Banking
Comviva’s Flagship Mobile Money Product Hits 100m Customers
By Dipo Olowookere
The flagship mobile money product of Comviva, the mobility solutions firm, mobiquity® Money, now has 100 million customers using the product.
Users of the mobile money product cut across 45 countries with 3.6 billion mobile money transactions already processed, valuing over $60 billion annually.
On the occasion of completing a decade of mobiquity® Money, the company unveiled a coffee table book, chronicling the role the product has played in empowering customers and societies globally.
The coffee table book provides a selection of human interest stories from mobile money deployments in Asia, Africa, Middle East and Latin America.
The book was unveiled by Marc Rennard, Deputy Chief Executive Officer, Customer Experience and Mobile Banking, Orange Group at the Mobile World Congress, Barcelona.
Speaking at the launch, Manoranjan Mohapatra, Chief Executive Officer, Comviva said, “When the history of mobile payments is written, it will be worth recognizing the efforts of the many who overcame multiple challenges, in terms of regulators, the merchant network, banks, consumer trust and behaviour to bring in over 300 million unbanked customers into the financial inclusion fold.
“In the years to come, as people access all kinds of financial services, it is likely that this group would have played an important part.
“On the occasion of ten years of transforming lives through mobiquity® money, I would like to take the opportunity to congratulate our partners who have been with us through this journey.”
Unveiling the Coffee Table Book Marc Rennard, Deputy Chief Executive Officer, Customer Experience and Mobile Banking, Orange Group said “Mobile money is a tremendous tool that improves the welfare of people in under-banked economies, and that can complement banking offers elsewhere in the world.
“Orange Money and other mobile money services are constantly breaking new grounds in fields as diverse as financial inclusion, women’s health, migrant’s welfare, access to energy, development of small businesses and the progressive building of a cash-light economy.
“I am delighted to launch this coffee table book that contains a selection of life transforming stories from mobile money deployments across the world.”
mobiquity® Money enables a host of mobile money services that has transformed millions of lives across the globe by changing the way money is used, saved and distributed. For example, the facility to transfer and store money digitally on the mobile phone is very handy during emergencies.
In Mali, it has helped in the socio-economic empowerment of women by bundling pre-natal care with savings and insurance. In Tanzania, it is allowing non-smartphone users to tap and pay at merchants using NFC card linked to their mobile money account. In famine and drought hit areas of Africa, it is streamlining financial aid to the needy by streamlining donations.
Similarly, mobiquity® Money, in Zimbabwe, is powering remittance services, making it easier for the diaspora to send money to their families.
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.
