E-Financial
Ecobank Group, Microsoft Upskill Africa’s Small and Medium Enterprises to Succeed in a Digital Economy
Ecobank wants to help SMEs reach their full potential and play a vital role in driving Africa’s economic resurgence.
Ecobank Group, in partnership with Microsoft, LinkedIn, GitHub and Ecobank Academy is set to provide training to equip Small and Medium-sized Enterprises (SMEs) across sub-Saharan Africa. This training will provide SMEs digital skills and knowledge to succeed in today’s digital world.
SMEs have been significantly impacted by the COVID19 pandemic with its attendant lockdowns and disruptions to supply chains, plummeting sales, lost revenue and operational challenges.
In response to feedback from our customers, Ecobank through its Commercial Banking Segment is helping business owners close the digital skills gap within their chosen fields and improve the digital capabilities of their employees.
Josephine Anan-Ankomah, Group Executive, Commercial Banking for the Ecobank Group said: “The COVID-19 pandemic has turbocharged the shift towards digital. It is essential that businesses adapt so that they are able to compete effectively in today’s rapidly changing landscape.
Ecobank’s Commercial Banking is committed to supporting SMEs across our pan-African footprint. Through this partnership with Microsoft, LinkedIn, GitHub and Ecobank Academy we are offering training to equip business owners and their employees with the digital skills that they need to stay connected to their customers. We are intent on ensuring that our SME customers remain relevant, grow and succeed in the post COVID-19 era.”
SMEs have been invited to register here for the upcoming webinar taking place on July 26. The Global Skilling initiative program is available on an online portal where SMEs can register, and start their learning journey for any of the 10 in-demand skill sets (Customer Services; Digital Marketing; Financial Analysis; Graphic Design; IT Support/Help Desk; Project Management; Sales; Data Analysis; IT Administration; And Software Development). They can complete the virtual programme at their own pace and at times that work best for them. The programme runs until 31st of December 2021.
Ibrahim Youssry, Regional General Manager, Middle East and Africa – Multi market region at Microsoft said, “we are committed to building digital talent pipelines to support the workforce of the future, and our Global Skilling Initiative is an important part of this process.
But beyond the future workforce, digital talent will also support more local innovation, as developers and entrepreneurs are empowered to create locally relevant solutions that best address the challenges and needs of African countries.
“Startups and SMEs play a critical role in innovation, economic growth and job creation, and expanded access to digital skills is one of the key steps needed to foster a successful economic recovery.”
The Global Skilling Initiative is just another example of how Ecobank wants to help SMEs reach their full potential and play a vital role in driving Africa’s economic resurgence. Other support initiatives for SMEs include:
– The Ecobank Marketplace eCommerce solution for businesses to grow their sales on digital marketplaces
– And the Ellevate programme to provide women-led/owned/focused businesses with loans, cash management solutions, training and mentoring opportunities.
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.
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.
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