E-Financial
Africans Embrace Bitcoin to Send Money Abroad

Developing countries from Africa and Asia are rapidly adopting Bitcoin in a bid to circumvent steep bank charges when sending money abroad.
This is according to Bitcoin payment processor Bitwala which notes that when sending money abroad, local banks’ models favour corporate profit over people’s need and their own convenience over fast speeds.
Founded in 2012, Germany-based start-up Bitwala allows users to transfer euros over the Single Euro Payments Area payments using Bitcoin. Users must first download a Bitcoin wallet.
The start-up says for the majority of businesses and individuals in the developing world, foreign exchange remains a critical inhibitor to their success or sometimes access to basic food and medicine.
“While our early adopters have come from Europe and North America, more recently we have seen a steep adoption rate among users sending money to and from developing countries on the African and Asian continents,” says Jörg von Minkcwitz, CEO of Bitwala.
Transferring cash via a bank or money transfer operators like Western Union or MoneyGram can be costly. According to the Overseas Development Institute, the average charge to transfer $200 to Africa using traditional money transfer services is 12%.
Bitwala says in total, the number of sign-ups from developing countries is coming closer to those in the US and EU. Taken together, users from developing countries form approximately 30% of Bitwala’s new sign-ups globally.
“Our daily Web site visits also reflect this growing trend. Bitcoin users in North African countries are a growing proportion of Bitwala’s user base, making up 4.4% of visitors, up from historically 2% and surpassing Switzerland,” says Von Minkcwitz.
“Banks charge a lot of fees and manipulate currency exchange rates to their advantage, resulting in a huge cost to customers all over the world,” he notes.
According to Bitwala, at a cost of $4 billion per year, international transfers to Africa are the most expensive in the world. Furthermore, it notes, online and offline businesses continue to pay a steep price for transferring money abroad or even domestically as the majority of banks charge between 10%-19% on any transfers to, from and within African countries.
The start-up points out that while transferring money to South East Asia is cheaper than it is to Africa, banks and intermediaries doing so charge high enough fees that take away a significant amount of people’s hard-earned money.
“Let’s consider the case of Jane, a hypothetical expat in Berlin who relies on banks and money transfer services to support her parents living in Beijing. She sends €500 to them regularly each month. As a customer of one of the European leading banks, it costs her a total of €47.7 each month to make that transfer. Over a year, this number rises to more than €570. If she were sending €2 500 per month – it would cost Jane a total of €1 441 per year just in transfer fees,” Von Minkcwitz says.
He explains the recently leaked document from Santander, a major Spanish banking group, confirms the dangers of using banks.
In 2016, the bank made €585 million solely from international money transfers, making up 10% of all of its revenue. In addition to transfer fees, the bank also made another killing by controlling its foreign currency exchange which helped it earn €290 million, Von Minkcwitz says.
“Perhaps the most shocking part is that 80% of all global money transfers are still conducted via banks and conventional monetary transfer channels. Bitcoin offers a much more efficient method of sending money abroad. This is done by shortening the time involved in trade settlements and securing the best exchange rate.
“Most importantly, the strength of Bitcoin and the blockchain technology it relies on is that it allows you to send money across borders without paying the steep fees charged by traditional gatekeepers like Western Union, MoneyGram, Ria and others.”
E-Financial
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia

United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

Oliver Alawuba, GMD/CEO, UBA group,
This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.
The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.
Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.
He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.
“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.
The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.
“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.
Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.
E-Financial
Ecobank Plans to Raise $250m Capital Through Private Placement

Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.
In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.
“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”
The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.
Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”
It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.
E-Financial
EFCC Recovers Funds Lost to CBEX Fraud

Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.
Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.
The EFCC Chairman emphasised that the suspects found are facing prosecution.
“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.
Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.
“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.
He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.
“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.
He urged the public to stay vigilant, assuring them that the body will see the case to the end.
“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.
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