PalmPay (www.PalmPay.com), a leading digital bank and fintech platform focused on emerging markets, has launched the PalmPay Debit Card in Nigeria in partnership with Verve, Africa’s largest domestic card scheme.

 

The launch of its debit card represents a key milestone in PalmPay’s evolution – from a mobile wallet known for it’s fee-free transfers and cashback rewards into a full-service digital banking platform offering an integrated ecosystem for payments, savings, credit, insurance, and now, card access.

 

The new PalmPay Debit Card brings advanced features such as savings yield on deposits and merchant rewards within reach for mass market users in Nigeria. With zero maintenance fees, a simple in-app application process, and nationwide delivery, PalmPay aims to convert millions of its 35 million users to become cardholders this year. The card is accepted at all merchants in the Verve network, and supports both debit and contactless transactions.

“This launch is another step forward in our mission to deliver accessible, reliable and rewarding financial services.“ said Sofia Zab, Chief Marketing Officer at PalmPay. “With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touch points, including across offline and online commerce. And for merchants, this opens up new opportunities to reach millions of Nigerian digital consumers and collaborate with us to build reward-driven experiences that boost loyalty and sales.”

Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a new reward scheme and card designed for high-volume users. It offers enhanced perks such as priority support, advanced financial tools, and exclusive merchant benefits.

With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touch points, including across offline and online commerce

With over 35 million users and a growing network of 1.1 million agents and merchants in Nigeria – and operations in Tanzania, Ghana, and Bangladesh – PalmPay is building a next-generation financial ecosystem designed to empower consumers and businesses in emerging markets. PalmPay processes up to 15 million transactions daily, underscoring the scale and reliability of its platform.

In addition to its digital banking services, PalmPay provides a suite of B2B offerings for local MSMEs and international merchants, including:

 

  • Smart POS terminals and a business app
  • Payment orchestration and checkout solutions
  • Bulk payment tools via a self-service merchant portal
  • APIs for embedding and reselling PalmPay’s services
  • Direct integration of services into the PalmPay consumer and business apps

 

“At PalmPay, we believe that building a thriving digital economy requires collaboration. From lending and insurance providers to card schemes like Verve, our ecosystem is powered by strategic partnerships.”, said Jiapei Yan, Chief Commercial Officer of PalmPay. “The launch of our debit card is another example of how we are combining cutting-edge technology with our partner strengths to deliver inclusive financial services at scale – and in doing so we empower businesses targeting Africa to grow faster, reach more customers and unlock more revenue streams.”

Vincent Ogbunude, Managing Director of Verve International, added: “We are proud to partner with PalmPay on this important milestone. Our alliance reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers.”

From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is redefining what digital banking in emerging markets can look like – personalised, comprehensive, and accessible to everyone.

As international businesses seek entry into Africa’s dynamic digital economy, PalmPay offers a trusted platform with the infrastructure, user base, and reach to help them scale.

 

…Signals Renewed Investor Confidence, Stronger External Liquidity

By Anthony Emeka Nwosu

The Central Bank of Nigeria (CBN) has announced a significant surge in the country’s Net Foreign Exchange Reserve (NFER), marking its highest level in over three years. This development underscores renewed investor confidence, enhanced external liquidity, and a substantial reduction in Nigeria’s short-term foreign exchange obligations.

According to the apex bank, Nigeria’s NFER stood at $23.11 billion as of the end of 2024 — a remarkable leap from $3.99 billion recorded at the close of 2023. In contrast, NFER figures were $8.19 billion in 2022 and $14.59 billion in 2021. The NFER metric, which adjusts gross reserves by accounting for near-term liabilities such as FX swaps and forward contracts, is considered a more accurate measure of a country’s foreign exchange buffer available to meet immediate external demands.

In parallel, gross external reserves also improved, rising to $40.19 billion from $33.22 billion recorded at the end of 2023.

