E-Financial
ProvidusBank Collaborates with Mastercard to Drive Financial Inclusion for MSMEs

In a bid to affirm its digital dominance and stimulate innovation within Nigeria’s financial space, ProvidusBank, in collaboration with Mastercard, has announced a new payment solution designed to accelerate digital inclusion in Nigeria and across Africa.
The solution, called the Providus Amphi Card, is set to render seamless self-services to SMEs, merchants, and businesses with a special focus on cash-centric entities.
Powered by Mastercard, the Providus Amphi Card is a bundled solution of Mastercard’s industry-first SME Card and QR-Pay-By-Link solution – designed to enable MSMEs to make transactions seamlessly.
Through the solution, cardholders will also gain access to Mastercard’s SME benefits programmes such as the Entrepreneur Odyssey; a platform that provides business training content for micro and small businesses, and Easy Savings Specials; a dedicated platform where MSMEs can access discounted Value-Added Services from global and local third-party vendors.
MSMEs play a vital role in the global economy, contributing significantly to economic growth and job creation. In 2022, this sector contributed to 48% of Nigeria’s gross domestic product (GDP), accounting for 96% of businesses and 84% of employment – serving as the backbone of the country’s economy.
However, MSMEs often face challenges in accessing financial services tailored to their unique needs, ranging from payment collection to poor security, network instability, and limited access to credit due to financial institutions having limited visibility of their activities. Corroborating this trend is the recent demonetization enforcement by the Central Bank of Nigeria, which revealed that MSMEs are the most vulnerable to a cashless policy economy.
The Amphi Card aims to address these stress areas by offering a secure, safe, and convenient integrated financial solution customized for businesses and strictly for corporate customers of the Bank.
“ProvidusBank remains determined to being a frontrunner in innovative financial solutions in Nigeria. The Providus Amphi Card presents us an opportunity to demonstrate this commitment as we unpack the tremendous benefits it introduces to our customers, especially small businesses which remain the fulcrum of the economy.
“Through the introduction of the Amphi Card, we are once again revolutionizing payments in Nigeria.
“Each card is equipped with an imprinted QR code, seamlessly enhancing the banking experience and adding an extra layer of convenience and efficiency,” said Walter Akpani, Managing Director and Chief Executive Officer of ProvidusBank.
The Providus Amphi Card features exciting benefits, acting as an extra avenue for collections and revenue generation, and providing features including innovative QR payment, expense reduction, cashback or discounts, and more – driving convenience for cardholders across the payment ecosystem.
“Additionally, it enables collection and payment and provides businesses with a versatile tool for everyday transactions, leveraging Mastercard’s Payment Gateway Services (MPGS) which are accessed through the unique QR codes imprinted on each card.
“Africa has made commendable progress in transitioning towards a cashless society. However, further penetration and the introduction of innovative solutions remain essential for driving the financial inclusion of underserved communities and segments, especially cash-centric small businesses.
“As such, we are proud to collaborate once again with ProvidusBank to launch the first QR on Card launch across the region.
“Empowering these businesses with innovative, safe, secure, and efficient digital solutions will not only enhance financial inclusion but also drive rural development and fortify the resilience of the overall economy,” said Mark Elliott, Division President for Sub-Saharan Africa at Mastercard.
The Providus Amphi Card signals the bank’s commitment to introducing innovative solutions to Nigeria’s financial digital and virtual ecosystem and Mastercard’s integral role in addressing financial inclusion. In 2022, the two entities collaborated to launch the Tap-to-Pay service, alongside Interswitch and Thales Group.
The payment solution was heralded by digital analysts and economic commentators as “game-changing,” and provided a springboard to introducing another cutting-edge solution in the bank’s digital value chain such as the Providus Amphi Card.
E-Financial
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia

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.
E-Financial
Ecobank Plans to Raise $250m Capital Through Private Placement

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.
E-Financial
EFCC Recovers Funds Lost to CBEX Fraud

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.
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