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General News

Norfund Invests in OH Ecosystems to Create Jobs in Cocoa Processing in Nigeria

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L-r: Naana Winful Fynn, Regional Director – West Africa, Norfund; Ellen Cathrine Rasmussen, Executive Vice President, Green Infrastructure and Scalable Enterprises, Norfund; Nathaniel Durant, Managing Director, OH Ecosystems Ltd, and Akin Laoye, Managing Director, FTN during the signing ceremony for a $12 million USD investment in OH Ecosystems by Norfund.
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Through an investment of USD 12 million in OH Ecosystems Ltd (“Eco”), Norfund, the Norwegian Investment Fund for developing countries, aims to create jobs in Nigeria, while contributing to addressing some of the challenges in the cocoa value chain.

OH Ecosystems Ltd (“Eco”) builds and operates cocoa processing and confectionery businesses on the African continent.

Eco has successfully acquired a majority stake in FTN Cocoa Processors PLC (“FTN”)—a publicly traded company based in Ibadan, Nigeria.  With 20,000 metric tons of installed capacity, FTN transforms cocoa beans into semi-finished products (cocoa liquor, butter and powder) for commercialization to global and local clients. Prior to this investment, FTN had been dormant and underutilised for several years.

Norfund’s investment will upgrade FTN’s operating facilities and extend its reach to produce and sell additional products into the cocoa supply chain.  Eco is supported by established leaders in the global cocoa chain including Niche Cocoa Industry Ltd, Africa’s largest indigenous cocoa processor, who will serve as technical partner.

Increasing the share of cocoa processed locally.

At 4 million metric tons per year, West Africa produces more than 75% of the world’s cocoa.  In 2021 Nigeria produced 290,000MTs, ranking 4th behind Cote d’Ivoire, Ghana, and Cameroon.  Unfortunately, more than 70% of West Africa’s cocoa is exported as raw material with no significant value addition.

Norfund’s investment directly supports the increase of local, value-added transformation leading to quality job creation, local tax revenues, and foreign exchange for West Africa’s cocoa-producing countries.  The investment furthers Norfund’s strategy to help create sustainable, scalable businesses in Sub-Saharan Africa that promote value addition at origin.

“Increasing the share of raw materials that are processed locally can create a large number of jobs that give the fast-growing population of Nigeria the opportunity to work their way out of poverty, and we are confident that this investment can contribute to this,” says Obafemi Awobokun, Investment Manager at Norfund.

“We are thankful for Norfund’s partnership as we focus on building out value-add production in Nigeria.  Having partners who are aligned over the long-term on both the financial and social impact of our work is extremely important.

“Together, we can contribute to Nigeria’s agricultural manufacturing with a focus on financial sustainability for farmers in the value chain.”  says Nathaniel Durant, Managing Director of Eco.

“This is a strategic alliance come through that will help FTN sew up her pursuit of conversion of cocoa beans, job creation, contribution to the economic diversification goals of the government, delivering value to stakeholders and actualising the vision of being a global player” says Akin Laoye, Managing Director of FTN.

Norfund’s investment will help create both technical and non-technical employment directly for 600 people and indirectly for more than 1,500 across the cocoa value chain.  The investment also contributes towards the Nigerian government’s efforts to diversify export revenues by reducing its reliance on oil and gas.

Contributing to tackle challenges in the value chain

The cocoa sector faces challenges related to working conditions and the use of child labour, as well as environmental concerns. Norfund is committed to supporting companies that seek to operate in a sustainable manner, in sectors with challenging dynamics.

As part of the partnership, Norfund will support Eco’s efforts in establishing a sustainable supply chain through its farmer empowerment programme dubbed ‘EcoWise’. The programme seeks to address farmer poverty, which is one of the root causes of child and forced labour in the cocoa value chain.

Eco has partnered with industry experts to establish a farmer-focused program that ensures fair compensation, improved extension services, and training for farmers working with Eco’s operating units.  The program has been previously piloted in Ghana.

