Banking
Wallets Africa to Issue Visa Debit Cards to Customers
By Adedapo Adesanya
Nigerian fintech startup, Wallets Africa, is planning to commence issuing physical Visa debit cards to its customers to enable them to do online and offline financial transactions.
The firm, founded by Mr John Oke in 2018, ensures that financial transactions carried out through digital wallets are seamless and meet the needs of its users.
Since its establishment, the fintech startup has made strides in simplifying how users carry out transactions across the continent with just an app and a card.
The company has gone on to establish relationships and integrations with other cards, banks and switch providers in Nigeria. Now, it is joining forces with Visa, a leading global payments giant, to extend the reach to a wider audience.
According to the global payments giant, the programme creates an avenue for fintechs around the world to leverage its network “to introduce new and innovative payment experiences.”
In addition, it provides turnkey access to Visa’s ecosystem partners, online licensing, and automated programming interfaces (APIs).
In September, Wallets Africa began issuing virtual dollar cards to its users, enabling them to buy items and courses, and make payments for subscriptions and tools online.
Through the Fast Track Program, Visa has given the startup a further boost which will allow it to issue physical naira and dollar Visa cards.
Mr Franklin Ugobude, Wallets Africa Digital Marketing Manager, noted that the company was already issuing virtual Visa cards with its card technology and added that physical Visa cards needed to come into play because of the customers’ Wallets Africa couldn’t reach.
He said, “This is more direct as opposed to integrating with this, integrating with that. What we’ve done is a direct thing to the big switch, to Visa in this case. So we’re very psyched about it.”
He explained that the company aims to add more than 2,000 businesses in six months and with both cards — virtual and physical, it is set out to drive business users who hope to initiate local transactions as well as international transactions.
Mr Ugobude added that the partnership will make it able to complete offline payments as well.
In June 2020, the startup had 1,400 businesses; now, the number has increased to over 4,000 in addition to its over 60,000 individual users.
This development means Wallets Africa users can now access physical and virtual Verve and Visa cards from the company.
Mr Ugobude added that when users request for cards, Wallets Africa delivers them in less than two weeks, adding that users can make withdrawals with the dollar cards from any bank ATM in the country.
Mr Otto Williams, Vice President, Fintech Partnerships of Visa, said the company is very enthusiastic about working with fintechs, and especially Wallets Africa on this new project.
“The Wallets Africa team has made tremendous progress in a short time. I am impressed with the fact that they’ve successfully enabled Visa prepaid cards that work everywhere to thousands of digital natives and entrepreneurs in Nigeria. I look forward to seeing what they’ll do in other African countries soon,” he said.
The founder, Mr Oke, on the other hand, is keen to see how the partnership will evolve in the coming years.
“We’ve been working with technology suppliers across the world since inception to help offer world-class financial services to Africans. We are very excited to have Visa on board as we continue on our journey,” he added.
By Aduragbemi Omiyale
The creative industry in Nigeria may have nothing to worry about with the likes of Stanbic IBTC Bank around the corner.
The financial institution, which has not hidden its love for the sector, has promised to continue with its strategic investment in the country’s designers and artists.
Speaking at an event, An Evening of Fashion, Art & Lifestyle, the Executive Director for Personal and Private Banking at Stanbic IBTC Bank, Mr Olu Delano, represented by the Head of its Private Banking Segment, Ms Layo Ilori-Olaogun, said the company was proud to be associated with the programme, which it also sponsored.
“At Stanbic IBTC, we recognise Nigeria’s creative sector as a vital driver of economic diversification, employment, and global cultural influence.
“We are proud to support the individuals behind these platforms that elevate African excellence and provide visionary talents the visibility that they deserve.
“Nights like this reaffirm our commitment to continued strategic investment in our artists and designers,” he stated.
The invitation-only ceremony, which was held at The Garden, Federal Palace Hotel, Victoria Island, Lagos, hosted by Africa’s leading luxury fashion house, 2207bytbally, in collaboration with the acclaimed art collective Torrista, brought together high-net-worth individuals, art collectors, designers, media personalities, and luxury brand executives for an unparalleled showcase of creativity and sophistication.
The evening opened with a breathtaking runway presentation featuring three signature segments from the Evolve collection by 2207bytbally: Denim, Ethnic, and 2207 Prints. Each piece exemplified the meticulous craftsmanship, bold innovation, and cultural storytelling that has established the brand as a standard-bearer in African luxury fashion.
Complementing the couture was a curated exhibition by Torrista, transforming the venue into an immersive gallery. Commissioned artworks exploring themes of culture, femininity, and evolution created a robust visual dialogue with the collections, demonstrating the seamless harmony that can result when fashion and fine art converge.
“This evening was about more than clothes or canvases; it was about showing the world that African creativity is limitless. When fashion and art share the same space, magic happens, and tonight, Lagos felt that magic,” the Creative Director of 2207bytbally, Tolu Bally, stated.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
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