General News
Nigeria Should Take Advantage of Convergence- Oguntonade
Deji Oguntonade is the managing director of 3Line Card Management Company Ltd, a company set up to bridge the gap in service delivery. Oguntonade reputed for his strength in innovation, human capital development and a never say die attitude has nearly 20 years work experience in the ICT sector. He spoke to hilary okeke.
3line Card Management and e-Payment
3Line Card Management Company is coming to the Nigeria e-payment scene at the right time. We believe what this economy needs now is a company that focuses on delivering more value to the existing payment card users in the country. 3line is poised to deliver specialized value adding business solutions that make electronic payment easy, simple and affordable by the vast retail market especially the unbanked and underbanked. We have identified needs and gaps and we have positioned to remedy such. We are not just another technology company but strictly a payment solutions company. We have also acquired installed capacity to support these solutions and manage the entire life cycle of cards right from design to production, personalization, etc.
Deadline on Issuance of Chip and Pin Card
There are lots of factors to be considered for a successful migration from magnetic stripe cards to the so called chip and pin cards. Chief among this is the upgrade of the current infrastructure, especially channels such as ATMs and PoS to make them compatible for this new card technology. This is a capital intensive investment for banks and other technology service providers in e-payment. Also, the cost of the cards themselves far surpass that of the cards currently in use, hence replacing these cards will also generate issues like who ought to bear the cost – customer or bank? Another question to ask is if chip and pin is really needed in all and every situation. By and large, the greater security offered on the chip and pin platform will eventually drive the market in the direction of compliance. What we envisage is a gradual, rather than sudden compliance.
EMV Chip and Pin Card and Fraudsters
Because of the additional security requirements implemented on the EMV compliant cards, the nefarious activities of fraudsters will be reduced to a very great extent. Also, the cost involved in attempting to break the security is prohibitive enough to make such activities no longer unprofitable as against the case as we know it today. Yes, EMV will reduce card-based frauds.
Interoperability among Switching Companies
I think the absence of proper regulatory framework for this sector is responsible for this phenomenon. Unless something is done to reverse this trend, the growth of the Nigerian e-payment sector will remain rudimentary and at best stunted. We cannot compete in a global world and major global players in electronic payments will not be able to participate adequately in an economy of several disjointed switches. There is a need to streamline and regulate where necessary. The onus still lies very much with government agencies to chart the direction for compliance in the switching business. 3Line has positioned to take advantage of existing technology without necessarily acting as another technology provider. Nigerian users need more values for their card usage and that is what we are willing to deliver.
Freedom Card
The Freedom Card brand is at the core of 3line value proposition and offering. It is the flagship for 3line products. Freedom Card brand’s essence is borne out of a strong philosophy that for every human being, choice is the most desirable form of Freedom – choice of location, achievement, lifestyle, convenience, security, etc. People are simply desirous to live truly free.
The brand has therefore, positioned itself as an enabler for achieving this aspiration of the innate desire for Freedom. Freedom Card brand’s posture therefore resonates this attribute inside out; from our work culture to our various product offerings. We see ourselves as Freedom ‘fighters’ whose ambition is to bring exciting lifestyle experience to Nigerians through innovative and cutting-edge products that truly enable them achieve more, do more, believe more in themselves, especially those excluded from access to financial services and products. Freedom Card believes that there are limitless possibilities and that by being non-conformist, we can question the status quo and discover hitherto unconceivable solutions to make everyday life more fun-filled, colourful, exciting and vibrant. It is in line with the above brand essence that our products and services seek to address every aspect of daily lives of Nigerians with a view to enabling them live truly free using the e-payment platform, while forging deep connection with the Nigerian culture.
Freedom Card is our flagship brand. It is the umbrella name for a bouquet of card based products such as the prepaid card products and the chip and pin cards. An example of application of the prepaid card is in the Freedom Gift Card, which was launched into the Nigerian market last December. This was received with a lot of enthusiasm as it offers the public an alternative and more convenient means of sharing gifts. There are several other products in the Freedom Card suite that will be released over time.
High Downtime at ATMs
It is no longer news that the state of infrastructure in Nigeria is very deplorable. It needs to be understood that for ATMs to work, several infrastructure providers are involved in the value chain right from telecoms to power, IT and even physical security. Once there is a breakdown at one of these points, the chain is broken. You will agree with me that it is not an easy task to control this entire infrastructure without occasional hitches given the state of the entire Nigerian society and other socio-economic factors. For instance, alternative power is supplied per ATM location; separate telecoms is deployed to ensure that ATMs are up and running. To reduce these breakdowns, efforts must be made in appropriate quarters to improve each of the ancillary infrastructures.
e-Commerce Solution
It is something that we would love to do, although it has not fully taken off. The learning curve may be very steep but we are willing to take it in strides and believe that it will catch on with time. The developed economies that we refer to as examples today also took a while to get where they are today. The cultural and social transformation needed to bring about similar change in Nigeria may take some time but the change is inevitable. Much improvement has been seen in the last decade and the trend is still continuing. We would embark on necessary consumer enlightenment programmes; create enough values to give the consumer a need to adopt eCommerce as against other traditional means of conducting transactions. We plan to develop our solutions around the lifestyle of consumers as against forcing them to adopt a standard. So, we are still building up capacity and most likely by the end of the year, we would start having some inputs into eCommerce.
e-Data and e-Identity
Aside from ePayment, the next logical thing that Nigeria will latch on to is convergence of many activities and services that are available in silos today. For instance, health data, vehicle data, insurance details, even bio-data can very well be carried on cards. The adoption of the chip and pin era will further make this possible and achievable. We intend to make carrying such sensitive personal data very portable, secure and presentable in a uniform format to facilitate verification. 3Line is in a position to deliver this as part of its value proposition.
Auto-Reg Scheme
Well, the major achievement is having vehicle details registered electronically and accessible from a central location. Data have been recorded, saved, made available to those that should have access to these data – LASTMA officials, Federal Road Safety agents, Police or Vehicle Insurance company. Now, those records can be accessed easily since they have been compiled and kept in a databank.
General News
Wema Bank Plans N2M Grant to Empower Women

Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.
The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.
The event is expected to host over 7,000 women under the theme “SheCan Do More.”
Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.
This grant is to support small and medium businesses within the SARA Community to scale up their business.
Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.
“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”
“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.
“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.
“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”
General News
Unlicensed Investment Firms Fall Hard in Lagos Court

Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, has convicted two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, for illegal capital market operations.
The Economic and Financial Crimes Commission (EFCC) disclosed that the companies were arraigned on June 16 by the Lagos Zonal Directorate 2 of the EFCC on a five-count charge for operating collective investment schemes without valid licences from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
The charges allege that between 2021 and 2022, the firms collected approximately N80 million from several investors but failed to refund the money or pay accrued interest. One of the counts stated that the companies operated without a valid licence to conduct investment management, violating Section 57 of the Banks and Other Financial Institutions Act 2020.
The companies pleaded not guilty, but EFCC investigator Nnadikwu Izuchukwu Collins presented evidence that included a petition from investors who claimed the firms promised high returns through agricultural and forex trading investments. The petition revealed the group invested a total of N93 million.
Investigations showed neither FARM360 nor MCBHADMOS held the necessary licences from the SEC or CBN. A Fidelity Bank statement revealed that the N80 million received was used for personal purposes. The directors of both companies remain at large, with efforts underway to apprehend them.
The prosecution submitted bank statements, the investor petition, and official correspondence with the CAC, CBN, and SEC as evidence, all of which were admitted by Justice Dipeolu.
The court convicted both companies on all counts and imposed fines of N5 million per count.
In a related case, the court also convicted Quintessential Investment Company Limited for similar illegal capital market activities, following its arraignment on two counts of operating collective investment schemes without CBN approval.
General News
Burna Boy Distances Himself from Meme Coin, Labels Crypto as Fraud

Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.

Burna Boy
In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.
His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).
“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”
The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.
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