Banking
Zedvance Modifies MoneyPal Mobile Lending App
By Dipo Olowookere
The mobile lending app of Zedvance Finance Limited, MoneyPal, has been reintroduced with some modifications aimed to make loans accessible to millions of Nigerians in a fast and convenient manner.
The new mobile application comes with a redesigned user interface, simplified application process and access to more nano loans. This is part of an effort to redefine the app into a lifestyle product.
The Managing Director of Zedvance Finance Limited, Mr Ever Obi, in a statement, disclosed that the upgraded MoneyPal app comes with fascinating new features that would provide a top-notch and seamless digital lending experience for its existing and potential customers.
“Zedvance Finance has always been at the forefront of providing best-in-class financial solutions to its customers; we are very excited to relaunch the MoneyPal app to also serve millions of both salary and non-salary earners in Nigeria.
“MoneyPal was redesigned in response to extensive consumers’ feedback and changing user trends, with a focus on simplicity, security, availability, and speed.
“We upgraded the mobile app to meet our consumer financial lifestyle as a customer-centric business. That’s why we are rolling out the new app with the #MadeForMore campaign,” he was quoted as saying, adding that the company intends to serve one million new users through the mobile app and other digital channels.
On his part, the company’s Head of Product Marketing and Brand Communications, Mr Lukmon Oloyede said, with the new app, new and existing customers can now get up to N100,000 nano loans within minutes on the app.
According to him, this is accessible to both non-salary earners and salary earners within 18-55 years with an active bank account, BVN, email and phone number.
He also said MoneyPal comes with biometric sign-in option to keep the user account more secure, with in-app notifications allowing users to stay more connected with prompt product updates.
Mr Oloyede also said user can now check their credit history and learn more about their loans through the updated app as new and existing customers can now repay their nano loans within 15 – 90 days, depending on the loan amount selected.
He assured that the application is in full compliance with the data privacy regulation of the Central Bank of Nigeria (CBN) while all users can now enjoy more benefits for referring their friends.
The brand expert described the referral program as a point-based system, where more points would be earned for referring more people. The points, according to him, can be exchanged for an item in the company’s gift shop once the maximum redeemable number of points is attained.
Apart from this feature, users can instantly pay off loans through a unique, personalized account number created for each user on the MoneyPal app. The virtual account number is on the homepage dashboard.
“We will continue to develop our digital proposition even further over the next months – exceeding the expectations of our customers whilst improving our customer experience,” Mr Oloyede added, hinting that the company will be announcing an Unstructured Supplementary Service Data (USSD) code lending option and asset financing (Buy Now, Pay Later) service this year.
He advised Nigerians to download the MoneyPal app on App Store (iOS) and Android Play Store for free and apply for instant cash.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
