E-Financial
eTranzact Demos New Mobile Banking Architecture
eTranzact International PLC, which has partnerships with over 50 commercial banks and 350 microfinance institutions across Africa, said it believed that the future of banking in Nigeria is mobile.
The Company builds and facilitates mobile banking transactions through its mobile switching platform and has more than 12 years’ experience processing financial transactions in Africa.
At its recent mobile banking Masterclass in London, England titled “The Future of Mobile Banking Masterclass”, eTranzact announced changes in mobile banking architecture.
Speaking at the Masterclass, Mr. Valentine Obi, CEO of eTranzact reiterated that, “Mobile is the new online and eTranzact wants to be the bridge to drive the mobile evolution in Africa”.
“With Gartner Inc, the World’s leading information technology research and advisory company, predicting that the global mobile transaction market will be worth $721 billion and more than 450 million users by 2017,” Obi said “we saw a need to reimagine Mobile banking around the consumer’s lifestyle”.
“Understanding that Innovation done in isolation of customers’ needs and progress in consumer behaviour would lead to products that would easily be disrupted is key for us, as the world becomes smaller and global companies like Facebook, Whatsapp begin to take a closer look at the marketplace.
He said that the newly demoed Mobile banking architecture with new interfaces and touch points that will accelerate adoption and integration into consumers’ lifestyle.
New features were unveiled around onboarding, personalization, communication; introducing “person to person messaging as well as other.
Adopting a 360 degrees feedback process, eTranzact said they were able to get insights from the banks and in the next couple of weeks will be rolling out different improvements to our partner mobile banking applications.
The major goal of the Masterclass was to provide a platform to discuss new innovations in mobile banking targeted at making mobile banking more about the customer and launching new innovations to make the customer onboarding process easier.
Topics discussed ranged from how to improve the mobile banking experience for customers and innovations in providing support for customers, to unveiling eTranzact’s improvements in the onboarding process and mobile architecture of the mobile banking application.
With over 15million smartphones currently in circulation in Nigeria and with efforts by the OEMs to increase this number by making smartphones even more affordable, mobile banking adoption in Nigeria has also increased, leading to the need to scale up technology resources as well as think up new ways to make the process easy for customers, and eTranzact has been heavily focused on building the infrastructural backbone of what is required to take mobile banking to new heights.
Participants at the Mobile Banking Masterclass spoke extensively about some trends they had identified among their customers as well as possible ways they could improve the process.
Speaking about what the banks and their customers should begin to see immediately after the Masterclass, Obi said, “To us, every product we build is ultimately about the customer whether at the corporate or individual level, and we want to ensure that we are meeting their needs both locally and globally, pushing ourselves every day. We understand the part we play in the growth of mobile banking and payments as a whole and through constructive feedback from our partners and innovation; we want to continue to play this role now and in the future.
At eTranzact, we believe in using the power of technology to build bridges across continents and we will continue to invest in research and build up our capacity to achieve these goals”.
Also speaking about the milestones achieved by the company, Mr Adeyemi Adeyemo, Group Head, Business Development said;
“We are excited about the steps we have taken to improve the overall experience of our partner banks and for their customers. We have a key role to play in driving innovation and we are ready to embrace it.
We come with major improvements in the mobile banking applications for all our partner banks and hope we can begin to roll out the changes as soon as possible. The changes not only cover the user interfaces of the different banks, but also try to merge the user’s lifestyle and improve the signup process for the application. We are also working with all our partner banks to help them enjoy the full capability of the USSD platform for mobile banking”.
As mobile banking becomes more segmented, the next step is to achieve greater personalization, and we want to make the user’s habits and needs focal points of the newly redesigned apps.
With our new onboarding process, we want to eliminate visits to bank branches so consumers can begin using mobile banking applications, while still maintaining the security of the platform”.
eTranzact’s effort in mobile began in 2003 long before mobile banking was introduced in Nigeria.
The team always believed that mobile would be at the forefront of payment innovation, and had a dedicated team working on research and development.
This led to pioneering research that kick-started the mobile banking sector in Nigeria.
The event, which lasted for five days, had in attendance various heads of e-banking and mobile banking from Nigeria’s top banks. Members of eTranzact’s top management including its CEO, Mr Valentine Obi; ED, Business development, Mr Sullivan Akala; ED, Strategy and Corporate development, Mr Ike Eze; Group Head, Business development, Mr Adeyemi Adeyemo and other top management staff were in attendance.
eTranzact is Africa’s leading provider of mobile banking and payment services.
It boasts as the first fully operational multi-application and multi-channel electronic transaction switching and payment processing company that is publicly quoted on the Nigeria Stock Exchange.
Debt Management Office (DMO) said the federal government spent N3.14 trillion on servicing its domestic debt in the first quarter of 2026.
The office disclosed the data in its latest domestic debt service report for Q1 2026.
The figure comprises N2.97 trillion in interest payments and N169.68 billion in principal repayments.
