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Appzone Relaunches BankOne, Digital Core Banking Solution for Fintechs & Neobanks

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Appzone, the Pan-African fintech software provider building proprietary solutions for the continent’s banking and payments industries, has announced the Pan-African launch of BankOne, its digital core banking solution now re-engineered to serve the continent’s leading Fintechs, neobanks and challenger banks.

BankOne’s relaunch follows Appzone’s Series A raise in April 2021, the largest locally led raise in Nigeria which repositioned the organization to roll-out new innovative offerings that help financial institutions function in a fully digital and automated way.

Having previously built out functionality to automate and run traditional Banking operations, Appzone is now deploying BankOne as a platform for technology-driven financial institutions intending to adopt a 360-degree digital approach that does not involve physical branches or human interaction.

Originally launched in 2011, BankOne is delivered and run by Appzone Core, a subsidiary of the Appzone Group. The platform played a significant role in the first digitization phase of Nigeria’s financial sector and came to further prominence and adoption as digital challengers and neo-banks began to emerge.

As Africa rapidly accelerates towards a fully digital banking future, BankOne is being positioned to provide affordable and purpose-built digital infrastructure to enable this transition.

Speaking on the relaunch of BankOne, the CEO of Appzone Core, Mr. Mudiaga Umukoro said: “For over a decade, BankOne has played an active role in driving the digitization of Nigeria’s financial services industry. The platform has now been repositioned to serve the continent’s growing number of Fintechs and neobanks.

BankOne’s major advantages are market fit and affordability which allow financial institutions deliver highly relevant products at a fraction of cost while leveraging our numerous integrations with mainstream payment systems to achieve instant interoperability with other industry players at no extra cost”

Buoyed by the economic and work-place realities emerging due to the Covid-19 pandemic, Africa’s financial sector has aggressively adopted digital banking, with more individuals and organizations bypassing physical structures, paper trails and physical cash in favor of self-service offerings on digital devices.

As the continent’s traditional banking system continues to evolve, embracing new platforms, technologies, and architecture, technology-driven offerings from Fintechs on the continent will revolutionize customer experience, crash operating costs and accelerate financial inclusion.

BankOne provides functionality that enables digital Banks to engage customers and deliver services without human interaction. BankOne provides digital equivalents of all product offerings including account opening, card issuance, deposits, payments, and loan origination amongst others.

The platform also provides an open platform with developer tools and robust APIs to support the level of innovation and agility required in a highly dynamic and rapidly evolving environment.

In addition, Appzone Core has positioned the new offering to support the digital transformation efforts of traditional Banks, many of which are still stuck with legacy systems that limit their ability to compete effectively.

With operations in Nigeria, Ghana, Gambia, and Kenya, BankOne currently hosts over 10 million customer accounts with balances totaling $105 million while managing over $650 Million in annual loan disbursements, and $2.9 Billion in total transaction value.

Asides managing customer records, loans, deposits, and accounting, BankOne provides an omni-channel self-service platform, USSD interfaces, Payment ecosystem integration, agent banking capabilities, and card management services.

These functionalities are available to Fintechs like digital lenders and neobanks, as well as traditional banks like MFIs, Mortgage Banks, Consumer Lenders and Commercial Banks.

Currently, challenger and traditional banks in Africa are limited to using foreign technology solutions tailored for Western markets, and many of these solutions are hindered by prohibitive pricing, poor market fit and a lack of local tech support.

BankOne’s major differentiation lies in its fit-for-purpose functionality and integrations with the local ecosystem of third-party services. These characteristics in addition to ease of customization and availability of local support ensure that the platform seamlessly plugs into the needs of African Banks and Fintechs.


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E-Financial

CBN to Achieve $1trn Economy with Financial Inclusion Initiatives

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The Central Bank of Nigeria has launched three initiatives aimed at realizing Nigeria’s vision of a $1 trillion economy by 2030 through financial inclusion.

The initiatives were launched at the second edition of the International Financial Inclusion Conference, which was held in Lagos on Tuesday under the theme, ‘Inclusive Growth: Harnessing Inclusion for Economic Development’.

The initiatives unveiled during this year’s conference include the Women Entrepreneurs Finance Code (We-Fi Code, which is a platform designed to transform the financing landscape for women-owned Micro, Small, and Medium Enterprises globally, the Women Financial Inclusion Dashboard which allows regulators and policymakers to identify and prioritise gender gaps in financial services;

The third initiative is the Roadmap for the Financial Inclusion of Forcibly Displaced Persons, which is aimed at mobilising the collaborative efforts of financial institutions, regulatory bodies, government agencies, and non-governmental organisations to support FDPs in overcoming financial barriers, accessing essential services, and establishing the foundation for their economic independence.

Olayemi Cardoso, the CBN Governor, in his welcome address, said that as we gather here today we reflect on Nigeria’s ambitious plan to reach a $1 trillion economy.

He said the Apex bank had been working assiduously to stabilise the economy, working through monetary policy to tame inflation and rebuild the confidence of the Nigerian people in its economy.

Cardoso emphasised that financial inclusion was central to achieving broad-based economic growth, stressing that Economically, financial inclusion impacts poverty reduction, income equality, employment generation, and overall productivity.

“When more people have access to formal financial services, they are better able to save, invest, and contribute to the economy,” Cardoso said.

Cardoso, while noting that financial inclusion ensures that people have access to bank accounts, credit, savings, and other essential services, maintained that widespread access to financial services is an enabler of economic activity.

