The Board of Directors of the African Development Bank Group has approved an equity investment of USD 25 million in The Currency Exchange Fund (TCX), a global leader in offering long-term local currency hedging solutions in emerging and frontier markets.

This strategic investment will strengthen TCX’s capital base, enhance its risk-bearing capacity, and expand its ability to offer hedging instruments in illiquid and less liquid currencies across the African continent.

The transaction will help mitigate the foreign exchange risks faced by borrowers in Africa, particularly those operating in fragile states and underserved markets. TCX operates as a development-focused fund that provides tailor-made FX hedging instruments to enable local currency lending in countries where conventional hedging markets are either underdeveloped or non-existent.

The Bank’s investment will crowd in additional DFIs and private investors, reinforce Africa’s integration into global capital markets, and support sustainable growth by reducing the mismatch between the currency of debt and revenue for local borrowers.

Ahmed Attout, Director of the financial Sector Development Department, at the African Development Bank Group, stated: “This investment in TCX marks an important milestone in the Bank’s effort to deepen African capital markets and address the root causes of debt distress. The Bank’s support to TCX will unlock local currency financing for MSMEs, infrastructure and many sectors across Africa.”

He added : “The transaction forms part of the Bank’s broader objective to promote access to adequate financing through innovative alternative solutions.”

The investment builds on the Bank’s prior participation in TCX and reflects its continued confidence in the fund’s track record and impact-driven model. TCX has hedged more than USD 17 billion in notional amounts since inception, including over USD 4 billion across 31 African countries.

The Bank’s participation is expected to facilitate increased hedging volumes in priority sectors such as the public sector (Debt Management Offices and Public Development Banks), infrastructure, energy access, microfinance, and SME development. TCX also plays a unique role in fragile and low-income countries, with around 18% of its global outstanding portfolio currently focused on such markets.

Ruurd Brouwer, TCX’s Chief Executive Officer stated : “We are thrilled to welcome African Development Bank Group to TCX’s capital base, joining fellow development finance institutions, impact investors and governments that support our local currency hedging solution. It marks the start of a close partnership in protecting AfDB’s public and private sector borrowers from currency risk and promoting the development of African capital markets. We very much look forward to increasing our joint impact on the continent.”

This operation is aligned with the Bank’s Ten-Year Strategy 2024–2033. It complements the Bank’s broader capital markets strategy, which includes support for local currency bond issuance, Partial Credit Guarantees, and private sector local currency lending.

The investment is expected to deliver strong development impact. The African Development Bank remains committed to fostering resilient capital markets in Africa, supporting de-risking mechanisms for the private sector, and expanding access to local currency finance to promote inclusive and sustainable development.

Africa’s leading neobank and foremost fintech platform, PalmPay, is celebrating six years of delivering value, impact, and reliable banking services to millions of users across Nigeria. With more than 35 million people now choosing PalmPay for their everyday financial needs, the company marks this milestone by reflecting on a journey shaped by its users.

Since its launch in 2019, PalmPay has transformed from facilitating its very first transaction into powering millions daily. Along the way, PalmPay has helped small and medium businesses scale, supported families in reaching their goals, and made everyday money management simpler, safer, and more rewarding. Its users’ trust has fueled PalmPay’s journey and continues to inspire the company’s commitment to making financial services smarter, simpler, and more inclusive.

“PalmPay was built on the belief that banking should be accessible to everyone, safe, easy, and rewarding,” said Chika Nwosu, Managing Director at PalmPay. “Over the last six years, we’ve earned the trust of our users, and their impact stories remind us that our solutions are not just about technology, but enabling smarter banking habits tailored to individual needs.”

To celebrate this milestone, PalmPay is launching the Lucky Wish Campaign, running from September 12 – 29th, 2025. The campaign will spotlight user stories, reward loyal customers with Apple AirPods, iPhone 17 Pro, Samsung A16, and highlight impact data, to showcase the trajectory of the brand’s impact since its launch in 2019.

In addition, the ongoing Hustle Grant Campaign continues to spotlight ambitious entrepreneurs leveraging PalmPay’s solutions. As part of the celebrations, 9 final winners will be announced in phases with the final announcement scheduled for September 26th. Each of these winners are set to receive N500,000 to support and grow their businesses, further amplifying the celebrations and reinforcing PalmPay’s user-centric approach to marking this milestone.

As PalmPay looks ahead, the company remains focused on powering the future of smarter banking and driving impact across its diverse user base.

Economic and Financial Crimes Commission (EFCC) has blamed suspects involved in internet fraud and money laundering for subjecting Nigerians to stricter visa restrictions criteria abroad.

Ola Olukoyede, chairman, EFCC

Ola Olukoyede, chairman, EFCC, made his remark during an event organised by the Coalition of Nigerian Youth on Security and Safety Affairs on Monday in Port Harcourt, Rivers State.

Olukoyede, who was represented by Coker Oyegunle, chief superintendent of the EFCC, said fraudulent practices not only destroy the future of those involved but also tarnish Nigeria’s international image, resulting in stricter travel conditions for law-abiding citizens.

He urged young people in the South-South and across the country to channel their energy into productive ventures such as digital innovation, entrepreneurship, agriculture, and the creative industry.

Olukoyede reaffirmed the commission’s readiness to intensify sensitisation, enforcement and collaboration with communities to combat fraud and related crimes.

“The EFCC boss highlighted that internet fraud, money laundering, and economic sabotage cost Nigeria billions of naira annually, undermining national growth and depriving citizens of infrastructure, jobs, and opportunities.

“Beyond the economic damage, he pointed out that the crimes erode Nigeria’s international image and subject innocent Nigerians to stricter visa restrictions abroad.

He was quoted as saying, “Fraud is not success; it is a trap. Easy come, easy go. Many who follow the path of ‘yahoo-yahoo’ always end up losing their freedom, reputation, and future. The law is catching up with them, and digital footprints never disappear. Don’t destroy your tomorrow with shortcuts today.”