The CBN attributed the rise to strategic policy initiatives, particularly the deliberate reduction of short-term FX liabilities and a renewed push for transparency and investor confidence in Nigeria’s FX market. Additionally, the country witnessed improved foreign exchange inflows from non-oil sources, which further bolstered the reserve position.

“This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability,” said Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria.

He added, “We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.”

The CBN noted that the positive trend has extended into 2025, despite some seasonal and transitional adjustments in the first quarter, including interest payments on foreign-denominated debts. The bank, however, maintains that the underlying fundamentals remain strong.

Looking ahead, the CBN projects a continued upward trend in reserves, supported by expected improvements in oil production and a more favorable export environment, especially for non-oil sectors.

The apex bank reiterated its commitment to prudent reserve management, transparent reporting, and macroeconomic policies that foster exchange rate stability, attract foreign investment, and strengthen Nigeria’s long-term economic resilience.

#CBN #FX #NigeriaEconomy #ExternalReserves

Ukrainian President Volodymyr Zelensky has issued a scathing condemnation of Russia’s latest missile attacks on Ukrainian cities and ports, urging the global community to respond with unified and decisive action. In a statement posted on X (formerly Twitter), Zelensky painted a grim picture of escalating violence and laid bare the strategic motives behind Russia’s ongoing military aggression.

According to the Ukrainian leader, the latest wave of attacks included missiles launched from Russian naval vessels stationed in the Black Sea — a calculated move he says underscores the Kremlin’s unwillingness to embrace diplomacy or work towards a meaningful ceasefire. “Today’s Russian attack included missiles launched from the waters of the Black Sea. Our partners know exactly which vessels were involved and from which part of the sea the launch occurred,” Zelensky stated.

He further argued that Russia’s continued use of the sea to target civilian infrastructure is a deliberate attempt to preserve its offensive capabilities under the guise of stalled negotiations. “This is one of the reasons why Russia is distorting diplomacy, why it is refusing to agree to an unconditional ceasefire: they want to preserve their ability to strike our cities and ports from the sea,” he said.

Zelensky emphasized that a ceasefire must go beyond simply halting land-based hostilities. He called for comprehensive maritime security as a fundamental element of any peace effort. “A ceasefire at sea is not just about free navigation and the export of food products — it is, above all, about overall security and bringing peace closer.”

The President accused Russian President Vladimir Putin of deliberately prolonging the war, stating that the Kremlin’s current strategy hinges on maintaining the ability to resume full-scale aggression at will. “Putin does not want to end the war — he is looking for ways to preserve the option of reigniting it at any moment, with even greater force,” Zelensky declared.

He reiterated the need for continued international pressure, calling on allies to strengthen Ukraine’s defensive capabilities, sustain and expand sanctions on Russia, and ensure that diplomatic engagements do not offer Moscow any opportunity to regroup or launch renewed offensives.

“If there is a ceasefire, it must be unconditional — one that does not allow for the destruction of life,” Zelensky asserted. He confirmed that Ukraine has accepted a proposal from the United States for a full and unconditional ceasefire, while noting with concern that the Kremlin has flatly refused to comply.

The Ukrainian leader expressed disappointment over the silence from Washington and called for swift responses from global powers. “We are awaiting a response from the United States — none has come so far — and we also expect a response from all in Europe and around the world who truly want peace,” he said.

As Russia’s military campaign continues to inflict widespread damage and humanitarian suffering, Zelensky’s message serves as a poignant call to action — urging the world not to turn a blind eye, but to collectively stand for justice, sovereignty, and a lasting peace in Ukraine.

 

Anthony Emeka Nwosu

Roberta Edu, the outspoken feminist and CEO of Moppet Foods, has strongly condemned the growing trend of blaming individuals for systemic healthcare failures in Nigeria, particularly in tragic situations such as maternal mortality.

Speaking in reaction to the death of a woman during childbirth, Edu expressed outrage over what she described as “misplaced conversations” that arise whenever such incidents occur.