“The cocoa sector is a very important one for Nigeria and West Africa and could be a key one in the push to diversify Nigeria’s revenue sources. By partnering with this management team which has deep sector experience in West Africa, a strong technical partner, local investors and current owners, we aim to contribute positively to this effort.

“This investment also presents us the opportunity to partner with these stakeholders to increase local processing of cocoa beans and thus capture more of the value chain dollars at origin, to create jobs and to positively impact the fight against child and forced labour and deforestation in this important value chain,” says Naana Winful Fynn, Regional Director for West Africa for Norfund.

 


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General News

PalmPay’s Bold Move For Social Impact in Northern Nigeria

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In the busy Fagge Market in Kano, Zahra Bello, a middle-aged entrepreneur who runs a fabric store, speaks about her experience with mobile banking and how this has simplified business transactions and improved her small business.

Behind the growth of these resilient women entrepreneurs lies a story of transformation powered by technology.

“My name is Zahra Bello, I’m from Dambatta in Kano State, and I’m a fabric trader. I first heard about PalmPay from my elder brother in March 2024. He told me how he used the PalmPay Target Savings feature to buy new machinery for his farm and even earned interest. That inspired me to try it too.”

Zahra downloaded the PalmPay app that very day. By December, she’d used the Target Savings plan to restock her shop with new fabrics, an achievement she never thought possible within such a short period. “I was so happy,” she smiles. “The interest I earned on my savings motivated me to save more. PalmPay has become my savings box. I use it for all my transactions now.”

Her story, like many others, is the inspiration for PalmPay’s evolving vision of inclusive banking in Nigeria’s underserved communities.

Women, SMEs, and Technology

Financial exclusion remains a critical challenge in Northern Nigeria. According to EFInA’s 2023 Access to Financial Services survey, an estimated 28.8 million adults in the North are excluded from the formal financial system, with exclusion rates as high as 47% in the Northwest.

Among women, especially those in rural areas, the figures are even more concerning, as these numbers represent the daily reality of millions of women who run informal businesses and contribute to household income without access to banking, credit, or digital tools.

PalmPay’s initiative addresses this gap directly. 5,000 female entrepreneurs in Kano and Kaduna will receive hands-on financial literacy training on mobile payments and their shops are rebranded with signages, aprons, and other kits that will enhance visibility for their businesses.

“I used to write down every sale in a notebook. Now I track everything with my PalmPay account,” says Rabi Abdullahi, a trader in Kano. “Customers trust me more now that I have a business name and branded store.”

PalmPay has done its due diligence to understand the challenges and has offered a tailored approach to solving these issues which includes this social impact initiative.

Social Impact and Strategic Growth

With over 35 million users in Nigeria, the company is keen to expand in regions where smartphone adoption is rising but digital finance penetration remains low.

Femi Hanson, Head of Marketing and Communications, explains: “We see this as long-term ecosystem building. When you give small business owners the tools to grow, you don’t just gain users, you build loyalty, trust, and sustainable impact.” This also aligns with Nigeria’s Financial Inclusion Strategy goal to reach 95% inclusion by 2025, a benchmark that can’t be reached without focused efforts in the North.

The project has earned the support of traditional leaders, most notably His Royal Highness, the Emir of Kano, Dr. Muhammadu Sanusi II, who praised the initiative and called for greater collaboration between the private sector and community stakeholders.

With the success of this initiative, PalmPay has continued to expand its solutions in these regions offering support to even more women.

In Northern Nigeria, where the need is great and the gap wide, PalmPay is proving that true impact goes beyond offering products to providing support and meeting the needs of its users at the grassroots.


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Moniepoint Demonstrates Commitment to Nurturing Africa’s Future Leaders

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Moniepoint Inc, one of Africa’s leading financial institutions partnered with the Mega Impact Foundation to support the 5th edition of the NextGen Connect Interschool Oratory Competition in Asaba, Delta state. This collaboration showcases Moniepoint’s unwavering commitment to youth empowerment and human capital development across the African continent.

