E-Financial
Blockchain Spending in Middle East & Africa to Double in 2018 – IDC

Spending on blockchain solutions in the Middle East and Africa (MEA) is set to more than double this year, according to the latest insights from International Data Corporation.
The global technology research and consulting firm’s recently launched Worldwide Semiannual Blockchain Spending Guide shows spending in the region totaling $80.8 million for 2018, up 107% on the $38.9 million spent in 2017.
To view the accompanying blockchain spending snapshot, please visit: https://images.idc-cema.com/images/MEA_Blockchain_Snapshot.jpg.
“There is clearly an immense amount of interest around distributed ledger technologies (DLT) in the region.
This is being driven by the pressing need for organizations to improve their efficiency, agility, security, and integrity”, says Megha Kumar, IDC’s research director for software in the Middle East, Africa, and Turkey.
In 2018, we expect more organizations across MEA to move beyond the evaluation and proof-of-concept phase to pilots and even deployments.”
Looking further ahead, IDC expects blockchain spending in MEA to reach $307 million in 2021, which represents a compound annual growth rate (CAGR) of 77.4% for the 2016-2021 period.
While various industries are evaluating the use of blockchain, IDC research suggests the region’s public sector (including government, education, and healthcare) will spend an estimated $120.8 million in this space in 2021, accounting for 39.2% share. It will be followed by the financial services sector at 35.5% and the distribution and services sector at 14.1%.
“In the Middle East, Dubai’s government has identified blockchain as a major technology for helping it become a leader in the Smart Cities arena,” says Kumar.
“Alongside the establishment of the Global Blockchain Council, Dubai’s ‘Blockchain Strategy’ aims to promote efficiency around government services and fuel economic development.
At the same time, financial services firms across the region are evaluating the use of blockchain for cross-border payments, trade settlements, and anti-money laundering purposes.
In Africa, meanwhile, DeBeers intends to launch an industry-wide blockchain platform for tracing and authenticating diamonds, which highlights the integrity benefits of the technology.”
The most popular blockchain use cases in 2021 will be cross-border payment and settlements, assets/goods management and identity management, with IDC expecting these three alone to account for 33.1% of MEA blockchain spend in 2021.
“At this stage it’s still early days for blockchain, with technology vendors, start-ups, fin-techs, and end users continuing to discover new types of use cases.
Some of these may never go mainstream, stalling at the proof-of-concept stage as they fail to bring in the scale of efficiency that was meant to be achieved,” says Jebin George, IDC’s program manager for verticals in the Middle East, Africa, and Turkey.
From a technology perspective, IDC’s forecast shows services (IT services and business services) accounting for 52.7% of MEA blockchain spending in 2021.
Blockchain software platforms will be the biggest and fastest-growing category in the software space over the coming years, while cloud will be the fastest-growing component in terms of hardware.
E-Financial
EFCC Drags Cititrust to Court over Unreported ₦200mTransfers

Federal High Court in Lagos has fixed July 1, 2025, for the commencement of trial in a money laundering case involving Cititrust Holdings PLC and three of its subsidiaries.
The subsidiaries are Cititrust Funding PLC, Cititrust Credit Limited and Cititrust Financial Services Limited,
The companies are facing an eight-count charge filed by a team of prosecutors from the Economic and Financial Crimes Commission (EFCC), comprising Anasoh Henry Onyekachi, Frankklin Ofoma, Abdulhamid Lamido Tukur, and A.A. Usman.
According to the charge, between 2021 and 2023, the companies, all incorporated in Nigeria, allegedly operated investment management services without a valid licence from the Central Bank of Nigeria (CBN).
This act contravenes Section 57 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and is punishable under Section 57(5) of the same legislation.
The prosecution also alleged that the companies conducted a Collective Investment Scheme without registering with the Securities and Exchange Commission (SEC), another violation of regulatory requirements.
In one of the counts, Cititrust Credit Limited is specifically accused of failing to report high-value financial transactions to the Nigerian Financial Intelligence Unit (NFIU).
These transactions include a N20 million transfer on January 7, 2021; a N200 million transfer on April 4, 2021; and a N200 million lodgement on January 29, 2021.
Additionally, both Cititrust Credit Limited and Cititrust Financial Services Limited are alleged to have made a single transfer and lodgement respectively of N42 million into their bank accounts on January 29, 2021, without proper disclosure to relevant authorities.
The alleged offences are in breach of Sections 11(1)(b) and 11(3) of the Money Laundering (Prohibition) Act 2022, as well as Section 54(1) of the Investment and Securities Act 2007, and are punishable under the respective laws.
The court is expected to begin full proceedings on July 1.
E-Financial
S&P Global Ratings Downgrades Ecobank Nigeria’s Credit Rating to CCC-, Outlook Negative

