E-Financial
Access Holdings to Use Tech in Raising N365bn Capital

Access Holdings, the parent company of Nigeria’s largest bank, Access Bank, has said that it will be going fully digital for its N365bn rights issue.

Bolaji Agbede, the Group Chief Executive Officer of Access Holdings
In a notice filed with the Nigerian Exchange Limited, the holding company said it was seeking to raise N365bn through a rights issue to fortify its capital base, support expansion and its ability to seize emerging opportunities in the financial sector.
It is also seeking a combined capital raise of up to $1.5bn via equity, quasi-equity, and debt issuances.
Speaking with journalists at the second Annual General Meeting of the Holdco, the chairman, Aigboje Aig-Imoukhuede, disclosed that digital technology would play an interesting role in the bank’s capital-raising efforts.
He said, “If you remember the 2004 capital raising, we went around Nigeria. It led to the democratisation of our capital market, others followed suit. The number of shareholders of banks and the capital market increased as a result of that effort.
“This time around, we have digital technology that we are going to deploy fully. There have been public offers that have leveraged digital technology but using Access Bank’s capacity, the NGX’s digital capacity, we are going to do some interesting things.
This rights issue, we have shareholders and each of them would be able to make that investment decision just by touching their phones. That way, the issue of dilution and concerns that they may have about participation would be dealt with.”
On the floor of the AGM, Aig-Imoukhuede took shareholders down memory lane to 2004 when the banking group raised funds and said that they were equal to the task.
He said, “We’re moving on to the rights issue resolution. At this junction, I think we’ll take one minute to crave your indulgence as I appreciate you all for the support you have given our predecessor company, Access Bank, and of course now Access Holdings.
“We have sought to raise capital. The amount that we mention today is high and significant and the capital-raising effort that we are pursuing is a significant step into the future.
“I would like to remind shareholders that between 2004 and 2007, our team when I was CEO raised $2bn of common equity capital. Therefore, come 2024, Access Bank is much older, much wiser, much stronger, larger and significantly respected by the capital market, really raising over N300bn is not much of a challenge.”
Aig-Imoukhuede, who co-founded Access Bank with the late Herbert Wigwe, encouraged minority shareholders to take up their rights, saying, “We are interested in shareholders; large, small continuing with us on our journey. We have always had a unique relationship with the capital market locally and internationally.
“They have always supported us when we come up with good reasons and the performance that would be delivered after such capital raising efforts, so we signalled to the market first that we would be doing a rights issue, what does that mean? We have large institutional shareholders and others but we believe that we must carry everybody along.
“They have been with us thus far and this is not the time to say that we are going to raise money and because a few can do it, no, everybody is going to participate in this capital-raising exercise.”
Speaking on the utilisation of the proceeds from the rights issue, Bolaji Agbede, the Group Chief Executive Officer of Access Holdings, said the banking subsidiary would be getting a huge chunk of it to meet the regulatory requirements of the apex bank.
Agbede said, “In terms of the proceeds from the rights issue which we are hoping to get about N365bn, we will be giving the bulk of it to the banking group to enable them to meet the CBN’s capital requirement.
“Part of the things that they are using it for is as working capital requirements for investment in African subsidiaries as some of the growth in the international subsidiaries that they have.
“If you look at all the headwinds that are coming along, it is important that you have a robust capital plan and this is one of those things that would help them. The other thing that we will also be doing is that some of the amount, not as much as the banking group of course would be going into the non-banking subsidiaries as well.”
E-Financial
Naira Gains Strength, Hits N1,600/$ in Parallel Market

The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.
Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.
As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.
E-Financial
CBN Spending on Naira Printing, Distribution up by 306 Percent

Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
E-Financial
PalmPay Reaffirms Commitment to Advancing Contactless Payments

PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
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