The Africa Finance Corporation (AFC) has raised CHF350 million, about $430 million, through a five-year digital bond, marking a major step in the use of regulated digital financial infrastructure by an African institution.

The transaction is the first time an African institution has issued a digital bond that is listed, traded and settled on a regulated digital exchange. It is also the largest digital bond ever issued in the Swiss franc market, according to AFC.

The deal strengthens AFC’s access to international investors as the Lagos based development finance institution seeks to diversify its sources of funding and raise more long-term capital for infrastructure and industrial projects across Africa.

The bond carries a coupon of 1.4925 percent and forms part of AFC’s wider $500 million benchmark funding programme issued in June 2026. Despite a difficult global environment marked by geopolitical tensions, the transaction attracted strong investor demand.

AFC is rated A with a positive outlook by S&P Global Ratings and A3 with a stable outlook by Moody’s Ratings, giving the institution an investment grade profile in international debt markets.

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Swiss investors accounted for about 90 percent of demand, while international investors made up the remaining 10 percent. Banks and other financial institutions accounted for 57 percent of the order book, followed by asset managers at 37 percent and hedge funds at 6 percent.

“This transaction is about far more than achieving competitive pricing. It marks another significant milestone in AFC’s funding journey and underscores the confidence global investors continue to place in our strategy, credit strength, and development impact,” Samaila Zubairu, President and Chief Executive Officer of AFC, said.

Zubairu said continued diversification and innovation in AFC’s funding strategy would be important to mobilising the long term capital needed to support Africa’s industrialisation and economic transformation.

The transaction is AFC’s fourth and largest Swiss franc denominated issuance. It follows a CHF150 million green bond issued in 2020, which was the corporation’s first green bond transaction.

Banji Fehintola, Executive Board Member and Head of Financial Services at AFC, described the latest issuance as an important milestone for the corporation’s funding programme.

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“Pricing the largest digital bond ever issued in the Swiss Franc market reflects not only the strength of AFC’s credit but the depth of trust that Swiss and international investors have placed in our strategy over time,” Fehintola said.

The bond was issued under AFC’s $5 billion Global Medium Term Note Programme and is structured as a tokenised security using distributed ledger technology. Ownership is recorded on a regulated digital register, while settlement takes place through regulated digital market infrastructure.

The notes are listed and admitted for trading on the SIX Swiss Exchange and deposited with SIX Digital Exchange. Clearing and settlement are handled through SIX SIS AG.

The structure gives AFC access to an alternative form of capital markets infrastructure while showing how distributed ledger technology can be used in institutional debt markets under established regulatory standards.

The proceeds will be used for AFC’s general funding needs, supporting its capacity to finance infrastructure and industrial projects across Africa.

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Commerzbank AG acted as technical lead for the transaction, while Deutsche Bank AG London Branch, through its Zurich branch, also participated in arranging the deal.

For AFC, the issuance adds to a series of capital markets transactions designed to broaden its funding base and reduce dependence on a narrow group of financing sources.

The strong demand also points to continued investor appetite for African development finance institutions with established credit profiles, particularly those capable of accessing international markets while using new financial technology within regulated frameworks.

KudiWave Technologies Limited has raised questions over the transfer of N750,369,439.04 from its account with PalmPay Limited, seeking clarification on the timing, destination and circumstances surrounding the transaction.

In a statement, on Tuesday, KudiWave said the disputed debit was recorded on July 15, 2026, under the narration “Judicial Adjustment”.

The company said it was not notified of, or did not authorise, the transaction.

According to KudiWave, it had already approached the Federal High Court in Lagos to challenge an earlier order affecting its account.Politics News Service

The company said its application, filed on July 3, sought to set aside the June 29 order and stay its execution.

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“The motion was heard on July 13 and adjourned for ruling. Two days later, the N750.37 million was transferred out of the account,” the company said.

KudiWave further stated that PalmPay had been served with the application before the July 15 transaction and did not file a counter-affidavit opposing the application.

The company also raised questions about an earlier movement of funds on July 11, which it said became apparent after access to the account was restored.

According to KudiWave, its account records showed that the funds were moved on July 11 and returned the same day before another transfer was recorded on July 15.

“PalmPay moved the money on July 11 and sent it back that same day. They then took it out again on July 15. When the account was opened, we saw how the money had been moved around while the account was frozen and we were not aware of it,” the company said.

