Author: Insider Editor

During a courtesy visit by OPay’s executive team to the Economic and Financial Crimes Commission (EFCC) headquarters in Abuja, Mr. Steven Wen, OPay’s Global CEO, reaffirmed that adherence to Nigerian laws and regulations remains the company’s foremost operational priority. Wen emphasized that OPay’s business philosophy is built on three pillars: regulatory compliance, customer satisfaction, and sustainable growth with compliance considered a “red line” the company will never cross. “The most important thing in our company is compliance with local laws and regulations. Second is customer satisfaction through innovative solutions that solve real customer problems. Third is revenue growth. But for…

Happy Rugbere, founder and Chief Executive Officer of Staffmate, has been selected as a 2025 Tony Elumelu Foundation (TEF) Entrepreneur, earning seed funding through the Foundation’s flagship entrepreneurship programme. The Tony Elumelu Foundation Entrepreneurship Programme supports African entrepreneurs whose businesses demonstrate the capacity to drive economic transformation, create jobs, and deliver sustainable growth across the continent. Rugbere is a serial entrepreneur with more than a decade of operating experience. He began his entrepreneurial journey in the hospitality sector over ten years ago, building and scaling operations across Nigeria’s North-East. Working in these challenging environments exposed him to the operational strain…

Across Africa, small and medium enterprises (SMEs) are embracing digital tools to survive and grow amid economic challenges. From Lagos to Nairobi, entrepreneurs are using e-commerce platforms and mobile payments to reach new customers and streamline operations. For example, Lagos-based Chidi’s AgroMart went from a small market stall to an online business delivering fresh produce nationwide, doubling sales within six months thanks to mobile payments and social media. Digital tools are also helping SMEs manage inventory, finances, and marketing, though challenges remain: limited internet access, high data costs, and low technical expertise. Local startups and training programs are stepping in…

Nigeria’s foreign exchange (FX) market may finally be showing signs of order. The Central Bank of Nigeria (CBN) has issued final licences to 82 Bureaux de Change (BDC) operators under its 2024 regulatory framework, a move aimed at sanitizing a market long plagued by unlicensed operators and opaque trading. Under the new rules, only licensed BDCs can legally buy and sell foreign currency. The CBN introduced two licence tiers: Of the 82 licences granted in this round, only two operators qualified for the heavy-duty Tier 1, while the remaining 80 were Tier 2, restricted to a single state each. The…

OPay has opened a new office in Ibadan, deepening its presence in one of Nigeria’s most commercially active cities as the fintech company ramps up efforts to bring digital finance closer to everyday people and small businesses across the country. The new branch located in the heart of Oyo State’s capital marks another step in OPay’s rapid expansion strategy. Ibadan, with its bustling markets, dense population, and fast-growing community of small and micro-entrepreneurs, represents a critical market for digital payments. By setting up a physical office, OPay aims to offer faster customer support, easier agent onboarding, and closer engagement with…

Vodacom Group has cleared a major hurdle in its plan to tighten control over Safaricom, after Deloitte issued an independent fairness opinion confirming that the South African operator’s proposed $2.1 billion purchase of an additional 20% stake in the Kenyan telecom giant is fair to shareholders. The approval satisfies a key requirement under Johannesburg Stock Exchange (JSE) rules and pushes the high-stakes transaction closer to completion. The opinion, dated December 5, was necessary because the deal is classified as a small related-party transaction under JSE listings regulations. That designation means Vodacom must demonstrate that the KES 34 ($0.26) per share…

Nigeria’s booming creator and SME ecosystem just gained a new heavyweight ally. Hostinger, one of the world’s fastest-growing web-hosting companies, has entered the Nigerian market. Bringing with it a suite of AI-powered tools and the long-awaited option for users to pay in Naira. As more Nigerian businesses move online but still struggle with the high cost and complexity of building a website, Hostinger is positioning itself as a platform that removes those barriers with automation, affordability, and locally adapted support. The Lithuania-based company is rolling out services that include website building, hosting, domain registration, and an AI assistant capable of…

Safaricom has pulled off one of the most emphatic funding wins in Kenya’s capital markets this year, raising KES 20 billion ($154 million) from the first tranche of its medium-term note (MTN) programme after investors rushed in with bids nearly three times what the telecom giant had asked for. Kenya’s largest telco initially opened the sale seeking KES 15 billion ($116 million). But the flood of demand amounting to KES 41.4 billion in applications,forced the company to activate its KES 5 billion ($38 million) greenshoe option, allowing it to absorb part of the excess interest and close the tranche at…

Flutterwave’s cross-border remittance product, Send, has launched a physical Naira travel card aimed at Nigerians returning home from the diaspora for the festive season. Called the Send App Travel Card, the product was developed in partnership with Odysy, a business expense management and technology firm, and AfriGO, the Nigerian domestic card scheme. “For years, we’ve helped Nigerians abroad support life at home through fast, reliable remittances,” said Harvey Bahia, Head of Send App Business at Flutterwave. “Now, for the first time, we’re giving them a physical way to spend with the same ease and control when they return.” The card…

CAC has ordered all point-of-sale (PoS) operators to register their businesses before January 1, 2026, warning that unregistered terminals will be seized. The move represents the government’s most assertive effort yet to formalize an industry that has expanded rapidly but unevenly, putting renewed pressure on fintech companies to strengthen compliance across their agent networks. In a public notice dated December 6, 2025, the CAC highlighted “the rising number of PoS operators running without registration,” calling the trend a violation of the Companies and Allied Matters Act (CAMA 2020) and the Central Bank of Nigeria’s agent banking regulations. “This reckless practice,…