The agency said in January, the government spent N741.82 billion on domestic debt service, while the figure rose to N967.67 billion in February.
Debt service increased further to N1.43 trillion in March, bringing the total for the quarter to N3.14 trillion.
The March figure was 47.7 percent higher than the N967.67 billion recorded in February and 92.7 percent above the N741.82 billion spent in January.
Also, the debt office said interest payments accounted for about 94.6 percent of total domestic debt service during the quarter.
The DMO said treasury bills accounted for the largest share of interest payments at N1 trillion, while interest on federal government bonds stood at N1.96 trillion.
The agency said the government also paid N4.24 billion in interest on FGN savings bonds during the period.
The DMO said the principal component of the debt service comprised N169.68 billion in repayments on local-denominated promissory notes.
Overall, the government’s domestic debt service rose sharply through the quarter, with March accounting for almost half of the N3.14 trillion spent between January and March.
Nigeria’s public debt increased by 0.01 percent to N159.35 trillion in the Q1 of 2026.
Interswitch Group, an integrated digital payments and commerce company, together with global banking software provider, Temenos have reassured the Central Bank of Nigeria (CBN) of their commitment to advancing the modernisation of Nigeria’s financial services sector.
Interswitch and Temenos had earlier in June announced a strategic partnership across Africa which would see Interswitch leverage Temenos solutions – across core banking, digital banking, payments, wealth management and financial crime mitigation – to provide cloud-hosted and on-premises managed services to banks and financial institutions across Africa.
This will enable institutions to progressively transform their banking platform and evolve to more customer-centric business models. The service will initially support key African markets including Nigeria, Ghana, Côte d’Ivoire, Kenya and others.
The recent regulatory visit to CBN headquarters in Abuja, was led by the Founder and Group Chief Executive Officer of Interswitch, Mitchell Elegbe, and Managing Director for the Middle East and Africa (MEA) at Temenos, Santhosh Rao, as part of the ongoing efforts by both organisations to deepen collaboration with Central Banks across the African region on the future of digital banking infrastructure across Nigeria and key African markets.
Discussions centred on the strategic partnership between Interswitch and Temenos, and how it will enable Nigerian financial institutions to progressively modernise their core banking platforms and transition to more customer-centric business models.
The two organisations also explored opportunities to work with the CBN in charting new frontiers in Central Bank Digital Currency (CBDC) innovation, leveraging resilient financial networks and decentralised application platforms to support the issuance and management of CBDCs.
Commenting on the visit, Elegbesaid: “Our partnership as Interswitch with Temenos and our continued engagement with the Central Bank of Nigeria reflect a shared commitment to building banking infrastructure that is resilient, inclusive, and ready for the next phase of Africa’s financial evolution.
We are proud to be at the table as these conversations shape the future of digital banking technology and innovation across key Africa markets…”
The Bank of Industry, through BOI Financing SPV Plc, has opened subscriptions for its inaugural Series 1 Fixed Rate Bond worth up to N250bn under its $1bn multi-currency instruments programme, seeking to raise long-term capital to finance businesses across Nigeria’s priority sectors.
The offer, which opened on 5 August and closes on 11 August, is being arranged by Chapel Hill Denham as the lead issuing house. The five-year bond is priced within a yield range of 17.35 per cent to 17.50 per cent and will be listed on the FMDQ Securities Exchange.
According to the offer document, proceeds from the issuance will be deployed to finance eligible businesses and projects across sectors, including agriculture and food processing, healthcare, engineering and technology, renewable energy, petrochemicals, oil and gas, creative industries and solid minerals, in line with BOI’s development finance mandate.
The lender said the financing is expected to improve access to medium and long-term funding for Nigerian enterprises, expand productive capacity, create and preserve jobs, deepen local value addition, support import substitution, boost exports and strengthen domestic value chains.
BOI, Nigeria’s foremost development finance institution, said it has provided funding to more than one million businesses across the country and disbursed over N1.27tn between 2023 and 2025. The institution operates across 34 states and the Federal Capital Territory and is jointly owned by the Ministry of Finance Incorporated and the Central Bank of Nigeria.
The bank also highlighted its financial performance, reporting a 36 per cent compound annual growth rate in gross earnings between 2021 and 2025.
Interest income rose 64 per cent to N884bn in 2025 from N538bn in the previous year, while its capital adequacy ratio stood at 39 per cent, nearly four times the regulatory minimum of 10 per cent. Its non-performing loan ratio was 1.7 per cent, below the CBN’s prudential limit of five per cent.
The bond has been assigned AAA ratings by Agusto & Co. and Intelligence Africa, reflecting the issuer’s strong capitalization, profitability, liquidity and ownership structure.
The issuance is open to institutional and qualified investors with a minimum subscription of N5m and additional investments in multiples of N1m. Interest will be paid semi-annually at a fixed rate, while principal repayment will begin in the third year through equal semi-annual amortised instalments until maturity in 2031.
The bond is also exempt from tax, making it an attractive investment option for investors seeking stable returns amid expectations of declining interest rates.
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