Economy
MTN, MasterCard, UBA Enable Safer Mobile Money Services in Uganda
By Dipo Olowookere
A deal to enable quicker, safer and more convenient online payments in Uganda has been entered into by the trio of MTN Uganda in partnership with MasterCard and United Bank for Africa (UBA).
Through this partnership, MTN MoMo customers will use a virtual card to shop or make payments at the vast network of global outlets accepting MasterCard payments.
The launch of the virtual card that is known as MTN MoMocard will ensure MTN’s ability to provide its customers access to products and services previously a preserve of physical credit card holders while diversifying its mobile money portfolio. Additionally, the partnership will result in a wide range of cutting-edge digital payment solutions being introduced in Uganda.
“MTN MoMo is helping to connect more Ugandans to new forms of commerce,” said Wim Vanhelleputte, Chief Executive Officer, MTN Uganda. “Our affordable mobile financial services are positively impacting communities and lifestyles in Uganda. This is evidenced by the phenomenal growth in both the number of customers and volume of transactions over the years,” he added.
Like a debit card that is linked to a bank account, the MTN MoMocard is linked to a customer’s MTN MoMo account but is accessible on any type of mobile phone. All a customer has to do is dial 165*70# and follow the instructions.
The MTN MoMocard can be used on any merchant platform that accepts Mastercard – locally and globally. Consumers that travel frequently for business or leisure, or those that shop online will enjoy the convenience of the easy-to-use solution.
Vice President, Market Development, Sub-Saharan Africa at MasterCard, Ms Ngozi Megwa, stated that, “Besides the ability to connect more consumers to a solution that enables them to pay without cash, the virtual card also supports the growth of e-commerce in Africa and supports businesses who want to appeal to a wider audience. Digital payments is shaping commerce, the backbone of any economy. We are excited about the MTN partnership and its ability to connect us with an audience hungry for innovation.”
The MTN MoMocard is powered by United Bank for Africa, which facilitates the payment transactions online, both locally and internationally.
“UBA is excited to be the bank partner with MasterCard and MTN on this milestone project that not only enhances convenience for mobile money customers but also the utility of the service. The bank recognises the role of technology in enhancing financial services delivery and welcomes future similar partnerships,” said Johnson Agoreyo, the UBA Managing Director/Chief Executive Officer.
Economy
SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs
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.
Economy
Fidson Lists Additional 600 million Shares on Stock Exchange
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.”
Economy
FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure
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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