Finance
Oradian’s Co-Founder explains their cloud solution enables MFIs, MFBs deliver services with ease
Onyeka Adibeli is the Co-founder of Oradian, a financial inclusion company enabling financial institutions to deliver financial services with ease.
Oradian offers a flagship toolset for digital transformation called Instafin. Instafin was developed to address the challenges faced by microfinance institutions (MFIs), microfinance banks (MFBs) and cooperative societies operating in the most remote and hard-to-reach areas of the world, especially across Africa.
In this press interview at the 2018 Annual Microfinance Conference hosted by the National Association of Microfinance Banks (NAMB), Onyeka explained how the solution provided safety nets for financial institutions in the Northern parts of Nigeria, especially during the most pronounced days of insurgencies.
“Even in the high point of insurgency, we were able to deliver financial technology to Development Exchange Centre (DEC) operating out of Bauchi State in the northern part of Nigeria”, Adibeli explained.
Within a few years of launching, Oradian has attracted so much attention, what are the driving forces behind you and your partners?
Our driving force is our mission; to boost financial inclusion by enabling institutions to grow and serve more clients. So, we focus on providing microfinance institutions with a core banking system that makes it possible for them to keep up in an industry that is constantly evolving with digital financial services.
We are developing a system to address the current challenges and the main challenge we have identified has to do with flexibility and affordability. We are assiduously developing a system that can operate with the third-party services in a cost-efficient manner. The system is offered through subscription model, to address issues related to enormous upfront investment.
One of the things that would help microfinance institutions make headway is ubiquitous software; can you describe how Oradian’s Core Banking System operates?
Our cloud-based Core Banking System, Instafin, is a tool that assists financial institutions in providing services such as managing loans and savings, integrated accounting, as well as detailed reporting and business intelligence modules that run fully seated on the system. With all this, financial institutions can operate independently of Oradian, because they are fully enabled to pull out all the necessary reports required.
How do you deploy for banks; is it an off-the-shelf solution or do you work with the banks to understand their pain points before deploying?
For every institution that signs up to the platform, we work with them to set up the system. It’s a door-in relationship with parameters; not a decision aiming at compromises. The system is built with all necessary requirements to benefit financial institutions, and so, what we need is to get the parameters right.
Let’s talk about financial inclusion. All the available statistics show that the country and region needs to do better to onboard more financially excluded people. What is your view on this?
Our focus is to support financial institutions by enabling them to provide services in the most hard-to-reach environments. We assist them in reaching locations where other technology providers are found necessary. Complaints from microfinance institutions show that other providers are not willing to offer their services in these remote areas, which would solve a range of difficulties. So, in the long run, the beneficiaries are financially included because the service points get closer to them through microfinance banks and institutions being able to provide their services in these locations.
Based on all the matters that were discussed at the 2018 Annual Microfinance Conference, what is your take?
I wish to put an emphasis on the point raised by the guest speaker Prof. Kingsley Moghalu regarding targeting; MFBs are not exactly targeting the right clients. Often they’re focused on cities rather than the rural areas where there’s a high number of financially excluded people. These locations are seen as the most difficult environments to operate in, and this is where Oradian has found its strength – operating in the most remote and hard-to-reach environments.
Oradian’s promise:
My final word is that Oradian’s flagship product, our cloud-based Core Banking System, Instafin, is developed to operate in the most hard-to-reach and remote environments – where other technologies are not willing to buy in. Oradian is the partner reaching out to the financially excluded!
(*NB: This interview was originally published by TechEconomy.ng)
The Federal Inland Revenue Service (FIRS) says that no fewer than 1,000 companies, representing 20% of total eligible firms, have begun integrating its newly launched electronic invoicing (e-invoicing) system less than two weeks after it went live.
The FIRS e-invoicing platform, which went live on August 1, 2025, after a successful pilot phase that began in November 2024, was designed to modernise Nigeria’s tax administration, curb evasion, and enhance transparency in revenue generation. It also provides the FIRS with real-time visibility into commercial transactions, ensuring authenticity and completeness of invoices.
According to a statement by Dare Adekanmbi, special adviser on Media to FIRS Chairman Zacch Adedeji, at least 1,000 companies, representing 20% of more than 5,000 eligible firms, have already adopted the system and begun integrating with the FIRS platform.
Adekanmbi noted that the initiative, also known as the Merchant-Buyer Model, will be rolled out in phases. “Large taxpayers, which are companies with annual turnover of N5 billion and more, are expected to be the first to be onboarded on the platform,” he said.
FIRS revealed that MTN Nigeria was the first taxpayer to transmit live electronic invoices to the platform, while Huawei Nigeria and IHS Nigeria have concluded test transmissions and are expected to go live soon.
The agency added that the initial compliance deadline of August 1, 2025, has been extended by three months to accommodate companies currently facing onboarding challenges. The new deadline is now November 1, 2025.
