By Justina Okechukwu
Belema Fintech, a newly licensed payment infrastructure provider, has launched Belcoba, a core banking product designed to drastically lower the entry barrier for instant fund transfers for small financial institutions.
The high cost of technology has long been a barrier for smaller financial players in Nigeria, preventing many from offering the seamless payment services their larger competitors provide. Belcoba’s launch signals a strategic effort to empower microfinance banks and other fintechs by providing affordable, easy-to-integrate payment rails, a critical step for deepening financial inclusion.
“We see how microfinance banks, for instance, have struggled because of the cost of technology, and we have sort of democratised that, putting them on this platform to use this service,” Michael Adeshola, chief operating officer at Belema Fintech Limited, told TechCabal on the sidelines of the Moonshot conference.
This focus on microfinance banks (MFBs) is particularly significant. As key drivers of financial inclusion, MFBs serve millions of Nigerians in rural and underserved communities. However, they have historically been unable to afford the sophisticated core banking applications required to connect to national payment switches, limiting their ability to offer real-time transfers. By offering a more accessible alternative, Belema is enabling these institutions to better serve their customer base and compete more effectively in the digital economy.
Belcoba’s core innovation is its ability to operate independently of a client’s existing infrastructure. “Today we built Belcoba that can work without a core banking application,” Adeshola explained. “We have done that heavy lifting, so today we are solving that problem easily without you having to spend much. Just with our API integrations, we can take you live in a day, and you are ready for business.”
The most compelling aspect of Belema’s proposition is the speed and simplicity it promises. The claim of taking a financial institution live with instant transfer capabilities within a single day is a dramatic departure from the lengthy and expensive integration processes that have been the industry norm for years. This “plug-and-play” model could fundamentally change how quickly new financial products are brought to market.
“No matter who you are, no matter what your technology capacity, no matter your infrastructure level, with an API integration, you can begin to power instant transfer locally in Nigeria today by coming on board,” Adeshola stated, emphasising the platform’s accessibility.
Having received its switching and processing licence from the Central Bank of Nigeria in January 2025, BelemaFintech is positioning itself as a foundational “picks and shovels” player in the ecosystem. By providing the essential infrastructure for others to build upon, the company is not just launching a product; it is offering a catalyst for innovation that could empower a new wave of financial service providers across Nigeria.