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The dispute followed an ex parte order obtained by the Inspector General of Police through officers of the Police Special Fraud Unit in Ikoyi, which placed restrictions on accounts belonging to several parties, including KudiWave, pending investigation.

The restriction was subsequently implemented on KudiWave’s account with PalmPay.

Further proceedings were filed under Suit No. FHC/L/CS/795/2026 before Justice Ibrahim Ahmad Kala of the Federal High Court, Lagos Judicial Division, in relation to funds standing to KudiWave’s credit.

KudiWave said the court granted an application on June 29.

The company subsequently challenged the order, arguing that it had not been properly served with the processes leading to the decision and had not been effectively brought before the court when the application was heard.

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According to KudiWave, Justice Kala considered the company’s subsequent application on July 22 and set aside, vacated and discharged the June 29 order.

The company said the court also directed that the restrictions placed on its account be removed.

KudiWave further stated that the court examined the circumstances surrounding the purported service of the processes and raised questions about whether leaving documents at a gate, without sufficient indication of the company’s specific address, amounted to effective service.

The company quoted the court as describing the circumstances surrounding the service as “very curious”.

KudiWave also said the ruling recognised the court’s inherent power to set aside its own decision where circumstances justify such intervention.

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The July 22 ruling came after the July 15 transfer.

KudiWave, however, said the transaction should be considered in the context of the fact that the June 29 order was already being challenged and that its application had been argued before the court two days earlier.

The company has also questioned the destination of the funds.

According to KudiWave, its understanding of the June 29 order was that the identified funds were to be transferred to a designated Police Recovery Account associated with the Police Special Fraud Unit.

The company said its account records instead indicated that the N750,369,439.04 was transferred to an Access Bank business account.

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KudiWave said it wants clarification on the identity of the beneficiary, the instruction that authorised the transfer and the basis for the July 11 movement of funds.

“The issue for us is simple. If the order identified a particular account for the funds, there must be a clear explanation of why our records show the money going elsewhere and who ultimately received it,” the company said.

KudiWave said it was seeking a reconciliation of transactions carried out on its account during the restriction period and was considering further legal and regulatory steps in relation to the disputed transactions.

The company also said that, during earlier efforts to resolve the restriction, Barrister Prince Oko, its Company Secretary, met with officers of the Police Special Fraud Unit.

KudiWave alleged that a request for N50 million was made in connection with efforts to remove the restriction and said the company rejected the request.

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The allegation has not been independently established and has not been determined by a court.

KudiWave maintained that its concerns do not relate to compliance with lawful court orders but to whether the transactions involving its funds were carried out in accordance with the terms of the relevant judicial directive.

The company said it wants clarification on the July 11 transactions, the subsequent N750,369,439.04 transfer on July 15, the destination of the funds and the circumstances surrounding the transactions.

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Credit demand for house purchases by Nigerian households rose to 9.6 index points in the second quarter of 2026 (Q2 2026), indicating increased borrowing for personal home acquisition.

The Central Bank of Nigeria (CBN) disclosed this in its Credit Conditions Survey Report for Q2 2026, which showed an overall increase in credit availability across secured, unsecured and corporate lending during the period.

The apex bank said lenders also recorded lower default rates across major lending categories.

According to the report, credit demand increased to 15.1 index points for secured lending and 15.2 index points for corporate lending, while demand for unsecured lending remained subdued at -1.2 index points.

Within the household segment, consumer loan demand increased to 11.2 index points, while credit for house purchases rose to 9.6 index points.

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Mortgage and re-mortgage lending also increased to 13.3 index points, while demand for small business lending to households climbed to 26.4 index points.

For unsecured household credit, demand for overdrafts and personal loans rose to 7.9 index points, while credit card lending declined to -2.0 index points.

In the corporate sector, credit demand expanded across different business categories.

The report showed that demand rose to 26.5 index points among small businesses, 25.5 index points for medium-sized Private Non-Financial Corporations (PNFCs), and 8.9 index points for large PNFCs.

Credit demand from Other Financial Corporations (OFCs), however, remained unchanged at 0.0 index points.

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The CBN further reported that commercial banks observed a broad-based decline in default rates across secured and unsecured loans.

Default rates also declined across corporate borrower categories, including small businesses, medium-sized and large PNFCs, as well as OFCs.

The latest figures indicate stronger household and business appetite for credit during the quarter, particularly for housing, consumer needs and small business activities, amid an overall improvement in lending conditions.