News
Prepaid Market in Nigeria, Africa Still Young-Dearman
Global Technology Partners specializes in creating innovative processing solutions internationally in the pre-paid card category. David Dearman, vice president of the company spoke on plans to provide Visa pre paid cards and particalurly its plans for Nigeria.
Global Technology Partners (GTP) Card
The primary difference in the models will be that the GTP platform will open up full banking services to ALL Africans, not just the “bankable” Africans. With over 10 years of experience in the US markets, the GTP group of affiliated companies now provide payroll services for some of the largest companies in America, saving these companies millions of dollars a year by using a prepaid card. GTP is a specialized processor (100% prepaid experts) that works closely with banks to implement successful programs leveraging our experience. With our card to card transfer feature, one family member can be in Lagos with a card, the other in the UK, Italy or France and send money in real time through the GTP proprietary remittance system.
Assessment of Prepaid Card Business in Africa
GTP brought the first Prepaid Visa “Classic” card to West Africa in December of 2007 with BIB bank in Ouagadougou, Burkina Faso (Africards Visa Card) who sponsored the program. BIB won the award for bringing the newest technology in card programs to the region. BIB’s card program has been highly successful and consumers are enjoying the benefits of having the first Prepaid Visa “Classic” re-loadable card in the region that can be used worldwide. The prepaid market in Africa is still in its infancy stages.
Giving Value and Changing the Market Dynamics
Since GTP is a Visa approved international processor, we work with the banks to create a financial model that works for the consumer. Our experience has taught us that the consumer must see the value proposition in the product before they will give it a test drive.
Reservations for Prepaid Cards
It’s the prepaid card that gives this security to the consumer. Consumers would rather shop online with a prepaid card and not their credit card or debit card as that could compromise their primary banking account cards or have issue with identity theft.
Footprints in Africa
GTP has been working in Africa for more than 3 years now and was the first to enter the prepaid sector with the features our system deploys. We are working with many major financial institutions to bring this product and technology to the continent. We performed our pilot in Burkina Faso, and have begun implementation with the CTMI for the West African region. We have other banks we are working with in Cameroon, Mali, Mauritania, Senegal, Nigeria, Gambia and Kenya. (And others)
Nigeria Roll Out Plans and Local Partners
GTP is in current discussions with various large Nigerian banking partners and cannot disclose these partners at this time. We will be able to make an announcement within the next 30 days as to who these partners will be.
Benefits for Financial Institutions, Merchants and End Users
Under the current worldwide financial crisis, financial institutions are looking for additional income streams to strengthen their balance sheets. The Prepaid sector provides the bank a new consumer and a new income stream, thus increasing their deposits and increasing the banks profitability. Merchants will have more POS machines making it more convenient to the consumer to make additional purchases without having to carry so much cash.
Visa and other Prepaid Cards
Visa is the primary brand in Africa. In the West African region, Visa and its member banks have more ATM machines than any other network.
Regulatory Compliance for Cards
GTP works with the banks under the rules of each specific country along with the Central Bank. The cards do require a form of government issued ID and a signed application to mitigate AML and Know Your Customer requirements. Our platform is a flexible system that can be modified to allow for velocity limitations to comply with local law.
Market Positions in US
Our CEO Mr. Bob Merrick co-founded FSV Payment Systems that is now the third largest processor for prepaid cards in the US. We began GTP about four years ago as our international division to expand into the underserved regions and GTP has made Africa a strategic growth initiative for the next five years. At GTP, we are prepaid experts and not a group that provides multiple banking services as most competitors.
Opening a Local Office or Working through Partnership
GTP has formed a local company in Abidjan, Cote d’Ivoire and is currently opening an office in Abidjan. We will also be opening an office later in the year in Lagos, Nigeria and Accra, Ghana. We are currently discussing the idea of forming a new company and bringing in an African partner to assist us in these operations on an exclusive basis for the entire continent of Africa.
Nigerian Market Ripe For Mass Prepaid Cards? Definitely. The GTP prepaid platform with its feature rich advantages will transform the way Nigerians conduct their financial business. I see Nigeria as a prime market that will be the top market for prepaid in Africa.
