The Nation Newspaper

Category: Business

  • UN warns of hunger after global funding collapse

    UN warns of hunger after global funding collapse

    Nearly 35 million Nigerians are at risk of hunger this year, including 3 million children facing severe malnutrition, following the collapse of global aid budgets, the United Nations (UN) said Thursday.

    Speaking at the launch of the 2026 humanitarian plan in Abuja, UN Resident and Humanitarian Coordinator Mohamed Malick Fall said the long-dominant, foreign-led aid model in Nigeria is no longer sustainable and that Nigeria’s needs have grown.

    Conditions in the conflict-hit northeast are dire, Fall said, with civilians in Borno, Adamawa and Yobe states facing rising violence. A surge in suicide bombings and widespread attacks killed more than 4,000 people in the first eight months of 2025, matching the toll for all of 2023, he said.

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    The UN can only aim to deliver $516 million to provide lifesaving aid to 2.5 million people this year, down from 3.6 million in 2025, which in turn was about half the previous year’s level.

    “These are not statistics. These numbers represent lives, futures and Nigerians,” Fall said.

    He also said the UN had no choice but to focus on “the most lifesaving” interventions given the drop in available funding.

    Shortfalls last year led the World Food Programme to also warn that millions could go hungry in Nigeria as its resources ran out in December and it was forced to cut support for more than 300,000 children.

    Fall said Nigeria was showing growing national ownership of the crisis response in recent months through measures such as local funding for lean-season food support and early-warning action on flooding.

  • Mubarak is MD for BOI Investment & Trust Company

    Mubarak is MD for BOI Investment & Trust Company

    Bank of Industry (BOI) has appointed  Olayinka Mubarak as the Managing Director of BOI Investment & Trust Company Limited (BOI-ITC), its wholly owned subsidiary.

    Olayinka brings over 25 years of experience in banking and financial services, spanning development finance, treasury management, public sector, commercial and retail banking, corporate and private banking, and investment banking. She has also attended numerous local and international training programmes, equipping her with global perspectives and best practices in financial services, leadership, and governance.

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    Prior to her appointment, she held various senior leadership roles at the Bank of Industry, where she was part of the team that drove significant impact across key sectors of the economy.

    In 2017, she was appointed by the Federal Government to the Board of the Solid Minerals Development Fund (SMDF), further underscoring her experience in governance and public sector oversight.

    As Managing Director, Olayinka will provide strategic leadership for BOI-ITC, overseeing its core business areas of trusteeship, custodial services, financial planning, and advisory services, with a focus on strong governance, operational excellence, and sustainable value creation.

  • AI, energy inseparable for sustainable future

    AI, energy inseparable for sustainable future

    The relationship between Artificial Intelligence (AI) and energy has become entirely inseparable, acting as both a critical dependency and a transformative catalyst for a sustainable future.

    As AI workloads grow, energy is no longer just an operational input but a defining constraint that is driving major investments in, and reorganization of, power infrastructure, a global energy technology leader, Schneider Electric, has said.

    Its CEO Olivier Blum who spoke when he led the company’s delegation to the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, said the company will champion collaboration across industries to advance energy technology.

    “It is clear we have entered a new era where AI and energy are inseparable, and together, they will reshape every business.

    “AI requires compute, and compute requires energy. That is why the world needs greater energy intelligence. Customers across every sector are facing the same challenge, the same opportunity: using energy efficiently.

    “As your energy technology partner, we electrify, automate, and digitalise every industry, business, and home, driving efficiency and sustainability for all. And we do not simply connect systems; we create ecosystems where AI, data, and people work together seamlessly. Let us take the opportunity at Davos to advance energy technology together,” Blum said.

    The company, he said, will be making several announcements over the course of this year’s Annual Meeting.

    The company has been recognised in Cohorts 1 and 2 ofMeaningful, Intelligent, Novel, Deployable Solutions (MINDS), the Forum’s global programme highlighting high impact, real world AI applications. The CEO will accept the trophy for EcoStruxure Microgrid Advisor and Snaplogic Touchscreen Room Controller at the winners’ reception during the WEF Annual Meeting on January 20, 2026.

    The Forum’s Global Lighthouse Network, which identifies and awards the most advanced operational sites in the world, has awarded Schneider Electric’s Wuhan factory. It is one of only three factories globally to be awarded a distinction for talent, a newly introduced category this year. This recognition marks Schneider Electric’s ninth Lighthouse award. The factory was honoured for pioneering a future-ready, people-centric workforce model that bridges the skills gap and sets a new benchmark for manufacturing resilience.

