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E-Financial

eTranzact Inks Partnership with Cameroonian Govt to Drive Digital Payment System

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l-r: Libom ali Likeng, representing the government is the minister of Post and Telecommunications, Cameroon and Dr. Valentine Obi, founder and group CEO, eTranzact Group at the signing of the agreement between the Cameroonian Government and eTranzact recently.
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eTranzact, Nigeria’s premier payment processing platform has entered into a major strategic partnership with the Cameroonian Government to drive its electronic communication aggregation platform.

eTranzact Inks Partnership with Cameroonian Govt to Drive Digital Payment System

l-r: Libom ali Likeng, representing the government is the minister of Post and Telecommunications, Cameroon and Dr. Valentine Obi, founder and group CEO, eTranzact Group at the signing of the agreement between the Cameroonian Government and eTranzact recently.

The platform christened, ‘National Payment Switch Infrastructure’ was conceived by the government to serve as the core of Cameroon’s Digital revolution.

The partnership would see the development of a robust payment infrastructure that would take advantage of developments in internet technology, cloud computing, mobile phone proliferation and penetration to act as a central transaction processing hub.

It would also ensure that Telecommunication channels, USSD, Internet, etc, are harnessed and used as rails to deliver several services to the end user using their mobile phone.

Speaking at the signing of MoU, Dr. Valentine Obi, founder and group CEO, eTranzact, said that the firm believe in the noble plan, which informed why it partnered with the Government of Cameroon to provide a complete National Payment Switch Infrastructure to achieve their objectives.

According to Dr. Obi the key objectives of the partnership include, reducing cost of transaction and hence service delivery, authentic users to ascertain their identity before they can participate in the mobile financial service.

. Assist government in her fight against terrorism funding and money laundry.

. Create a level playing field for all service providers who want to offer their service on the mobile phone through the #237# USSD short code.

. Ensure that Banks and other stakeholders can deploy their services fast on all networks in Cameroon without any bottlenecks.

. To provide interoperability amongst the different stakeholders, Government institutions, Banks (both commercial and micro finance banks), Mobile Money Operators (both GSM companies and non-GSM companies).

. Enhance Financial Inclusion and access to credit by SME’s.

Dr. Obi noted that the partnership, when completed is expected to impact positively on the Digital Ecosystem.

He said, “the National Payment Switch Infrastructure will enable small medium size enterprise to move from informal sector to the formal sector of the economy thus increasing economic growth or increase in GDP.

“It would enhance financial inclusion, which is one of the key objectives of the government through easy credit scoring and access to credit.

“Also it would provide full transparency of transactions in the country. All financial transaction passing through the platform is recorded and can be traced.

“Ensures that banking services are offered everywhere and anywhere there is a GSM or Internet network, increase revenue collection and facilitate disbursement to regional and local governments.

“See to the emergence of Techpreneurs and Innovators in the payment space”.

 

 

 


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E-Financial

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

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United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

Oliver Alawuba, GMD/CEO, UBA group,

This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.

The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.

Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.

He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.

“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.

The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.

“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.

Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.

 

 

 

 

 

 


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E-Financial

Ecobank Plans to Raise $250m Capital Through Private Placement

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Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.

In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.

“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”

The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.

Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”

It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.

 


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E-Financial

EFCC Recovers Funds Lost to CBEX Fraud

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Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.

EFCC Recovers Funds Lost to CBEX Fraud

Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.

The EFCC Chairman emphasised that the suspects found are facing prosecution.

“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.

Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.

“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.

He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.

“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.

He urged the public to stay vigilant, assuring them that the body will see the case to the end.

“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.


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