According to him, Micro, small, and medium enterprises (MSMEs) which are the backbone of Nigeria’s economy can thrive with improved access to credit, creating jobs and boosting productivity.

The CBN Governor reiterated that financial inclusion was foundational to Nigeria’s sustainable economic development, saying that the Apex bank was keen on ensuring its Financial Inclusion Policies and Initiatives address the peculiar access to finance barriers for underserved populations, particularly women, youth, and MSMEs.

Furthermore, Cardoso emphasised that financial inclusion had the potential to unlock significant economic growth, particularly through the empowerment of SMEs, women, and other vulnerable segments of the population.

He disclosed that SMEs were responsible for over 80 percent of employment in Nigeria, yet many struggle to access the credit needed for expansion, adding that financial inclusion for SMEs was essential to unlock the full potential of this sector, which he said the Federal Government remained committed to supporting these enterprises.

Similarly, Babajide Sanwo-Olu, Lagos State Governor, urged various governments and stakeholders in Nigeria to remain focused on building a more inclusive economy, where no one is left behind, where every voice matters, and every individual has a fair chance to succeed.

Sanwo-Olu, who was represented by his Deputy, Obafemi Hamzat urged everyone to focus on the pursuit of financial inclusion, saying that this should be done with passion, purpose, and a shared vision of a Nigeria where every citizen has access to the tools and resources they needed to prosper.

According to him, the focus should be on building a more inclusive economy where no one is left behind, where every voice matters, and where every individual has a fair chance to succeed.

“Let us continue this work with passion, purpose, and a shared vision of a Nigeria where every citizen has access to the tools and resources they need to prosper.

“Let us remain focused on building a more inclusive economy where no one is left behind, where every voice matters, and where every individual has a fair chance to succeed,” Sanwo-Olu said.


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Nigeria’s Foreign Reserves Surge to $40.08bn, Marking a Two-Year High

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Nigeria’s foreign reserves surged to $40.08 billion on November 7, 2024, marking their highest level in almost two years, as reported by the Central Bank of Nigeria (CBN).

This increase reflects a $1.7 billion growth since the end of September, when reserves were at $38.3 billion.

The rise is attributed to CBN’s policies encouraging foreign currency inflows through formal channels and remittance-targeted reforms.

The CBN’s recent efforts to engage International Money Transfer Operators (IMTOs) and the Nigerian diaspora have been critical to this recovery.

Earlier in 2024, reserves had dipped below $34 billion due to foreign exchange pressures and global oil market volatility.

However, sustained growth from $33.7 billion in June to the current $40.08 billion highlights the CBN’s successful policy interventions, aimed at stabilizing the naira and enhancing foreign currency inflows.

CBN Governor Olayemi Cardoso commented on this progress during a symposium in Abuja, noting that the current reserves level is the highest in nearly three years.

“These reforms have started yielding positive results, with notable improvements in the FX market and a stabilization of foreign reserves,” Cardoso stated.

He further emphasized the importance of diaspora engagement at recent IMF and World Bank meetings in Washington, D.C., pointing to diaspora inflows as vital to Nigeria’s remittance recovery.

Cardoso explained: “Nigeria has such a strong diaspora community here; in the earlier stages of the reforms, IMTOs were having issues transferring money back to Nigeria, and we felt it was important to engage them, and we did.

“As a result of that engagement, we identified particular problems, of which a lot of responsibility was shared. Things have since improved because as at the last meetings, which was, I think, April, monthly inflows were about $250 million, but as of September, it had risen to $600 million.”

He added, “With the recent announcement by Nigeria Interbank Settlement Systems (NIBSS) on Bank Verification Number (BVN), and other products that the banking industry is offering, and through engagement with the diaspora, we believe we will be able to move accordingly and again, rising from that engagement, we put our sights on increasing the inflows to $1 billion monthly, and I’m confident that we will get there.”


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UBA Appoints Henrietta Ugboh as Independent Non-Executive Director

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced the appointment of Henrietta Ugboh as an Independent Non-Executive Director.

The appointment has been approved by the relevant regulatory bodies, including the Central Bank of Nigeria.

UBA’s Group Chairman, Tony Elumelu, CFR commenting on the appointment, said, “Henrietta Ugboh brings a track record of professional success, integrity and leadership, which will further strengthen the UBA Group Board, underlining once again the Group’s commitment to robust corporate governance.”

Ugboh holds a degree in Economics and Statistics from the University of Benin, an MBA from ESUT Business School, and is an alumnus of the Harvard Business School’s Executive Management Program. She has over 30 years experience in banking with Citibank and is an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria and a Fellow of the Institute of Credit Administration (FICA).

Elumelu added that with her considerable experience and expertise, which includes commercial banking, credit, and risk management, the UBA Board is delighted to welcome Mrs Ugboh to the Group Board, “We look forward to her invaluable contribution to the Group, as we continue to execute our unique growth strategy across Africa and globally.”

The Board also announced the retirement of Mrs. Owanari Duke, an Independent Non-Executive Director, who joined the UBA Group Board in October 2012.

During her tenure, Mrs. Duke provided distinguished leadership, serving on Committees of the Bank including the Board Governance Committee, Board Audit, Governance, Nomination & Remuneration Committee, Board Credit Committee, Finance & General Purpose Committee and Statutory Audit Committee.

On behalf of the board, Mr. Elumelu expressed UBA’s deep appreciation to Mrs. Duke for her dedication and significant contributions to the Group, wishing her the best in her future endeavour.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries.

With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and related banking services


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