“It is deeply troubling that, instead of demanding accountability from the government, we turn around to blame men for being poor or women for having children,” Edu said. “A woman losing her life while giving birth is not the time to talk about how a man should make money or why a woman should close her legs. That’s not just insensitive—it’s wrong.”

Edu, who leads Moppet Foods, a company known for its nutritional products for children, clarified that her stance had nothing to do with business interests. “Before anyone assumes I’m saying this because we sell more when people have more children, let me be clear: Moppet is not even targeted at low-income households. Except through a few NGO-sponsored intervention programs, most people in that category cannot afford our products. This is coming purely from common sense and empathy,” she said.

She further criticized the societal tendency to dictate family size, calling it “disrespectful and unrealistic.”

“If someone chooses to have two children because they want to send them to Harvard, that’s their dream and it makes sense to them. But others simply want to live, and if that means having ten or twenty children, it’s still valid. You are not smarter than them because your plan is different,” she asserted.

Edu also raised questions about how some Nigerians discuss sex and reproduction. “It baffles me when people suggest that a man should stop sleeping with his wife because he is not financially buoyant. That’s absurd. Sex is natural. What we should be asking is why basic healthcare wasn’t available to this woman.”

She redirected the conversation to what she called the real issue: government accountability. “Our taxes are meant to guarantee access to healthcare, education, and other basic amenities. When someone dies because they were denied these rights, it’s not their fault—it’s the government’s failure. The woman who died didn’t need money to access care; our taxes should have covered her.”

Edu ended her remarks with a powerful reminder: “Our money is not meant for politicians’ side chicks or luxury. The government must be held accountable. We are not asking for too much—we are asking for basic, quality healthcare for every Nigerian.”

Her statement has since sparked conversations on social media, with many Nigerians echoing her call for a reevaluation of how the country approaches maternal health, poverty, and public service accountability.

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced the appointment of a new senior management team, marking a significant step in its ongoing corporate restructuring and repositioning.

The new appointments, which were officially unveiled on Friday, follow the recent constitution of the company’s Board of Directors and the appointment of Mr. Bashir Bayo Ojulari as the Group Chief Executive Officer (GCEO). The newly constituted 8-member management team is expected to drive the strategic vision of the national oil giant in its new phase as a limited liability company.

According to the announcement, Mr. Roland Ewubare has been named the Group Chief Operating Officer, while Mr. Adedapo Segun takes on the role of Group Chief Financial Officer. Mr. Olalekan Ogunleye will serve as the Executive Vice President, Gas, Power & New Energy.

The team also includes Mr. Udy Ntia, Executive Vice President, Upstream; Mr. Mumuni Dagazau, Executive Vice President, Downstream; and Ms. Sophia Mbakwe, Executive Vice President, Business Services. Rounding off the appointments is Ms. Adesua Dozie, who will serve as Company Secretary and Chief Legal Officer.

All appointments are with immediate effect and are aimed at enhancing operational efficiency and corporate governance as NNPC Ltd. continues its transformation into a commercially driven energy company.

In a bold move to curb the menace of adulterated day-old chicks in Nigeria’s poultry industry, leading agritech firm Afrimash has launched a dedicated USSD code, *349*791#, aimed at empowering farmers to verify the authenticity of their chicks and access premium poultry products — all without the need for internet access.

Developed in collaboration with global non-profit Acumen, the USSD platform represents a significant leap in the fight against substandard poultry products, a persistent challenge that has cost farmers millions in losses and productivity.

A Simple Solution to a Growing Problem

For years, Nigerian poultry farmers have grappled with the growing threat of adulterated chicks, often purchased unknowingly from unverified sources. The new 349791# code offers a user-friendly and mobile-based verification process that ensures chicks come directly from certified hatcheries.

Speaking at the official unveiling, Afrimash CEO Ayoade Oyedotun hailed the initiative as a transformative tool for Nigerian agriculture.

