KEY POINTS
- Bluecode Africa named ex-CBN deputy governor Kingsley Moghalu chairman of its Nigerian subsidiary’s advisory board.
- The firm runs interoperable QR-based payment rails that sit above existing bank infrastructure.
- Its Nigerian network already spans over 100,000 merchants and 35 million enabled wallets.
Bluecode Africa has named former Central Bank of Nigeria deputy governor Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited, as the European payments infrastructure operator formally enters the Nigerian market. The company, which leading US and European institutional investors back, said the appointment anchors its long-term push into Nigeria and the wider continent.
A familiar hand returns to payments
Moghalu served as CBN deputy governor from 2009 to 2014, leading the Financial System Stability and Operations directorates at different times. Notably, he headed the team that introduced the Bank Verification Number, enrolled 50 million banking users, simplified Know Your Customer checks and roughly doubled Nigeria’s financial inclusion rate from 33 to 60 percent.
According to Moghalu, his return reflects both the mission and the timing. “Nigeria does not need more payment apps. It needs infrastructure that makes every app work together,” he said. Furthermore, he stressed that Bluecode connects financial institutions to one another and to the world without displacing any of them. His arrival, therefore, signals that the firm enters as an infrastructure partner rather than a disruptor of the banking system.
Interoperable rails built for banks
The appointment lands as the CBN’s newly published Payments System Vision 2028 sets interoperability, QR-based acceptance and pan-African connectivity as its defining goals. Indeed, Bluecode operates interoperable QR-based rails that sit above existing bank infrastructure and link banks, fintechs and merchants through a single acceptance layer.
Moreover, the model stays bank-friendly, because banks keep their customer relationships, earn interchange revenue and gain access to a network of more than 160 million merchant points worldwide. The infrastructure already runs live in Nigeria and integrates with ChamsSwitch and NIBSS-linked rails, while the local network now spans more than 100,000 merchants and over 35 million enabled wallets.
The Founder of Bluecode, Chris Pirkner, and the Managing Director of Bluecode Africa, Odin Krismayr, jointly announced the appointment, calling it a foundational governance decision. Meanwhile, the London-based advisory firm GAN International, led by Brigitte Tilley-Gyado, structured the market entry. According to Tilley-Gyado, “What Bluecode has built is precisely what Nigeria’s financial system needs at this moment,” because the infrastructure connects banks, fintechs and merchants without competing with any of them.