Finance
NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025
By Our Correspondent
Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.
The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.
In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.
“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”
Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.
He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.
The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.
He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.
Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.
He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.
Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.
He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).
Improved efforts at collaboration among financial service providers, telecommunication operators, and tech Startups, with conscious effort geared at consumer awareness, have been proffered as key remedies to the challenge of financial inclusion in the country.
This is the viewpoint of stakeholders that gathered for the second edition of Payment Forum Nigeria (PAFON 2.0) held recently in Lagos.
Delivering a keynote address on the theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, Ebehijie Momoh (Mrs.), the managing director and chief executive officer of AfriGoPay Financial Services Limited, said that with 64% of Nigerian adults being financial included the country has made immense progress in that regards.
She said that between 2012 till date, the country has recorded robust regulatory reforms, especially the launch of the Bank Verification Number (BVN) in 2014 making it easier to identify and track customers across different banks.
“This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.
The growth in adoption of smartphones has also helped the financial sector to leapfrog financial inclusion. Nigeria has 142.16 mobile internet subscriptions with an average consumption of ~7.04GB / month as of January 2025. If you juxtapose it to the 15.9% decline in shipments of feature phones to 18.8 million units in Africa as at Q1 2024, you will understand that the uptake in smartphones has helped us a great deal.
Mrs. Momoh who spoke through Mr. Munachi Duru, the head of Innovation and Strategic Partnership at AfriGoPay, said the adoption of artificial intelligence banking gave birth to solutions like smile identity, a leading KYC verification provider launches facial recognition capabilities in Nigeria as neobanks and commercial banks are deploying AI-based KYC verification tools, enabling cheaper and efficient customer acquisition and servicing.
In her goodwill message, Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited said that with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, SANEF has leveraged Artificial Intelligence (AI) as the next step to advancement in financial services in the country.
She noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.
According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria. “By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved.”
Speaking during a panel session, Mr. Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), spoke of lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.
He harped on the need for information sharing among fintech operators, and improved free flow of information to consumers. “The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself.”
In his contribution, Mr. Chika Nwosu, managing director of PalmPay, reiterated the need to reach the consumers with simple format communication and education style.
He said operators should create awareness and design consumer-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products.
Focusing on the use of AI to ensure reach, inclusion and security, Azure Application and AI Specialist at Microsoft UK, Olusoji Solomon Adeyemo, spoke on the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.
According to him, “AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption.”
While noting that AI can ensure reach, Adeyomo said blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.
In her position, Oluwabunmi Ogunyemi, the customer support lead at Moniepoint MFB, proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.
Also speaking, Olusegun Afolabi, the co-founder of Face Technologies UK Ltd., called for improved collaborations among stakeholders in the financial sector.
According to him, the fintech companies must also embrace effective identification solutions, focusing on biometrics and card technologies to ensure topnotch security for users.
Earlier in his opening remarks, Mr. Peter Oluka, co-Convener of the Forum, noted that the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially excluded, many of whom reside in rural areas or belong to vulnerable demographics.
He noted that despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.
He further posited: “As digital infrastructure grows and fintech innovation accelerates, we must channel these advancements toward building a more inclusive, secure, and trusted financial ecosystem. This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all.
Nodding in agreement, Mr. Chike Onwuegbuchi, co-Convener, PAFON, reiterated the need for all stakeholders in the financial payment industry, including regulators, to participate in forums as PAFON, to map out, growth strategies with consumers and other strata of the ecosystem.
He promised to invite security stakeholders, such as the EFCC and others in subsequent editions of the event. This will help give insight into security concerns in deployment of products and services in rural and unbanked communities.
Payments Forum Nigeria (PAFON) is a platform dedicated to shaping the future of digital payments and financial services in our country.
Enugu Govt to Establish Food and Nutrition Units
NELFUND Disburses ₦86.3 Billion to Students
FIRS e-Invoicing Hits 20% Adoption in Two Weeks
LASG Acquires New Outboard Engines For Optimum Boat Performance
Elon Musk builds Hotel in Mars, Sets to launch soon at $5million per night – Photos
We Do Not Accept Refugee Application Directly From People – Canadian Govt.
-
GRPolitics1 day ago2027: Again, Enugu North Endorses Gov Mbah over Massive Projects, UNN VC
-
GRTech21 hours ago
Rubrik and Sophos to Deliver Microsoft 365 Cyber Resilience with New Partnership
-
Education10 hours ago
NELFUND Disburses ₦86.3 Billion to Students
-
Agriculture5 hours ago
Enugu Govt to Establish Food and Nutrition Units
-
GRTech11 hours ago
Ransomware in the Crosshairs: Sophos and Halcyon Announce New Intelligence-Sharing and Mutual Anti-Tamper Protection Initiative
-
Finance10 hours ago
FIRS e-Invoicing Hits 20% Adoption in Two Weeks
