By Adedapo Adesanya

The National Institute of Credit Administration (NICA) has urged Nigerians to support the Buy Now, Pay Later (BNPL) model.

BNPL is a short-term financing option, common in e-commerce and retail, that allows consumers to make purchases and pay for them in installments, usually without interest if paid on time.

According to the Registrar and chief executive of NICA, Mr Chris Onalo, in a statement, the ‘cash and carry’ approach slows economic growth, adding that in contrast, buy now, pay later creates opportunities for small businesses to thrive and expand.

He also explained that the government’s ongoing loan schemes, saying the initiatives would bring prosperity to small businesses and citizens

He highlighted that President Bola Tinubu’s credit policy addresses micro, small and medium enterprises (MSMEs) key challenges, adding that establishing a guarantee system helps absorb bankable risks and enhances financial inclusion.

Mr Onalo emphasised that the National Credit Guarantee Company (NCGC) will resolve the long-standing issue of collateral.

“Lack of security has historically hindered MSMEs’ access to bank financing.

“Tinubu is quietly and carefully laying a cornerstone for economic stability. A credit economy is essential for sustainable growth and development,” he said.

He explained that no developed economy thrives without credit, stressing that access to credit is crucial for resilience and long-term economic sustainability.

Mr Onalo noted that the consumer credit initiative led by the Nigerian Consumer Credit Corporation (CREDICORP) will boost the economy. It will also improve Nigerians’ living standards.

According to him, NICA is committed to educating Nigerians on the benefits of credit. Credit access is vital for citizens’ well-being and overall economic growth.

“This government is restructuring Nigeria’s economy. It aims to create a well-shaped, sustainable system that supports hardworking and creative Nigerian entrepreneurs.

“When fully implemented, Nigeria will become a thriving economy. It will attract Nigerians in the diaspora and black people worldwide,” he said.

He stressed the importance of an economic stabilisation system, adding that wealth should be concentrated in citizens’ hands to enhance economic resilience.

He noted that Tinubu identified “consumer credit culture” as a key pillar of his economic growth strategy upon assuming office.

He attributed current economic hardships to past governments’ failures.

“A lack of people-centred policies hindered productivity, entrepreneurship, job creation, and industrialisation.

“NICA, as an independent professional entity, recognises Tinubu’s economic reforms. Though slow, they are laying the foundation for a resilient economy.

“A nation with strong credit access, particularly for MSMEs, will experience exponential economic growth,” Mr Onalo stated.

He said prioritising people’s empowerment would drive industrialisation.

According to him, this will create jobs, improve living standards, and increase government revenue streams.

Mr Onalo also emphasised that MSMEs drive national prosperity, as indigenous business owners would evolve into conglomerates, blue-chip companies, and multinational corporations.

By Adedapo Adesanya

The embattled former Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, was absent when the chamber resumed plenary on Thursday, almost a month after his ouster by his colleagues while he was out of the country.

Mr Obasa was impeached on January 13 over allegations bordering on financial misconduct and abuse of office.

Many also believed that the Agege-based politician’s ambition to be Lagos State governor come 2027 was an unspoken factor, a move he said in December 2024 was well within his rights.

Although he won’t lead the house as the Speaker following his impeachment, he remains a member of the legislature until 2027.

The Lagos Assembly comprises 40 lawmakers of the ruling All Progressives Congress (APC), representing the 20 Local Government Areas of the state. At the plenary today, only 36 lawmakers were present.

Business Post reports that issues surrounding the former speaker were not raised on the floor of the House on Thursday, indicating that lawmakers may have moved on from the matter.

On issues discussed, the lawmaker representing Epe Constituency I, Mr Abiodun Tobun, commended the economic policy of the federal government, saying insecurity in Lagos has been curbed to the barest minimum.

Mr Tobun also moved a motion, asking the House to write a letter of commendation to the presidency for all the impactful initiatives introduced by the federal government.

On his part, the lawmaker representing Eti-Osa constituency II, Mr Gbolahan Yishawu, also reeled out various initiatives introduced by the Federal Government, alongside other lawmakers.

The Speaker of the House, Mrs Mojisola Meranda, joined in applauding President Bola Tinubu, expressing confidence in his leadership.

According to her, the President has approved loan access for small-scale businesses, and the stock market capitalisation is growing. She noted that these were signs that Nigeria was on the right track.

She noted that Mr Tinubu is also making significant investments in security to ensure the safety of Nigerians and also praised First Lady, Mrs Remi Tinubu, for her dedication to national development.

By Adedapo Adesanya

Verto, the global fintech powering enterprise-grade cross-border payments, FX, and banking solutions across emerging markets, has launched the Verto Global Business Award—a transformative initiative to recognize and accelerate the growth of early-stage startups.

The prize comes with a pool of up to $15,000 and will spotlight the most promising sector-agnostic startups with global potential, equipping them with the resources needed to scale, and expand into new markets, while building international supplier connections.

According to a statement shared with Business Post, “This initiative underscores Verto’s ongoing commitment to breaking down payment barriers and enabling seamless global trade.”

Starting on Thursday, February 6 2025, applications will open to early-stage startups, that have been operating for a maximum of two years in South Africa, Nigeria, and Kenya. Winners will be selected based on their market impact, innovation, and business growth potential.

Eligible startups must demonstrate multiple market operations and connections with international suppliers, the organisers noted.

The winner, runner-up and second runner-up will be announced on 10th October 2025 and awarded $10,000, $3,000, and $2,000 respectively to accelerate their global expansion and streamline their cross-border operations.

Speaking on the launch of the Verto Global Business Award, Mr Ola Oyetayo, CEO and Co-Founder of Verto said, “The world today is more connected than ever, and for startups, access to global markets isn’t just an advantage – it’s a game changer. Payments are at the heart of this, and, at Verto, we’ve spent years breaking down financial barriers, enabling businesses to send and receive money effortlessly while connecting Africa and other emerging markets to the world.

“The Verto Global Business Award takes this a step further, equipping the next generation of entrepreneurs with the resources and global recognition they need to scale and compete on a global stage.”

The Verto Global Business Award is designed to help startups tap into this growth, fostering innovation and supporting businesses in Africa’s economic transformation.

Since its launch in 2017, Verto has remained at the forefront of facilitating cross-border transactions. With its cutting-edge technology, the company enables businesses of all sizes to make secure and seamless cross-border payments, convert between 50 currencies at competitive exchange rates, and instantly send and receive money in over 200 countries.