Economy
AfDB Invests $2bn in 40 Innovations, ICT Projects in Africa
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The African Development Bank (AfDB), said it invested about two billion dollars in 40 innovation and ICT investment projects across the continent since 2012.
Mr Lamin Barrow, Director-General, Nigeria Country Department, said this during the Nigeria Fintech Week on Tuesday in Abuja.
The theme of the exercise is, ”Fintechs: Resilience, Innovation and Diversification”.
He listed the projects to include the 170 million dollars financing for the Investment in Digital and Creative Enterprises (I-DICE) in Nigeria.
According to him, one major component of the project is the establishment of a venture capital fund(s) to finance startups in the digital and creative industries.
”Other examples include the 72 million Euro loan for the Digital Tunisia 2020 National Strategic Plan; the 124 million Euro support for the Central Africa Terrestrial Fibre Optic Backbone project.
”This covers Cameroon, Central African Republic and Republic of Congo; the 96 million Euro financing for Technology Parks in Cabe Verde and Senegal.
”And 25 million dollars support for development of the regional payment system in the West African Monetary Zone,” he said.
According to Barrow, Africa Digital Financial Inclusion Facility (ADFI), a partnership between the Bank and partners will support catalytic investments in digital infrastructure, policy and regulatory development.
This, he said, would also support the design of innovative solutions in the public and private sectors.
“In April, I had the honour to sign a grant agreement with Mr Segun Aina, President of the Africa Fintech Network, for 525,000 dollars in support of the “Africa Fintech Hub” through the ADFI.
”Upon completion in 2025, it is envisaged that at least 70 per cent of Africa Fintech Network members will actively use and benefit from this digital One-Stop-Shop online platform for all things fintech in Africa.
“Also, in 2016, we inaugurated the Boost Africa Programme together with the European Investment Bank, to support venture capital fund managers and entrepreneurs to address obstacles faced by start-ups,”he said.
Barrow said working with Smart Africa, the Bank was supporting the “Institutional Support for Digital Payments and e-Commerce Policies for Cross-border Trade (IDECT) project” and harmonising policies for e-payments.
This, he said, had the potential to drive growth of the African e-commerce market and expand intra-Africa trade, taking advantage of opportunities from the Africa Continental Free Trade Agreement (AfCFTA).
He said: “The Bank is investing in projects to help African countries close the gender gap, strengthen customer protection and improve cyber resilience of financial institutions, including fintechs.
“We are also partnering with global technology businesses such as Microsoft, Google, MasterCard and the Consultative Group to Assist the Poor (CGAP) to promote financial inclusion and accelerate digital transformation in Africa”.
The director-general acknowledged that while we celebrate progress in the fintech space, some challenges persist.
He said the regulatory framework needed to keep abreast with technological advances while providing space for innovation and disruption.
According to him, cybersecurity also remains a concern, and the digital divide, while shrinking, still exists.
He said that, ”Fintech companies must also invest in knowledge and learning to enhance capacity for risk management and regulatory compliance.
“However, these challenges present opportunities to be harnessed through collaboration, inclusivity and education.
”Strengthened partnership between banks and the fintech ecosystem will help drive harmonisation, combining legacy trust with new-age agility.
“As we take fintech solutions to scale, there is a moral imperative to ensure that they cater to the needs of all stakeholders.
”From the bustling streets of Lagos to remote villages in Borno. Fintech can and should bridge the gap, ensuring no one is left behind in this digital revolution”.
Barrow added that it was also crucial to build a strong talent pool and improve digital literacy.
He said empowering people with knowledge and skills would not just promote fintech, but also pave the way for a brighter, more inclusive African future.
He said: “The Nigeria Fintech Week therefore provides a robust platform for strengthening our partnerships.
”To promote innovation and product diversification while building resilience for scalable and sustainable impact.
“The AfDB is strongly committed to this partnership to accelerate Nigeria’s and Africa’s transition into the digital future”. (NAN)
Economy
Naira Ends Week Stronger Against Dollar, Gaining N11.17
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The Naira further appreciated in the official market on Friday, trading at N1,474.