“Poultry farmers have endured massive losses due to the circulation of adulterated day-old chicks,” Oyedotun said. “With this USSD solution, we are offering a simple, reliable, and accessible way for farmers to confirm that their purchases come directly from certified hatcheries.”Home - About Afrimash

More Than Verification: Seamless Order and Delivery Process

Beyond quality assurance, the *349*791# platform offers a complete purchase and logistics solution. Farmers can not only verify chick authenticity but also place orders for premium chicks that qualify for free nationwide shipping to over 80 designated pick-up centers across Nigeria — 35 of which are operated directly by Afrimash.

For added convenience, farmers can also opt for home delivery at an additional fee.

The platform is further enriched with features such as:

  • A chick vaccination guide for better poultry health.

  • Real-time product availability updates.

  • Price comparison tools.

  • Order tracking for a streamlined purchasing experience.

Expanding Access and Farmer Support

Afrimash has also introduced an Ambassador Program to spread awareness and encourage adoption of the USSD platform among poultry farmers. Interested individuals can join the campaign by reaching out via chicksmart@afrimash.com.

To incentivize early adoption, first-time users can receive a ₦1,000 discount on their initial order by using the referral code ‘2025’ when they dial *349*791#.

“Our goal is to connect farmers to quality inputs quickly and conveniently using digital tools while also building their digital identities to improve their access to finance,” said Oyedotun.

Afrimash is also scaling its farmer support offerings by delivering agricultural consultancy services via mobile and organizing monthly webinars that provide expert guidance on poultry management and farm productivity.

Driving Market Linkages for Poultry Farmers

In addition to its work in the hatchery space, Afrimash is leveraging its digital platforms to bridge the gap between farmers and quality offtakers, providing broader market visibility for poultry products and increasing farmer incomes.

With the launch of *349*791#, Afrimash is not just launching a USSD code — it’s laying the groundwork for a more transparent, productive, and farmer-friendly poultry sector in Nigeria.

Yes, They Abolished Transfer Fees.

This Friday morning, I will walk into a Sterling Bank branch in Abuja—not just to open a bank account, but to make a statement. A statement in support of a bank that chose compassion over corporate greed, and the people over profits. Sterling Bank has made a bold move—eliminating transfer charges that other banks have stubbornly held onto. And for that, they deserve to be celebrated.

Let me be clear: this is not just about ₦10 or ₦50 per transaction. This is about principle. This is about justice.

In 2020, and again in 2023, I publicly called on the Central Bank of Nigeria and President Bola Ahmed Tinubu to alleviate the financial burden on Nigerians by eliminating the stealthy, exploitative charges embedded in our banking system. I received no response. No action. Just silence.

But then came Sterling Bank.

They listened. They acted.

They willingly walked away from ₦13.56 billion in annual revenue—4.13% of their total earnings—just to give Nigerians a little more breathing room in these difficult times.

Think about that for a moment: ₦13.56 billion voluntarily sacrificed so ordinary people could keep more of their own money.

Now contrast that with what other banks are doing.

In 2024 alone, four major banks—Zenith Bank, GTCO, UBA, and First Bank—raked in a staggering ₦186 billion in transfer fees from Nigerians.

₦186 billion. That’s more than the combined federal budget allocations for six top-tier universities—UNN, ABU, UI, OAU, Unical, and Unilag—for the year 2025. It’s also about 60% of the entire 2025 budget of Yobe State.

Meanwhile, these same banks are posting record-breaking profits. Removing transfer fees would barely scratch their bottom lines:

  • GTCO: ₦15.47 billion from transfer charges—just 1.22% of its total revenue
  • UBA: ₦48.36 billion—1.52%
  • Zenith Bank: ₦80.05 billion—2.02%
  • First Bank: ₦42.55 billion—1.41%

These aren’t life-or-death figures. They are comfortable margins earned by repeatedly charging ordinary Nigerians for the simple act of transferring their own money—millions of times over.

The reality is painful but clear: they won’t stop unless we make them stop.

If the banks won’t change, then we must change banks.
If the regulators remain silent, then we must raise our voices—with our wallets.

