E-Financial
UBA, Saudi EXIM Bank Partner to Enhance Business Relations and Export Growth
United Bank for Africa (UBA) Plc, Africa’s Global Bank, and Saudi Export-Import Bank (Saudi EXIM), a premier export credit agency in the Kingdom of Saudi Arabia, have announced a partnership aimed at strengthening business growth and enhancing economic cooperation between their economies.
l-r: CEO, UBA UAE, Vikrant Bhansali; Group Treasurer, United Bank for Africa (UBA), Adeleke Adeyemi; Group Managing Director/CEO, United Bank for Africa(UBA), Oliver Alawuba; and CEO, Saudi Export-Import Bank (SAUDI EXIM), Engr. Saad Akhaib, during the signing of Memorandum of Understanding between UBA and Saudi EXIM, towards deepening of economic and finance relationsand export growth Between Saudi Arabia and Africa, at the Saudi Arab African Economic Conference, in Riyadh, Saudi Arabia, on Thursday
To this end, both institutions signed a Memorandum of Understanding (MoU) on November 9, 2023, to foster economic cooperation and trade relations between the two entities.
The MoU was signed on the side-lines of the Saudi and Arab African Summits in Saudi Arabia.
The partnership between UBA Group and Saudi EXIM Bank outlines the guiding principles for developing cooperation and relations between the two banks, with primary focus on promoting trade through the export of goods and services between the Kingdom of Saudi Arabia and the African markets.
Apart from collaborating in these areas, both institutions will also ensure sustained participation in the development of the African economy through intercontinental business relationships that will be facilitated by the new partnership.
The MoU will also work towards supporting joint projects and collaboration involving the export of goods and services from Saudi Arabia, and exploring opportunities to co-finance, co-insure, co-guarantee, and reinsurance projects jointly undertaken by companies from both regions.
It will also facilitate the exchange of information and know-how in the field of export credit policies and practices, the sharing of experiences and best practices through meetings, conferences, seminars, and workshops, as well as providing training for each other’s staff members and staff exchanges when beneficial to both parties.
The framework for cooperation on specific joint projects will be established under separate agreements, with each party determining the terms and conditions of its support in line with its policies, procedures, and national legislation.
Also, the exchange of information will be facilitated by both institutions, while technical know-how in the field of export credit policies and practices will also be shared.
Oliver Alawuba, chief executive officer, UBA, who expressed his enthusiasm about this collaboration, explained that through the partnership, both companies will Identify and support joint projects and collaboration in the area of exportation of goods and services.
He said, “We are happy to join hands with Saudi EXIM Bank in a partnership that holds great promise for businesses and economies in both regions. This agreement will not only facilitate the export of goods and services but also solidify our commitment to intercontinental business relationships and contribute to the development of the African economy.”
“This relationship is particularly promising, considering that Saudi Arabia is deliberate in deepening economic cooperation with Africa and UBA with presence in 20 African countries, providing the necessary vehicle for deepening this engagement. The partnership also expands our access to Asia and the Middle East, where the Bank recently opened a subsidiary in Dubai,” Alawuba said.
His Excellency Eng. Saad Al-Khalb, CEO of Saudi EXIM, said, “By uniting our strengths, we are setting in motion a dynamic platform that will propel the export of innovative Saudi goods and services, catalyze industrial growth, and magnify our global footprint across the rich tapestry of African economies. This, we believe, will not only augment Saudi Arabia’s export diversification but also contribute significantly to the socio-economic fabric of the African nations we will serve together.”
UBA is a leading Pan-African financial institution, offering banking services to more than thirty-seven million customers across 1,000 business offices and customer touch points in 20 African countries.
With presence in New York, London and Paris and now the UAE, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
Saudi EXIM was established in 2020 with the aim of promoting Saudi non-oil exports and enhancing its competitiveness across various sectors in global markets. This is done by providing financing services, guarantees and credit insurance with competitive advantages to enhance confidence in Saudi products and increase the contribution of non-oil industries to 50% by 2030 from the current percentage of 16%, which is a major goal of the Kingdom’s Vision 2030. The Export-Import Bank is one of the development funds that are supervised by Saudi National Development Fund
E-Financial
First Securities Brokers Empowers Nigerians to Trade in the Stock Market with the Launch of FirstInvest App
First Securities Brokers, one of Nigeria’s leading stockbroking firms and a subsidiary of FirstHoldCo Plc, is pleased to announce the official launch of the FirstInvest App, an innovative mobile investment platform designed to make stock market investing simpler, faster, and more accessible for Nigerians.
The FirstInvest App offers investors a seamless digital experience, enabling them to open and manage their investment accounts, monitor their portfolios, and trade equities listed on the Nigerian Exchange (NGX) directly from their mobile devices.
Designed with both new and experienced investors in mind, the platform combines convenience, security, and ease of use to help users make informed investment decisions anytime and anywhere.
As Nigeria continues to embrace digital financial services, the FirstInvest App reinforces First Securities Brokers’ commitment to driving financial inclusion and expanding access to wealth creation opportunities through technology.
Speaking on the launch, Fiona Ahmed Ahimie, Managing Director of First Securities Brokers, said: “The launch of the FirstInvest App represents another significant milestone in our digital transformation journey and our commitment to delivering innovative investment solutions to our clients.
“We understand that today’s investors value convenience, speed, and accessibility. FirstInvest has been developed to provide exactly that: a secure and intuitive platform that empowers individuals to participate confidently in the capital market from wherever they are.”
She added: “Our goal is to remove the traditional barriers associated with investing by placing the power of timely investment and decision making in the stock market directly in the hands of Nigerians. Whether you are taking your first investment step, actively managing your portfolio or just evaluating your investment, FirstInvest provides the tools and flexibility needed to support your financial aspirations.”
The app delivers a range of features designed to enhance your investing experience, including: Secure digital account opening and onboarding, Real-time access to investment portfolios, Buy and sell Nigerian equities with ease, User-friendly trading interface, Secure transaction processing, Convenient access to market information and investment opportunities.
The launch of FirstInvest aligns with First Securities Brokers’ broader strategy of leveraging technology to improve customer experience while supporting the growth of retail participation in Nigeria’s capital market.
First Securities Brokers remains committed to providing trusted investment advisory services, innovative financial solutions, and exceptional customer service, helping clients build and preserve wealth across generations. The FirstInvest App is now available for download on the Google Play Store and the Apple App Store.
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.
The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.
According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.
The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.
The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.
It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.
For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.
Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.
The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.
It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.
The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.
FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.
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