E-Financial
AfDB, MasterCard Financial Inclusion Plan Targets 3 Key Areas
The African Development Bank (AfDB) and MasterCard on Thursday announced a broad collaboration that aims to expand financial inclusion across the African continent.
The collaboration, Nigeria CommunicationsWeek gathered seeks to develop solutions that drive inclusive growth in Africa by broadening access and usage of digital financial services.
MasterCard brings proven expertise to design and scale inclusive financial services solutions and infrastructure.
The AfDB actively promotes sustainable economic growth and poverty reduction in Africa. Together they will work with African governments and local private sector companies to develop and deliver affordable services that meet the needs of a wide consumer base, especially the traditionally unbanked.
Specifically, the collaboration will seek to do three key things.
-Build cohesive African financial systems that drive inclusion at a country level and enable service delivery to traditionally excluded populations;
-Invest in a curated set of innovative financial services companies and solutions targeted at addressing barriers that hinder financial inclusion; and
-Share knowledge across academic, policy and commercial sectors to create thought leadership on financial inclusion and economic development.
Donald Kaberuka, president of the AfDB, said, “Despite the phenomenal economic growth in Africa, this has not translated into shared prosperity and better livelihoods for the majority. Growth has to be inclusive to be socially and politically sustainable”.
He added that, “One key component of inclusive development is financial inclusion, an area in which Africa has been lagging behind other continents. Broadening access to financial services will mobilize greater household savings, marshal capital for investment, expand the class of entrepreneurs, and enable more people to invest in themselves and their families.”
Ajay Banga, president and CEO at MasterCard, said, “Less than one adult out of four in Africa has access to an account at a formal financial institution. While many of our industry partners have been active in this space, we believe that through our payments expertise, and the AfDB’s 50 years of experience in financing Africa’s economic transformation, we can achieve scaled impact and lasting transformation. This can only be accomplished when the public and private sectors combine resources and act together.”
MasterCard is a technology company in the global payments industry.
The Company boasts as operating the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.
MasterCard’s products and solutions make everyday commerce activities, such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.
On the other hand, the African Development Bank Group (AfDB) is Africa’s premier development finance institution.
It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF).
On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states
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.
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.
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.
Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.
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.
EFCC Says Corrupt Politicians are Using Crypto Wallets to Launder Money
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia
NCC Speaks of Plans to Secure Telecom Infrastructure Nationwide
Africa’s Lawmakers Commit to Strengthening AI, Digital Health and Smart Manufacturing Frameworks
Ecobank Plans to Raise $250m Capital Through Private Placement
News2 days agoCheck Point Report Finds Africa as Top Target for Cyber-attacks
News2 days agoJAMB Accuses Student of Securing Admission through Identity Fraud
E-Financial2 days agoEFCC Recovers Funds Lost to CBEX Fraud
E-Financial2 days agoFinancial Fraud in Nigeria Surges by 45 Percent, 70 Percent of Losses Linked to Digital Platforms – CBN
Telecom1 day agoNCC Speaks of Plans to Secure Telecom Infrastructure Nationwide
Telecom2 days agoMTN MUSON Music Scholars Graduate in Style at Lagos Ceremony
Telecom2 days agoMTN Foundation Hosts Stakeholders to Tackle Rising Drug Abuse Among Youth
E-Business2 days agoFirm Uncovers $500K Crypto Heist Through Malicious Packages