E-Financial
ProvidusBank Launches Dual –purpose Card for MSMEs

ProvidusBank Limited, a forward-thinking banking institution has collaborated with MasterCard to introduce an innovative payment solution for business customers in a bid to facilitate seamless transactions for payments and collections purposes.
Speaking at the launch of the new solution named Amphi card, the first of its kind in the Middle East and African continent, Mr. Walter Akpani, the Managing Director of the bank, emphasised its commitment to innovation in customer service delivery.
He expressed gratitude to MasterCard for the partnership in the project, saying, “We want to pioneer new ways of doing things and that is not something we can do alone.”
Mr. Akpani described the card as part of the bank’s ongoing pursuit of innovation, saying, “The frontier of innovation never stops; we just have to continue to prod our intellectual abilities to do new things. At the end of it all, it is the customers that benefits from this push for innovation.”
He reassured the bank’s customers that they would remain at the forefront of addressing their needs, by providing tailored solutions to foster business growth.
Mr. Kingsley Aigbokhaevbo, the Deputy Managing Director, affirmed that the new product would significantly reduce expenses for MSMEs, describing it as a fantastic solution.
A representative from MasterCard, Kari Tukur, Vice-president – Customer service solutions -East Africa & west Africa/Indian Oceans acknowledged the Amphi card as the first dual card launched in Eastern Europe, the Middle East and Africa.
She said, “As a technology company in the payment industry, we are excited to be part of this innovative solution – a digital and financial technology that makes life different and easy for everyone. Today, we are launching a solution that embodies payment and collection, making it a true different and far-reaching solution.
“At MasterCard, we realised the pivotal role that MSMEs play in the global economy as they contribute significantly to the economic and job creation in its different markets.”
Highlighting the crucial role of MSMEs in the global economy, a representative of the Bank of Industry (BOI) Chike Chukwuelue Manager, Corporate Finance Division, said the bank was actively involved in the innovation landscape in Africa, collaborating with commercial banks to provide affordable loans to SMEs. He explained that BOI offers various products directly benefiting SMEs.
According to him, statistics show that in 2022, MSMEs contributed over 48 percent to Nigeria’s GDP and accounted for more than 90 percent of businesses and 80 percent of employment, thereby serving as the true backbone of the Nigerian economy.
E-Financial
African Union Launches Credit Rating Agency to Promote Regional Economic Integration

The African Union has taken a significant step towards promoting economic resilience in Africa with the launch of the African Credit Rating Agency (AfCRA).
The new agency aims to provide a fair, transparent, and unbiased credit rating system, addressing the biases of global rating firms that have reportedly cost Africa over $75 billion in investment opportunities.
According to Kenya’s President, William Ruto, who unveiled the agency at an AU event in Addis Ababa, Ethiopia on Friday, “Global credit rating agencies have not only dealt us a bad hand, they have also deliberately failed Africa.”
Ruto criticized the flawed models, outdated assumptions, and systemic bias used by global rating agencies, which paint an unfair picture of African economies and lead to distorted ratings, exaggerated risks, and unjustifiably high borrowing costs.
The launch of AfCRA is a response to the long-standing grievances of African countries regarding their treatment by international credit rating firms.
The agency aims to provide fair, transparent, and development-focused credit ratings that reflect the realities and potential of African economies.
Improving Africa’s rating by one notch could unlock $15.5 billion in additional funding for the continent, according to Ruto.
The idea of creating an African credit rating agency has been in the pipeline for years, with the AU officially announcing its plans to move forward with the project in September 2023.
The push for an African credit rating agency gained momentum in 2022 when Senegal’s former president Macky Sall called for a new system to “end the injustices” faced by African countries.
The African Credit Rating Agency is part of Africa’s continuous march towards economic resilience, which also includes the recent establishment of the African Energy Bank, headquartered in Nigeria.
The bank aims to provide support to unleash Africa’s energy potential and bring an end to energy poverty on the continent.
E-Financial
Nigeria Worst Hit by Crypto Currency Fraud

Fraud in the crypto industry in African continent has soared by 48 percent over the past year and Nigeria is worst hit according to report by CAJ News.
This is according to the Sumsub State of the Crypto Industry 2025 report, which indicates Nigeria recorded the highest rate of fraud across the sector, at 8,3 percent.
Thus, this percentage of verification attempts were flagged as fraudulent.
Uganda, Kenya and Tanzania all have fraud rates of 4,8 percent, with Cameroon (4,5 percent), Ethiopia (3,7 percent), Ghana (3,5 percent), Algeria (2,6 percent), Benin (2,6 percent) and Morocco (2,1 percent) recording significant rates.
The most popular fraud types are document forgery (affecting 31 percent of surveyed companies), phishing (20 percent) and money mulling (15 percent), followed by account takeover (14 percent) and forced verification (12percent).
Simsub, the cyber crime expert, believes this surge highlights the need for companies to adopt artificial intelligence (AI)-powered detection, biometrics and continuous monitoring to enhance security.
The report states that innovations like biometric checks, AI-backed automation and document-free verification have boosted crypto platform users’ on-boarding success rates to 93,39 percent and reduced verification time by 46 percent, overall improving customer on-boarding while reducing drop-off cases.
Hannes Bezuidenhout, Vice President of Business Development (Africa) at Sumsub, said Africa’s growing adoption of crypto provided its own challenges, but the company foresaw increasing demand and growing user expectations across the continent.
“So it’s crucial for VASPs operating in the region to implement secure verification systems and stay vigilant to fraud, while keeping an eye on evolving and new regulations concerning the crypto sector to avoid fines.”
VASP is an acronym for virtual asset service provider.
E-Financial
Banking Consolidation Less Likely as Nigerian Banks Meet Capital Requirements – Fitch

