E-Financial
Africa’s Payment Space Absorbs COVID – 19 Impact, Returns to Growth
Globally, as well as in Africa, the payments industry suffered a much-smaller-than-anticipated impact from the COVID-19 crisis and has returned to growth with renewed momentum, according to a new report, titled Global Payments 2021: All In for Growth, by Boston Consulting Group (BCG).
This 19th annual analysis by BCG of the global payments industry reports that the sector responded quickly to challenges posed by the pandemic, from e-commerce adoption to accelerating cash-to-noncash conversion.
Global payments revenues declined by only 2.5% from 2019 to 2020, to US$1.5-trillion, and they could reach US$2.9-trillion by 2030.
BCG’s five-year outlook suggests that global payments revenues will expand by a healthy 7.3% from 2020 to 2025. All regions are likely to see strong growth over the next five years, with the Middle East and Africa expected to enjoy a compound annual growth rate (CAGR) of 6.9% from 2020 to 2025. This follows closely behind the global leader, Asia-Pacific, which is expected to have a CAGR of 8.8%.
“This growth forecast makes the Middle East and Africa one of the world’s strongest frontiers for payments. This is a huge region, however, with very different market characteristics from one sub-region to another – and despite challenges around less developed banking infrastructure in Sub-Saharan Africa as a whole, we believe that Africa is poised to see significant payments growth,” says Tijsbert Creemers, Managing Director and Partner at Boston Consulting Group, and co-author of the report.
In Africa, this growth has been and will continue to be augmented by high mobile penetration driving digital ecosystems and platform solutions.
Like payments front-runners China and India, the continent’s explosive digital payments evolution will be driven by local dynamics that include strong consumer interest in using mobile money and low card and banking penetration, BCG states.
The business strategy and tech solutions consultancy says South Africa is a mature market in terms of payments infrastructure. Most major banks in the country have enabled digital wallets such as Apple Pay and Samsung Pay, and the country’s retail real-time payments system is expected to launch in 2022.
In countries like Kenya, Ghana, Uganda, and Côte d’Ivoire, mobile wallets and money have already largely displaced cash – which is costly and dangerous to carry – and opened access to financial services products, driving financial inclusion in a region where this has traditionally been a challenge.
“With the right strategies in place and ongoing investment in creating a rich customer experience that meets customer needs, mobile payments players in Africa should continue to see strong growth in this highly competitive space,” says Creemers.
These opportunities extend to ecosystems, which have expanded rapidly in the past few years, too, with payments players capturing as much as two-thirds of the region’s Fintech funding in 2019.
Both banks and Fintechs across Africa have consistently continued to innovate to address challenges in critical sectors such as agriculture, education, and healthcare, as well as in driving financial inclusion across the continent – and, in line with global trends, after years of strong growth, Fintechs are entering a stage of more mature development.
“There is plenty of movement in this high-value area, in terms of innovation and in terms of industry consolidation and M&A, as banks increasingly acquire Fintechs and start-ups to achieve greater scale and improve risk modelling capabilities to accommodate growth in payments and finance products,” says Creemers.
Banks and networks across the continent have shown they are not standing idle in the face of rapid innovation and competition from mobile network operators and Fintechs – they are re-engaging in payments as a strategic play to acquire data and create rich interactions with customers.
In addition to deal-making through M&A, consolidation and merchant acquiring, they are modernising their payments technology and leveraging their geographical footprint to introduce innovative payments services.
They are also increasingly using insights from payment data and transactional behaviour to provide a rich customer experience and to add value by offering personalised services and solutions that are built around customer behaviour.
These advances are accompanied by emerging trends around faster adoption of digital currency activity, and focusing on regulations around payments.
“Globally, the intensity around digital currencies is growing, and although it isn’t a major trend in South Africa or the rest of Africa yet, it is going to require scale in the next five to 10 years when it becomes more mainstream, and banks will need to have a digital currency strategy incorporating risk mitigation in place,” says Creemers.
