E-Financial
Operators Seek Review of Insurance, Pension Investment Legislations

Operators in the real sector as well as the insurance and pension sectors have called for urgent review of legislations guiding investments in various sectors of the economy in order to allow real sector operators have access to long-term funds.
The operators who spoke at the 2020 national conference of the National Association of Insurance and Pension Correspondents (NAIPCO) held in Lagos, noted that currently, some legislations on investment in Nigeria do not favour investments in most sectors of the economy.
Dr. Muda Yusuf, Director General, Lagos Chamber of Commerce and Industry (LCCI), while speaking on the theme: “Promoting Bankable Investments Portfolio for Insurance and Pension Sectors,” said bankable investment portfolio has become a general economic challenge facing Nigerian banking system.
He noted that insurance and pension funds are larger sources of long-term fund but are not available for real sector investment, whereas funds from financial system which is short-term in nature are the only available fund for them.
He, however, noted that the tight regulation in investment of pension fund somehow saved the sector during crash in capital market investment.
He said key issues to put into consideration in investing pension funds in the real sector includes safety of the investment, returns on investment, liquidity of the investment especially for insurance funds because of payment of claims which may arise ant time.
He noted that the N11.35 trillion pension funds as at August this year means a lot in Nigeria investment market if there is right kind of investment environment and regulation.
He said there was need for government to put in place a unified exchange rate to encourage diaspora remittances.
Also speaking, the Chairman, Nigeria Social Insurance Trust Fund, (NSITF), Mr. Austin Enajemo-Isere, said there was urgent need to consider alternative strategies to retool the economy for survival and growth even as he called for the review of the Pension Reform Act (PRA) to enable those in real sector have access to insurance and Pension fund to finance their operations.
Enajemo-Isere, who was the chairman at the conference, identified the effect of the ravaging COVID-19 pandemic and wanton destruction of life and properties across the country in the wake of the #EndSARS protest that was hijacked by hoodlums, among many others on the economy and noted that the impact of these crisis have resulted into the Nation GDP declining from a growth of 2.2 percent in 2019 to about -4 percent by year end.
He said as a result of this, the government, private sector institutions and individuals have continued to search for economic survival strategies to change the narratives and create new normal.
The NSITF boss, advocated for a deliberate policy by the authorities, in addition to what is currently obtainable, directly or through moral suasion to invest Insurance and Pension Fund in sectors such as Manufacturing, Agriculture and Aviation among others with an inbuilt safety net.
“In furtherance to the foregoing, the current restrictive nature of insurance and pension funds investment outlets calls for review of the legislations guiding investment of insurance and pension fund. The yelling and plea from the Organised Private sector of Nigeria (OPSN) to create more access to investible funds deserves attention.
“It is worthy to note and be reminded that insurance and pension funds are subject to regulatory guidelines as provided in section 25 of the Insurance Act 2003 as amended and Sect 86 of the PRA 2014, for the purpose of safety and Returns.
“However, a consideration for review of these legislations to enable some special and real sectors of the economy have access to insurance and pension fund to finance their operations, will be most beneficial to the growth and development of the Nation’s Macroeconomic activities.
A deliberate policy by the authorities, in addition to what is currently obtainable, directly or through moral suasion to invest insurance and pension fund in sectors such as manufacturing, agriculture and aviation, etc with an inbuilt safety net, will be a welcome development,” he suggested.
The NSTIF boss, who stressed the important role of insurance as a catalyst for nation-building and risk transfer mechanism, commended underwriters for rising to their responsibility, noting that, “some operators, in recent times have given assurances to the insuring public that reported claims emanating from the EndSARS protest, among others, will be promptly honored, particularly policies with extension that cover strike, riot and civil commotions (SRCC). This is cheering news for the industry and the nation in general.”
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.
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