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E-Financial

EchoVC Tips Innovation Fund as Disruptive Strategy For Job Creation

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EchoVC Pan-African Investments Nigeria Limited, has advocated for the Federal Government to consider injecting more innovation funds in the ICT‎ as catalysts for job creation, economic recovery and growth. ‎

The firm makes investments of $25K-$1.5m per startup with a goal of making 40-50 investments throughout the life of a particular fund,

‎Eghosa Omoigui, managing partner, EchoVC, gave the advise while addressing journalists on the venture capital firm’s strategy that underpins a disruptive approach to building startup businesses. ‎

‎He said that the Company is focused on technologies that support the ‘99% bulge’ of underserved populations.

‘Our investments are targeted at high-growth services and scalable products in select markets, with distinct and sustainable competitive advantages, all of which affect daily life and provide essential services in large growing markets,’ he said, listing specific technology sectors of interest to the Firm to include: consumer internet and services, data, mobile, social, digital, media, content, and advertising, electronic/mobile-commerce, software, linguistics, gaming, among others.

In 2012, a national recruitment in search for an independent institution that will act as Fund Manager with the responsibility of overseeing fund-raising, deal sourcing, evaluation and execution, technology business incubation, portfolio management for the ICT sector of the country saw the birth of EchoVc as the pioneering fund manager behalf of the federal government.‎‎

‎As part of the her $50million target fund 1, EchoVC is also the sole manager of the Federal Government\’s pioneering innovation fund, a $10million commitment from the Federal Government to make seed and early-stage investments in high-growth technology startups, where existing investors are a mix of domestic and foreign institutional investors and asset managers. ‎

Omoigu said that ‎aside making investing on four startups in 2015, they anticipate making up to 10 seed-stage investments in 2016.

‎He however urged  technology startups in the country to channel their incubation skills toward economic viable solutions that will avail them international investors capital and seed funding dedicated by the federal government.

“See, there is need for more Nigerians to come up through referral scheme to access the $10million ICT fund for tech startup companies. You should know that there is a forecast of net job growth impact of not less than 35,000 jobs in 2016 through the ICT and this is achievable…,” Omoigu said.‎

He added that the fund for Information Communication Technology (ICT) Small and Medium Enterprises (SMEs) worth $10million made available by the immediate past Federal Government through the National Information Technology Development Agency (NITDA) can still be leveraged by businesses to deepen their growth after passing through mentorship ‎programmes.

The Managing Partner described EchoVC Partners as an experienced seed and early stage technology-focused Lagos based venture capital firm that ‎seeks ‘to capitalized on Nigeria’s burgeoning period of growth in technology innovation by investing in next generation companies that will lead the technology renaissance across the continent as the fund will also provide investment opportunities in Ghana, Kenya, Uganda, Rwanda, Tanzania and Ethiopia starting from Nigeria.”‎

Speaking specifically on their plans, he said, ‘EchoVC plans to fill the seed and early stage financing gap by producing mentorship and institutional angel funding to promising entrepreneurs and co-developing and stimulating the existing local angel community; co-invest in first institutional financings of emerging market technology companies with traction and deliver value-add with formal knowledge transfer frameworks that cross-pollinate ‎US/Asia/Africa-based entrepreneurial insight’.

He added that they will work with portfolio companies to enhance enterprise value and exit value.‎


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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

Africa  Launches PAPSSCARD, First Pan-African Card Scheme

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Africa has marked a significant step towards financial independence following the launch of PAPSSCARD, the continent’s first Pan-African card scheme.

Africa  Launches PAPSSCARD, First Pan-African Card Scheme

Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank,

Unveiled on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the new card represents a major leap in Africa’s efforts to achieve financial sovereignty by building resilient and independent payment systems, easing people travel and boosting trade integration.

PAPSSCARD, a joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS), enables fast, secure, and affordable retail payments across African borders. Currently, most African card payments are routed through global systems causing increased fees and loss of data control. By processing transactions entirely within the continent, PAPSSCARD keeps value, data, and economic benefit in Africa.

Speaking at the launch,  Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank, highlighted the significance of PAPSSCARD in reclaiming Africa’s financial autonomy.

“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data. PAPSSCARD changes that. It empowers us to move money swiftly, securely, and affordably across our borders. It is a transformative step towards strengthening intra-African trade and preserving value within the continent.”

Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as a major advancement in the continent’s financial architecture, noting that it is “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.” He added that the card reflects Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.

Muzaffer Khokhar, executive chairman, Mercury, said the launch represents a milestone in Africa’s move toward financial sovereignty.

“We are proud to support a system built by Africa, for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future. The PAPSS Card will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future.”

John Bosco Sebabi, acting CEO of PAPSSCARD, added that the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals.

He said that the PAPSSCARD card would “reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.”

Commemorative cards were unveiled at the 32nd Afreximbank Annual Meetings to mark the launch of the PAPSSCARD.

This initiative was made possible by strategic partnerships with issuing banks – Bank of Kigali and I&M Bank Rwanda; Rswitch, Rwanda’s national switch – Smart Cash; and Unified Payments, ensuring its seamless acceptance throughout Nigeria.

African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD.

This initiative will significantly advance Afreximbank’s strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy.


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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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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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