E-Financial
NSE Seeks Privatization of NRC

The Nigerian Society of Engineers (NSE) has advocated privatisation of the Nigerian Railway Corporation (NRC) to attract the requisite private sector investment and technology.
Ademola Olorunfemi, NSE president, who made the call when he briefed newsmen in Abuja, said that such technical expertise and financial wherewithal abound in the private sector.
Olorunfemi advocated construction of double rail system that would include the much desired East-West track route to reduce travel times, optimise operations to facilitate private investment in the rail system.
“One aspect of our transport system that must be given the required attention in the interest of our economy is the railway.
“Its optimal performance will no doubt lessen traffic on our roads thereby extending the lifespan of roads in addition to the gross reduction of cases of road mishaps.
“We must move as a top railway operator on the African continent and the fabrication and local manufacture of equipment by indigenous firms should be encouraged and revamped.
“Facilities available in NRC workshops can be improved for this purpose and outsource to competent and tested engineering firms.
“This is where the local content bill is necessary in the railways industry,’’ he said.
He said this would attract local manufacturers and foreign companies to set up plants in Nigeria, thereby creating employment opportunities thus enabling the local production of new wagons and coaches under a well-packaged partnership structure.
Olorunfemi recommended the speedy amendment of the Railway Act through the proposed Railway Bill because the passage of the bill would be a major panacea for its development.
He said law would open the railway transport sub-sector to reputable and technically experienced railway investors under a well-structured public private partnership for an optimal railway operation in Nigeria.
The president also called for the establishment of a National Council for Science Engineering Technology and Innovation to drive forward the science, engineering development and economic transformation in the country.
He further called on the 36 states to establish the council to foster science and technology innovation in the country.
Olorunfemi said every nation that became great in the last three centuries mastered science engineering technology and innovation.
“This is because the advances and application of science, engineering, technology and innovation (SETI) over the centuries have led to the physical and economic development of such nations.
“Most countries that applied SETI as a driving force in their industrialisation process with or without natural resource endowment excelled within a very short time so Nigeria cannot jettison the measure.
“This is the norm; science, engineering technology and innovation are available all over the world.
“What makes the difference is the political will to place SETI in the driver’s seat by the leadership of the country.’’
E-Financial
Africa Launches PAPSSCARD, First Pan-African Card Scheme

Africa has marked a significant step towards financial independence following the launch of PAPSSCARD, the continent’s 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.
E-Financial
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia

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.

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.
E-Financial
Ecobank Plans to Raise $250m Capital Through Private Placement

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.
- Broadcasting1 day ago
Nigeria Week Ahead: Inflation, Oil and Naira in focus
- News1 day ago
EFCC: Accusations Against Our Chairman Are Baseless and Misleading
- General News3 hours ago
Woodhall Capital and Partners Launch ₦1.5Bn Fund
- Broadcasting5 hours ago
A Billion-Dollar Obsession in 90-Second Bites
- News3 hours ago
FirstBank, NLNG, Shell back QEDNG Creative Powerhouse Summit
- General News3 hours ago
AM Best Reaffirms Stable Outlook for Cyber Insurance Market
- News3 hours ago
Experts Urge MSMEs to Build Strong Partnerships in Solving Problems,
- E-Financial3 hours ago
Africa Launches PAPSSCARD, First Pan-African Card Scheme