E-Financial
Elumelu Advocates Collaborations to Boost Africa’s Fortunes
Tony O. Elumelu, group chairman, United Bank for Africa (UBA) Plc, has said that the Corona virus pandemic has presented a perfect opportunity for foreign investors to invest in Africa, owing to the huge opportunities that are inherent in the African economy.
“This is the time to invest. Africa is a land of opportunities; There is huge population and there is now the realisation by African leaders who are creating an enabling environment to encourage these investments,” Elumelu said on Thursday, while speaking at a virtual session organised by the TIME100TALKS on the theme, ‘Empowering Entrepreneurs’.
Bill Gates, Founder of Bill and Melinda Gates Foundation and United States Senator, Tammy Duckworth were other thought leaders who also spoke in sessions at the event.
While pointing out that the African continent is well positioned to emerge into a strong digital economy, Elumelu said, there is now more macro-economic stability than ever before, especially given that the young African is energetic, restless and has the ambition to succeed, in the face of difficult circumstances.
“Challenges exist in Africa, but we have huge returns on investments. There is huge population and there is realisation by African leaders who are now creating an enabling environment to encourage investments into Africa. There is no better time to make the multi-million dollar bet I made in Africa, than the times we live in now,” he said in a chat with Kimberly Dozier, a Time Correspondent who moderated the session.
Speaking on the effect that the pandemic has had on the operations of UBA in the last few months, Elumelu noted that there has been a rapid increase in technological embrace and called for the strengthening of infrastructure, networks and digital platforms to support the growth.
“In banking business this whole digital transformation is heightened further by COVID-19, right now, you have less than 15% of our over 20million bank customers that are transacting in the bank. Most of them now transact online, which is 85% of over 20million customers. That is significant. Before COVID, it was about 65%. UBA is seeing an explosion in its digital platforms. Thankfully, the bank invested significantly in technology, and now, they are investing even more so that they can serve their customers better. So, the digital connectivity technical infrastructure should be strengthened in such a way as to aid this explosion we are seeing,” Elumelu said.
He also spoke on how the Tony Elumelu Foundation, which he founded, has been supporting the growth of its entrepreneurs especially in the tough business climate presented by the ravaging coronavirus pandemic.
“Through the TEF virtual platform called the TEFConnect, we are able to engage our entrepreneurs on a day-to-day basis; get resource speakers from all over the world and ourselves, to talk to them and to train them and let them know how to manage difficult moments like this. And I can say that at-least 72% of our 9,500 beneficiaries are hanging in there, expanding their businesses. You know most SMEs typically die after their first year, but we are seeing a different trend, where beneficiaries of our programme in different countries are contributing towards fighting the virus in their different countries. We are seeing the creation of jobs, the one million jobs we set out to achieve,” he noted.
The TEFConnect Community is a meeting ground where entrepreneurship ecosystem players share information and ask questions on their business activity. Currently one million entrepreneurs are on TEFConnect
Elumelu seized the opportunity to call on all bodies and key sectors such as the private sector, public sector, development agencies like the African Development Bank and other institutions to work together to make a difference, adding that “What the world needs today and Africans, in particular, is hope and that to me is what will make the difference but that hope has to be backed by tangibility, some substance so that we can make it work.”
In his submission, Bill Gates sought for collaboration between the private and public sector to end the pandemic, adding “Every country has to think through the right policies to stop the spread, there is need to speed up the process of getting new drugs and vaccines, we need a global response.”
Senator Duckworth who also emphasised the need for funding for teaching and appreciation for teachers, advocated for more teamwork at all levels to fight the pandemic, said, “What the country needs is a team that will step forward to deal with the crisis. It is very significant for me to be on a national stage for other Asian Americans, because we often are the forgotten minority in this country.”
TIME100 Talks, an initiative of TIME magazine, is a new live event series that convenes leaders from every field to spotlight solutions to urgent global problems and encourage cross-disciplinary action.
Ecobank, Pan-African lender, said it is in advanced talks with the Bank of China to set up a direct yuan settlement system by the end of 2026, eliminating the need to use the U.S. dollar as an intermediary in trade with China.
For traders in Lagos, Nairobi or Lomé sourcing goods from China, payments have so far been complex and costly.
Paying a supplier in Guangzhou typically requires converting local currency into dollars, then into yuan.
The two-step process increases banking fees and cuts into margins.
Ecobank aims to remove that constraint.
“We are looking at opportunities for us to settle with, instead of going through the dollar, we do it directly with the Chinese yuan,” Jeremy Awori, chief executive, Ecobank told Reuters.
The move reflects current trade dynamics: China is Africa’s largest trading partner by a wide margin. Chinese exports to Africa rose 26% to $225 billion in 2025, contributing to a record $348 billion in total trade.
