E-Financial
ProvidusBank Collaborates with Mastercard to Drive Financial Inclusion for MSMEs
In a bid to affirm its digital dominance and stimulate innovation within Nigeria’s financial space, ProvidusBank, in collaboration with Mastercard, has announced a new payment solution designed to accelerate digital inclusion in Nigeria and across Africa.
The solution, called the Providus Amphi Card, is set to render seamless self-services to SMEs, merchants, and businesses with a special focus on cash-centric entities.
Powered by Mastercard, the Providus Amphi Card is a bundled solution of Mastercard’s industry-first SME Card and QR-Pay-By-Link solution – designed to enable MSMEs to make transactions seamlessly.
Through the solution, cardholders will also gain access to Mastercard’s SME benefits programmes such as the Entrepreneur Odyssey; a platform that provides business training content for micro and small businesses, and Easy Savings Specials; a dedicated platform where MSMEs can access discounted Value-Added Services from global and local third-party vendors.
MSMEs play a vital role in the global economy, contributing significantly to economic growth and job creation. In 2022, this sector contributed to 48% of Nigeria’s gross domestic product (GDP), accounting for 96% of businesses and 84% of employment – serving as the backbone of the country’s economy.
However, MSMEs often face challenges in accessing financial services tailored to their unique needs, ranging from payment collection to poor security, network instability, and limited access to credit due to financial institutions having limited visibility of their activities. Corroborating this trend is the recent demonetization enforcement by the Central Bank of Nigeria, which revealed that MSMEs are the most vulnerable to a cashless policy economy.
The Amphi Card aims to address these stress areas by offering a secure, safe, and convenient integrated financial solution customized for businesses and strictly for corporate customers of the Bank.
“ProvidusBank remains determined to being a frontrunner in innovative financial solutions in Nigeria. The Providus Amphi Card presents us an opportunity to demonstrate this commitment as we unpack the tremendous benefits it introduces to our customers, especially small businesses which remain the fulcrum of the economy.
“Through the introduction of the Amphi Card, we are once again revolutionizing payments in Nigeria.
“Each card is equipped with an imprinted QR code, seamlessly enhancing the banking experience and adding an extra layer of convenience and efficiency,” said Walter Akpani, Managing Director and Chief Executive Officer of ProvidusBank.
The Providus Amphi Card features exciting benefits, acting as an extra avenue for collections and revenue generation, and providing features including innovative QR payment, expense reduction, cashback or discounts, and more – driving convenience for cardholders across the payment ecosystem.
“Additionally, it enables collection and payment and provides businesses with a versatile tool for everyday transactions, leveraging Mastercard’s Payment Gateway Services (MPGS) which are accessed through the unique QR codes imprinted on each card.
“Africa has made commendable progress in transitioning towards a cashless society. However, further penetration and the introduction of innovative solutions remain essential for driving the financial inclusion of underserved communities and segments, especially cash-centric small businesses.
“As such, we are proud to collaborate once again with ProvidusBank to launch the first QR on Card launch across the region.
“Empowering these businesses with innovative, safe, secure, and efficient digital solutions will not only enhance financial inclusion but also drive rural development and fortify the resilience of the overall economy,” said Mark Elliott, Division President for Sub-Saharan Africa at Mastercard.
The Providus Amphi Card signals the bank’s commitment to introducing innovative solutions to Nigeria’s financial digital and virtual ecosystem and Mastercard’s integral role in addressing financial inclusion. In 2022, the two entities collaborated to launch the Tap-to-Pay service, alongside Interswitch and Thales Group.
The payment solution was heralded by digital analysts and economic commentators as “game-changing,” and provided a springboard to introducing another cutting-edge solution in the bank’s digital value chain such as the Providus Amphi Card.
Securities and Exchange Commission (SEC) has unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.
In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.
According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”
The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.
Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.
He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.
According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.
Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.
He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.
International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.
However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.
“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)
“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness
Central Bank of Nigeria (CBN) has allotted N598.33 billion in Nigerian Treasury Bills across three different maturities, with the 365-day bill dominating the auction, accounting for 80 percent of total sales and subscriptions.
A total of N482.62 billion was sold in the 365-day tenor, highlighting strong investor interest in the longer-term security.
The 91-day bill saw the least demand, with subscriptions of N48.4 billion and actual sales amounting to just N38.4 billion. This latest issuance brings the total Treasury bill sales for the year to N7.248 trillion.
At the auction held on Wednesday, May 7, the CBN offered N550 billion across the three maturities, N50 billion for the 91-day, N100 billion for the 182-day, and N400 billion for the 364-day bills. Despite total subscriptions dipping to N1.08 trillion from N1.53 trillion recorded at the previous auction, the auction was still oversubscribed, reflecting continued high liquidity in the financial system.
This demand pressure kept yields largely stable. The 365-day bill saw a marginal increase in yield to 24.41 percent from 24.36 percent, while the 182-day and 91-day yields remained unchanged at 20.38 percent and 18.85 percent, respectively. Yields have maintained a consistent level over the last four auctions, indicating a stable interest rate environment despite fluctuations in demand.
As of May 6, 2025, system liquidity stood at N1.21 trillion. When combined with maturing bills worth N287.98 billion, the total available liquidity more than tripled the N550 billion offered at the auction, further underscoring the robust investor appetite for government securities amid high market liquidity.
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