    EVP of Energy Management at Schneider Electric, Frédéric Godemel, will convene a cross-industry cohort of global decision-makers and influencers on behalf of the Bloomberg New Economy Energy Technology Coalition. This will be the first significant meeting for the Coalition, which aims to accelerate the adoption of technologies that make energy consumption more efficient, resilient, and responsive amid soaring global electricity demand.

    Schneider Electric and EDP have jointly initiated EDGE Transition, a global accelerator that will empower social entrepreneurs delivering clean, affordable energy solutions and inclusive economic opportunities in underserved communities.

    The programme supports early-stage impact ventures through mentorship, technical validation, strategic partnerships, and access to patient, risk tolerant capital, inviting solutions that serve underserved communities and advance equitable access to energy. This initiative aims to accelerate the energy transition and drive global electrification for a sustainable impact.

  • Tinubu approves incentives to unlock jobs, FX inflows from Shell’s Bonga Southwest project

    Tinubu approves incentives to unlock jobs, FX inflows from Shell’s Bonga Southwest project

    President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep-offshore oil project by Shell Plc and its partners, in a move aimed at unlocking jobs, boosting foreign-exchange inflows and accelerating new capital investment in Nigeria’s energy sector.

    The President also directed the Special Adviser on Energy, Olu Verheijen, to facilitate the gazette of the incentives in line with Nigeria’s existing legal and fiscal frameworks.

    Speaking while receiving a Shell delegation led by its Global Chief Executive Officer, Wael Sawan, Tinubu said the incentives were carefully designed to attract fresh investments without eroding government revenues.

    According to a statement by his Special Adviser on Media and Public Communication, Sunday Dare, the President said: “These incentives are not blanket concessions. They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition.”

    He added that the administration expects the Bonga South West project to reach a Final Investment Decision (FID) within his first term in office.

    “My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration,” Tinubu stated.

    The President described the project as strategic to Nigeria’s economy, noting that it has the potential to create thousands of direct and indirect jobs, generate substantial foreign-exchange inflows and deliver sustained government revenues over its lifespan. 

    He said the development would also deepen Nigerian participation in offshore engineering, fabrication, logistics and other energy-related services.

    Read Also: Shell plans fresh $20bn investment in Nigeria, NNPCL — Ojulari 

    Tinubu reaffirmed his administration’s commitment to policy stability, regulatory certainty and speed, stressing that these elements are critical to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investments.

    He further acknowledged that Shell and its partners have invested nearly $7 billion in Nigeria over the past 13 months, particularly in the Bonga North and HI projects, describing the inflows as evidence that ongoing economic and energy-sector reforms are yielding tangible results.

    Sawan said Nigeria’s investment climate had improved significantly under the Tinubu administration, adding that Shell was increasingly confident in the country as a destination for long-term energy investments.

    The Shell delegation included senior executives from the company’s global and Nigerian leadership teams.

  • Nigeria’s Industrial policy targets 25 per cent contribution to GDP

    Nigeria’s Industrial policy targets 25 per cent contribution to GDP

    The Federal Government has unveiled the Nigerian Industrial Policy (NIP) aimed at driving value addition, industrial growth, employment creation across the country, and ensuring that the manufacturing sector contributes up to 25 percent to the nation’s Gross Domestic Product (GDP).

    Speaking at the soft launch of the policy in Lagos during the presentation of the Nigerian Economic Summit Group (NESG) Macroeconomic Outlook Report for 2026, Nigeria’s Minister of State for Industry, Senator John Enoh, described the policy, which was approved and validated in 2025, as a strategic step toward translating Nigeria’s industrial potential into measurable productivity.

    “Over the last year, discussions about industrialisation have become more public. This policy was shaped with industry, not for industry, to ensure that every Nigerian has a stake and that implementation is front and centre,” he said.

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    According to him, the policy aligns with President Bola Tinubu’s eight-point national agenda, particularly Agenda Seven on diversification and industrialisation.

    The minister explained that the framework is built on six pillars: competitive industrial production; value-chain deepening; import substitution; MSME-to-industry transition; trade competitiveness under the AfCFTA framework; and institutional governance.

    “These pillars are designed to address Nigeria’s long-standing challenges, such as fragmented value chains, high import dependency, and limited manufacturing capacity. The policy aims to raise manufacturing’s contribution to Nigeria’s GDP to between 20per cent and 25per cent by 2030,” Enoh stated.

