E-Financial
AfDB Approves Policy for Victims of Bank-financed Operations
The Board of Directors of the African Development Bank Group has approved a new policy framework for the Independent Recourse Mechanism.
The IRM provides individuals or communities who are adversely affected by bank-financed operations with an independent mechanism through which they can raise their concerns.
They can also seek redress and hold the bank to account for ensuring it complies with its policies and procedures related to sustainability.
The new policy is aimed at strengthening accountability and providing more effective recourse to people affected by bank-financed operations.
According to a statement from the AfDB on Friday, the policy framework is the result of series of internal and public stakeholder consultations that began in December 2019.
This process was part of the third policy review of the bank’s Independent Review Mechanism.
It further marked the first time that the IRM had engaged in such a comprehensive public consultation process.
David Simpson, Director, Compliance Review and Mediation Unit, AfDB, said the new policy represented a significant step forward for the IRM.
“The new policy framework restructures the complaints’ mechanism, to make it more accessible, efficient and predictable.
“It also simplifies the complaint process for users of the Independent Recourse Mechanism,while enhancing its transparency, and providing clearer guidelines for case management.”
Stephanie Amoako, a Senior Policy Associate at Accountability Counsel, an international civil society organisation said: “The new accountability policy, if properly implemented, better serves the needs of communities across Africa.
” This is by removing barriers to access the IRM and creating a more equitable process for those using the mechanism.”
Accountability Counsel supports communities adversely impacted by internationally financed projects.
According to the statement, a new name accompanies the new policy as the Independent Review Mechanism will now be known as ” the Independent Recourse Mechanism.”
The new mechanism has been restructured, replacing the previous external experts panel model with a fully integrated unit that will now lead all problem-solving and compliance review functions.
The new policy strengthens accessibility for complainants by allowing complaints to be filed by a single person.
It enables the mechanism to advise communities on how to submit complaints if needed.
It adopts a zero-tolerance standard for retaliation against complainants and rejects any form of threats.
It also rejects intimidation, harassment, violence, or discrimination towards those that raise concerns through the Independent Recourse Mechanism.
The mechanism also requires AfDB management to make the IRM better known among affected communities by disclosing information about the mechanism at a project level.
Furthermore, the new operational rules and procedures approved by AfDB’s board also provides the IRM with some advantages.
For istance, it has the ability to initiate compliance review processes in certain circumstances without a formal complaint from affected communities.
It also increases complainants’ participation in the complaint-handling process by allowing them the opportunity to comment on draft compliance review reports before they go to the board.
The operational rules and procedures also commit the IRM to pursue a culturally appropriate and gender-sensitive complaint process.
It allows the IRM to consider a complaint’s eligibility even in the case of parallel judicial or non-judicial proceedings.
It further empowers the IRM to make recommendations to the bank on issues related to redress and remedy.
“That is when individuals and communities are adversely impacted as a result of bank-financed operations.
“As well as ensure that agreements reached by parties in problem-solving activities are aligned to international norms,” it added.
While the new policy enters into force with immediate effect and would apply to all new complaints, it is expected that the IRM would require a reasonable transition period to fully implement the new policy.
Where appropriate, ongoing complaints will be transitioned to the new policy over time.
The bank’s complaint mechanism became operational in 2006 and has received over 100 complaints submitted by civil society organisations and affected communities.
The mandate of the IRM covers both public and private sector operations of the bank group.
Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate of 12%.
It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.
Despite the impressive growth, the report highlights systemic inefficiencies.
“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.
However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.
In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.
Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.
The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.
According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.
“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.
Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.
The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.
“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.
Chartered Institute of Bankers of Nigeria has expanded its Agency Banking Certification Programme through a tripartite collaboration between the Institute, FIC, and SANEF Limited.
This partnership according Prof. Pius Deji Olanrewaju, President/Chairman of Council the Chartered Institute of Bankers of Nigeria, CIBN, is timely and strategic, “as we aim to broaden the reach of the certification across Nigeria’s agent banking sector. With SANEF’s deep integration in the financial inclusion ecosystem and established relationships with leading super agents, we are confident that this collaboration will strengthen the quality and visibility of the programme.
“The goal is clear, to enhance professionalism among agent bankers, support the national financial inclusion strategy, and contribute to building trust and integrity within this growing segment of the financial services sector. This collaboration presents an excellent opportunity for further implementation of the competency framework for the banking industry in Nigeria”.
He noted that the collaboration among others is part of his LEGACY agenda which highlights the multifaceted role of financial institutions in shaping Nigeria’s economic future.
The letter C in the LEGACY agenda refers to Competence in the banking and Finance industry, which is a very crucial factor in the banking and finance sector. Competent individuals in this industry are equipped with the necessary knowledge and skills to effectively manage financial resources. Individuals with expertise in this field can contribute to the growth and stability of the economy.
Mrs. Uche Uzoebo, Managing Director/Chief Executive Officer, Shared Agency Network Expansion Facilities, SANEF, described the memorandum of Understanding, MoU, as a visionary partnership that seeks to expand Financial Inclusion through Agent banking training, Financial Literacy and knowledge impartation, an objective that forms a key pivot of what SANEF represents.
“Over the years, SANEF, in strong collaboration with our key stakeholders, Banks and Licenced Super-Agents/Mobile Money Operators and other Financial Service Providers, have continued to deepen the frontiers of Financial Inclusion and agent bank. Financial Literacy and training have remained a key part of this objective.
“This MOU ceremony is a fulfillment of a shared vision through the expansion of Agent Banking, Financial Literacy, capacity building, thought leadership, training and competency.
She further explained that the agreement provides a training structure with well-curated and knowledge filled training modules and materials that will deepen the knowledge and capacity in agent banking.
“It will go ahead to deepen and expand the knowledge and capacity of all participants that will take part in this training and we believe that with the quality and cooperation of all parties present, this very important objective of impartation of knowledge and thought leadership, grooming and training minds to be empowered and learned and contributing our quota to nation building and be a better place,” she added.
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