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E-Financial

CSCS Advocates FinTech Innovation for Inclusive Capital Market

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Central Securities Clearing System (CSCS) Plc, the leading Central Securities Depository (CSD) in Nigeria, took centre stage at the recently concluded Institute of Capital Market Registrars (ICMR) annual conference, themed “Navigating Nigeria’s Economic Realities: The Transformative Power of Technology in the Capital Market.”

The event, which took place at Lagos Oriental Hotel, served as a pivotal platform for industry leaders and experts to delve into the role of technology in navigating the dynamic landscape of the Nigerian capital market.

At the conference, the Managing Director and Chief Executive Officer of CSCS, Mr. Haruna Jalo-Waziri, presented a thought-provoking paper titled “Harnessing FinTech Innovation for Inclusive Capital Market: Empowering individuals through Financial Access and Participation.”

This insightful presentation underscored CSCS’ commitment to leveraging technological advancements to drive inclusivity within the capital market, with a focus on empowering individuals through enhanced financial access and participation.

Mr. Jalo-Waziri, who was represented by the Divisional Head, Business Technology & Digital Innovation, CSCS Plc, Mr. Tobe N. Nnadozie, emphasized the importance of embracing FinTech innovations in the Nigerian capital market, stating, “The FinTech revolution has profoundly reshaped the landscape of capital markets.

The integration of cutting-edge technologies, such as online trading platforms, robo-advisors, blockchain, and AI-driven analytics, has not only democratized access to investing but also streamlined processes, enhanced transparency, and fostered innovative investment opportunities.

“This symbiotic relationship between FinTech and the capital market is pivotal for sustainable financial growth, offering individuals and businesses alike the means to efficiently navigate and leverage the intricacies of modern financial ecosystems.

“In other words, FinTech is transforming the landscape of financial services, and we believe that it holds the key to making our capital market more inclusive and accessible to all. We are committed to pioneering this transformation for the benefit of every individual investor in Nigeria.”

Mr. Nnadozie went on to discuss how technology and FinTech solutions could enable broader participation in the capital market, asserting, “Inclusivity is at the heart of our mission.

“We are leveraging the power of technology to provide financial access to all, from the experienced investor to the first-time market participant. This is how we envision a brighter and more equitable future for our capital market.”

He also stressed the role of FinTech in capital market, partnerships and collaborations in achieving these goals, saying,

“FinTech innovations have played a significant role in revolutionizing capital markets by leveraging technology to provide streamlined and accessible financial services. It has transformed how trading, investing, and fundraising occur, fostering greater innovation and accessibility in the capital market landscape.

“We are actively seeking partnerships with FinTech companies and stakeholders across the financial sector. Together, we can build a more robust and accessible capital market that benefits every Nigerian.”

As the premier CSD in Nigeria, CSCS continues to lead the way in modernizing the capital market by embracing cutting-edge technologies and innovative solutions. The Managing Director’s presentation by Mr. Nnadozie at the conference further underscores the company’s dedication to empowering individuals and ensuring financial access for all.

Mr. Nnadozie concluded that the potential of FinTech to transform capital markets and empower individuals is undeniable. He stated: “By harnessing innovative technologies, FinTech is breaking down barriers, democratizing access, and fostering financial inclusion.

“Through user-friendly platforms, fractional investments, robo-advisors, and educational resources, FinTech is reshaping how individuals engage with the capital market. As these advancements continue to evolve, more people than ever before have the opportunity to take control of their financial futures, invest with confidence, and participate actively in the global economy.

“Therefore, we invite all stakeholders, from regulators to market participants, to join hands in harnessing the transformative power of technology. Together, we can create an inclusive capital market that truly reflects the economic realities of Nigeria.”

As CSCS continues to spearhead initiatives that align with global best practices, the Managing Director’s paper serves as a testament to the company’s unwavering commitment to driving positive change through the transformative power of technology in the capital market.

The company remains dedicated to realizing this vision and looks forward to the collaboration and partnerships that will drive the transformation of the Nigerian capital market.


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E-Financial

Africa  Launches PAPSSCARD, First Pan-African Card Scheme

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Africa has marked a significant step towards financial independence following the launch of PAPSSCARD, the continent’s first Pan-African card scheme.

Africa  Launches PAPSSCARD, First Pan-African Card Scheme

Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank,

Unveiled on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the new card represents a major leap in Africa’s efforts to achieve financial sovereignty by building resilient and independent payment systems, easing people travel and boosting trade integration.

PAPSSCARD, a joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS), enables fast, secure, and affordable retail payments across African borders. Currently, most African card payments are routed through global systems causing increased fees and loss of data control. By processing transactions entirely within the continent, PAPSSCARD keeps value, data, and economic benefit in Africa.

Speaking at the launch,  Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank, highlighted the significance of PAPSSCARD in reclaiming Africa’s financial autonomy.

“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data. PAPSSCARD changes that. It empowers us to move money swiftly, securely, and affordably across our borders. It is a transformative step towards strengthening intra-African trade and preserving value within the continent.”

Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as a major advancement in the continent’s financial architecture, noting that it is “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.” He added that the card reflects Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.

Muzaffer Khokhar, executive chairman, Mercury, said the launch represents a milestone in Africa’s move toward financial sovereignty.

“We are proud to support a system built by Africa, for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future. The PAPSS Card will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future.”

John Bosco Sebabi, acting CEO of PAPSSCARD, added that the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals.

He said that the PAPSSCARD card would “reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.”

Commemorative cards were unveiled at the 32nd Afreximbank Annual Meetings to mark the launch of the PAPSSCARD.

This initiative was made possible by strategic partnerships with issuing banks – Bank of Kigali and I&M Bank Rwanda; Rswitch, Rwanda’s national switch – Smart Cash; and Unified Payments, ensuring its seamless acceptance throughout Nigeria.

African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD.

This initiative will significantly advance Afreximbank’s strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy.


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Polaris Bank Backs Ethical Journalism with Strategic Media Support

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Polaris Bank is set to host the 2025 edition of its Annual Media Capacity Seminar on July 17, 2025, from 10:00 AM to 1:00 PM. This year’s seminar is themed: “Empowering Journalists in the Digital Age: Storytelling, Tools & Transformation”, and will feature two distinguished facilitators: Taiwo Obe, Founder and Director of Journalism Clinic, and Abayomi Adisa, a Senior Journalist with the BBC.

Now in its 11th year, Polaris Bank’s Media Capacity Seminar has grown into a flagship media education initiative supporting journalism excellence and professional development across Nigeria. Since its inception in 2015, the program has trained over 5,500 journalists, equipping them with the contemporary knowledge and tools needed to thrive in an evolving media landscape and AI era.

The 2024 edition, held in a hybrid format, recorded over 500 participants and focused on “Integrating AI Tools in Contemporary Media Practices for Innovation and Excellence.” Participants gained insights into data journalism, fact-checking, multimedia storytelling, and the responsible use of artificial intelligence in the newsroom.

Building on last year’s success, the 2025 edition will explore critical aspects of modern journalism, including digital storytelling, transformative newsroom practices, and emerging tools that can help journalists remain relevant in practice and impactful in today’s information age.

Attendance at the seminar is free, but registration is mandatory. Interested participants can still register via bit.ly/PAMC2025.

Polaris Bank remains committed to promoting responsible journalism through robust, consistent and premium media education and investing in initiatives that foster a more informed and progressive society.


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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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