    He cited the recent temporary ban on raw shea nut exports as an example of the need for structured value addition and regulatory clarity.

    “We did not produce a policy just to admire it. A small committee is already working on implementation, because what matters most is turning strategy into jobs, productivity, and employment,” he said.

    The minister revealed that the formal launch of the policy is scheduled for next month, with President Tinubu expected to preside over the event.

    “The Ministry of Industry, Trade and Investment and the Nigerian Economic Summit Group (NESG) are expected to collaborate closely to ensure wide stakeholder engagement and effective implementation. The question is no longer what the policy is. The question is how we deliver. Nigeria’s industrial future will not be built by chance, but by deliberate policy, disciplined execution, and collective resolve,” he added.

  • Sugar tax detrimental to manufacturing sector, says Yusuf

    Sugar tax detrimental to manufacturing sector, says Yusuf

    The Chief Executive Officer, Center for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, yesterday described the proposition of a sugar-specific tax as “misplaced, economically risky and weakly supported by empirical evidence.”

    According to him, the country’s economy remains in a delicate recovery phase, therefore, introducing additional sugar-specific taxes at this time risks reversing recent industrial gains, weakening employment outcomes and undermining the objectives of ongoing manufacturing-friendly fiscal reforms.

    Yusuf  added that the proposition, if admitted, it is not adequately contextualised within Nigeria’s prevailing structural, social and macroeconomic realities because advocacy for sugar taxation in the country is largely driven by externally derived policy templates, particularly those associated with global health institutions.

    The CCPE, an economic think-tank group, further argued that while public health challenges such as diabetes and cardiovascular diseases undoubtedly warrant urgent attention, it noted that global best practice does not support sugar taxation as a sustainable or standalone solution to non-communicable diseases—especially in economies characterised by high inflation, weak purchasing power, fragile industrial recovery, and widespread poverty, such as Nigeria.

    “Public health objectives and economic growth are not mutually exclusive. What Nigeria requires is balanced, holistic and development-conscious policymaking, rather than additional fiscal pressure on one of the most important segments of the manufacturing sector.

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    “Nigeria’s food and beverage industry remains the largest and most dynamic segment of the manufacturing sector, with the non-alcoholic beverages sub-sector playing a particularly significant role,” Yusuf, said.

    Citing data from the National Bureau of Statistics (NBS), Yusuf noted that the food and beverage industry contributes approximately 40 per cent of total manufacturing output, making it a critical driver of industrial growth, employment and value creation.

    Beyond factory-level operations, Yusuf further argued, the sector sustains an extensive value chain that spans farmers, agro-input suppliers, processors, packaging companies, logistics providers, wholesalers, retailers and the hospitality industry.

    Collectively, he said, these activities support millions of livelihoods nationwide, therefore any policy that undermines this sector carries wide-ranging economic consequences, including job losses, declining household incomes, reduced investment, and setbacks to poverty-reduction efforts.

    “Manufacturers of non-alcoholic beverages are among the most heavily taxed and cost-pressured businesses in the Nigerian economy. Their existing fiscal obligations include30 per cent Company Income Tax; 7.5 per cent Value-Added Tax (VAT); ₦10 per litre excise duty; four per cent National Development Levy on assessable profits; four per cent Free On Board (FOB) levy on imported inputs; import duties of five per cent to 15 per cent on intermediate raw materials; 0.5 per cent ECOWAS levy; property taxes at sub-national levels; multiple state and local government levies, among others,” Yusuf listed.

    He said these fiscal pressures are further compounded by Nigeria’s challenging operating environment, including high energy costs, prohibitive logistics expenses, exchange-rate volatility and elevated interest rates, with a resultant cumulative effect being rising production costs, shrinking margins, subdued investment appetite and higher consumer prices.

    He noted that while taxation may marginally influence consumption patterns, it does not address the root causes of health issues, yet, the economic costs of additional taxation—higher consumer prices, reduced demand, job losses and weakened industrial investment—are immediate, tangible and potentially severe.

  • Nigeria’s cashew exports to EU rise by 12 per cent

    Nigeria’s cashew exports to EU rise by 12 per cent

    Nigeria’s cashew exports to the European Union climbed to 3,035 metric tonnes in 2025, representing a 12 per cent increase from the 2,709 tons shipped in 2024, a performance that stood out in a year of uneven supply from several African producers.

