E-Financial
Creating International Growth Opportunities for Tomorrow’s Unicorns
By Stephen A. Newton, Managing Director at Aleph, Africa
It’s become increasingly impossible to deny that we live in an increasingly global world. Today, nearly 65% of world -wide consumers are connected to the internet. Africa having around 570 million internet users, combined with various technological advancements, is driving a wave of change in how entrepreneurs and businesses operate.
Stephen Newton, Managing Director, Sub-Saharan Africa, Ad Dynamo by Aleph
Decades of innovation – culminating in the launch and widespread adoption of social media; the availability of high-speed internet globally; and the rapid integration of generative artificial intelligence; have created new channels for local entrepreneurs and advertisers to grow their businesses. Entrepreneurs, who were once confined to trading within their local community, or best, their single market, can now leverage technology to access opportunities available through global, cross-border trade.
The nature of cross-border trade is already having a seismic effect on emerging economies. According to the World Bank, the digital economy contributes more than 15% of the annual gross domestic product (GDP) globally, and in the past decade has been growing at two and a half times faster than physical world GDP. In several African countries, the digital economy is becoming a main driver of growth, accounting for more than 5% of GDP. Helping to ease the pains associated with cross-border payments, Aleph has built and is now offering its own service, Aleph Payments. Aleph Payments, has managed over $2bn worth of total cross border credit and payments across multiple international markets. Building on Aleph’s near 20 years of experience as a trusted operator, Aleph Payments provides an end-to-end, cross-border credit underwriting and payments solution that supports global expansion.
For ambitious entrepreneurs looking at the wealth of opportunities available on the distant horizon through digital, it’s seemingly never been easier to do business. Businesses can engage customers through tailored advertising on social media platforms and through internet searches, 24 hours a day and seven days a week while using data and analytics to better understand their customers. However, the open and ‘always on’ nature of today’s trading environment means that it’s also hyper-competitive for businesses. Businesses need to excel in more than one aspect of their marketing mix: price, promotion, place, or product, and have the constant threat of being trumped by a larger, well-resourced player.
For some, the idea of launching your own digital business can come with complexities – a case of not knowing where – or how – to start. For those who take the plunge, resilience, overcoming the everyday challenges of managing and growing a business and keeping up to date with the latest trends in advertising is key.
Creating a business and accessing international growth opportunities through digital channels shouldn’t be difficult. We believe more needs to be done to help businesses participate in the digital economy and unlock significant economic value.
That’s why we’ve unveiled Aleph – a strong, single brand that brings together the technologies, local teams, and global reach of brands including Ad Dynamo, Connect Ads, Httpool and IMS. Simply, Aleph is an ecosystem of global digital experts and technology-driven solutions that enable the growth of digital marketing. We connect thousands of advertisers with billions of consumers and create markets for local businesses to grow. Designed with digital marketing at its core, Aleph has evolved to focus on [four key pillars] that address the challenges facing businesses—and consumers—at various stages of their growth journey or understanding of digital marketing.
At a foundational level, Aleph’s Digital Ad Expert offers a free skills-based education platform that gives each student the skills they need to manage digital advertising campaigns and unlock growth. It provides resources, courses, and networking opportunities, and has certified more than 75,000 people from 140+ countries in short courses. Nigeria leads the way in Sub-Saharan Africa with an impressive 149,018 registered participants in the Digital Ad Expert program, followed by Kenya with 24,709 registrants, Ghana with 23,999 registrants, and South Africa with 9,419 registrants. As a platform, it gives consumers around the world the tools they need to drive growth for businesses – or better still, capture growth opportunities through digital marketing for their own business. That’s why we were delighted to join UNESCO’s Global Education Coalition, and specifically support UNESCO’s Global Skills Academy, an initiative that aims to help ten million young people build skills for employability and resilience by 2029.
That’s where Aleph Express comes in – Aleph’s proprietary platform that enables micro, small and medium-sized to create and maintain a free ecommerce website, create a product catalogue, set discounts and coupons, local delivery options and record and process orders. Like Digital Ad Expert for commerce, it gives entrepreneurs all the tools needed to launch their own online store. It’s currently available in Nigeria but is highly scalable and will be rolled out more widely in the future.