Product Lines
GTP product lines include the basic general spend reloadable Visa Card, an International Money Remittance Visa Card, Visa Payroll Cards, Travel and Expense Cards, Vendor Payment Cards and Consumer/Merchant Gift Cards
Inclusion for the Unbanked And Microfinance In Nigeria
We are in current discussions with many microfinance groups in Nigeria and others across Africa. This product will revolutionize the manner in which the unbanked can now enter the financial mainstream and be able to remit money at a very low cost.
Nigerians Should Expect
Nigerians should expect by third quarter of 2009 to have a Visa prepaid product that can be issued to almost anyone regardless of their financial stature and enter the worldwide financial mainstream. They will now have the “options” that the other developed nations take for granted. No bank account will be needed; the card IS your bank account
Federal Airports Authority of Nigeria (FAAN) has announced plans to introduce a biometric identity verification system, known as V-Pass, to speed up passenger processing and enhance security at domestic airports nationwide.
This initiative is aimed at strengthening aviation security, reducing passenger processing time and eliminating dependence on physical identity documents.
A statement issued yesterday by Henry Agbebire, director of Public Affairs and Consumer Protection, FAAN, said the new facial recognition platform, developed in partnership with Verxid Technologies Limited, would enable passengers to verify their identities through biometric authentication, allowing them seamless access through airport security checkpoints and boarding gates.
According to him, the initiative formed the focus of a strategic meeting between FAAN and Verxid Technologies Limited, where both organisations reviewed deployment plans, security safeguards and measures to improve passenger experience.
The statement hinted that the authority centred on ensuring the successful rollout of the digital platform while maintaining high security standards.
The statement quoted, Adebola Agunbiade, director of Commercial and Business Development, FAAN, as describing the V-Pass as another milestone in the authority’s ongoing digital transformation programme.
According to her, the platform indicated FAAN’s commitment to deploying innovative technology that enhances passenger facilitation while reinforcing aviation security across domestic airports.
She assured that the system would provide every traveller with a secure digital identity through a one-time enrolment process.
Under the arrangement, Nigerian passengers would register using their National Identification Number (NIN) alongside facial biometric capture, while foreign travellers would enroll with their passports through Optical Character Recognition (OCR) supported by biometric authentication, the statement added.
FAAN said the system would verify passenger identities before they gain access to restricted airport areas and once again before boarding their flights.
The agency noted that the dual-verification process was designed to prevent identity fraud, impersonation and unauthorised access to airport facilities, while giving security agencies greater confidence in passenger authentication.
Passengers would be able to complete the verification process either through self-service kiosks or with assistance from trained FAAN personnel.
The deployment would also include electronic gates to automate access into controlled areas, reduce queues and improve passenger movement across airport terminals.
According to the developers, first-time registration is expected to take about one minute, while subsequent biometric verification would take less than 30 seconds.
Apart from passenger processing, the V-Pass platform would also provide airlines with secure digital access to flight schedules, passenger manifests and boarding statistics.
FAAN assured travellers that data protection remained a critical component of the project, stressing that the platform fully complies with the Nigeria Data Protection Regulation (NDPR).
The Central Bank of Nigeria (CBN) has launched a new system to monitor how Bureau De Change (BDC) operators buy foreign exchange in the country.
Under the new arrangement, all licensed BDCs must report their foreign exchange purchases through a platform called the FX BDC Purchase Tracker (FXBT). The portal will allow the CBN to monitor transactions in real time or on the same day they take place.
The directive was announced in a circular dated July 15, 2026, and signed by the Director of the CBN’s Trade and Exchange Department, Aderinola Shonekan.
According to the apex bank, the new framework is designed to support its February 2026 policy that allows licensed BDCs to buy foreign exchange directly from authorised dealer banks in the Nigerian Foreign Exchange Market (NFEM).
The CBN said the initiative will improve transparency, strengthen compliance, increase liquidity in the retail forex market, and ensure proper participation by market operators.
A major feature of the framework is the FXBT portal, which will serve as a central database for tracking all foreign exchange purchases made by BDCs from banks.
Under the guidelines, every licensed BDC must register on the platform and submit transaction details either in real time or on the same day the transactions occur.
The CBN stated that the system will help regulators identify violations, detect suspicious transactions, monitor compliance with market rules, and improve confidence in the foreign exchange market.