Beijing has also expanded its financial footprint, with around $39 billion in new contracts signed in 2025, making it the largest bilateral investor by new flows.
Ecobank’s talks with the Bank of China are part of a broader shift across Africa to reduce reliance on the dollar.
In November, South Africa’s Standard Bank took a similar step by joining China’s Cross-Border Interbank Payment System (CIPS).
Across the continent, governments and financial institutions are seeking alternatives to a currency that has become costly and harder to access. Backed by the African Union, the Pan-African Payment and Settlement System (PAPSS) is already reducing conversion costs for intra-African trade. Some countries are moving further: Tanzania and Zambia have restricted the use of the dollar in domestic transactions, while the Democratic Republic of Congo plans to do the same next year.
The trend is also supported by the growing influence of the BRICS+ bloc, which Egypt and Ethiopia have joined and which is promoting a more multipolar financial system.
China is no longer the only player pursuing this strategy.
A high-stakes contest is emerging with the United Arab Emirates for financial and logistical influence in Africa.
Abu Dhabi is expanding its presence through investments in ports and energy infrastructure, alongside financial initiatives.
The UAE has signed multiple currency swap agreements with countries including Egypt, Ethiopia, Kenya and Nigeria to facilitate transactions in dirhams and local currencies, reducing reliance on the U.S. dollar.
Central Bank of Nigeria (CBN) has warned the public of a fresh cyber hack attempt to access personal accounts, just days after the Corporate Affairs Commission (CAC) confirmed a major cyber attack on its systems.
CBN
In a statement signed by Hakama Sidi‑Ali, acting director of corporate communications, issued Tuesday, April 21, 2026, the apex bank said cybercriminals are circulating fraudulent emails and online messages falsely claiming to originate from the CBN.
The messages reportedly contain suspicious links and false narratives about the bank’s leadership, licensing activities, and policy decisions, with the aim of compromising Nigerians’ personal information and hacking their accounts.
The CBN reiterated that its official website remains www.cbn.gov.ng and urged Nigerians to avoid clicking links or sharing sensitive data via suspicious websites or unknown contacts. It also advised the public to verify all CBN‑related communications through the official portal and recognised media outlets, and to report suspected fraudulent sites or emails to law enforcement.
The warning comes after the CAC confirmed on April 15, 2026, that its information systems were breached by hackers, exposing millions of company documents and triggering an investigation by the Nigeria Data Protection Commission (NDPC).
The CBN said it is strengthening its cybersecurity frameworks in collaboration with relevant agencies to protect the financial system and safeguard users from digital fraud.
PalmPay said that it has surpassed 35 million users, a figure that reflects a broader transition in the sector from rapid customer acquisition to sustained, everyday financial usage.
Chika Nwosu, Managing Director-CEO, PalmPay Nigeria
The consumer payments platform entered Nigeria’s fintech market in 2019 and is today a major player, offering a suite of financial services including transfers, bill payments, and digital insurance to promote financial inclusion.
In a market historically shaped by traditional banks, emerging fintechs, and a strong cash culture, scale alone is no longer the defining benchmark of success.
Instead, attention is shifting to how effectively platforms integrate into the daily financial routines of individuals and businesses.
Central to PalmPay’s growth is its alignment with Nigeria’s payment infrastructure.
The platform has executed live transactions on the National Payment Stack operated by the Nigeria Inter-Bank Settlement System (NIBSS), placing it within an interoperable framework that connects banks, fintechs, and other financial service providers.
Within this ecosystem, industry observers note that competition is increasingly determined by system performance—uptime, transaction success rates, and reliability—rather than product differentiation alone.
However, integration at the infrastructure level does not automatically translate to inclusion. According to data from Enhancing Financial Innovation and Access (EFInA), a significant proportion of Nigerians—particularly in rural and underserved communities—remain outside the formal financial system.
To address this gap, PalmPay has expanded its agent network, mirroring a wider industry approach that combines digital platforms with physical access points.
Through these agents, users can carry out deposits, withdrawals, transfers, and onboarding, effectively bridging the divide between cash-based transactions and digital finance.
This hybrid model has become a cornerstone of financial service delivery in Nigeria, underscoring the importance of distribution alongside technology.
Beyond core payment services, PalmPay has also extended into financial literacy and capacity-building initiatives, targeting underserved groups such as women-led businesses and first-time digital users. The move signals a growing recognition that access alone is insufficient without the knowledge and confidence to participate fully in the financial system.
Overall, PalmPay’s reported scale offers insight into a maturing fintech landscape, where growth is increasingly defined not just by user numbers, but by the extent to which platforms become embedded in the everyday financial lives of Nigerians.
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