Banking
Interswitch, Bank of Sierra Leone Champion Financial Inclusion
By Modupe Gbadeyanka
The duo of Interswitch and the Bank of Sierra Leone (BSL) recently facilitated the coming together of key stakeholders across the financial ecosystem to chart a course toward broader access, inclusion, and growth through digital payments.
They partnered to support the second edition of the Sierra Leone Fintech Forum held at the New Brookfields Hotel in Freetown.
Present at the event themed Access, Inclusion and Growth – Deepening Digital Payments in Sierra Leone were senior representatives from both the public and private sectors, including regulators, banks, fintechs, mobile money operators, and development organisations.
The programme was organised to accelerate Sierra Leone’s digital finance transformation and in his keynote address titled Building on Progress: Expanding Access, Driving Inclusion, and Fueling Growth for National Prosperity, the Managing Director for Payment Processing and Switching (Interswitch Purepay), Mr Akeem Lawal, reinforced the company’s commitment to co-creating value in the markets it serves.
He said, “Financial inclusion goes beyond launching more apps or issuing more cards, it’s about solving real problems with solutions that are scalable, secure, and grounded in local realities.
“Since the first edition of the Fintech Forum, Sierra Leone has made clear progress, with strong mobile penetration and a forward-looking central bank. What’s needed now is execution that is sustained, coordinated, and responsive to the realities on the ground.
“By applying lessons from multiple African markets and tailoring them to local needs, Interswitch is committed to supporting Sierra Leone’s digital transformation. That means enabling agency networks that function effectively, driving merchant acceptance to reduce cash reliance, and working closely with regulators to co-create policy that drives real progress and inclusive growth.”
In his remarks, the Governor of BSL, Mr Ibrahim Stevens, commended Interswitch’s continued investment in the country’s digital transformation journey, highlighting the regulator’s commitment to driving regulatory innovation and building an inclusive ecosystem.
“The Bank of Sierra Leone recognises the critical role of digital financial services in building a more inclusive and resilient economy. Events like the Sierra Leone Fintech Forum, in collaboration with innovators like Interswitch, help accelerate the adoption of technologies that bring more Sierra Leoneans into the formal financial system.
“We remain committed to creating an enabling regulatory environment that fosters innovation while ensuring consumer protection and financial stability,” the central bank chief stated.
A key highlight of the forum was the live demonstration of Interswitch’s Agency Banking solutions, designed to bridge the gap between traditional banking infrastructure and underserved and remote communities.
Attendees experienced firsthand how the platform supports secure, efficient, and accessible financial transactions across Sierra Leone through a decentralised network of agents.
The event featured a series of insightful panel discussions, interactive Question & Answer sessions, and networking opportunities, fostering collaboration and knowledge exchange across the ecosystem.
As mobile connectivity expands and Sierra Leone’s digital agenda accelerates, the forum provided a timely platform to align actors, surface practical solutions, and build collective momentum toward a more inclusive financial system.
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.
