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Afreximbank Targets $250bn Balance Sheet Growth in 10 years

The African Export-Import Bank (Afreximbank)’s shareholders have set an ambitious target to grow the balance sheet of the bank to $250 billion within 10 years. George Elombi, president of Afreximbank said this in his inaugural speech in Cairo, Egypt, reaffirming his faith in Africa’s ability to achieve the goal.

He said, “When we consulted with leaders, including President Abdel Fattah El-Sisi of Egypt, who is both a staunch supporter and a major shareholder, he challenged us to aim for $350 billion,” Elombi said. “That challenge is not about numbers; it is a call for greater impact.”
“Only a strong, well-capitalised institution can make the scale of investments required to transform Africa’s trade and development landscape,” he said. “As we invest in export processing zones, we will face critics who misunderstand our mission. Ignore them. Unless we process, nothing will change. To do that, Africa must have a strong financial institution. You have built one, and we will make it stronger,” he said.
He outlined his strategic priorities for the next five to ten years. The first, he said, is to promote value addition and strategic minerals processing. “We will no longer finance the export of Africa’s raw wealth,” he declared. “No more raw Nigerian bauxite, no more raw Cameroonian or South African manganese. We will focus on domestic processing.”
He emphasised that processing minerals locally would create jobs, boost foreign exchange earnings, and stimulate infrastructure development.
“We will establish a strategic minerals development program to finance entire value chains from extraction to refining and manufacturing finished goods,” he said, pledging to collaborate with the African Finance Corporation and the Trade and Development Bank in Nairobi to achieve this.
The second focus, he said, is to deepen intra-African trade and regional integration. “Our value addition agenda will succeed only if we secure markets for the goods we produce,” he explained.
He pledged to work with the African Continental Free Trade Area (AfCFTA) Secretariat to dismantle trade barriers and foster the free movement of goods, services, capital, and people across Africa.
In a pointed message to governments, he said, “Fear not your own people. Africans fear African people more than they fear foreigners. Open your borders. Your people will do you no harm.”
Elombi’s third priority is to develop trade-enabling infrastructure. “We cannot have trade without infrastructure,” he said, emphasising the need for investments in roads, railways, ports, pipelines, energy, and logistics hubs.
He announced plans to create a shared, integrated infrastructure ecosystem for trade, leveraging existing assets across borders to reduce costs and boost connectivity. He also underscored the importance of embracing digital and technological innovation. “Africa must not be left behind,” he said, pledging investments in digital infrastructure, e-commerce platforms, payment systems, artificial intelligence, and machine learning.
He hinted at exploring “a Pan-African digital currency” and called for mobilising global African capital to finance development.
Elombi stressed that mobilising global African resources and capital, whether held by diasporans, sovereign wealth funds, or private African businesses was essential for development.
“This is not just about finance; it is about ownership. It is about redefining the narrative of African development. It is time for Africa’s wealth, wherever it resides, to work for our own future,” he said.
Turning to the legacy of Afreximbank, Elombi said the institution, created 32 years ago, had achieved remarkable growth. “In just the last 10 years, total assets and guarantees grew more than eightfold to $43.5 billion,” he stated.
Total revenues, he said, rose sevenfold to $3.2 billion, while net income reached $1 billion at the end of 2024, representing a 700 percent increase over a decade.
The bank’s total capital rose from $1 billion in 2015 to $7.5 billion in 2024, with callable capital increasing from $450 million to $4.5 billion.
He also highlighted the creation of subsidiaries such as the Fund for Export Development in Africa, based in Rwanda, and others, which he said are becoming additional sources of revenue. Contrary to some critics, he argued, these subsidiaries are “not wasting funds” but rather “building the capital base needed for larger interventions.”
Elombi reaffirmed his commitment to preserve and deepen these achievements. “Our mission is to transform the structure of African trade,” he said. “Africa’s trade remains too dependent on commodity exports, and that must change. We must process, we must produce. Unless we produce, we will not trade among ourselves, and trade itself is not the end, it is the means to develop.”
News
WHO Says Ebola Outbreak Worse than Reported

World Health Organisation (WHO) at the weekend declared the Ebola outbreak linked to the rare Bundibugyo virus strain a global public health emergency.

WHO said there is currently no approved vaccine or specific treatment for this strain of Ebola.
At home, Nigeria Centre for Disease Control and Prevention (NCDC) said there is “no confirmed case of Ebola Virus Disease in Nigeria” but had tightened surveillance against the deadly virus.
The outbreak, linked to the rare Bundibugyo strain of Ebola, has already caused dozens of deaths in Congo and spread into Uganda, raising fears of wider transmission across the region.
In response, Nigeria Centre for Disease Control and Prevention said that the country remains on alert because of growing movement across African borders.
Jide Idris, director-general said the agency was “closely monitoring the situation” and working with the Port Health Services and other health agencies to strengthen preparedness nationwide.
He added that surveillance has been increased at entry points and within Nigeria’s health system.
According to the WHO, the outbreak has recorded more than 240 suspected cases and about 80 suspected deaths in Congo’s Ituri province, while imported cases have also been confirmed in Uganda’s capital, Kampala.
The WHO said the outbreak is “extraordinary” because of uncertainty around the true number of infections and the lack of approved medical countermeasures for the Bundibugyo strain.
Health authorities advised Nigerians to maintain proper hygiene, avoid contact with infected persons and report symptoms such as fever, weakness, vomiting and bleeding to the nearest health facility immediately.
Nigeria was declared Ebola-free in 2014 after successfully containing an outbreak brought into the country by an infected traveler from Liberia.
News
Digital PayExpo 2026 to Convene Africa’s Most Influential Payments Leaders in Lagos

Africa’s digital payments ecosystem will take center stage as Digital PayExpo 2026 returns to Lagos on June 17–18, 2026, at the Landmark Centre, Victoria Island, under the theme: “Seamless Digital: Fostering Pan-African Market Expansion in the AI Era.”

