E-Financial
FG Says Interest Rate will Crash in 18 Months
President Goodluck Jonathan has said that once the restructuring of the Development Finance Institutions is concluded, the interest rates on loans will drop within the next 18 months, as access to finance will become easy and competitive.
Jonathan, who was represented by Dr. Ngozi Okonjo-Iweala, coordinating minister for the economy, on Thursday at Lagos Chamber of Commerce and Industry (LCCI) independence anniversary lecture said, “We have decided that the best way to go is to set up a development finance institution to wholesale money to commercial banks and specialised banks.
“We will create this institution in the next 18 months. The ADB is putting in another $400 million. We are trying to raise the money to do it long-term, 20-year money, 30 years, 10 years of grace and reasonable interest rate so that we can down the cost of borrowing.
“When we get this, it will drive down the cost of finance. We are not going to dictate to banks how much they charge; we will simply put up a system that will provide enough resources for long-term financing. A lot of multi-lateral institutions are supporting us and this thing is going to happen. So give us 18 months,” she added.
The minister also debunked claims that the economy was in a fragile state, stating that the nation was not shielded from global shock, but hds done a lot in terms of recovery.
She said “The economy is doing well. We may experience cash flow that is not frequent; that does not mean the country is not doing well. Nigeria is an asset-rich country and is strong. Anyone with contrary data should come forward with it. This has been checked with the macro-economic policies.
“The economic indicators are positive. We expended a lot of energy on the macro-economic framework in order to ensure that the nation is doing fine and this is obvious, going by the way the euro-bond was over-subscribed.”
Goodie Ibru, LCCI’s president emphasised the need for the country to diversify the economy, describing the state of the economy as “too dependent on the oil and gas sector; weak in domestic production and local value addition.”
According to him, as the country celebrates its centenary, the diversification of the economy has become imperative and compelling if the nation hopes to mitigate the risks of shocks and vulnerability.
Kuda Microfinance Bank has unveiled the 2025 edition of “My Year on Kuda,” its annual recap providing customers with personalised insights into their spending, saving, and money management habits from the previous year.
Kuda Microfinance Bank
The tool analyses transaction data across categories like transfers, card payments, online purchases, and bills, revealing patterns such as highest-spending months, biggest payments, saving frequency, and savings from Kuda’s 25 free monthly transfers. Customers can compare 2025 activity against 2024, including income versus expenditure.
In an era of inflation and economic uncertainty, the recap promotes financial literacy by highlighting responsible borrowing via Kuda Overdraft usage, including access frequency, amounts borrowed, and repayment patterns.
Customer-shared screenshots on X reflect national trends: Nigeria recorded over 2.2 billion electronic transactions worth ₦285 trillion in Q1 2025, up 20 percent year-on-year, with POS terminals driving the shift to cashless commerce.
Kuda Group CEO Babs Ogundeyi, in the recap’s opening video, urged users: “Before you carry on with January, this is the perfect time to see everything you did with your money on Kuda last year and learn something.”
The feature underscores Kuda’s focus on actionable insights to help Nigerians navigate evolving personal finance amid shifting earning and spending behaviours.
Wema Bank has introduced SAW, a new AI voice assistant integrated into the ALAT 2.0 app, allowing customers to manage finances through natural voice commands similar to Siri, Bixby, or Alexa.
Wema Bank
SAW understands everyday language and delivers instant responses tailored to banking needs, such as checking account balances, transferring money, reviewing transactions, and accessing support.
This feature brings conversational banking to Nigerian users, eliminating complexity and enhancing accessibility.
The bank positions SAW as a pioneer in AI-powered financial services, aligning with global trends where millions interact daily with voice assistants for tasks like setting reminders or playing music.
ALAT 2.0 represents the next evolution in digital banking, making services more efficient, personal, and human-like for everyday Nigerians.
Ecobank Nigeria Limited has fully repaid bondholders who validly tendered their notes ahead of the February 2026 maturity date.
The bank announced the successful completion of its tender offer, under which it prepaid approximately $245 million of its $300 million Eurobond, representing more than 80 per cent of the total issuance.
According to a statement, the transaction relates to the 7.125 per cent Senior Note Participation Notes due February 2026.
Ecobank Nigeria Limited said it launched a tender offer to eligible noteholders in respect of the outstanding $150 million on the bond on November 27, 2025, providing them with an opportunity to redeem their holdings ahead of the original maturity date of 16 February 2026.
It stated that the early and late tender participation deadlines were 11 December 2025 and 29 December 2025, respectively.
According to the bank, holders of notes validly tendered and accepted received a cash consideration of $1,000 per $1,000 in principal amount, in addition to accrued interest from the last interest payment date up to, but excluding, the final settlement date of 31 December 2025.
Following completion of the offer, the bank said the outstanding principal amount of the notes has been reduced to approximately $55.092 million.
The bank also stated that the initiative reflects Ecobank Nigeria’s proactive approach to liability management and prudent balance sheet optimisation.
The tender offer was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) acting as financial adviser and dealer manager, while Sodali & Co Limited served as tender agent.
The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, for the sole purpose of financing the purchase of the $300 million 7.125 per cent Senior Note due 2026 issued by Ecobank Nigeria Limited.
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