Fitch Ratings has said that Nigerian banks are making significant progress in raising core capital to meet new paid-in capital requirements. The rating agency noted that the banks are generally on track to meet the end-of-first quarter (Q1) 2026 deadline.
This is supporting a recovery in capitalisation from the impact of naira devaluation, providing fuel for business growth. It also reduces the likelihood of significant banking sector consolidation.
In March 2024, the Central Bank of Nigeria announced a significant increase in paid-in capital requirements (share capital plus share premium) for commercial, merchant and non-interest banks.
Banks have three ways to comply – through equity injections, M&A and downgrading their licence authorisation.
Fitch-rated banks have made notable progress towards compliance. Almost all have raised capital or formally launched the process to do so.
The two largest banks, Access Holdings and Zenith Bank, are the first to secure enough fresh capital to meet the N500 billion requirement for an international licence. First HoldCo, United Bank for Africa and Guaranty Trust Holding Company are taking a phased approach.
They have recently raised capital and have shareholder approval to begin raising more to meet the N500 billion requirement. First HoldCo’s and United Bank for Africa’s recent rights issues are awaiting final regulatory approval.
Fidelity Bank and FCMB Group have completed initial capital raisings but will need to raise more to maintain their international licences. As second-tier banks, they must raise significantly more capital relative to their balance sheets than larger banks.
They have extraordinary general meeting approval for this, although they could consider downgrading to a national licence as they each have just one foreign subsidiary.
Ecobank Nigeria Limited (ENG) and Jaiz Bank needed only small capital injections to meet their requirements and have already achieved compliance. We estimate that ENG is still in breach of its total capital adequacy ratio (CAR) requirement of 10 percent but it has further capital-raising plans to restore compliance. Stanbic IBTC Holdings has launched a rights issue to raise capital to maintain its national licence.
Strong investor appetite has ensured that the vast majority of capital raisings so far have been successful, and most first- and second-tier banks should be able to meet their new capital requirements through capital raisings alone. Therefore, we believe the likelihood of banking sector consolidation among first- and second-tier banks has decreased.
Union Bank of Nigeria (UBN), which is also in breach of its 10 percent CAR requirement, and third-tier banks have generally been slower to raise capital. Wema Bank has shareholder approval to raise enough capital to retain its national licence and plans to launch the process in April.
Coronation Merchant Bank recently received board approval. It is not clear whether UBN and unrated third-tier banks have received the necessary approvals. M&A activity and licence downgrades remain more likely among third-tier banks.
The capital raisings are contributing to a recovery in capitalisation from the impact of naira devaluation, which put pressure on capital ratios and increased US dollar credit concentration risks. Strengthened buffers over minimum CAR requirements will mitigate risks from a challenging operating environment, including regulatory intervention and further naira volatility, while providing room for business growth.
The capital raisings are unlikely to lead to banks with Long-Term Issuer Default Ratings (IDRs) of ‘B-’ being upgraded given the constraint of Nigeria’s ‘B-’/Positive Long-Term IDR.
However, they could contribute to Outlook revisions to Positive for some banks, and, providing CAR compliance is restored, to upgrades for UBN and ENG (both rated ‘CCC’). Capital raisings are more likely to affect National Long-Term Ratings, which measure the relative creditworthiness of Nigerian issuers.
- News2 days ago
IFC Partners Mohinani Group to Drive Plastic Recycling and Manufacturing in Nigeria, Ghana
- Telecom2 days ago
Angst over Telecom Tariff Hike as Subscribers Demand Sanctions, Labour Orders Boycott
- News2 days ago
NDLEA Says 14m Nigerians Affected by Consumption of Harmful Drugs
- E-Business2 days ago
OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk
- News2 days ago
NBRDA Investigates Biocatalysts for Bioethanol Production
- Telecom2 days ago
Breaking….Tariff Hike: MTN Apologizes to Nigerians but Silent on Reversal
- E-Financial2 days ago
E-Payment Transactions Down 3.14% to 119.84trn in January – FDC
- E-Business1 day ago
Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands