General News
World Bank Assists Developing Countries with $100b
The World Bank has advocated for a rapid response to the spreading global financial crisis, promising that it would substantially increase financial support for developing countries to $100 billion over the next three years.
The World Bank Group, said this year lending could almost triple to more than US$35 billion compared to US$13.5 billion last year. This increase in financial support will protect the poorest and most vulnerable from harm, support countries facing big budget short-falls, and help sustain long-term investments upon which recovery and long-term development will depend.
According to a statement from the World Bank office, it has lowered its growth forecast for developing country economies to 4.5 percent for 2009, compared to a previous projection of 6.4 percent, due to a combination of financial turmoil, slower exports and weaker commodity prices. It expects high income country economies to contract by 0.1 percent next year while the world economy ekes out only one percent growth.
Robert B. Zoellick, World Bank Group president said the global financial crisis must not lose sight of the human crisis, as it is the poorest that is the hardest hit. He said the response to this crisis must be global, coordinated, flexible and fast, while the challenges need to be addressed at the country level. “It is more critical than ever that the international community acts in a coordinated and supportive way to make each country’s task easier,” he said.
Sharply tighter credit conditions and weaker growth he noted are likely to cut into government revenues and their ability to invest to meet education, health and gender goals, as well as the infrastructure expenditures needed to sustain growth. Current estimates suggest that a one percent decline in developing country growth rates pushes an additional 20 million people into poverty.
Already 100 million people have been driven into poverty as a result of high food and fuel prices.
Zoellick added that the global financial crisis, coming so soon after the food and fuel crises, is likely to hurt the poor most in developing countries. “Working with the IMF, UN agencies, regional development banks and others, the World Bank Group is helping both governments and the private sector through lending, equity investments, innovative new tools, and safety net programs,” he said.
Aside from expanded lending, the World Bank Group is also working to speed up grants and long-term, interest-free loans to the world’s 78 poorest countries, 39 of which are in Africa. Donors last year pledged US$42 billion for the International Development Association, the World Bank’s fund for these countries.
The Bank is working with the poorest countries to accelerate this support as needed, especially in those countries which had plans to enter capital markets, or are under stress from falling commodity prices, slower export demand or lower remittances.
In addition to helping cash-strapped governments, the World Bank Group is ramping up its support to the private sector through the launch or expansion of four initiatives by the IFC, its private sector arm.
Combining IFC funds and money mobilized from various sources including governments and other International Financial Institutions, these new IFC facilities are expected to total around $30 billion over the next three years and address problems experienced by the private sector due to the global financial crisis.
The Nigeria Immigration Service (NIS) has announced the rollout of a fully digital application system for the Combined Expatriate Residence Permit and Aliens Card (CERPAC).
The new online portal, https://cerpac.immigration.gov.ng, will become the exclusive platform for submitting CERPAC applications from August 1, 2025.
According to NIS, the digital migration is part of the Federal Government’s broader initiative to reform the immigration system by promoting transparency, improving operational efficiency, and enhancing the overall user experience for expatriates and organizations interacting with the Service.
In a press statement signed by A.S Akinlabi, Service Public Relations Officer, the NIS disclosed that manual or physical CERPAC forms will be completely phased out by July 31, 2025.
It noted that after this date, all applications must be submitted exclusively through the online portal.
The Service has advised applicants who have paid for physical forms but are yet to complete the submission process to do so on or before July 31, 2025, warning that any unsubmitted applications after the deadline will be deemed invalid, and associated payments may be forfeited.
Companies and individuals assuming Immigration Responsibility (IR) for expatriates have also been urged to ensure that all outstanding applications are finalized within the stipulated timeframe, to avoid potential delays or administrative setbacks.
“This digital transition marks a critical milestone in our effort to simplify processes and serve the public better,” the statement reads.
The NIS urged members of the public to direct all inquiries and correspondence regarding the new digital process to the office of the Public Relations Officer at the Service Headquarters in Abuja.
Tosin Eniolorunda and Felix Ike
Moniepoint joins a select group of leading fintech players recognised for their financial performance and success across 2023-4. The list – compiled by CNBC in conjunction with market research firm Statista – follows analysis of key performance indicators, such as revenue growth, transaction volume, employee headcount, and capital raised. The result is a diverse group of 250 trailblazing fintech companies.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt Inc.) has been instrumental in advancing financial inclusion across Africa – especially for individuals and businesses operating in the informal economy, underserved by formal and traditional institutions.
The Company services 10 million+ customers through its comprehensive, integrated ecosystem of digital banking, credit, payments, and business management tools, and processes over one billion transactions monthly with volumes exceeding US$22 billion.
The accolade follows recent milestones for the Company which reiterate Moniepoint’s commitment to innovation and widening access to the formal financial system.
Notably, Moniepoint expanded its offering to Africans in the international diaspora via the launch of the MonieWorld platform. MonieWorld offers seamless remittance and digital financial services capabilities to individuals in markets such as the UK; the first time the Company has provided services to consumers outside Africa.
In June, Moniepoint was named in the TIME100 Most Influential Companies list for 2025, highlighting the Company’s extraordinary impact. Moniepoint has also been recognised by the Financial Times for three consecutive years as one of Africa’s fastest-growing companies, reflecting its remarkable revenue growth and business expansion; and by CB Insights in the Fintech 100 list, highlighting the Company’s status as one of the world’s most promising private fintech companies.
Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “It is an honour to be named as one of the world’s top fintech companies by CNBC. Moniepoint’s inclusion in this prestigious, authoritative list is testament to the hard-work and success of the entire team while highlighting our emergence as a key player shaping the future of fintech worldwide.
“Our mission to power the dreams of millions of African entrepreneurs and businesses continues to propel us forward with renewed vigor. As we continue to scale, we remain committed to driving global financial inclusion and widening access to economic opportunities for Africans everywhere – transforming lives and livelihoods.”
CNBC’s list of the world’s top fintech companies was launched in 2023 to identify global market leaders in technology-driven financial services. The list, which includes companies operating across various regions and market categories including banking solutions, digital assets, and payments, highlights the dynamic and rapidly evolving FinTech industry, offering readers, investors, and stakeholders a comprehensive overview of the leading players across various segments.
Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.
The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.
The event is expected to host over 7,000 women under the theme “SheCan Do More.”
Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.
This grant is to support small and medium businesses within the SARA Community to scale up their business.
Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.
“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”
“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.
“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.
“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”
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