Economy
Firms Unveil Tokenization Solution for Safer Cashless Transactions
By Modupe Gbadeyanka
The need for heightened focus on security in the payments ecosystem to foster a safer, more inclusive environment has again been emphasized by Interswitch and Providus Bank.
One of the ways to address this issue, according to the two organizations, is through a tokenization solution, which has now been developed.
At the unveiling of the initiative, jointly developed by Interswitch, Providus Bank, Mastercard, and Thales, it was stressed that tokenization would encourage more Nigerians to accept cashless transactions.
It was disclosed that the solution was created due to the demand for a more convenient, accessible, and secure means of conducting everyday financial transactions by consumers.
In his opening remarks, the Managing Director of Digital Infrastructure and Managed Services at Interswitch Group, Mr Jonah Adams, explained that the collaboration that birthed the tokenization was crucial, as it opened up realms of possibilities in the payments ecosystem, not only within Nigeria but in Africa as a whole.
He noted that the tokenization solution was a first-of-its-kind solution in West Africa and the sub-Saharan region, with everyday transactions happening at the speed of thought. He posited that it would transform the payment space and merchant acquiring space.
According to him, tokenization as a solution was designed to enable more personalized, speedy, secure and convenient payment interactions.
It enables consumers’ 16-digit Permanent Account Numbers (PAN) to be replaced with unique identifiers to keep fraudsters from accessing the personal details of end users.
Tokenisation is at the heart of connected devices. It will allow users to carry out financial transactions using their electronic devices or payment cards, knowing that such transactions are safe and secure.
Speaking during the panel session on the need for timely solutions such as tokenization, the Group Head of Business Development at Interswitch Purepay, Mr Babatunde Okufi, also emphasized the need for fintechs and financial institutions to design more innovative and intuitive solutions that keep the funds and data of end users safe.
“The emergence of COVID-19 shifted consumer behaviour. And as more consumers get on the digital payments train, there will be more fraud cases. Fraudsters innovate, and players in the payments space should also innovate to ensure that they gain higher grounds on these cyber attackers,” he said.
Mr Okufi noted that to curb the prevailing cases of e-fraud, rules have been instituted. These rules include the introduction of transaction limitations, leveraging Artificial Intelligence (AI), and effective fund transaction tracking between sender and receiver.
On his part, the Divisional Head of eBusiness at Providus Bank, Mr Frank Atat, who was also a panellist, proffered that partnerships between key stakeholders remain crucial in helping to improve payment convenience and reduce cyber threats through the deployment of cyber tools.
Mr Atat noted that with more stringent safety measures, consumers would increasingly adopt digital payment methods, adding that many Nigerians were unaware of the benefits of digital payments owing to the lack of widespread awareness. However, to address this challenge, he suggested collaboration between players in the ecosystem.
Echoing Mr Atat’s sentiments was Mr Peter Ehizogie, Regional Manager, Product Sales-Cyber & Intelligence Solutions (West Africa), Mastercard, who said that consumers would naturally gravitate towards digital payments once they can trust payment platforms with their funds.
“Collaborations between players in the payments space will aid the widespread adoption of digital payment, and this can only be achieved when we have gained the trust of these consumers,” Mr Ehizogie said.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn