E-Financial
90% Transactions in Africa Still Done in Cash- MasterCard
In spite reforms, innovations and regulations to minimize the amount of cash transactions in the 21 Century Africa, MasterCard has revealed that cash still accounts for 90% of transactions on the Continent.
Meanwhile, MasterCard and Ecobank Group have agreed to accelerate electronic payments adoption in 32 sub-Saharan African countries.
Ecobank, Africa’s largest bank by geographical reach, to roll out MasterCard payment solutions to millions of its customers in Africa
In a statement released on its website on Monday evening, immediately after signing the “multi-country agreement” licensing agreement signed by MasterCard and Ecobank in January 2014, MasterCard said this initiative will see Ecobank issue MasterCard debit, prepaid, and credit cards to millions of its customers over the next 10 years.
Ecobank will also roll out innovative MasterCard acceptance solutions designed to expand the number of merchant locations that accept MasterCard payment cards on the continent.
Speaking on the agreement, Albert Essien, group chief executive officer of Ecobank, said: “This collaboration with MasterCard will enable us to achieve our vision of contributing to the economic and financial integration and development of the African continent by rolling out convenient, accessible and reliable financial products and services to our customers. Specifically, the initiative enables us to extend our MasterCard acquiring capabilities at thousands of merchants across Africa, grow our e-commerce acquiring business, and expand our service offerings to retail and commercial customers in Africa.”
Also, Michael Miebach, president, Middle East and Africa at MasterCard, adds: “Bringing the benefits of electronic payments to markets across Africa and creating a world beyond cash is a primary focus for MasterCard. By collaborating with a leading pan-African financial institution such as the Ecobank Group with its extensive regional reach and established infrastructure, another successful step has been taken in ensuring access to safe, secure and convenient payments via MasterCard payment solutions.”
Over 1300 Ecobank subsidiaries will issue MasterCard-branded cards in 32 African countries.
Ecobank Nigeria, the largest of the Ecobank Group’s 36 African subsidiaries, already began large-scale issuing of MasterCard payment products in April 2014.
As a result of the agreement, cardholders will now be able to access their funds at millions of automated teller machines in Africa and worldwide.
They will also be able to pay for products and services in 210 countries and territories where MasterCard payment cards are accepted today.
The agreement will also see Ecobank roll out thousands of mobile point of sale devices to retailers in selected African countries, further boosting Ecobank’s current pan-African network. Mobile point of sale devices allow merchants to process MasterCard payment card transactions by connecting their smartphone or tablet to a secure card reader, enabling them to overcome infrastructure and communication challenges that may arise when using traditional POS devices.
Ecobank will also introduce the MasterCard Payment Gateway Service in selected countries to enhance online commerce for Ecobank’s small and medium enterprise, commercial and corporate customers.
The e-commerce payment technology enables merchants to accept MasterCard or other branded payment cards, extending the security and convenience of electronic payments to these e-tailers and their customers who previously depended on cash.
It also brings an additional layer of online shopping security to cardholders through the implementation of 3D Secure technology.
“The increased number of MasterCard acceptance locations in Africa means that more consumers and merchants can enjoy the additional protection from the risks and costs associated with cash. This is especially important in Africa, where more than 90 percent of transactions are still conducted in cash,” said Miebach.
By 8 am on July 9, GTCO Holdings is set to commence trading on the London Stock Exchange.
As the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.
This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange.
The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.
On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List.
It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.
In place of the GDRs, the group will list all its ordinary shares directly.
aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List.
The shares will also begin trading on the LSE’s main market for listed securities.
According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria.
Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.
This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.
As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.
The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja.
Olusegun Omosehin, commissioner for Insurance emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.
The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.
SanlamAllianz recently launched its operations in Nigeria, marking a significant step in the company’s Pan-African expansion.
The launch follows the merger of Sanlam and Allianz’s Nigerian operations, creating a new entity named SanlamAllianz Nigeria.
This joint venture aims to transform the Nigerian insurance landscape by offering enhanced customer experiences, innovative solutions, and improved financial inclusion.
World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.
The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.
The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.
The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.
This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.
The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.
Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.
This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.
In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.
Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.
These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.
Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.
In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.
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