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E-Financial

Over 3m Nigerians’ Use Paga

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Tayo Oviosu, Paga founder and CEO
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Amidst the constant debate around the success of mobile payments in Nigeria; Paga, the country’s leading payments company has announced a significant rise in the adoption of its services, with over 3 million users now using its agent and online/mobile payment channels to send and receive payments.

Less than 8 months since announcing its last million user milestone – the company reached 2 million users in November 2014; Tayo Oviosu, Paga founder and CEO, credited the rapid growth to understanding the unique challenges faced by Nigerians looking for a simpler way to make payments.

“For my team and I, the issues around payments are far reaching. It goes past being able to move money from point A to B. In the 6 years Paga has been in operation we have developed a relationship with our customers. We hear their stories and we know that every transaction that occurs on our platform is more than just money. It’s someone trying to pay for something in a less stressful way. Whether it’s paying for a TV subscription; child’s school fees; a visa; people buying airtime to stay connected to the ones they love or a new business finally being able to accept payments from its customers. . With every transaction there is some emotional connotation for the end user and our ability to relate to that and create solutions that make everyday life possible for Nigerians is the #1 reason people continue to choose Paga.”

Founded in 2009 by Tayo Oviosu, the company remains focused on building a payments ecosystem that can be leveraged by banks, businesses, and consumers. Paga’s agent network is at the core of that ecosystem.

Paga now has over 8,300 agents in 35 states – the largest and most active network in Nigeria. The agents are locations where people can comfortably go in to make payments within their community.

On what next for Paga and the future of mobile payments, Jay Alabraba, co-founder and director of Business Development for Paga, said…“We believe strongly that accessibility still has a big role to play in the future of mobile payments and financial inclusion. With the unique challenges around connectivity in Nigeria, having a viable agent network remains key to ensuring that every Nigerian, irrespective of their location has access to finance. Our agent network is a key part of the Paga success story, and we currently have over 8,000 agents…and the numbers are growing every day.

We are now engaged with our bank partners for the next phase of our evolution is partnering with banks for agent banking -the delivery of banking productsthrough our agent network. By partnering with banks we believe we can ensure that all Nigerians get banked.This will also bring greater offerings to our agents who are all business owners in their own right. We are very excited about what the future holds as we further open up our network.”

Since inception Paga has processed over 15 million transactions worth over N154 billion and has over 800,000 active users.

The figures and this new milestone for Paga show that the industry is making more progress than previously reported. Looking forward, it is easier to see the role Paga and the rest of the industry will play in reducing the obvious issues around payments in Nigeria, boosting economic returns and promoting financial inclusion. 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

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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.

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

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.

 

 

 

 

 

 


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E-Financial

Ecobank Plans to Raise $250m Capital Through Private Placement

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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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E-Financial

EFCC Recovers Funds Lost to CBEX Fraud

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Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.

EFCC Recovers Funds Lost to CBEX Fraud

Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.

The EFCC Chairman emphasised that the suspects found are facing prosecution.

“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.

Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.

“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.

He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.

“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.

He urged the public to stay vigilant, assuring them that the body will see the case to the end.

“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.


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