Once at scale, Aleph’s core digital marketing business can then help businesses tell their story to the wider world. Through our existing partnerships with the world’s largest platforms, we create meaningful opportunities for brands to engage with consumers in an authentic way, while at a significant scale – often in multiple countries simultaneously. Our local teams across all continents support and provide insights to advertisers to equip them with the latest know-how to make the most of their media investments.
As the world evolves and the ways that businesses operate change, there is a level of responsibility for larger businesses to move with the times and do what they can to support smaller, ambitious, and possibly high-growth businesses. And, in today’s global world, that means breaking down barriers in place of international growth opportunities.
By doing this, we will help a new wave of small businesses flourish, create new jobs and economic value, and possibly uncover the next global unicorns in the process. From our perspective, there’s nothing to lose in helping businesses access global commerce.
Bank Verification Number (BVN) database rose to a new high in July 2025, with total enrollments climbing to 66.23 million, a 4.3 per cent increase within the first seven months of the year, as Nigerians residing outside the country enrolled through the Non-Resident BVN (NRBVN) initiative.
The Central Bank of Nigeria (CBN) had, earlier this year, introduced the NRBVN, alongside the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), to attract diaspora investments into the country.
Subsequently, commercial banks with international licences took up the challenge, launching roadshows to help Nigerians abroad open accounts and enrol in the biometric identity system.
This effort drove up the number of enrollments from the 63.48 million recorded as of December 2024.
According to the latest figures from the Nigeria Inter-Bank Settlement System (NIBSS), 2025 is shaping up to be one of the most active years for BVN registration since 2021.
Over the past four years, BVN growth has maintained a steady upward trend: from 51.9 million in 2021, enrollments rose by 7.9 per cent to 56 million in 2022, followed by a 7.4 per cent increase to 60.1 million in 2023.
Growth moderated slightly in 2024, with a 5.6 per cent rise, but the 4.3 per cent increase already recorded by mid-2025 suggests this year could surpass last year’s total by December.
The NRBVN enables Nigerians living abroad to enroll for BVNs remotely, eliminating the need to visit bank branches in Nigeria.
At a cost of $50, the initiative has significantly broadened the system’s reach and strengthened diaspora engagement with the country’s formal financial services.
The spike in non-resident enrollments has also been supported by stricter Know Your Customer (KYC) requirements across the banking sector and deeper collaboration with fintechs that streamline the onboarding process.
Together, these efforts have reinforced the BVN’s role as a cornerstone of digital identity and financial inclusion in Nigeria.
Alongside the rise in BVN registrations, the banking sector is witnessing increased account activity.
As of March 2025, the number of active bank accounts reached an all-time high of 320.053 million.
Dormant accounts stood at 33.4 million, while 29.4 million accounts had been closed.
This compares to slightly lower figures in February, which recorded 316.8 million active accounts, 19.9 million dormant accounts, and 33.3 million closures.
The rebound in March points to a growing number of Nigerians re-engaging with the formal banking system, aligning with broader efforts by financial institutions and regulators to promote access, trust, and compliance within the financial sector.
Zenith Bank Plc on Tuesday rewarded Nigeria’s senior women’s basketball team, D’Tigress, with ₦200 million for winning the 2025 FIBA Women’s AfroBasket Championship.
L-R: Executive Director, Mr. Henry Oroh; Executive Director; Mr. Louis Odom; D’Tigress Captain, Amy Okonkwo; President, NBBF, Engr. Musa Kida; Group Managing Director/ Chief Executive, Zenith Bank Plc., Dame (Dr.) Adaora Umeoji, OON; Head Coach, D’Tigress, Rena Wakama; Executive Director, Mrs. Adobi Nwapa and Executive Director, Mr. Akin Ogunranti during the reception hosted by Zenith Bank to celebrate D’Tigress’ 2025 Afrobasket Women’s Championship triumph in Abuja, yesterday.
The reception, held at the bank’s head office in Maitama, Abuja, was organised to honour the team for clinching a historic fifth consecutive AfroBasket title.
Each player is expected to receive ₦10 million, which will be paid into their Zenith Bank accounts, while the technical crew and other officials will share the balance.
