Economy
Nigerians Opt for Alternatives as Fintechs Halt Virtual Dollar Cards
By Adedapo Adesanya
Nigerians were thrown into a fit of worry when Barter card, the virtual dollar card service from a Nigerian fintech company on Sunday, July 17, 2022, became unavailable to users.
The company in a mail said the shut down of the service was “due to an update from our card partner, which will cause the card service to be unavailable for an extended period of time.”
This meant that Nigerians using the service are now unable to make online payments and purchases using the Barter virtual dollar card.
They will also be unable to fund existing virtual cards, as the cards will be terminated and the corresponding balance credited to customers’ payment balance.
This means online transactions such as paying for Facebook ads, buying on Amazon, on Google, Spotify or even subscribing to Netflix, and YouTube, among others, are now halted.
Users have, therefore, been advised to unlink their dollar cards from any recurring payments plan they have attached and replace them with another payment method.
Other African fintechs such as Eversend, Klasha, Busha, GetEquity, and Payday sent identical messages to their customers.
This is happening because Union 54, whose API allows companies to issue debit cards to their customers and employees without needing a bank or a third-party processor, is experiencing issues relating to chargeback.
Here, Union54 cardholders claim to have not initiated purchases before proceeding to dispute a transaction, placing a complaint and contacting the issuing bank for a chargeback.
Business Post gathered from people familiar with the matter that Union54 might be taking a step back to build better chargeback, reconciliation, and settlement processes.
Nigerians are now seeking alternatives including Sudo Africa, Chipper Cash, Mono, ALAT by Wema, Bitmama, among others.
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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