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E-Financial

EcobankPay, Xpresspoint Agents Leveraging Technology to Expand Financial Inclusion – Akinwuntan

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Patrick Akinwuntan, managing director, Ecobank Nigeria, has disclosed that the Bank is leveraging technology to push the frontiers of financial inclusion of the unbanked and under-banked in the country.

The Managing Director said this in his keynote presentation at the Vanguard Economic Forum series on mobile money market and Fintech, with the theme, ‘Leveraging Fintech Innovation for Unlocking Growth and Competitiveness in Nigeria’s Mobile & Payment Ecosystem’ held in Lagos.

He pointed out that Nigeria which has improved financial inclusion from 47% to 63% in the last decade, remains a dynamic market with a lot of opportunities for digital financial expansion.

He stated that Ecobank has built an ecosystem that leverages digital technology to bring affordable, easy and convenient financial services to the people and businesses.

According to him, Ecobank is currently pushing EcobankPay, Xpress Agency Points and other digital platforms as key solutions to address the rapid shift to mobile payment and the adoption of digital channels across the country.

He described EcobankPay as  “a lifestyle scan and pay digital payment and collection service which accepts payments from other platforms – mVisa, Masterpass and mCash. Payment can be made with any phone by scanning the QR code or using USSD at merchant locations.

“It’s a unique offering, is its interoperability, that is, all bank customers in Nigeria can pay through their accounts in other banks.  It is free to set up, as the shop owner only needs his/her QR code and phone for notifications to start receiving quick and easy payments.

Merchant QR can also be set up via Facebook Messenger as well as USSD payment for low-income phone users”

He noted that EcobankPay “is currently available at over 90,000 merchant locations across the country. This is in addition to over 6,000 Xpress point agent locations in the country. Also, we have over 8 million mobile banking subscribers across the Ecobank Group. Our Ecobank Mobile App is unique, as it is one universal app available in 33 countries where we operate in Africa.

“Furthermore, Ecobank has so far set up EcobankPay Zones in over 50 locations in different parts of the country. These are digital hubs enabling businesses within a location adopt Ecobank’s wide range of digital products for ease of payments for goods and services. The payment options at the zones include EcobankPay, Xpress points, Automated Teller Machines (ATMS) and Point of Sale (PoS)”.

Mr. Akinwuntan said also that the banks’ strategy includes collaboration with Fintechs to surmount the financial inclusion and adoption of financial services challenge. Quoting the Efina fintech 2018 report, he noted that “there is an increased partnership with Fintechs as Nigeria is currently home to over 250 Fintechs and approximately 60% of them supporting payments and lending capabilities.

“The cumulative Fintech funding by banks in Nigeria has surpassed $250m in the past five years, he pointed out.

“Ecobank hosts an annual Africa Fintech challenge and we are providing support infrastructure for Fintechs that excel at the challenge.

“At Ecobank our vision and mission focus on providing Africans affordable and easy to access financial products and services. We believe innovation and technology could help remove barriers to 24/7 access to financial services through the use of self-service applications.“

He also noted that increasing mobile phone penetration has been a key enabler whilst the positive regulatory regime of the Central Bank is driving financial inclusion and seamless payment services initiatives in the country.

While commending Vanguard newspaper for organizing the event and choice of the theme and the Central Bank of Nigeria (CBN)’s various initiatives targeted at promoting and creating an enabling environment for mobile banking to thrive in the country, he made case for collaboration of all stakeholders to achieve the desired result.

Musa Jimoh, Deputy Director, Payment System Department, CBN, in his goodwill message at the forum said: “Cost of service is one of the reasons why people refuse to use some banking services including mobile money.

“So we came out with guidelines to bank charges to make sure that we regulate the charges and we have also come out with some other initiatives under the cashless scheme to see how we can bring people to the digital channel and reduce the high cost of operations in the bank.

“There are several initiatives that CBN is pushing to ensure the mobile money operators grow and help us deepen financial inclusion.”

