E-Financial
Azentio Software Recognized as a Notable Vendor in Digital Banking Engagement Platforms Report

Azentio Software (Azentio), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced that it has been recognized as a Notable Vendor in the Digital Banking Engagement Platforms (DBEPs) Landscape Report, Q1 2023, published by leading research and advisory firm Forrester.
The report aims at helping digital leaders in banking, understand the value they can expect from a DBEP vendor, learn how vendors differ, and select one based on size and market focus.
In this new report, Forrester provides an overview of 38 digital banking solutions. The DBEPs report identifies Azentio Software as a Notable Vendor in the Financial Services & Insurance industry in the Middle East & Africa (MEA) and Asia Pacific (APAC) geographies for end-to-end DBEP offerings.
Forrester defines a DBEP as a cross-channel/omnichannel banking solution that enables an integrated, seamless, and comprehensive customer and employee experience across touchpoints.
The firm explains that a DBEP’s typical functionality includes agile support for banking and channel-specific business requirements, analytics, digital sales and marketing, engagement infrastructure, and a single view of customers, products, and services.
The report elaborates that banks use DBEPs as a standalone solution supporting all customer engagements across most or all channels, in combination with specialized solutions such as conversational AI.
They can also use it as an engagement hub to leverage channel-specific functionality and engagement infrastructure via APIs to deliver differentiating mobile and digital apps more rapidly.
It also identifies four core use cases most frequently sought by banks: onboard new retail banking customers; originate consumer products; provide consumer account management; and improve digital customer service.
Azentio’s end-to-end DBEP offering addresses these core use cases with advanced digitalization features that enable omnichannel capabilities, self-service digital suite, and advanced security practices.
With a strong three-decades legacy in providing technology-enabled innovation in financial services, Azentio today serves over 250 financial institutions across 45 counties.
Azentio ONEBanking Digital solutions enable enterprises, both in the conventional and Islamic financial services sectors, to continually and swiftly define and redefine customer engagements across the entire spectrum of functions – lending, core banking, treasury, and trade finance.
Tony Kinnear, Chief Executive Officer of Azentio, stated, “We believe this recognition is a true testimony of the maturity of Azentio ONEBanking platform for market adoption. Forresters mention adds to our credentials as a technology vendor who understands the value that banks need to deliver to their customers.
“We hereby reiterate our commitment to continue investing in our open end-to-end platform to deliver a modern architecture that helps our clients efficiently provide differentiated digital customer experiences that accelerate growth and loyalty.
Forrester has earlier named Azentio as a Contender in The Forrester Wave: Anti-Money-Laundering Solutions, Q3 2022 report and ranked it among Regional Pursuers in the New Named Deals category, a Major Cross Seller in the Extended Business category, and a Major Player in the Combined Deals category¹.
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.
E-Financial
First Asset Management Surpasses ₦1 Trillion in Assets Under Management

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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