E-Financial
Mobile Tech Tap to Drive Africa’s Financial Inclusion
New research urges African governments to work collaboratively with all role-players to introduce strong mobile tech-driven financial innovations in support of national development priorities and the social development goals (SDGs).
The study, “Digital finance platforms to empower all”, released last week by Vodafone Group, Vodacom Group, Safaricom and the United Nations Development Programme (UNDP), says this is how countries can accelerate progress and increase the impact of financial inclusion.
“The impact is potentially staggering, with the International Finance Corporation estimating digital finance has the potential to boost annual GDP of emerging economies by $3.7 trillion by 2025,” the report reads.
The analysis was conducted as part of the three telcos’ Africa Connected campaign, an initiative to drive sustainable development through collaboration and help close the divides that prevent progress in Africa’s key economic sectors.
The research, which examined 49 countries in Africa, Asia and Latin America, found that countries with successful mobile money services had an annual GDP per capita growth rate up to one percentage point higher than countries where mobile money platforms had not been successful or not introduced.
It says: “As post-pandemic economic recovery continues, with the cost of living and climate crises intensifying, governments are encouraged to leverage mobile financial services to strengthen financial inclusion, which increases economic resilience and furthers sustainable development.
“When managed correctly, mobile financial services can not only drive financial inclusion, poverty reduction and economic growth, but can also accelerate progress around the SDGs more broadly.”
According to the study, collaboration and strong partnerships underpin this success and will drive future acceleration of progress.
As such, it says, governments and multilateral organisations should engage all stakeholders, including the UNDP, the Africa Connected campaign, and other telecommunications, fintech and finance businesses, to make the recommendations discussed in this report a reality.
“In doing so, Africa can continue to equitably expand access to mobile financial services, with all stakeholders working together to ensure these services are delivered in a responsible way that unleashes their full potential on SDG achievement to uplift and empower all citizens.”
Principals of the report call upon African governments to urgently create an enabling legal and regulatory environment.
They say policy-makers must create an open and level playing field where financial regulators allow both traditional banks and non-traditional financial service providers to operate.
This, they say, will allow digital finance innovation to flourish through greater interoperability and openness of payment rails.
Aiaze Mitha, global lead, digital finance for the SDGs, at UNDP, says technology transformed financial access for Africans.
In the last decade, he says, more of the population has gained access to basic financial services, with the figure increasing from 23% of the population in 2011 to around 55% in 2021.
“A lot of that has been unlocked through mobile financial services, simply because more people have access to a connected mobile device.
“These services are complemented by a physical network of agents, who allow people to convert cash into digital currency so that they can start stepping into the formal financial system and start building up a credit history that will enable them to qualify for more sophisticated financial services.”
Looking ahead, Mitha notes there are a few obstacles Africa still needs to address around financial inclusion.
“First, there’s access to affordable mobile financial services, which includes such things as digital connectivity, devices and cost of broadband access. I’d say digital identity is also an issue.
“Being able to identify yourself so that you can access financial services is a major obstacle because there is a lack of digital identification in many countries across the continent.
“Fortunately, there are several players coming together to ensure digitalisation does not widen the digital and financial divide. In that sense, building capacity around financial and digital literacy will be a key element of greater, more qualitative financial inclusion.
“Finally, the notion of embedded finance must be raised. Many people will use financial services for a purpose, to fulfil a specific need, not just for the sake of it. For example, financial services are being built into specific e-commerce, transport, mobility, or social experiences and use cases.
“This will most likely open new avenues for even greater inclusion once people have the tools and connectivity to engage with these use cases.”
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.
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.
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.
Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.
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.
EFCC Says Corrupt Politicians are Using Crypto Wallets to Launder Money
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia
NCC Speaks of Plans to Secure Telecom Infrastructure Nationwide
Africa’s Lawmakers Commit to Strengthening AI, Digital Health and Smart Manufacturing Frameworks
Ecobank Plans to Raise $250m Capital Through Private Placement
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