E-Financial
Policy, Regulation Should Bolster Innovation To Ensure Financial Inclusion Is Achieved
By Daniel Monehin
Walk through bustling marketplaces in Africa and you will see a substantial amount of money changing hands, as merchants and consumers haggle over the goods and services. What stands out is just how many of these transactions are conducted using cash, and the reason for this is because most people don’t believe they have any other pragmatic option.
There is a large number of unbanked or underbanked people on the continent, and so many individuals that don’t save or have a financial history with a formal financial institution and are therefore found on the fringes of financial services – where most transactions are carried out with cash. What this typically creates is a vicious cycle that serves to prevent most of these individuals from accessing critical financial services to better manage their finances, grow their businesses or protect themselves against eventualities.
Financial inclusion remains a challenge, particularly in developing countries. Only just over 30 percent of Sub-Saharan Africans, for instance, have any formal account. There is a collective focus by both the private and public sector on the need to find ways to bring greater numbers of people into the financial mainstream and improve their livelihoods.
One of the areas that has the greatest potential to narrow the margin of exclusion is policy and regulations. Policy surrounding financial inclusion has garnered considerable attention in the last few years, as the importance of inclusion has been aligned with financial integrity, stability and literacy.
Policy makers face the ultimate juggling act as regulatory frameworks and policies need to find the balance between providing the necessary support that will bring citizens into the formal financial fold while simultaneously ensuring that these requirements do not discourage access to critical financial services by stifling individuals’ abilities to transact.
What is clear is that it is simply impossible to make tangible progress by working in isolation. It takes collaboration between players in both the public and private sectors to bring their specific area of expertise to the table with the view to develop holistic strategies and policies that will enable inclusion.
The good news is that industry stakeholders across the board have largely realised this and joined forces through organisations like the Alliance for Financial Inclusion (AFI) to share knowledge and engage to formulate and implement these policies. AFI is led by its members, comprising mainly financial regulatory institutions such as Central Banks, superintendence’s and Ministries of Finance from developing countries. The network currently includes members from 94 countries working together to accelerate the adoption of proven and innovative financial inclusion policy solutions with the ultimate aim of making financial services more accessible to the world’s unbanked. Mastercard is a proud member of AFI and continues to collaborate to ensure open dialogue with focus on building a strong network where solutions can be found.
What has made these platforms so impactful is that the regulators and policy makers understand the unique African context and have been formulating policy solutions that speak to this. Advancing financial inclusion through digital financial services, for example, has been a top priority and continues to dominate the agenda because of the role that mobile money, new tech and innovation are playing in allowing Africans to pay for goods and services safely and easily.
Although mobile money is a global disruptor, its impact has been especially noticeable in Africa, where mobile penetration continues to grow and where it has already proven to be a game changer in terms of providing affordable financial services.
Using a tool that people already hold in their hands means that more people can be connected to an interoperable financial ecosystem at a fraction of the cost – backing this up is the fact that there are nearly 280 million registered mobile money accounts in Sub-Saharan Africa, compared to 178 million bank accounts.
As such, driving policy that supports mobile-based payments as a critical enabler will remain a core focus going forward. But even with mobile and digital finance recognised as an answer of sorts to facilitating financial inclusion, that is only half the battle. There needs to be continuous innovation and advancement in this space to ensure that all Africans have the opportunity to be financially included – and the answer lies in collaboration across the public and private sectors to leverage each other’s strengths.
E-Financial
EXPLOSIVE: How Titan Trust Bank Allegedly Used Union Bank’s Own Assets to Fund Its Takeover
What was sold to Nigerians in May 2022 as a clean and powerful takeover is now looking like something far more troubling. When Titan Trust Bank announced it had acquired Union Bank of Nigeria, a 100+ year-old institution, the story was simple: a young bank buying a legacy giant. But fresh documents are now pointing to a shocking twist that raises serious questions about how the deal was actually done.
Titan Trust Bank
According to findings, Titan Trust Bank allegedly secured a $300 million loan from African Export-Import Bank (Afreximbank) to fund the acquisition of Union Bank of Nigeria. On paper, Titan Trust Bank was the borrower. But in reality, the collateral reportedly included shares, treasury bills, and assets belonging to Union Bank itself.
Let that sink in: the bank being acquired was allegedly used to secure the loan that bought it. Titan Trust Bank—linked to Rahul Savara and Cornelius Vink— is believed to have engineered a scheme so bold it’s almost unbelievable. The plan? Have Union Bank allegedly repay the very illegal loan used to purchase it—using depositors’ funds! If allowed to succeed, the outcome is stark: TitanTrust Bank’s shareholders would end up owning one of Nigeria’s oldest banks for free!
Even more alarming is the alleged complicity of Godwin Emefiele, then Governor of the Central Bank of Nigeria (CBN), who is said to have turned a wilful blind eye to a deal that flew in the face of the CBN’s strict rules against using borrowed funds to acquire Nigerian banks.