    Globally, Nigeria’s cashew nut exports surged to $398.135 million in the first half (H1) of last year , representing an 81.15 per cent  increase compared to $219.780 million in the same period of 2024.

    New trade data from Mundus Agri, a news and trading platform for the global food and feed commodity market, showed that Nigeria was among the few countries to expand exports to the EU at a time when competition intensified and prices surged.

    Mundus Agri said in its latest market update EU imported a total of 193,772 tons of cashews in 2025, up 4.6 percent from 185,189 tons the previous year. Vietnam remained by far the largest supplier, increasing its exports to the EU by 4.7 per cent to 138,287 tons and consolidating its dominance of the European market. Côte d’Ivoire posted the strongest growth among major exporters, boosting shipments by nearly 35 per cent to 32,153 tons, a performance that reflects the country’s expanding role as a leading raw cashew origin.

    India, traditionally a cornerstone of the global cashew processing industry, moved in the opposite direction. Its exports to the EU fell by almost 14 per cent to 8,774 tons, highlighting structural shifts in trade flows and the growing competition faced by Asian processors from African raw nut suppliers.

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    Beyond volumes, the value of the EU cashew market surged sharply. According to Mundus Agri, the bloc’s cashew import bill rose to just over €1.24 billion in 2025, almost 21 percent higher than in 2024.

    “The increase was driven not only by higher import volumes but, more importantly, by a significant rise in prices,” the platform noted, with the average import price climbing to €6.41 per kilogramme.

    Nigeria remains a relatively small supplier compared with Côte d’Ivoire or Vietnam, the increase in shipments translated into stronger export earnings and renewed attention on the country’s cashew sector.

     Nigeria has the potential to play a larger role in the EU market if longstanding challenges around quality consistency, logistics and domestic processing are addressed.

    Last year, the Nigerian Export Promotion Council (NEPC) said the country was pushing to expand its foothold in the global cashew industry.

    Executive Director/Chief Executive, NEPC, Nonye Ayeni emphasised the rising significance of cashew within Nigeria’s export portfolio.

    According to export data, cashew nuts surged to the third position among 234 products exported from Nigeria in the first half of last year, recording a value of $398.135 million, an 81.15  per cent increase compared to $219.780 million in the same period in 2024.

    Cashew kernels also showed significant growth, moving from the 18th position in 2024 to 14th in the first half of last year, with exports rising 40.29 per cent  to $26.851 million.

    According to her, these trends reflect a growing global demand for both raw and value-added cashew products and underline Nigeria’s increasing relevance in the global nut trade.

    “Nigeria currently ranks 4th globally in cashew nut production, reflecting the immense capacity we hold as a nation to lead in this dynamic industry. These figures are not just statistics, they are a powerful signal that the time to invest, innovate, and scale the cashew value chain is now.

     “Over the last decade, the global cashew industry has witnessed robust growth, fueled by rising demand for cashew nuts and kernels in health-conscious markets across Europe, North America, and Asia,” Ayeni said.

    She added that Nigeria, blessed with vast arable land and enterprising farmers, is well-positioned to become a dominant player in the dynamic global value chain.

    She highlighted the opportunities include, a surge in global demand for cashew products, Increasing awareness of cashews as a nutritious, value-packed food, Strong potential for local value addition and industrial processing and the empowerment of smallholder farmers through improved livelihoods.

    However, she acknowledged challenges facing the sector, including price volatility, climate-related risks, quality control, and limited access to finance for smallholder farmers. Addressing these issues, NEPC pledged to deepen public-private collaboration, expand technical support, and improve institutional frameworks to drive sustainable industry growth.

    NEPC called on farmers, processors, exporters, policymakers, and investors to harness the tool for strategic planning and to work collectively to position Nigeria not just as a cashew exporter, but as a hub for premium, value-added cashew products in the global marketplace.

  • Remita seeks collaboration to expand Africa’s digital infrastructure, others

    Remita seeks collaboration to expand Africa’s digital infrastructure, others

    The Managing Director of Remita Payment Services Limited, DeRemi Atanda has called for fintech collaboration and boosting of digital infrastructure to determine Africa’s economic trajectory and payment system.

    He spoke at the the inaugural Pan-African Payments and Settlement System Cowry Conference in Lagos attended by central bankers, commercial bankers, fintech leaders, regulators and policymakers.