Sterling Bank has illuminated a different path. They’ve proven that it’s possible to run a smart, tech-forward, profitable financial institution without exploiting the very people they claim to serve.

So, yes, I am acting.

Opening an account with Sterling Bank is more than a personal choice—it is a protest against economic exploitation. It is a vote for fairness, innovation, and integrity in Nigeria’s banking sector.

This Friday, let’s make it a movement.

Let’s make it #OpenSterlingAcct Day.
Let your money speak for justice.
Let your bank reflect your values.

Tag your current bank.
Tag your friends.
Tell them: We’ve done the math, we’ve seen the numbers—and we’re done paying for digital oppression.

#SterlingBank #NoTransferFees
#RewardGoodBehaviour #BankingRevolution
#NigeriansDeserveBetter #VoteWithYourWallet

Osita Chidoka
3 April 2025


.

— By Anthony Nwosu | April 2, 2025

As nations across the globe grapple with fiscal imbalances, inflation, and post-pandemic recovery challenges, a new report has spotlighted the top 15 countries most indebted to the International Monetary Fund (IMF), revealing Argentina as the largest debtor with a staggering $31.10 billion obligation.

According to data released by Statisense on April 2, 2025, the list underscores the growing reliance of struggling economies on IMF support amidst global economic instability, currency devaluation, and domestic policy constraints.

Top 5: Heavily Reliant and Highly Indebted

Argentina leads the chart with a monumental $31.10 billion owed to the IMF. The South American giant has long struggled with chronic inflation, currency depreciation, and successive debt restructuring negotiations. The country’s reliance on IMF support intensified in recent years following a series of bailouts and economic reform packages.

Ukraine ranks second with $10.86 billion in IMF debt, a reflection of ongoing war-induced fiscal strain and the high costs of rebuilding critical infrastructure amidst continued geopolitical tension with Russia.

Egypt comes in third with $8.63 billion. The North African nation has faced mounting economic pressure due to dwindling foreign reserves, soaring inflation, and structural reform obligations tied to IMF assistance.

Ecuador ($6.43 billion) and Pakistan ($6.23 billion) round out the top five. Both nations have faced balance of payment crises and have negotiated multiple funding tranches from the IMF to stabilize their fragile economies.

Sub-Saharan African Economies Under the Lens

Several African nations also feature prominently on the list, highlighting the continent’s fiscal vulnerabilities:

  • Kenya owes $3.02 billion, reflecting its ongoing battle with public debt servicing and currency devaluation.
  • Angola follows closely with $2.84 billion, largely due to oil price shocks and fiscal management challenges.
  • Côte d’Ivoire and Ghana carry debts of $2.68 billion and $2.48 billion respectively, with both West African nations embarking on aggressive reform paths to meet IMF conditions and restore investor confidence.
  • Democratic Republic of Congo (DRC) and Ethiopia owe $1.79 billion and $1.46 billion respectively, underscoring the IMF’s expanding role in supporting fragile states and post-conflict economies.

Asia and Middle East Also Represented

In South and Southeast Asia, Bangladesh ($2.00 billion) and Sri Lanka ($1.52 billion) have turned to the IMF for lifelines amid economic instability. Sri Lanka, in particular, has undergone a dramatic debt crisis and near default that necessitated urgent multilateral aid.

Jordan ($1.49 billion) and Costa Rica ($1.88 billion) also feature on the list, reflecting the IMF’s global footprint in providing emergency financing and extended credit facilities.

Global Financial Outlook

These figures highlight the continued dependence of economically vulnerable nations on multilateral institutions. As the IMF plays a pivotal role in global financial stability, these debts raise key questions about the sustainability of repayment, the social costs of reform conditions, and the need for broader systemic solutions to prevent perpetual indebtedness.

With many of these countries facing rising debt-to-GDP ratios, high inflation, and social unrest stemming from austerity measures, observers are calling for debt restructuring conversations and innovative financing solutions to ease their burdens and foster inclusive growth.