The framework builds on the CBN’s February 2026 decision to allow licensed BDCs back into the official foreign exchange market. Under that policy, each eligible BDC can purchase up to $150,000 weekly from authorised dealer banks at market rates.
The apex bank said only BDCs with valid licences will be allowed to access foreign exchange through the framework. Operators whose licences have been suspended or restricted due to regulatory issues will not be eligible until those restrictions are lifted.
The CBN also directed banks to carry out thorough Know Your Customer (KYC) and customer due diligence checks before onboarding any BDC. Required documents include valid operating licences, Tax Identification Numbers (TIN), Corporate Affairs Commission (CAC) registration documents, and information on beneficial ownership.
Banks have also been warned not to sell foreign exchange to BDCs that fail to meet the required compliance standards.
To encourage fair competition, the CBN said BDCs can buy foreign exchange from any authorized dealer bank of their choice. Banks are prohibited from forcing BDCs into exclusive arrangements or charging referral fees that limit their ability to transact with other banks.
Under the new process, BDCs must submit electronic requests for foreign exchange through a bank’s designated portal. Banks are required to acknowledge requests within two business hours and communicate approvals or rejections immediately after processing.
Requests can only be rejected for valid reasons, such as incomplete documentation, exceeding weekly purchase limits, unresolved compliance concerns, or internal risk management issues.
The CBN also introduced stricter rules on how purchased foreign exchange can be used. All transactions between banks and BDCs, as well as between BDCs and customers, must be conducted through accounts held with licensed financial institutions. Third-party transactions remain prohibited.
In addition, BDCs are not allowed to keep unused foreign exchange purchased through the official market. Any unused funds must be sold back into the market within 24 hours after the permitted usage period expires.
The apex bank warned that failure to comply could lead to forfeiture of funds and suspension from the market.
BDC operators must also disclose any unused balances from previous allocations when applying for new purchases, while banks are expected to consider those balances when calculating weekly allocations.
Beyond reporting through the FXBT portal, BDCs must continue submitting weekly reports to the CBN. These reports must include details of foreign exchange purchased from banks, sales to end users, unused balances, and settlement records.
The CBN said the reporting requirements will improve transparency and help regulators better monitor foreign exchange flows in the retail market.
The bank warned that violations of the framework could attract penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Foreign Exchange Act. Sanctions may include fines, suspension from the foreign exchange market, withdrawal of BDC licences, revocation of banks’ authorised dealer status, and referrals to law enforcement agencies where necessary.
The CBN’s Trade and Exchange Department will oversee compliance through regular and surprise inspections carried out in collaboration with other departments.
The apex bank said the new directive is part of its wider efforts to reform the foreign exchange market, improve transparency, boost liquidity, and restore confidence in the system.
Concerns over compliance breaches, speculative trading, and abuse of foreign exchange allocations had continued even after BDCs were reintroduced into the official market earlier this year.
The Corporate Affairs Commission (CAC) has announced the commencement of another exercise to remove 100,000 companies from Nigeria’s register of companies for failing to comply with statutory requirements under the Companies and Allied Matters Act (CAMA), 2020.
In a public notice issued on Thursday, and dated July 15, 2026, the commission said the exercise was being carried out pursuant to Sections 692(3) and 692(4) of the Companies and Allied Matters Act, 2020.
The notice stated: “This is to notify the General Public and Esteemed Customers that the Corporate Affairs Commission has commenced another round of striking off names of companies from the Register pursuant to the provisions of Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.”
According to the commission, the affected companies are listed on its official website.
“The list of the affected One Hundred Thousand (100,000) companies can be accessed at the Commission’s Website,” the notice said.
The CAC directed all affected companies to update their records by filing outstanding annual returns and beneficial ownership information within 90 days.
“The affected companies are hereby advised to take steps to file all outstanding Annual Returns (and by extension Persons with Significant Control/Beneficial Ownership information) and regularize their records within ninety (90) days of this notice,” the commission said.
It added that companies must send proof of compliance to the designated email address, [email protected], within the stipulated period.
The commission warned that failure to comply would result in the affected companies being removed from the register without any further notice.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the Register without further notice,” the notice stated.
The CAC reiterated its commitment to improving service delivery, saying, “The Commission remains committed to providing prompt and efficient services to the satisfaction of our valued customers.”
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