E-Financial
AfDB Partners CSOs to Spur Development in Africa
A committee comprising the African Development Bank (AfDB) and Civil Society Organizations (CSOs) has been relaunched with the aim of fostering partnership between the two players in order to enhance development on the continent.
The committee, reintroduced at a two-day meeting between the Bank and CSOs will discuss a work plan, modalities of its implementation as well as an accountability structure.
“CSOs are our integral partners especially in the promotion of accountability, transparency and good governance. Accountability is key in terms of achieving our objective, and we could certainly do with an external reporting tool especially from CSOs,” Rakesh Nangia, Chair of the committee, said as he opened the meeting on January 14 at the Bank’s headquarters in Abidjan, Côte d’Ivoire.
Addressing the participants, who included regional civil society heads and representatives of key sectors within the Bank, he reiterated the importance of strengthening engagement with CSOs. “The Bank recognizes and values the expertise and contributions of CSOs, which are essential in achieving sustainable development in Africa,” said Nangia, who is also the Evaluator General of the Bank’s Independent Development Evaluation department (IDEV).
His remarks were echoed by Mamadou Goita, Chair of the Civil Society Coalition, who described the role of civil society as crucial in helping the Bank to frame projects that would be more relevant to communities.
“We need to be involved from the first stage of designing a project because we know the context of our various communities. We can then help follow through to the implementation, monitoring and evaluation stages,” Goita said.
He cited the recent Ebola response saying civil society organizations would have been approached to help in framing the nature of the Bank’s assistance.
“We are the ones on the ground and we know the specific needs on the ground; if it is support in getting skilled care, drugs, or even building new hospitals, among others.” In August last year, the Bank approved a US $60-million grant to help strengthen West Africa’s public health systems in a bid to address the Ebola crisis.
The issue of engaging with CSOs from fragile states came into focus with recommendations of sustainable funding and long-term institutional development of the organizations, including capacity building.
However there were calls for a range of CSOs (international and local) in fragile states to work together in order to strengthen delivery of services. “International NGOs may not be able to intervene on the ground without involvement of grassroots NGOs. Both need to collaborate and ensure results,” noted Baboucarr Sarr, the Lead Regional Fragility Coordinator in the Bank’s Transition Support Department. This, he said, was a key lesson learnt while working in the Horn of Africa.
The AfDB-CSOs partnership is guided by the Framework for Enhanced Engagement with Civil Society Organisations, which is in line with the Bank’s Ten Year Strategy (2013-2022).
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.
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.
First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).
This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.
Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.
“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.
He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”
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