Source: IMF Data via Statisense
Reporting: Tech and Biz News NG | www.techandbiz.com.ng

 

The World Autism Awareness Day celebration at Eagles Square, Abuja, was marked by a remarkable showcase of talent, resilience, and determination, with a special focus on the achievements of Guinness World Record holder Kanyeyachukwu Tagbo Okeke.

The event drew a diverse crowd, including government officials, disability rights advocates, educators, parents, and children with special needs. Attendees were treated to a vibrant atmosphere filled with inspiring speeches, artistic performances, and interactive sessions aimed at promoting awareness and inclusivity for persons with autism. The venue was adorned with colorful banners and artwork created by individuals with special abilities, further emphasizing the theme of empowerment and creativity.

Peter Obi, the presidential hopeful of the Labour Party, attended the event and lauded Kanyeyachukwu’s extraordinary feat in painting on canvas. The young artist set a new global record by creating the largest art canvas, measuring an astonishing 12,303.87m² in just four months, surpassing the previous record of 9,652m², which was accomplished in seven months by another individual.

Speaking at the event, Obi emphasized the crucial role of youth-led initiatives in fostering a more inclusive and progressive society. He highlighted that Kanyeyachukwu’s achievement serves as a testament to the boundless potential that exists within every individual, regardless of the challenges they face.

“Kanyeyachukwu’s story is not just an inspiration; it is proof that with determination, encouragement, and the right opportunities, greatness can emerge from the most unexpected places,” Obi stated. “His success reinforces the urgent need for inclusivity, support, and opportunities for persons with special abilities.”

Obi called for a stronger commitment to nurturing talent, creativity, and hard work, urging society to recognize and celebrate individuals of all abilities. He reiterated the need for continued investment in fundamental pillars of human development, including education, healthcare, and poverty alleviation.

“As a nation, we must remain committed to building a society that leaves no one behind,” he added. “By fostering an inclusive environment, we can ensure that every individual has the opportunity to thrive and contribute meaningfully to national development.”

The World Autism Awareness Day event served as a powerful reminder of the need for continuous advocacy and action to create an inclusive society where every person, regardless of their abilities, can achieve their full potential. The event concluded with a heartfelt applause for Kanyeyachukwu and other talented individuals who showcased their artistic abilities, reinforcing the importance of supporting and celebrating neurodivergent individuals in all spheres of life.

Anthony Emeka Nwosu.

 

Nigeria has assumed a pivotal role in Africa’s data protection landscape as Dr. Vincent Olatunji, National Commissioner/CEO of the Nigeria Data Protection Commission (NDPC), has been appointed as the Chair of the Anglophone Countries Committee of the Network of Africa Data Protection Authorities (NADPA). The appointment was confirmed during the Committee’s meeting on Wednesday, April 2, 2025.

The Anglophone Countries Committee serves as a key multilateral platform for promoting data privacy and protection among English-speaking African nations. In his acceptance speech, Dr. Olatunji expressed his appreciation for the confidence placed in Nigeria’s leadership, emphasizing the importance of collective efforts in safeguarding the privacy rights of Africa’s 1.4 billion citizens within the global data processing ecosystem.

“This is a crucial phase in Africa’s journey toward data privacy and protection. We must see this task as a shared responsibility to ensure the rights of data subjects across the continent are upheld,” Dr. Olatunji stated.

Nigeria’s leadership in data protection is further solidified as the country prepares to host the 2025 NADPA Annual General Meeting and Conference from May 6 to May 8, 2025. Themed “Balancing Innovation in Africa: Data Protection and Privacy in Emerging Technologies,” the conference aims to highlight Nigeria’s progress under President Bola Ahmed Tinubu, GCFR, in fostering a sustainable digital economy.

The upcoming event is expected to bring together key stakeholders in the data protection sector, policymakers, and industry experts to discuss strategies for balancing technological advancements with privacy safeguards across the continent.