Economy
Azimo, Interswitch Seal Instant Money Transfers Deal
By Dipo Olowookere
A strategic partnership has been entered into between European digital money transfer service, Azimo, leading African payments business, Interswitch Group.
The deal, which was announced on Wednesday, is to further enable instant money transfers from 23 countries in Europe to any customer in Nigeria.
Founder and CEO of Azimo, Mr Michael Kent, disclosed that Nigeria’s teeming population makes it Azimo’s biggest market.
“A huge and rapidly growing population, coupled with the explosion of smartphone ownership, means that Africa, and Nigeria in particular, is one of the most exciting fintech markets on the planet.
“We look forward to working with fintech leader, Interswitch, to build new digital low-cost financial services that drive inclusion and transform the financial lives of our customers in both the UK and Africa,” he said.
On his part, Group Managing Director and CEO of Interswitch, Mr Mitchell Elegbe, disclosed that, “We formed this partnership with Azimo as they are a global leader in cross-border payments with great tech capability and a strong knowledge of our core markets.
“This agreement is a key milestone in our common strategy to better serve the Nigerians where ever they are located around the world.”
Digital money transfers play a significant role in the growth of Nigeria’s economy – the largest in Africa. Remittances to the nation were worth $22 billion in 2017 – the equivalent of 5.6 percent of Nigeria’s GDP and higher than the country’s oil revenues.
By reaching millions of customers in Nigeria, Azimo’s partnership with Interswitch will also help to tackle the problem of financial exclusion in a country where 40 percent of the population is unbanked.
In the longer term, the deal will see the two companies build new mobile-based financial services for Interswitch’s rapidly expanding customer base of over 25 million people in Nigeria, Kenya, Uganda and Tanzania.
The partnership comes at a time when British Prime Minister Teresa May, on a recent visit to South Africa, divulged that the scale of opportunity for London’s businesses across Africa is huge.
She noted that 111 African companies have already come to London to raise the funds needed to invest and grow, hence their desire to ensure that the UK is the partner of choice for African nations.
Nigeria is among the top five countries for inbound remittances with over $20bn received every year, according to the World Bank.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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