It is unbelievable that Godwin Emefiele would allow an inconsequential bank like Titan Trust Bank to plunge a legacy and systemically important bank like Union Bank into a huge and needless debt – just to satisfy the greed of the owners of Titan Trust Bank.
The Afreximbank loan is reportedly structured in a manner that will force Union Bank to keep using its depositors’ funds to repay the unlawful loan.
By the third quarter of 2025, the situation had reportedly worsened. Exchange rate shocks and rising interest costs pushed the total exposure to over ₦500 billion. What started as a $300 million facility ballooned into a massive financial burden.
It gets deeper. An audit later allegedly described the acquisition/loan arrangement as “unethical financial engineering.” The audit allegedly pointed to possible misuse of foreign loans, questionable financial reporting and improper withdrawals from customer funds.
The fallout has already begun. Following leadership changes at the CBN, the board and management of Union Bank were removed in January 2024. That decision is now being contested in court, adding another layer of controversy to an already explosive situation.
Behind the scenes, ownership of Titan Trust Bank also raises eyebrows. The bank, incorporated in 2018, is largely owned by Dubai-based firms linked to powerful business interests, including individuals such as Rahul Savara and Cornelius Vink.
This is no longer just a banking story. It is a test of transparency, regulation and accountability.
If these allegations hold true, then one question refuses to go away: Who really paid for the takeover of Union Bank and at what cost to depositors?
Ecobank, Pan-African lender, said it is in advanced talks with the Bank of China to set up a direct yuan settlement system by the end of 2026, eliminating the need to use the U.S. dollar as an intermediary in trade with China.
For traders in Lagos, Nairobi or Lomé sourcing goods from China, payments have so far been complex and costly.
Paying a supplier in Guangzhou typically requires converting local currency into dollars, then into yuan.
The two-step process increases banking fees and cuts into margins.
Ecobank aims to remove that constraint.
“We are looking at opportunities for us to settle with, instead of going through the dollar, we do it directly with the Chinese yuan,” Jeremy Awori, chief executive, Ecobank told Reuters.
The move reflects current trade dynamics: China is Africa’s largest trading partner by a wide margin. Chinese exports to Africa rose 26% to $225 billion in 2025, contributing to a record $348 billion in total trade.
Beijing has also expanded its financial footprint, with around $39 billion in new contracts signed in 2025, making it the largest bilateral investor by new flows.
Ecobank’s talks with the Bank of China are part of a broader shift across Africa to reduce reliance on the dollar.
In November, South Africa’s Standard Bank took a similar step by joining China’s Cross-Border Interbank Payment System (CIPS).
Across the continent, governments and financial institutions are seeking alternatives to a currency that has become costly and harder to access. Backed by the African Union, the Pan-African Payment and Settlement System (PAPSS) is already reducing conversion costs for intra-African trade. Some countries are moving further: Tanzania and Zambia have restricted the use of the dollar in domestic transactions, while the Democratic Republic of Congo plans to do the same next year.
The trend is also supported by the growing influence of the BRICS+ bloc, which Egypt and Ethiopia have joined and which is promoting a more multipolar financial system.
China is no longer the only player pursuing this strategy.
A high-stakes contest is emerging with the United Arab Emirates for financial and logistical influence in Africa.
Abu Dhabi is expanding its presence through investments in ports and energy infrastructure, alongside financial initiatives.
The UAE has signed multiple currency swap agreements with countries including Egypt, Ethiopia, Kenya and Nigeria to facilitate transactions in dirhams and local currencies, reducing reliance on the U.S. dollar.
Central Bank of Nigeria (CBN) has warned the public of a fresh cyber hack attempt to access personal accounts, just days after the Corporate Affairs Commission (CAC) confirmed a major cyber attack on its systems.
CBN
In a statement signed by Hakama Sidi‑Ali, acting director of corporate communications, issued Tuesday, April 21, 2026, the apex bank said cybercriminals are circulating fraudulent emails and online messages falsely claiming to originate from the CBN.
The messages reportedly contain suspicious links and false narratives about the bank’s leadership, licensing activities, and policy decisions, with the aim of compromising Nigerians’ personal information and hacking their accounts.
The CBN reiterated that its official website remains www.cbn.gov.ng and urged Nigerians to avoid clicking links or sharing sensitive data via suspicious websites or unknown contacts. It also advised the public to verify all CBN‑related communications through the official portal and recognised media outlets, and to report suspected fraudulent sites or emails to law enforcement.
The warning comes after the CAC confirmed on April 15, 2026, that its information systems were breached by hackers, exposing millions of company documents and triggering an investigation by the Nigeria Data Protection Commission (NDPC).
The CBN said it is strengthening its cybersecurity frameworks in collaboration with relevant agencies to protect the financial system and safeguard users from digital fraud.
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