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E-Financial

UBA Foundation Wins ‘Philanthropy of the Year’ at Prestigious THISDAY Awards

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Bola Atta, CEO, UBA Foundation
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UBA Foundation, the Corporate Social Responsibility arm of the United Bank for Africa (UBA) Plc, has been named “Philanthropy of the Year” at the prestigious THISDAY Awards 2025.

Tony Elumelu, Chairperson of the United Bank for Africa and Oliver Alawuba, Managing director of the United Bank for Africa

The award reaffirms the UBA Foundation’s position as a leading force in philanthropy, underscoring its unwavering dedication towards giving back to the community and creating a sustainable future for generations to come.

UBA Foundation emerged the winner in the category which had other nominees including Dangote Foundation, NLNG, MTN Foundation, and Fidelity Bank Foundation.

The award ceremony, tagged “When the Going Gets Tough… the Tough Get Rewarded,” was held at the Prestigious Eko Hotels and Suites in Lagos on Monday and coincided with THISDAY’s 30th Anniversary. It brought together distinguished guests to celebrate the outstanding achievement across various sectors, recognising individuals and corporate organisations that have been making meaningful impact in their industries and society as a whole.

While presenting the award, the Honorable Minister of Information, Mohammed Idris Malagi, commended UBA Foundation for its impactful programs, particularly in advancing education, and emphasised the need for more organisations to emulate the Foundation’s model of sustainable philanthropy.

“This award is a testament to the remarkable achievements of the UBA Foundation over the past year. “This honour is well-deserved, and I urge other organizations to follow this exemplary model in contributing to the societies they serve,” Malagi stated.

Receiving the award on behalf of the Foundation, UBA’s Group Head, Media and External Relations Ramon Nasir, expressed gratitude for the recognition, attributing the success to the Foundation’s commitment to improving lives across the continent and beyond.

“We are deeply honored to receive this award, which comes at a pivotal moment for us. It is a powerful affirmation of the work we have done and a reminder of the responsibility we carry to do even more.

UBA Foundation’s Chief Executive Officer, Bola Atta, who spoke on the awards, said, “We are appreciative of this award, and for us, this is our call to action to do even more. In the coming year, we will not rest on our laurels, we will launch new initiatives and strengthen existing programs to deepen our impact and broaden our reach across communities.” she noted.

Over the years, the Foundation has focused on key areas such as Education, Environmental Sustainability, Economic Empowerment, and Special Projects, leaving a lasting legacy of transformation, rolling our initiatives that continue to impact positively on the communities around its areas of operation.

UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, Environment, Economic Empowerment and Special Projects.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

Nigeria Received $52Bn from Afreximbank in 10 Years – Oramah

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Prof. Benedict Oramah, president , Africa Export-Import Bank, (Afreximbank), has revealed that Nigeria is the highest recipient of intervention funds from the bank, amounting to $52 billion in the last 10 years.

Nigeria Received $52Bn from Afreximbank in 10 Years – Oramah

Prof. Oramah made the disclosure in Abuja during the signing ceremony of the Host Agreement between Nigeria and Bank ahead of its annual general meeting which hold in June 2025

He said “Nigeria is the largest recipient of disbursements from the Afreximbank amounting to $52bn out of the $140 billion which was disbursed on the continent in the last 10 years

“Also, Nigeria is among the first beneficiaries of our transformative projects which include the African Quality Assurance Center launched in Ogun state and we have also begun work in two other states of Kaduna and Imo,” he said.

Speaking on other developmental projects of the Bank in Nigeria, he further explained that the “Afreximbank Africa Trade Center will be the first on the continent to be opened and launched on April 10 2025.as well as the African Medical Center for Excellence will be opened on June 5 2025 estimated to cost $750 million with the potential to convert Abuja to a medical tourism hub as it consist of a medical school and a center for disease research.

