E-Financial
SystemSpecs, EFINA, Others Set Agenda for Africa Fintech & Digital Identity

SystemSpecs and Enhancing Financial Innovation and Access [EFINA] and other fintech firms have met at the 52nd Session of the Economic Commission for Africa (ECA) in Palmeraie Room, Palmeraie Golf Palace, Marrakech, Morocco to set agenda for Africa’s financial inclusion through fintech and digital identity.
Seun Adesanya, Systemspecs’ Head of Strategy, who featured prominently at the event informed that the meeting resolved that Africa must adopt its own home-grown technology across Africa for economic growth and development.
According to Adesanya the meeting also recommended partnership among stakeholders in the digital identity and fintech sectors to optimize the emerging opportunities while also canvassing for the facilitation of funding facilities for more technology development.
“The two mutually reinforcing development frameworks that guide development efforts in Africa are the 2030 Agenda for Sustainable Development and Agenda 2063. In both agendas, the central role of technology and finance is emphasized as a means of implementation.
“In the 2030 Agenda, financial inclusion is not one of the 17 Sustainable Development Goals (SDGs) and is not included in the targets. While, recognizing the importance of financial inclusion as an essential engine for growth with equity, African governments and their development partners are formulating strategies and policies aimed at creating an inclusive financial sector”, he pointed out.
He added that approximately 60 per cent of the African population eligible to access banking services is unbanked. Fintechs, and the roll out of digital identification (digital ID) can help reduce that number.
“In recent years, there has been enormous growth in Fintechs and Fintech products in Africa. Leading financial institutions and African Central Banks are setting up fintech units and adopting financial inclusion strategies.
“The extent to which Fintechs can expand financial inclusion depends on their ability to reach the millions of unbanked Africans, most of whom lack a government-issued ID card. Governments are rolling out digital ID platforms to close the gap”, he explained.
ECA and the African Union Commission recently launched an initiative to develop a continental framework for an African digital ID.
Reports have it that ECA plans to assist member states in granting digital IDs and developing a digital economy, through the establishment of the Centre of Excellence on Digital ID, Digital Trade and the Digital Economy.
Adesanya said that the side event were requested to discuss the challenges African countries are facing in the deployment of digital ID platforms and systems and in promoting the establishment of Fintechs in their efforts to promote financial inclusion .
He mentioned that the side chat focused on how best to promote innovation using digital ID platforms, Fintechs and payment services with expected outcomes as well as the development of a set of ideas, proposals and focused suggestions on how best to use digital ID and Fintechs to expand financial inclusion towards the implementation of the 2030 and 2063 Agendas.
E-Financial
GTCO to Become First Nigerian Bank to List on London Stock Exchange

By 8 am on July 9, GTCO Holdings is set to commence trading on the London Stock Exchange.
As the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.
This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange.
The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.
On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List.
It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.
In place of the GDRs, the group will list all its ordinary shares directly.
aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List.
The shares will also begin trading on the LSE’s main market for listed securities.
According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria.
Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.
This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.
As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.
E-Financial
NAICOM Issues New Licenses to SanlamAllianz Life, General Insurance

The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja.
Olusegun Omosehin, commissioner for Insurance emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.
The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.
SanlamAllianz recently launched its operations in Nigeria, marking a significant step in the company’s Pan-African expansion.
The launch follows the merger of Sanlam and Allianz’s Nigerian operations, creating a new entity named SanlamAllianz Nigeria.
This joint venture aims to transform the Nigerian insurance landscape by offering enhanced customer experiences, innovative solutions, and improved financial inclusion.
E-Financial
World Bank Approves Extra $65m for Nigeria’s SPESSE

World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.
The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.
The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.
The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.
This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.
The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.
Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.
This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.
In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.
Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.
These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.
Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.
In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.
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