D’Tigress defeated Mali 78–64 in the final played in Abidjan on Sunday. The team returned to Nigeria on Monday and was received by President Bola Tinubu, who conferred National Honours of Officer of the Order of the Niger (OON) on the players and gave them cash rewards.
Zenith Bank has sponsored the Women National Basketball League for 18 years, with several players and officials of the current team having passed through the league.
Among them are Murjanatu Musa, MVP of the Air Warriors team that won the 2022 league title, and Ifunnaya Okoro. The team’s head coach, Rena Wakama, also played in the league with First Bank Women Basketball Club.
Present at the reception were Zenith Bank Executive Directors Adobi Nwapa, Akin Ogunranti, Henry Oroh and Louis Odom.
Also in attendance were the Chairman of the National Sports Commission, Mallam Shehu Dikko, President of the Nigeria Basketball Federation (NBBF), Musa Kida, and other board members.
Speaking at the event, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, commended the team for their performance and reaffirmed the bank’s commitment to supporting women’s basketball in Nigeria.
“Your victory at the 2025 FIBA Women’s AfroBasket is not just a win for Nigeria, it is a win for African sports,” she said.
Responding on behalf of the team, captain and tournament MVP, Amy Okonkwo, thanked Zenith Bank for its continued support for women’s basketball in the country.Zenith Bank Plc
Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC) Nigeria, has said that West Africa is fast emerging as a global epicentre for virtual asset adoption, propelled by a young, tech-savvy population and macroeconomic instability.
Speaking at the West Africa Compliance Summit organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in Praia, Cape Verde, Dr. Agama warned that while the region’s embrace of digital currencies is accelerating, the absence of coordinated regulation leaves it vulnerable to financial crimes and illicit capital flows.
“With over 60 percent of West Africa’s population under the age of 25 and mobile-first fintech platforms thriving, the region has become a global hotspot for virtual asset adoption,” he said. “But we must act decisively. Regulation is not optional, it is an imperative.”
The summit, themed “Adapting and Thriving in a Complex and Evolving Compliance Landscape,” brought together financial regulators, compliance professionals, and security experts to explore the challenges posed by the rapid rise of virtual assets and decentralised finance (DeFi).
Dr. Agama disclosed that crypto transactions in Nigeria alone surpassed $56 billion in 2024, with citizens increasingly turning to stablecoins such as USDT and USDC to hedge against volatile local currencies. He highlighted the growing trend of “crypto-dollarisation,” noting that young professionals now demand salaries in stablecoins, while businesses are adopting platforms like Binance Pay for cross-border transactions.
“The naira’s depreciation, Ghana’s cedi weakness, and persistent forex shortages have fueled this shift,” he explained. “Traditional remittance channels charge up to 10 percent in fees, while cryptocurrencies offer faster and cheaper alternatives. Over $20 billion in remittances flowed into West Africa last year through crypto channels.”
However, he also cautioned that the same innovations driving financial efficiency are increasingly being exploited by fraudsters and criminal actors. He cited GIABA’s report of $2.1 billion in suspicious crypto-related transactions across West Africa in 2024 alone, including the use of privacy coins by terror financiers to evade detection.
“Unregulated exchanges, artificial market crashes, DeFi ‘rug pulls,’ and Ponzi schemes have wiped out billions in investor funds,” he said. “The recent collapse of the CBEX Ponzi platform is just one of many such incidents. Strong regulation and regional coordination are the only path forward.”
Dr. Agama pointed to Nigeria’s recent legislative progress, especially the enactment of the Investment and Securities Act 2025, which formally classifies virtual assets—including cryptocurrencies, stablecoins, utility tokens, and NFTs—as securities under Section 355(4) and Part I of the Second Schedule.
“Under the new law, all exchanges, wallets, and DeFi platforms must be licensed by the SEC,” he stated. “We’ve also established a Fintech and Innovation Department to facilitate ongoing dialogue with industry stakeholders and adapt our regulations to emerging realities.”
He called on West African governments to harmonise regulatory frameworks and strengthen intelligence-sharing, proposing a Unified Virtual Asset Service Provider (VASP) Licensing System under the ECOWAS framework.
“A crypto trader banned in Nigeria should not find safe haven in Ghana,” he asserted. “Financial crime knows no borders. Our collective future depends on our ability to secure this emerging financial frontier.”
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