capacity development, access to tools, and frameworks for protecting digital content. NITDA highlighted its ongoing collaborations with industry stakeholders to provide training, innovation hubs, and access to digital tools for young Nigerians.
The engagement concluded with a renewed commitment from both NITDA and NIPSS to strengthen collaboration in research, policy development, and capacity building, aimed at positioning Nigeria as a globally competitive force in the digital and creative economy.
News
NRS Takes Over Mineral Royalties Collection Under New Tax Laws

Nigeria Revenue Service (NRS) has assumed responsibility for collecting mineral royalties from mining operators nationwide, following new tax laws effective January 1, 2026.

NRS
The shift emerged from a Thursday meeting between Solid Minerals Development Minister Dele Alake and NRS Chairman Dr. Zacch Adedeji. Their joint statement, endorsed by both, confirms NRS now administers all federally collectible revenues, including royalties.
Enacted by President Bola Tinubu on June 26, 2025, the Nigeria Tax Laws 2025 empower this transition. The Ministry of Solid Minerals Development remains a key partner, supplying pricing data, geological insights, and sector coordination.
NRS Special Adviser Dare Adekanmbi’s statement outlines collaborative steps: a nationwide sensitization program for operators on filing and payments; development of a digital royalty system; and regular joint technical sessions to address issues.
Both agencies pledge orderly, transparent implementation to boost the mining sector. Operators must comply with obligations and join upcoming programs.
The move aims to streamline revenue collection while fostering mining growth.
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