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E-Financial

Zenith, UBA, Other Mobile Banking Apps Gain Momentum- Study

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A new study has revealed that at last the mobile banking sector appears to be gaining momentum, Nigeria CommunicationsWeek can report. United Bank for Africa (UBA) Plc, Zenith Bank Plc, First Bank of Nigeria Plc, Guarantee Trust Bank Plc, among others in Nigeria will gain from the market, as almost 68% respondents to MEF‘s study of the behaviours and attitudes of 1,000 Nigerian smartphone users, hold bank accounts or own credit cards, are participating in some form of mobile banking.

According to the document obtained by Nigeria CommunicationsWeek, nearly half (45%) reported using a banking app and 27% do their banking via USSD indicating that the banks’ intensive marketing campaigns are starting to pay off.

Other Findings By Mobile Ecosystem Forum
The MEF‘s study of the behaviours and attitudes of 1,000 Nigerian smartphone users showed that 45% of respondents already buy more than 2GB of Data per month.

When consumers pay to increase their data bundle, it is mainly to consume more mobile apps (64%) and content such as video (52%) and music (31%).

While there is clear appetite for extra data, nearly half of respondents surveyed (48%) still expect mobile content to be free.

Cost is also a major factor in messaging, with73% turning to messaging apps over SMS because they are perceived to be free or cheaper. At the same time, a significant percentage (29%) value the extra functionality provided by these services, with WhatsApp (73%) dominating chat apps in Nigeria.

The research also reveals future opportunities outside of apps and entertainment. mLearning (48%) and reading apps (34%) both perform well in Nigeria.

About 45% of respondents said they have used banking apps demonstrating growing trust in this sector.

Healthcare is found to have the highest future potential according to the mobile media users studied (34%) alongside localised services such as taxi apps (33%) and food delivery (32%).

“The growth of the mobile ecosystem from more established areas like entertainment and messaging to the uptake of health, reading, transport and foods apps, along with the uptake of mCommerce and banking is encouraging and demonstrates the continued rise of the mobile economy in Nigeria”, said Rimma Perelmuter, MEF’s CEO.

“While the report shows strong growth in data consumption with 34% purchasing additional data, it also highlights that nearly three quarters of respondents (73%) are still held back from downloading popular services such as video & using more apps due to a lack of trust.

“In order for the mobile opportunity to truly take off, not only do the networks need to continue to improve their service, but data and pricing models need to be more affordable, transparent and better understood.  This study shows that where this is the case, consumers are more willing to pay for content and services as long as the value is clear.”

“The diversity in consumers’ usage is encouraging but a key enabler that drives usage is the use case”, said Adia Sowho, Director, Digital Business at Etisalat.

“What localized use cases should emerge next as the existing content and financial services mature? The MEF study tells us where opportunity has been captured, can be deepened and in some cases, is untouched”.

The report also highlights some challenges facing the Nigerian market. Trust is still perceived as an issue with 44% seeing it as preventing them from doing more with their phone and bandwidth issues or costs (47%) also seem to be holding the market back.

 


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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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