Ecobank Nigeria’s long-term issuer credit rating has been downgraded to ‘CCC-’ from CCC, with the outlook placed at negative by S&P Global Ratings. This is a resultant effect of the $150 million bond buyback offer on the bank’s $300 million Senior Unsecured Eurobond.
Part of the tender offer made by Ecobank includes an early tender premium of $12.50 for every $1,000 in principal (equivalent to 1.25%), with the anticipated settlement date set for July 8, 2025. The offer also requests bondholders’ consent to eliminate the capital adequacy covenant on the outstanding notes.
These actions also led S&P to downgrade the $300 million Eurobond from ‘CCC’ to ‘CCC-’. Although S&P notes that it does not consider the tender offer a distressed debt restructuring.
However, this assessment is at risk of changing if the bank does not receive the promised capital injection from the parent group, Ecobank Transnational Incorporated (ETI).
Following the naira devaluation, Ecobank was unable to meet the regulatory Capital Adequacy Ratio (CAR) requirement, as its CAR dropped to 7 per cent. This was below the 10 percent regulatory minimum. The breach of the CAR caused the bank to seek the consent of its bondholders to pause the capital adequacy notes on the Eurobond notes till September 2025.
Following this development, the bank received a $50 million prepayment on promissory notes from its parent company, ETI, along with early repayments on certain foreign currency loans. However, it has been insufficient in restoring the capital adequacy to regulatory levels.
According to S&P, the bank is expected to receive another $50 million capital injection from its parent group before August 2025. However, the ratings agency notes that if the bank is unable to receive this capital injection, it will inevitably default on its bonds. A situation that would cause a further downgrade to ‘CC’.
It was recommended that Ecobank Nigeria consider raising $150 million through additional Tier-1 instruments to strengthen its liquidity buffers. Additionally, the bank was advised to intensify efforts to recover its foreign currency-denominated loans.
E-Financial
Sofri Rejigs Digital Platforms for Better Customer Experience

Sofri, Powered by Links Microfinance Bank plans a massive rollout of Point of Sale, PoS terminals for merchants and agency banking in the third quarter of this year.
This is coming against the backdrop of the banks revamp of its digital platforms to support better customer experience.
Paul Adebayo, managing director, Sofri, said the bank is technology and purpose-driven, with focus on financial inclusion and sustainability. As well with the determination of making banking simpler, inclusive, and impactful.
He said that the revamped mobile app features, faster onboarding, cleaner interface, real-time alerts, enhanced security and seamless loan applications.
“Our corporate internet banking Launched for SMEs and institutional clients features, secure payments, transfers, account management and enhances business banking experience.
“Laying the groundwork for greater reliability, product innovation and operational efficiency is our new core banking infrastructure. This change enables us to scale faster and serve customers better.
“Our Terminal Management System (TMS) improves the performance, uptime, and remote monitoring of our POS terminals. This ensures merchants and field agents enjoy better stability, quicker settlements, and stronger support,” he added.
On sustainability impact, Adebayo, added that Sofri is embedding ESG principles into its lending and operational models — from offering green financing options, to supporting waste-to-wealth entrepreneurs, and making inclusive finance part of Nigeria’s circular economy.
Sofri is a trademark of Links Microfinance Limited (Links Mfb). Links Mfb is licensed and regulated by Central Bank of Nigeria (CBN) and deposits insured by the Nigeria Deposit Insurance Corporation (NDIC). Links Mfb is a member of DLM Capital Group, owners of DLM Asset Management as regulated by the Securities and Exchange Commission (SEC).
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