E-Financial
NEPAD, Ecobank Group Set to Establish Framework to Support African MSMEs
Dr. Ibrahim Assane Mayaki, Chief Executive Officer, AUDA-NEPAD and Mr Ade Ayeyemi, Ecobank Group Chief Executive Officer have agreed to collaborate on a continental initiative to support African Micro and Small-Medium Enterprises (MSMEs) as they face the economic and social challenges posed by the COVID-19 pandemic.
The objectives of the initiative are to:- Create a one-stop platform which will address the issues, challenges and needs of MSMEs during and post COVID-19, and be an all-encompassing, flexible and comprehensive one-size-fits-all tool for MSMEs in the formal and informal sectors across the continent;
– Identify opportunities and innovative ways to support and protect MSMEs and job opportunities, especially in food and agribusinesses, technology startups, health specialized entities and those operating along with supply chain operations, noting that MSMEs account for an estimated 90% of businesses in most African economies; and
– Coordinate and harmonize initiatives and ongoing efforts that support MSMEs to gain access to information, finance, and fiscal stimulus during the outbreak. The platform also aims to ensure that MSMEs have continuous access to national, regional and continental markets while recommending to policymakers, solutions regarding domestic debts as they are projected to face challenges due to the economic difficulties that the Member States will face.
Speaking on the initiative, Dr. Mayaki highlighted that “the COVID-19 pandemic while affecting global economies, will have a devastating effect on African economies and businesses”.
“AUDA-NEPAD and Ecobank Group intend to jointly build a continental platform based on our initial ‘100,000 SMEs by 2020’ campaign which will provide an immediate response to the potential impact of COVID-19 on SMEs and job creation on the continent”, said Dr Mayaki.
He added that AUDA-NEPAD will leverage on its existing instruments, networks, and programmes to gather stakeholders around a digital platform that showcases and monitors the progress made.
Mr. Ade Ayeyemi remarked that the fragility of some of the African economies is more pronounced with the impact of COVID-19 and therefore continental coordination is essential to support national measures by governments to curb the spread of the virus on the continent.
He further underscored that MSMEs which form a large part of individual economies in Africa have little or no absorption capacity to the effect of the pandemic.
“As a longtime partner of AUDA-NEPAD, we welcome the opportunity to work with the Agency to co-lead this continental platform that will empower MSMEs with knowledge, resources, mentoring, technical expertise and financial support to ensure the sustainability of their businesses during and post COVID-19.
“The objective of the continental platform is indeed aligned with the Ecobank vision of contributing to the economic and social development of Africa, our home” said Ade Ayeyemi.
The Central Bank of Nigeria (CBN) has slammed a ₦250 million fine on Paystack for operating Zap, its peer-to-peer payment app, as a wallet in breach of its regulatory approval.
The apex bank flagged Zap as a deposit-taking product, a function reserved exclusively for institutions with microfinance or banking licences, according to a report by TechCabal.
Launched in March, Zap allows users to send and receive money, positioning itself as a consumer-facing digital wallet.
However, Paystack only holds a switching and processing licence, which permits it to facilitate transactions but not to hold customer funds. This regulatory limitation is at the heart of the CBN’s sanction, sources familiar with the matter said.
“Paystack is working closely with the regulator as they further review Zap, and out of respect for the process, we won’t be making any public comments at this time,” a company spokesperson said.
The penalty comes amid a legal dispute between Paystack and Zap Africa, a Nigerian crypto startup, which has accused the fintech of trademark infringement.
In Nigeria’s highly regulated financial services space, digital wallets are considered deposit-taking entities, and offering such services without the requisite licence raises compliance concerns for the regulator.
Although Zap reportedly does not directly hold customer funds, it operates in partnership with Titan Trust Bank, which is authorised to accept deposits.
This is Paystack’s most significant publicly disclosed regulatory sanction since it received CBN approval in 2016. It reveals the growing scrutiny facing fintech firms as they transition from enterprise-focused offerings to consumer-facing financial services.
Guaranty Trust Bank (GTBank) has announced an increase in its SMS transaction alert fee from ₦4 to ₦6 per message, effective May 1, 2025. The bank cited a recent rise in telecommunication tariffs by service providers as the reason for the adjustment.
In a message to customers, GTBank explained that SMS alerts sent to international phone numbers would attract higher charges due to varying telecom costs. The bank emphasized the importance of transaction alerts in helping customers monitor account activity
Customers who no longer wish to receive SMS alerts have the option to update their alert preferences by submitting a form available on the bank’s website via email. This move allows customers to manage their notification preferences according to their needs.
The fee increase affects GTBank customers, who will now be charged ₦6 per SMS alert for transactions
Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts.
The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds.
Court filings reveal that the cybercriminals exploited a critical system glitch, discreetly transferring the money in small amounts across 54 financial institutions to evade detection.
Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that tracking the transactions has been challenging due to their fragmented nature.
Acting swiftly, the bank filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, requesting an emergency order to halt further withdrawals. On April 2, 2025, the bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being actively moved—suggesting an ongoing laundering operation.
In response, Justice Deinde Dipeolu granted a Post No Debit (PND) order, freezing all implicated accounts pending further investigation.
This crisis comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board over governance failures. Under the leadership of MD Yetunde Oni, the bank now faces intense scrutiny as customers demand accountability.
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