    The stakeholders examined the theme “Connecting Payments. Accelerating Africa’s Trade.” The event was hosted by the Pan-African Payment and Settlement System under the guidance of Afreximbank, the African Union and the AfCFTA Secretariat.

    Throughout the conference, the message was consistent: Africa is deliberately designing a payments ecosystem rooted in its realities, ambitions and economic future. With PAPSS, the AfCFTA gains the operational backbone it needs to convert trade policy into executable commerce and commerce into continental prosperity.

    In his keynote, PAPSS Chief Executive Officer, Mike Ogbalu III, traced today’s payment challenges to historical fragmentation and currency silos that continue to hinder Africa’s ability to trade with itself. He stressed that PAPSS is being built as a shared infrastructure that preserves competition while enabling collective value creation.

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    “PAPSS is an ecosystem built on centralised value in a way that does not diminish the competitive advantage of any participant. It is a vision that began decades ago and is now finally operational,” he said.

    Mr Atanda contributed practical industry insight across two high-level panel sessions focused on interoperability, real-time settlement, and fintech-enabled trade.

    On the first panel, themed “The Role of Switches in Enabling Interoperability and Real-Time Settlement,” he spoke alongside leading payments ecosystem stakeholders from eTranzact, GHIPSS, NIBSS, ZECHL, and PAPSS.

    Mr Atanda emphasised that payments are the invisible arteries of Africa’s economy, noting that “Africa must first be connected through payments – that is the true starting point.”

    He further described PAPSS as the practical executor of Africa’s long-standing integration ambition, stating that “PAPSS has moved the vision from concept to execution, enabling payments not just within countries, but seamlessly across borders.”

    Mr. Atanda stressed that switching infrastructure should be viewed as an enabler rather than an end in itself.

    “Switching is not what the man on the street interacts with; it is simply the engine behind the system. What truly matters is what consumers are able to do,” he noted.

    He further highlighted fintech companies as increasingly central to Africa’s commercial activity, underscoring the growing importance of deep integration between banks and fintech operators.

    “One of the most significant developments is the interface with the fintech ecosystem, because fintechs are rapidly becoming key drivers of trade across Africa,” he explained

    On the second panel themed “Moving Money, Moving Goods under AfCFTA – Fintech’s Role,” Mr Atanda returned to the stage alongside leaders from Interstellar, Yellow Card, Conduit Technology, Brij Technologies and Ibex Frontier.  The discussion centred on financial inclusion, usability, and the role of digital payments in unlocking commerce at scale across Africa.

    He highlighted the real-world impact of aggregation and interoperability on everyday users, noting how seamless payment experiences are reshaping cross-border transactions. “Irrespective of where you bank locally, you should be able to make cross-border payments using one number. The middle layer is disappearing. From your mobile wallet, phone, or bank account, you can transact directly,” he said.

    According to Mr Atanda, Africa has moved beyond merely addressing fragmentation in payments infrastructure. “We have gone past fixing fragmentation. Now the focus is on creating new opportunities and new use cases,” he added.

     “You do not have to be everywhere on your own.  When you operate within a shared ecosystem built on common standards, collaboration becomes scale,” he remarked.

    In closing, he described PAPSS as a consumer-centred system that decentralises access.

    “PAPSS is putting power directly in the hands of people, through multiple touchpoints that make cross-border transactions easier and more inclusive,” he said.

    Mr Atanda’s participation positioned Remita Payment Services Limited as both a Nigerian fintech leader and a continental infrastructure contributor. His contributions underscored that Africa’s trade aspirations will only be realised if payments, policy and platforms evolve together.

  • Media owners, others disown NBMOA’s ‘legal action’ against NBC, other

    Media owners, others disown NBMOA’s ‘legal action’ against NBC, other

    The management and board of the Broadcast Media Owners and Practitioners Forum (ABMPF) and JKD TV channel 391 DSTV, NIGCOMSAT, and Hamada Radio FM have dissociated themselves from the alleged class action suit instituted against Arewa24 and the National Broadcasting Commission (NBC).

    In a statement independently issued and made available to the media in Abuja, the Chairman, JKD TV, & Hamada Radio FM, Amb Yaro Mamman said, “Our attention has been drawn to a statement credited to one organisation called Northern Media Broadcast Owners Association (NBMOA) on legal action against Arewa24. I am the Chairman of JKD TV channel 391 on DSTV & NIGCOMSAT, and Hamada Radio FM in 4 Nigerian Cities. We have never been invited or consulted by any Association or person, for or on behalf of the so-called NBMOA, to deliberate on or take a position on the status or activities of any industry player.”