At a time when artificial intelligence, cross-border commerce, and financial inclusion are redefining Africa’s economic future, the event is set to convene over 3,000 senior executives, policymakers, fintech innovators, and global technology providers.
The speaker lineup reflects a powerful blend of regulatory leadership, private sector innovation, and pan-African expertise.
Among the headline speakers:
- Dr. Rakiya Yusuf, Director, Payment Systems Supervision, Central Bank of Nigeria — a key architect in Nigeria’s payment system reforms.
- Dr. Folasade Femi-Lawal, Country Manager & Area Business Head (West Africa), Mastercard — a leading voice in digital payments expansion across Africa.
- Clara B. Arthur, Managing Director, GhIPSS (Ghana) — driving Ghana’s interoperable payment ecosystem.
- Wacera Maina, Chief Operations Officer, Kenwitch Kenya — an expert in East Africa’s payment infrastructure evolution.
- Akeem Lawal, CEO, Interswitch Group — a pioneer in Africa’s fintech growth story.
- Ngover Ihyembe-Nwankwo, Executive Director, NIBSS — shaping Nigeria’s core payment infrastructure.
The conference will explore:
- AI-powered financial services
- Cross-border payment systems and interoperability
- Cybersecurity and trust frameworks
- SME financing and financial inclusion
- Infrastructure for a unified African digital economy
With participation from banks, fintechs, telcos, regulators, and global payment networks, Digital PayExpo 2026 is positioned as a critical marketplace for ideas, partnerships, and investment flows. Register: https://digitalpayexpo.com/register
Sponsorship Enquiries: [email protected]
News
Only 1 in 3 Families Fully Secure their Devices, Kaspersky Study Reveals

On International Day of Families observed on May 15th, a global Kaspersky study* reveals that while 47% of respondents talk about online safety, only 33% secure all their family devices – highlighting the need for proactivity from Family Digital Managers.

As online threats develop and every generation joins the online space, cybersecurity habits have become an essential part of life for every family. Typically, in every family, one or two people become so-called Family Digital Managers, responsible for managing subscriptions, setting up new devices, or thinking about cyber protection. Kaspersky has conducted a survey to find out what measures modern families take to stay safe online.
According to Kaspersky’s data, a significant portion of respondents adopt an educational approach to cybersecurity within their families:
47% regularly coach elderly relatives and children on safe online practices
45% advise family members to adopt password manager solutions
42% encourage the use of multi-factor authentication (MFA)
An equal 42% actively review and adjust privacy settings on both family devices and critical online accounts
Although a growing awareness of the importance of proactive, family-focused digital protection can be observed, when it comes to the implementation of security solutions, the trend is slightly different. 10% of respondents take no measures at all to protect their loved ones online, rising to 21% among those aged 55+.
As for the parental control apps, 67% of families with children under 18 years use this tool to monitor and secure their kids’ online activity. Parental control, such as the Kaspersky Safe Kids solution, can help restrict children’s access to inappropriate content and also gently manage their online habits by limiting access to certain websites and apps, controlling their screen time, and even enhancing their physical security by tracking their geolocation.
The most worrying number is that only 33% of respondents – just 1 in 3 – install security solutions on all family members’ devices. Kaspersky experts highlight that the current threat landscape shows that mobile devices and tablets as well as PCs all require comprehensive cyber protection, as they are often targeted by cybercriminals.
According to the survey, only 30% of respondents set up new devices for their families. Setting up a new device is not often regarded as a step that contributes to cyber safety; however, some actions performed before the device is put into use can significantly enhance its security.
For instance, experts recommend installing a security solution first, to scan the device for hidden threats and make web browsing safe from the first queries. What’s more, reviewing privacy settings on a new device allows you not to share data that you would like to keep private with some applications and services.
The research also shows that the older generation (55+) is generally less included in family security habits. Around 1 in 5 (21%) of this age group globally do not take any measures to protect their family online and only a quarter (24%) install security solutions for family members. The most popular security measure among them turns out to be a password manager, as 40% of this age group recommend their family members to use it.
“We are now using a lot of gadgets and digital services, and with every new device and every additional hour spent online, the potential entry points for cybercriminals continue to grow, exposing us to a wider range of cyber threats. At the same time, not every generation adapts to these rapid changes with the same ease.
“That’s why having someone in the family take on the role of a ‘Family Digital Manager’ can be so valuable, especially when it comes to protecting kids and elder people from digital cyberthreats, give advice and help with the use of trusted security solutions,” comments Brandon Muller, Technical Expert at Kaspersky.
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