African financial institutions plan to raise more than $100 billion for green initiatives across the continent to fuel economic growth, according to a Bloomberg report.

Financiers including the African Development Bank (AfDB), African Export-Import Bank and Ecobank Transnational Inc. committed to mobilize sustainable finance, align regulatory frameworks, and unlock technical expertise at the Africa Climate Summit in Addis Ababa, Ethiopia, they said in a statement.

The measures are “designed to accelerate renewable powered industries, expand regional value chains, and establish Africa as a global hub for sustainable trade,” they said on Monday.

The financiers’ commitment will boost funding to a continent that attracts less than three per cent of global energy investments, even as it has 60% of the world’s solar potential and vast untapped wind, hydro, and geothermal resources.

Meanwhile, the 13th Conference on Climate Change and Development in Africa (CCDA-XIII) ended in Addis Ababa over the weekend with experts calling for a coherent, evidence-based, and investment-ready African climate agenda.

Ginger Onwusibe, chairman, House of Representatives Committee on Financial Crimes, on Wednesday disclosed that Nigeria loses about $500 million annually to the activities of cyber criminals.

Onwusibe, represented by Austen Adesoro, clerk to the Committee, made this assertion in his opening remarks during a national workshop on cyber and financial crimes organised by the committee in collaboration with the Economic and Financial Crimes commission (EFCC), in Abuja.

With a theme: “Cyber and Financial Crimes Control for Effective Economic Social and Security Growth of the Nation” participants drawn from the public and private sector, were also told that the EFCC has established a Cybercrime Centre, aimed at combating the criminal menace.

The House panel chair praised the efforts of the anti-graft agency in establishing the centre which is geared towards combating cyber crimes, pointing out that the gesture will among others, safeguard Nigeria’s economic stability and protect individuals and businesses.

He said the workshop would assist the participants in identifying internet crimes, create a secured and stable environment for businesses to operate and foster innovation and entrepreneurship.

He added that participants will also be availed with the knowledge on how to identify crimes associated with digital technologies among others.

He emphasised the dangers of several internet assisted crimes (Cyber crimes) which are increasingly posing a threat to Nigerians, its institutions, people and the general economy.

He cautioned that the menace must not be overlooked, given its impact on the reputation of the people and the dent and international odium it has brought on the country in the comity of nations

“Cybercrime is a threat against various institutions and people who are connected to the internet, either through their computers or mobile technologies,” he said, adding that ‘the exponential increase of the crime in society has become a strong issue that should not be overlooked.

The Committee chair warned of the dire consequences and impact of the crime on the lives, economy and reputation of a nation

He acknowledged the benefits from the collaboration of both parliament and the anti-graft commission resulting in robust legislative frameworks in checkmating cyber and financial crimes, in addition to cooperation of both institutions in training participants from across the sectors that are in charge of public and private finances.

He said the beneficiaries would in turn leverage prudent fiscal policies and effective financial management that will benefit the country.

He disclosed that the House was also looking at legislative interventions to safeguard cryptocurrency transactions in the country with a governance and regulatory system in line with global best practices.

The participants numbering over a hundred were drawn from both the public and private sectors of the economy.

Central Bank of Nigeria (CBN) has kicked off the development of a new strategic framework for the country’s payments ecosystem with the launch of the Nigeria Payments System Vision 2028 (PSV 2028), setting the stage for a more inclusive, innovative, and globally competitive digital financial system.

Olayemi Cardoso, CBN Gov

At the recent inaugural meeting of the PSV 2028 Project Committee held in Lagos,  Musa Jimoh, director of the Payments System Policy Department (PSPD), described the initiative as a “national assignment” with the potential to transform how individuals, businesses, and governments interact within the financial ecosystem.

Reflecting on the journey from the early reforms of 2006 through the milestones of PSV 2020 and PSV 2025, Jimoh highlighted that the new vision will build on past achievements to deepen financial inclusion.

This, he noted, will improve infrastructure interoperability and promote innovation across Nigeria’s financial services sector.

He observed that while Nigeria’s payment system has made significant progress over the past two decades, the speed of technological advancement and innovation continues to grow.

PSV 2028, he explained, presents the country with a unique chance to develop a future-ready framework that is secure, efficient, and globally competitive.

He further explained that the framework would be developed through an inclusive, stakeholder-led process that unites regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players.

He highlighted that this collaborative approach will ensure the strategy reflects real-world needs, fosters policy acceptance, and promotes innovation through shared responsibility.

To facilitate its implementation, five thematic working groups were established, concentrating on: Infrastructure & Interoperability; Digital Financial Inclusion, Consumer Protection & Financial Literacy; Innovation, Digital Identity & Emerging Technologies; Cross-Border Payments & CBDC Integration; and Regulation, Risk Management & Cybersecurity.

A sixth group on Strategic Communications and Stakeholder Engagement was also proposed.

Participants at the event welcomed the initiative, praising the CBN’s inclusive approach and highlighting the pivotal role of PSV 2028 in promoting digital innovation, financial inclusion, and economic resilience.

By sharing expertise and resources, they committed to creating a forward-looking document that would strengthen Nigeria’s position in Africa’s payments landscape while making progress globally.

Also, speaking at the event, Mr. Ajao Niyi, former chief executive of the Nigeria Inter-Bank Settlement System (NIBSS), praised the CBN for establishing a new standard for stakeholder engagement and urged all parties to unite in support of the initiative.

The PSV 2028, which succeeds the soon-to-expire PSV 2025, is expected to serve as the guiding blueprint for Nigeria’s digital payments ecosystem over the next three years, aligning the country’s financial system with global best practices and ensuring sustainable growth.

It marks a bold step forward in Nigeria’s digital financial transformation, setting the stage for a more connected, innovative, and inclusive economy