The competition, which was held commemoratively to celebrate this year’s International Day of the Boy Child, brought together SS2 students from across Delta State to address the critical theme: “The Role of Financial Inclusion and Technology in Shaping a Brighter Future for Young People in Africa.” Moniepont has received critical acclaim over its core mission of advancing financial inclusion through innovative digital financial technology solutions and payment services..

The oratory competition showcased exceptional talent among Nigeria’s youth, with Otovo Praise of Crystalloid International School emerging as the champion.

His outstanding performance earned him a full-year scholarship through the Tosin Eniolorunda STEM Foundation, reflecting Moniepoint’s philosophy of investing in educational excellence. Second-place winner Audi Innocent of St Patrick’s College received ₦300,000, while third-place winner, Asher David of Glorious Kids Academy was awarded ₦200,000.

“At Moniepoint, we believe that driving sustainable innovation begins with future-proofing and expanding the talent pool by empowering the next generation with the tools that they need to succeed especially basic literacy skills which remain fundamental pillars in socio-economic development,” said Tosin Eniolorunda, CEO Moniepoint Inc.

“These young voices represent the future of African leadership, and their insights into financial inclusion and technology demonstrate the remarkable potential that exists within our communities. Through our various educational and developmental initiatives such as the CAD/CAM lab we donated to OAU last year or the Moniepoint DreamDevs programme, we are betting big on an investment in Africa’s future.”

The initiative extends beyond monetary rewards, creating meaningful platforms for young people to express their ideas on a global stage. Through its support of the NextGen Connect Conference and Tech-In-School conversations, Moniepoint is fostering an environment where youth can develop critical thinking skills, build confidence, and engage with pressing societal issues.

In her remarks, Founder, Mega Impact Foundation, Florence Ogonegbu said that “we reaffirm our commitment to building an Africa where every young person has simplified access to sustainable education, capacity building, and empowerment.

By leveraging technology and local initiatives, we are creating platforms that enable our youth to thrive and transform their communities. Together with partners like Moniepoint, we are not just shaping futures—we are driving a movement for social development that will resonate globally. Every boy, every young person, deserves the opportunity to unlock their full potential and drive lasting impact across our continent.”

The competition received additional support from the Ministry of Women Affairs and Social Development, Delta State, highlighting the collaborative approach required to nurture young talent effectively.

 


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African Parliamentarians Seek Answers from Telcos on Quality of Service

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African legislators across the continent are increasingly demanding answers from mobile network operators for chronic poor service. Parliamentarians in Cameroon, South Africa and Zambia are demanding answers on data pricing, network connectivity needs in rural regions, contributions to job creation, data security and privacy, and adherence to universal service obligations.

Zambia is the latest country to question telcos over quality of service, and National Assembly speaker Nelly Mutti has ordered minister of technology and science Felix Mutati to deliver a ministerial statement on the Airtel network’s repeat outages and the steps being taken to resolve them.

Lawmakers have expressed concerns about the impact of inconsistent connectivity, particularly in rural areas where mobile communication is important for emergencies and essential services.

This come after telecoms regulator, Zambia Information and Communications Technology Authority (ZICTA) read the riot act to Airtel, after its most recent outage last week.

This was not the first time the telco had experienced service interruption, which prompted ZICTA to threaten the telco with a fine.

Meanwhile, the speaker of parliament declared that the nation has to be informed about the causes for the network provider’s bad service and the steps being taken to address the issue.

Mutti said: “This matter is affecting everyone. We need to know why the services are poor and what is being done to ensure service providers comply with stipulated guidelines.”

The move by the Zambian parliament comes a few days after South African parliament also summoned mobile network operators to respond to a range of concerns that lawmakers felt impacted consumers.

The following issues were considered by parliamentarians: network connectivity standards in rural areas, contributions to job creation, transformation, and economic inclusion and empowerment for blacks in general, women, youth, and people with disabilities, data security and privacy, adherence to universal service obligations, and spectrum conditions for universal connectivity.

 


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