78 to the Dollar.Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.
This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.
95 to the Dollar.Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.
01 and a low of N1,447.50.The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).
The reforms aimed at ensuring transparency in the foreign exchange (FX) market.
CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.
Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)
Economy
CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed
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The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.
Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.
Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.
She said that the currency was one of the currencies to be received as export proceeds by the bankers.
“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.
“We will be working with CBN and the banks to ensure full implementation.
“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.
Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.
She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.
She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.
The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.
According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.
“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.
“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.
She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.
Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.
She said that the effort would increase foreign exchange earnings and help to capture export data for the country.
“Interactive sessions were held with several trade associations operating within some borders”.
According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.
“We will build on this,” she assured. (NAN)
Economy
Ecobank Promotes Savings Culture, Rewards N42m to Customers
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Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to its customers.
Ms Adeola Ogunyemi, Head of Consumer Banking, Ecobank Nigeria, made this known at the grand finale of the bank’s Super Rewards ‘Millionaire Geng Promo’ on Friday in Lagos.
She said that the initiative is part of bank’s strategy to deepen financial inclusion for all classes of Nigerians and to reward customers’ loyalty.
“It is not just about winning cash prizes; it is about financial security and long-term stability,” Ogunyemi said.
Ogunyemi also noted the increasing awareness of savings amid economic challenges.
“With the fluctuating value of the Naira, we have encouraged our customers to save consistently, whether in Naira or foreign currency.
“This has led to a steady rise in deposits across the banking sector,” she said.
Ogunyemi advised Nigerians, especially the bank’s customers to ensure financial discipline.
“Many people don’t realise the importance of saving until they face emergencies. No matter how much you earn, it will never be enough if you don’t discipline yourself.
“This initiative is about showing our customers that every amount saved adds up over time,” she said.
Ogunyemi spoke further on the broader economic impact of savings, noting that it fuels long-term investments.
“A country’s economic growth is influenced by how much its citizens save. Over the last six months, we have seen tremendous growth in savings, with customers becoming more conscious of the need to save.
“Month after month, deposits have increased, which is very encouraging,” she added.
She further emphasised that savings, beyond just winning rewards, provide financial security.
Ogunyemi also addressed the evolving savings culture in Nigeria, particularly amid economic challenges.
“With the impact of foreign currency devaluation, we’ve advised customers to save in both Naira and foreign currencies.
“Across the banking industry and within Ecobank, savings deposits have consistently grown.
“We have been actively educating customers through awareness programmes, newsletters, and campaigns like Super Savers and Millionaire Geng,” she said.
She emphasised the transparency of the programme, highlighting that all draws were conducted under regulatory supervision and broadcast live.
Also, Mr Victor Yalokwu, Head of Consumer Segments and Products of the bank, emphasised the importance of consistent saving habits, highlighting how it played a crucial role in determining winners.
“It is important to note that what gave them the opportunity to win was their commitment to saving.
“We set clear criteria: customers needed to save for at least 30 days to qualify for the monthly draw, 90 days for the quarterly draw, and six months for the grand finale.
“The individuals who won two million Naira each did so because they saved consistently for six months,” Yalokwu noted.
He further encouraged customers to develop a culture of disciplined savings, noting that beyond the rewards, financial security and stability were key benefits of the habit.
“I advise our winners to spend wisely and continue saving. The goal is to build financial resilience while enjoying the benefits of the promo,” he added.
Under the reward initiative, the bank customers won a total of N42 million at the end of the grand finale.
A total of 520 customers won N50,000 monthly for six months while 16 won N500,000, quarterly, in September and December.
Similarly, four customers; Akpofabe Akeman, Odo Chinedu, Saibu Sakiru and Eyo Ekpenyong won two million Naira each from FCT & North, Lagos, Mid-West/ South-West and South-South/ South-East, respectively. (NAN)