Likewise, banks and payments players will need to focus on evolving regulations, and finding the balance between speeding up payments innovation by removing unnecessary red tape and maintaining the integrity of payments through sound regulatory frameworks.
“As it stands, the payments ecosystem is thriving in South Africa and across Africa, and the opportunity to increase adoption of digital payments across the continent could allow Africa to leapfrog more mature markets, where cards remain the primary instrument for some time.
“This will require a clear strategy around where to invest to capture future valuables that deliver innovation, growth, customer value and financial inclusion,” says Creemers.
E-Financial
Sterling Bank, Pan-Atlantic University Partner to Certify Non-Oil Export Academy Graduates
Sterling Bank Limited has signed a Memorandum of Understanding (MoU) with Enterprise Development Centre (EDC) of Pan-Atlantic University (PAU) to certify graduates of its Non-Oil Export Academy.
L-R: Kola Oluyemi, Group Head, Sterling Academy; Dr. Nneka Okekearu, Director, Enterprise Development Centre (EDC), Pan Atlantic University (PAU); Abubakar Suleiman, MD/CEO, Sterling Bank; Dr. Nnenna Ugwu, Head, Alumni Engagement and Support Services, EDC at PAU; and Akporee Idenedo, Divisional Head, Commercial Banking, Sterling Bank at the recent MoU signing to certify graduates of Sterling Bank’s Non-Oil Export Academy.
This strategic partnership underscores the Bank’s commitment to diversifying Nigeria’s economy by supporting non-oil export growth.
This landmark agreement follows the recent launch of the Sterling Bank Non-Oil Export Academy, designed to position Nigerian exporters for global competitiveness.
The launch was preceded by a series of nationwide training programs in Lagos, Ondo, and Kano states, culminating in a grand finale themed “Excel in Non-Oil Export.”
The initiative aims to equip exporters with practical tools to thrive in international markets, thereby reducing Nigeria’s reliance on oil revenues.
Speaking at the signing ceremony in Lagos, Sterling Bank’s Managing Director and CEO, Mr. Abubakar Suleiman, affirmed that the Bank is intentional about creating an ecosystem where non-oil exporters are well-informed and equipped to advance national interests.
“We are not just training people to understand how to export; we want to train them to be competitive exporters of non-oil products,” Suleiman said.
“Our goal is to build a community of knowledgeable, certified, and confident exporters who can collaborate to solve challenges beyond their immediate capacity. Our North Star is to reach a point where hundreds of people have completed this programme and are ready to compete on a global scale.”
Dr. Nneka Okekearu, Director of the Enterprise Development Centre (EDC), expressed enthusiasm for the collaboration. “Having spent the last twenty-three years deepening the competencies of entrepreneurs, we thoroughly understand what is needed and are excited to be part of this initiative,” she noted.
Dr. Okekearu emphasized that the export market has been neglected for too long. “With the right structure, standards, and mindset in place, entrepreneurs passing through this programme will help create not only a better Nigeria but more sustainable communities,” she added, noting that she looks forward to the case studies that will emerge from the programme’s participants.
Beyond sectoral outcomes, the initiative reinforces Sterling Bank’s commitment to support the development of human capital that positively shapes and impacts the wider economy. The Academy will run four cohorts within the year, commencing in 2026.
With this partnership, Sterling Bank and the Enterprise Development Centre are laying the foundation for a new generation of globally competitive Nigerian exporters, professionals equipped not only with knowledge, but with the certification, confidence, and networks needed to scale.
As both institutions align their expertise to strengthen non-oil export capacity, this collaboration signals a bold step toward a more resilient, inclusive, and diversified economy.
The Non-Oil Export Academy therefore serves as a catalyst for national transformation, empowering businesses and communities to unlock Nigeria’s full potential on the world stage.
Ecobank Nigeria has moved to retire the remaining part of its $300 million Eurobond before maturity. The bank has launched a tender offer for holders of its 7.125% senior notes due February 2026.