Earlier in her presentation, Professor Olayinka David-West, Academic Director, Lagos Business School, LBS, explained that financial inclusion is the access to unleash affordable financial services to the huge population of the unbanked and the under-banked in the society.

She stated: “Affordable financial service is important because not everybody can afford to pay for account maintenance of N500 a month.

“To address financial inclusion, innovation is important because it will help us address the easy access to financial services. It has nothing to do with literacy; it is about how do we design it knowing the capabilities of the people we are trying to serve.”

Ecobank is a leading pan-African bank with an unrivalled platform in Africa. Its vision is to build a world-class Pan African bank contributing to the socio-economic development of Africa, while also providing customers convenient accessible and reliable


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E-Financial

SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

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Securities and Exchange Commission  (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.

SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.

“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.

“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”

SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.

“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.

“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.

Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.

Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.

“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”

Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.

 

 

 


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E-Financial

Africa Cross-border Payments Set to Hit $1 trillion by 2035

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Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate  of 12%.

It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.

Despite the impressive growth, the report highlights systemic inefficiencies.

“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.

However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.

In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.

Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.

The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.

According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.

“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.

Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.

The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.

“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.


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SANEF, CIBN Partner to Expand Agency Banking Certification

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L-r: Prof. Pius Deji Olanrewaju, President/Chairman of Council, the Chartered Institute of Bankers of Nigeria (CIBN) and Uche Uzoebo- MD/CEO, Shared Agency Network Expansion Facilities (SANEF) at the signing of Memorandum of Understanding (MoU) between the two organizations for the expansion of Agency Banking Certification Programme held in Lagos recently,
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Chartered Institute of Bankers of Nigeria has expanded its Agency Banking Certification Programme through a tripartite collaboration between the Institute, FIC, and SANEF Limited.

This partnership according Prof. Pius Deji Olanrewaju, President/Chairman of Council the Chartered Institute of Bankers of Nigeria, CIBN, is timely and strategic, “as we aim to broaden the reach of the certification across Nigeria’s agent banking sector. With SANEF’s deep integration in the financial inclusion ecosystem and established relationships with leading super agents, we are confident that this collaboration will strengthen the quality and visibility of the programme.

“The goal is clear, to enhance professionalism among agent bankers, support the national financial inclusion strategy, and contribute to building trust and integrity within this growing segment of the financial services sector. This collaboration presents an excellent opportunity for further implementation of the competency framework for the banking industry in Nigeria”.

He noted that the collaboration among others is part of his LEGACY agenda which highlights the multifaceted role of financial institutions in shaping Nigeria’s economic future.

The letter C in the LEGACY agenda refers to Competence in the banking and Finance industry, which is a very crucial factor in the banking and finance sector. Competent individuals in this industry are equipped with the necessary knowledge and skills to effectively manage financial resources. Individuals with expertise in this field can contribute to the growth and stability of the economy.

Mrs. Uche Uzoebo, Managing Director/Chief Executive Officer, Shared Agency Network Expansion Facilities, SANEF, described the memorandum of Understanding, MoU, as a visionary partnership that seeks to expand Financial Inclusion through Agent banking training, Financial Literacy and knowledge impartation, an objective that forms a key pivot of what SANEF represents.

“Over the years, SANEF, in strong collaboration with our key stakeholders, Banks and Licenced Super-Agents/Mobile Money Operators and other Financial Service Providers, have continued to deepen the frontiers of Financial Inclusion and agent bank. Financial Literacy and training have remained a key part of this objective.

“This MOU ceremony is a fulfillment of a shared vision through the expansion of Agent Banking, Financial Literacy, capacity building, thought leadership, training and competency.

She further explained that the agreement provides a training structure with well-curated and knowledge filled training modules and materials that will deepen the knowledge and capacity in agent banking.

“It will go ahead to deepen and expand the knowledge and capacity of all participants that will take part in this training and we believe that with the quality and cooperation of all parties present, this very important objective of impartation of knowledge and thought leadership, grooming and training minds to be empowered and learned and contributing our quota to nation building and be a better place,” she added.

 


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