Economy
MasterCard, GTT Partner to Develop Cashless Africa
By Dipo Olowookere
Two giants in the global payments industry, MasterCard and Global Technology Partners (GTP) have entered into a partnership to introduce prepaid solutions across Africa to meet the needs of various sectors, supporting various African governments’ goals of achieving a cashless continent.
It was reliably gathered that the deal will benefit businesses across Africa with rollout of secure prepaid solutions and would be made available across Africa to government institutions, financial services and corporate sector and consumers.
GTP, a prepaid processing and payments solutions provider, according to its Chief Executive Officer, Rich Bialek, will offer new payment solutions such as digital wallets and virtual cards to customers.
It was learnt that the partnership will enable the development and implementation of a wide range of solutions across various markets on the continent.
These solutions are aimed at supporting government payments, driving innovation in the travel and tourism sector and driving transparency and efficiency for the financial services and corporate sector.
Bialek said further that, “MasterCard prepaid programs give cardholders greater access to the global marketplace, while advancing government efforts to increase financial literacy and inclusion.
“These programs also give businesses and government agencies a payroll solution that drives cash out of the system and provides essential financial tools to control cash flow.”
“GTP is committed to working with our partners to introduce digital prepaid solutions that meet the needs of consumers and businesses across the continent,” concluded Bialek.
Cardholders are assured that regardless of how they use the prepaid solution their funds will be secured by the MasterCard multi-layered approach to protecting payments. EMV chip and PIN technology is a global payment standard to ensure that funds are protected even if the card is lost or stolen.
Once funds are loaded to the prepaid card, cardholders can use the card to pay for goods and services in store, online, by phone or to withdraw cash from ATMs – anywhere MasterCard is accepted locally or at millions of locations worldwide. The prepaid card ensures flexibility, convenience and security.
Providing MasterCard prepaid card solutions will strengthen GTP’s existing offering in Africa, and provide consumers greater access to payment systems, international travel, and online shopping.
Prepaid cards also provide employers with an effective payroll solution, introducing a more efficient and transparent way for businesses to monitor expenditure.
Speaking on the deal, MasterCard Division President, Sub-Saharan Africa, Daniel Monehin, stated that, “African economies are in support of driving cash out of the financial system, and the introduction of digital payment solutions is in line with their cashless strategies.
“Businesses on the continent need smart solutions that will provide efficiency, but also offer convenient ways to track and monitor expenditure.”
By Aduragbemi Omiyale
Nigeria slightly surpassed its quota set by the Organisation of the Petroleum Exporting Countries (OPEC) in July 2026.
In the month under review, the country produced about 1.57 million barrels of crude oil per day.
It was the third consecutive month Africa’s largest oil-producing nation was meeting its monthly quota, set to stabilise the price of the commodity on the global market by the oil cartel.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the 1.5 million barrels per day ceiling for Nigeria was surpassed last month.
The agency disclosed in a statement today that the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.
In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.
Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.
This was attributed to the decline in production due to operational challenges experienced at the Erha and Akpo fields, which impacted crude oil output during the period under review.
These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints, NUPRC stated.
By Aduragbemi Omiyale
The over 9 billion shares of Lasaco Assurance Plc issued to shareholders of the company via a rights issue have been listed on the Nigerian Exchange (NGX) Limited.
The equities were brought to Customs Street on Wednesday by the organisation, increasing its total issued and fully paid-up share capital.
Lasaco Assurance, which scaled the recapitalisation hurdle of the National Insurance Commission (NAICOM) in July 2026, raised fresh capital from the capital market to shore up its capital base.
The underwriting firm got about N18.5 billion from the rights issue, which involved the issuance of 9,236,321,546 ordinary shares at a unit price of N2.00.
The exercise was on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
Confirming the listing of the additional stocks of Lasaco Assurance today, the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, announced in a circular that, “Trading licence holders are hereby notified that an additional 9,236,321,546 ordinary shares of 50 Kobo each of Lasaco Assurance Plc were today, Wednesday, August 12, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
“With the listing of the additional 9,236,321,546 ordinary shares, the total issued and fully paid-up share capital of Lasaco Assurance Plc has now increased from 11,083,585,855 to 20,319,907,401 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has said the successful recapitalisation of the insurance industry will strengthen the sector’s ability to support financial stability and economic growth.
NIA Chairman, Mrs Ebelechukwu Nwachukwu, said a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of the Nigerian economy.
She made the remarks while commending the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mrs Nwachukwu said NAICOM’s clear guidelines, systematic verification process, defined timelines and rigorous supervision had provided operators with a credible framework for navigating the recapitalisation exercise.
She described the outcome as a major milestone for the industry and congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
According to her, the exercise represents “a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.”
Mrs Nwachukwu said the association would continue to work with NAICOM and other stakeholders to consolidate the gains of the exercise, with emphasis on sustainable industry growth, stronger market conduct and improved consumer confidence.
The official also expressed solidarity with the eight companies still undergoing final verification and regulatory review, urging them to remain confident as NAICOM completes the process within the 14-day review period.
The NIA chairman assured policyholders and the wider business community that the insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to Nigeria’s economic development.
