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E-Financial

CBN Urges Fintechs, Payment Service Providers to Stick to Standards

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The Central Bank of Nigeria has urged financial technology companies, payment service providers and Deposit Money Banks engaged in offering payment solutions to customers to ensure they adhere to policy framework and standards that guide their respective operations in the ecosystem in which they operate.

Mr. Musa Itopa Jimoh, Deputy Director, Payments System Policy and Oversight, Central Bank of Nigeria, stated this in Lagos in the week during the corporate launch of Xpress Payment Solutions Limited.

He explained that the CBN was trying to build an ecosystem that allows everyone to have equal opportunity to present and run his own system, adding that Fintech was introduced into payment system with the aim of deepening financial inclusion in Nigeria.

The event was witnessed by representatives of some state governments, Deposit Money Banks, fintech organisations, e-payment industries who commented on the quality and reliable services provided by Xpress Solutions.

The deputy director represented Mr. Samuel Okojere, Director, Payment Systems Management Department, CBN, who said the CBN made a commitment in 2011 to bring those that are outside the banking sector closer, hence the introduction of Fintech companies into payment space.

Okojere said: “What does CBN expect from the operators in the financial payment service providers? Number one is compliance with set standards. This is the only thing that can make you integrate to global best practices. If you are not complying with regulation, you cannot connect with the local one. There are rules that guide this service that we provide in Nigeria and also in the world.

“It is our joy today that our cards can go anywhere in the world and is being used. This is because we comply with the best practices, and I’m happy to hear that Xpress Payments has also competed in certification on PCIDSS.

“Our responsibility is to ensure that we all behave very well within the financial ecosystem. And so compliance is a major responsibility.

“I want to imagine that added to that responsibility of the board members is cyber-crime, you also check and ensure that you comply with all the directives of CBN. Actually, non-compliance can bring your company down.”

The director, who charged the board of directors and other stakeholders in the financial services to take privacy and protection of customers data seriously, disclosed that bringing more people on board so they can benefit from financial services that payment providers offer “is one of the core responsibilities of the Central Bank of Nigeria.”

He said the cashless policy introduced by the apex bank was also meant to encourage more Nigerians to adopt electronic payment.

“And again, to strengthen that, we came with a cashless policy basically to see how we can encourage people to adopt electronic payment option so that all these fanciful solutions that you have provided can be enjoyed. Without cashless policy, I can decide not to pay my tax in cash. If I pay my tax in cash, then you have no revenue, you are not even in equation.

“It’s only when I chose to make my revenue collection through electronic form that a solution becomes very effective. Central Bank is driving that through cashless policy and encouraging all Nigerians to adopt electronic means of payment.”

Oluwadare Owolabi, Managing Director/CEO, Xpress Payment Solutions Ltd, noted that every sector of human endeavour in the globe had been extensively characterised by technological disruption.

“The need to satisfy the ever-increasing demands of customers for better service quality and innovations that work within the e-Payment industry coupled with this technological revolution created the dream that necessitated the birth of the company we are celebrating today.

“Consequently, distinguished guests, we started the journey with a clear focus and understanding of the needs of our target markets which formed the bedrock of our core business drivers: Easy, Fast, Secure.

With these, our aim was to provide a stress-free experience for you by creating solutions that enable smarter living. This we knew from the onset can only be realised by the assemblage of experienced and exceptional team and deployment of the cutting edge technology.”

According to him, the commitment to deepen financial inclusion penetration in Nigeria and provide a seamless and hitch-free transaction experience for customers led to the creation of an array of e-Payment products and services by the organisation that had been embraced and deployed by some state governments in the federation and some commercial banks as well.


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E-Financial

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

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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.

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

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.

 

 

 

 

 

 


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E-Financial

Ecobank Plans to Raise $250m Capital Through Private Placement

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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.

 


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E-Financial

EFCC Recovers Funds Lost to CBEX Fraud

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Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.

EFCC Recovers Funds Lost to CBEX Fraud

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.


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