“Also, the Bank has provided funding to produce 1.2mbd refining and in Dangote, BUA and Port Harcourt refinery as part of the Bank’s strategic plan to make sure that golf of guinea becomes a major refining hub,”

Prof. Oramah further stated that the theme of this year’s meeting will be ‘Building the Future in Decades of resilience,’ and will feature about 6,000 delegates compromising of captains of industries as well as heads of governments

Earlier in his remarks, Wale Edun, minister of Finance and Coordinating minister of the economy, stated that President Tinubu has granted presidential approval to host the Bank’s 2025 Annual meeting in the FCT in June this year

 

 

 

 

 

 


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E-Financial

E-Payment Transactions Down 3.14% to 119.84trn in January – FDC

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Transactions through electronic payment (e-payment) channels in the country declined by 3.14 per cent to N119.84 trillion in January 2025 from the N123.72 trillion recorded in the previous month, a report by Financial Derivatives Company Limited (FDC) has shown.

Although the firm, which cites e-payment transactions data obtained from the Nigeria Interbank Settlement System (NIBSS), did not proffer reasons for the decline, it projected that the value of transactions through e-payment channels will likely rise to N125.73 trillion and N126.43 trillion in February and March this year respectively, driven by factors such as improved services from payment system operators, delayed implementation of the cybersecurity tax and more people jettisoning cash for electronic transfers.

As the firm put it, “in Q1’2025 e-payment transactions will be buoyed by: payment system efficiencies; delay of the cyber tax; less cash and more transfers.”

In an earlier report, FDC had noted that the total value of epayment transactions “has been increasing steadily since July 2023.”

Indeed, data recently released by the NIBSS indicates that the value of electronic payment transactions in the country hit a record N1.07 quadrillion in 2024 compared with N6003.36 trillion in the previous year.

Analysts note that there has been increased adoption of epayment in the country in recent years, occasioned by factors such as the Central Bank of Nigeria’s (CBN) initiatives to promote the cashless policy, the impact of the 2020 Covid-19 crisis and the naira redesign programme introduced by the apex bank in late 2022.

In its report titled, “Instant Payments – 2020 Annual Statistics”, the NIBSS, for instance, stated: “The Covid-19 pandemic changed the e-payments landscape, accelerating the adoption of instant payments as more people transitioned to electronic channels for funds exchange in the wake of government-imposed lockdowns.”

New Telegraph reports that implementation challenges with the CBN’s naira redesign policy led to an acute shortage of cash, which crippled economic activities across the country in the first quarter of 2023, thereby forcing bank customers, who were unable to access cash at the time, to adopt e-payment channels.

In fact, there are indications that lingering cash scarcity in the banking system was responsible for the reported surge in the value of Point of Sale (PoS) transactions last year as more people became banking agents or PoS merchants to meet increased demand for cash from bank customers who were frustrated by their inability to withdraw cash from ATMs or banking halls.

According to latest NIBSS data, the value of PoS transactions rose by 69 per cent to N18 trillion in 2024, from N10.74 trillion in 2023.

As part of its efforts to tackle the lingering cash scarcity, the CBN has in recent times rolled out strict measures aimed at ensuring that Deposit Money Banks and PoS agents comply with its cash deployment regulations.

Last month, the apex bank fined nine Deposit Money Banks N150 million each for failing to ensure cash availability via Automated Teller Machines (ATMs) during the 2024 festive season.

Also, the CBN, on December 17, issued a circular on “cashout limits for agent banking transactions,” which saw it restricting PoS agents to a daily transaction limit of N1.2 million and also introducing a daily transaction limit of N100,000 per customer for cashout transactions conducted by the agents.


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E-Financial

FG Takes Full Ownership of Keystone Bank

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Federal government has taken full ownership of Keystone Bank, according to a statement by the bank posted on its X handle on Tuesday evening.

FG Takes Full Ownership of Keystone Bank

It read, “Keystone Bank Limited wishes to clarify media report of a judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.

“Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous Board and Management of the Bank for corporate governance breaches. The CBN followed this action with the appointment of a new Board and Management for the Bank.

“Subsequently the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank. At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the Bank previously held by the shareholders in favour of the Federal Government of Nigeria. The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government f Nigeria.”

Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward—together. #KeystoneBank #WeGrowTogether pic.twitter.com/aHV9XVd4T6

Describing the development as a “significant milestone in our journey,” the bank said the move is “paving the way for a seamless recapitalization process”.

“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders,” the statement read.

“The bank maintains a strong financial position, consistently fulfilling all its obligations and adhering to all regulatory requirements. We assure our customers that the bank remains safe, healthy, strong, and resilient.”

 

 

 


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