E-Financial
Glo Launches MoneyMaster to Service Unbanked, Under-banked Nigerians

The Central Bank of Nigeria (CBN) has licensed Globacom’s MoneyMaster PSB, to foster the inclusion of millions of unbanked and under-banked Nigerians into the financial services ecosystem.
The introduction of the PSB became expedient as 79million Bank accounts were yet to duly register for their Bank Verification Number (BVN) out of the 133.5m bank accounts in Nigeria according to figures released by the Nigeria Inter-Bank Settlement System (NIBSS), creating a huge gap of Nigerians in need of PSBs like MoneyMaster.
Globacom said in a press statement released in Lagos on Monday that “our over-arching business objective remains to empower Nigerians by providing them with unlimited opportunities. MoneyMaster extends that objective as it targets the unbanked and under-banked with G-Kala its flagship product in order to deepen financial inclusion in Nigeria.”
Alongside other PSBs, MoneyMaster PSB will facilitate payment and remittance services within Nigeria, accept deposits from individuals and small businesses, issue debit and prepaid cards, operate electronic wallets, inbound remittances and carry out other services in line with CBN regulations. However, they are unable to grant loans to customers like the commercial banks.
The Glo-owned PSB enjoys the advantage of the network’s pan-Nigeria spread and extensive partner footprint in the rural and urban areas to achieve its objective of widespread roll-out.
Globacom which revolutionized the telecom industry with cutting-edge technology and unique products in 2003 also plans to position MoneyMaster PSB to reconfigure the payment service banks’ landscape as it provokes financial inclusion in Nigeria.
Said Globacom, “One key feature of MoneyMaster’s G-kala product is that the customer’s phone number will be used as his or her account number. We are grateful to the CBN for the opportunity to deepen financial inclusion in Nigeria using our cutting edge technology and vast network”.
To open an account with Glo MoneyMaster PSB, a customer is required to dial *995# and follow the prompts from a Glo line or from any other telecommunications network as MoneyMaster PSB is network agnostic.
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.
- News3 days ago
Check Point Report Finds Africa as Top Target for Cyber-attacks
- News3 days ago
JAMB Accuses Student of Securing Admission through Identity Fraud
- E-Financial3 days ago
EFCC Recovers Funds Lost to CBEX Fraud
- Telecom2 days ago
NCC Speaks of Plans to Secure Telecom Infrastructure Nationwide
- E-Financial3 days ago
Financial Fraud in Nigeria Surges by 45 Percent, 70 Percent of Losses Linked to Digital Platforms – CBN
- General News2 days ago
Airtel Nigeria Drives BFSI and Utility Sector Innovation with Industry-wide Workshop
- E-Business3 days ago
Firm Uncovers $500K Crypto Heist Through Malicious Packages
- Telecom3 days ago
MTN MUSON Music Scholars Graduate in Style at Lagos Ceremony