The bank announced the offer on Friday, 28 November 2025, inviting investors to tender their holdings ahead of schedule. Of the original $300 million issuance, $150 million remains outstanding.
Under the terms, investors whose notes are accepted for repurchase will receive $1,000 for every $1,000 in principal, plus accrued and unpaid interest up to, but not including, the settlement date. The transaction is expected to be completed on or before 31 December 2025.
Ecobank said the early repayment move is part of a broader strategy to optimise its balance sheet and strengthen capital planning flexibility. The lender added that the tender offer gives investors an opportunity to exit the instrument ahead of the original February 2026 maturity.
In a statement, the bank said the initiative underscores its “commitment to transparent engagement with funding partners and investors,” stressing that the offer supports its long-term goal of maintaining a well-structured debt profile.
Participation in the programme is voluntary, and investors will make decisions based on their individual considerations, the bank added.
Ecobank emphasised that the announcement is for information only and does not constitute an offer to buy or sell securities. Eligible noteholders are expected to rely on the formal tender documents when deciding whether to take part.
The House of Representatives Ad hoc Committee investigating deductions of taxes and sundry charges from the earnings of civil and public servants has given commercial banks a four-day deadline to submit all requested documents.
House of Rep
The committee, chaired by Hon. Kelechi Nwogwu, issued the ultimatum at the commencement of its investigation, following a motion earlier moved by the House Chief Whip, Hon. Usman Bello Kumo, on alleged deductions from civil servants’ salaries.
Nwogwu insisted that Chief Executive Officers of affected financial institutions must appear in person before the panel, rejecting representatives sent by GT Bank, Zenith Bank, Access Bank and other banks.
He explained that the panel was mandated to ensure that all deductions of charges by banks on customers’ accounts were fair and properly applied.
The committee disclosed that invitations had also been extended to the Ministry of Finance, the Office of the Accountant-General of the Federation, the Economic and Financial Crimes Commission, and all commercial banks operating in Nigeria.
“You cannot appear here without an identity. We are here on the mandate of the people who elected us into parliament. We have resolved to meet next week on Wednesday.
“You must submit all requested documents by Monday, May 1,” Nwogwu said.
He warned that any bank that failed to comply with the deadline would face sanctions, adding that the committee would put the CEOs on oath during the next sitting.
The investigation continues next week.
FRC, ICPC Seal Anti-corruption Alliance
Debt Rises in AI Data Centre Boom
MoMo PSB Brings Relief to UNILAG Students with Ultra-Cheap Bus Fares
Young Africans Hit Hardest by Online Gender Violence, Paradigm Initiative Reports
Sterling Bank, Pan-Atlantic University Partner to Certify Non-Oil Export Academy Graduates
Kaspersky Introduces Cyber Pathways to Support Career Development in Cybersecurity
NITDA DG Tasks Youths to Drive Africa’s Digital Transformation
Firm Urges Organizations to Check Protection of their Websites Amid Search Engine Optimisation Attack Schemes
FCCPC Sets Deadline for Digital Lending Regulatory Compliance
Hackers Breach Phones of Dangote and Otedola, Demand Ransom
E-Financial3 days agoCBN Rejigs Financial Inclusion Strategy to Boost Economic Growth
E-Financial3 days agoSEC Urges IST to Freeze all CBEX Bank Accounts in Nigeria
News3 days agoFG to Use Digital Economy Initiatives to Curb Corruption Among Youth
E-Business3 days agoFinancial Sector Faced AI, Blockchain and Organised Crime Threats in 2025 – Report
Broadcasting3 days agoEnd of an Era as Multichoice Delists from JSE After Canal+ Takeover
Telecom3 days agoCOUCH 2025 Grand Finale Highlights Student Breakthroughs, Secures Government Pledge for University Research Commercialization
Broadcasting3 days agoGlobal South Alliance Launches $72,000 Datafication and Democracy Fund to Support 2026 Research Projects
Telecom2 days agoAirtel Africa Foundation Opens Undergraduate Scholarship Portal in Nigeria