    You would recall that a certain Association purportedly representing broadcast media owners in northern Nigeria had instituted a legal action against a legally licensed Arewa24 on its legitimate right to operate in the north, and NBC, the regulator, recently.

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    “We support Arewa24 and are in solidarity with their contributions to the Nigerian media ecosystem. The National Broadcasting Commission (NBC), as the regulator, having certified Arewa24 as fulfilling compliance with extant laws and regulations, should be respected,” Amb Mamman said, adding that: “We are happy and proud of the Director General of NBC and his management for the good work they are doing, and support them fully.”

    Mamman challenged the faceless Association to reveal their members, quit hiding behind a finger, and make their operations legal.

    Finally, he said, it is important for the so-called NBMOA to make public the full names of its members and the media it owns. We hereby disassociate ourselves from any class action against Arewa24. Yaro Yusufu Mamman, Ambassador, Chairman, JKD TV, & Hamada Radio FM

    On the other hand, the leadership of the Arewa Broadcast Media Practitioners Forum (ABMPF), said it has been inundated with calls and inquiries from members on an alleged class action suit against Arewa24 and NBC.

    The chairman of ABMPF, Alhaji Abdullahi Yelwa, in a statement, stated that “We wish to state categorically that our Forum in no way or shape is involved in or briefed about the purported court action against a leading industry player in our region, Arewa24, and our national regulator, the NBC.

    “As a Forum of Broadcast Media Owners and Practitioners, we disassociate our Forum from this legal action, and uphold the right of any industry player in the region to practice their trade unhindered, according to the law and regulatory dictates.”

    The ABMPF is a legally registered association dedicated to the growth of the Broadcast industry and the promotion of professionalism in the Northern Region.

    Therefore, we support the right of Arewa24 and indeed any broadcast outlet to exist and practice its trade. We also uphold NBC’s right to regulate our industry in accordance with our laws,” he said.

  • Kuda powers quick account opening for NGOs, others

    Kuda powers quick account opening for NGOs, others

    Kuda has updated its business banking services to allow NGOs and incorporated trustees to open and manage business accounts entirely online. The move means religious organisations, charities, and other registered organisations no longer have to navigate the long wait and paperwork traditionally associated with setting up a business account.

    On the Kuda Business app, organisations registered with Nigeria’s Corporate Affairs Commission (CAC) can choose the NGO option during signup, submit their CAC documents, and provide trustee details. Once verified, accounts are activated within minutes, a significant reduction from the days or weeks it can take under traditional business banking processes.

    For many NGOs and religious institutions, handling donations, grants, and operational expenses has long been slowed by manual systems and branch-based requirements. The Kuda Business update is expected to make financial management faster and more transparent, allowing organisations to focus on their mission instead of battling administrative bottlenecks.

    Nigeria is home to thousands of registered NGOs and religious organisations, with Lagos State alone accounting for over 10,000 churches and mosques as of the last count in 2021. Across the country, incorporated trustees play a critical role in education, healthcare, humanitarian response and community development. Despite their scale and economic relevance, access to modern digital banking tools has remained limited for many of these institutions.

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    Nosa Oyegun, SVP Business Banking at Kuda, said the update is proof of Kuda’s focus on removing structural barriers that slow Nigerian organisations down. “NGOs and religious organisations are responsible for managing funds that directly impact communities, yet they are often forced to operate with outdated banking processes,” he said. “By enabling incorporated trustees to open Kuda Business accounts entirely online quickly, we’re giving these organisations access to the same modern financial tools built by Kuda that other businesses already use, so they spend less time doing admin work.”

    With Kuda Business, NGOs and religious organisations can manage incoming donations and grants, make payments, track transactions in real time, generate professional account statements for audits and reporting, and grant controlled access to trustees, treasurers and administrators, all on a single app.

    Kuda designed the account signup process to meet regulatory requirements while significantly reducing manual reviews and customer support workload. Automations shorten notoriously long business signup timelines while improving information accuracy and user experience.

    As reforms promoting cashless payments and digital financial services take hold in Nigeria, NGOs and religious organisations are under increasing pressure from donors, partners and regulators to operate with greater financial transparency and efficiency. The new Kuda Business update is therefore timely, offering a dedicated digital account specifically designed for this segment, unlike many traditional banks and fintech platforms that treat incorporated trustees as special cases requiring comparatively slower manual intervention