Finance
President Buhari seeks Ecobank’ collaboration on Government’s intervention in agriculture
BY: Oliseama Okwuchukwu
President Muhammadu Buhari has sought the collaboration of Ecobank Transnational Incorporated to “institute a special fund to develop agriculture, which will cement its legacy as a bank that helped to transform this region’s economic fortunes.
Buhari spoke when he had audience with the board of Ecobank Transnational Incorporated, led by the Group Chairman, Emmanuel Ikazoboh.
President Buhari stressed that his administration remains committed to the goals of securing the country, inclusive economic growth, and fighting corruption.
According to him, Nigeria was in a unique position as the most populous and resource-rich nation on the African continent, adding that the resources would be harnessed and properly managed, to engender a prosperous and peaceful country.
He said: “If assets and resources available to Nigeria were properly managed, she would be prosperous and peaceful. But the poverty and insecurity we are experiencing today are results of decades of neglect and resource mismanagement”.
Buhari said his government was not only determined to reverse the trend of squander-mania and mismanagement, “we have made progress in some areas such as agriculture”.
The President commended Ecobank for being active in promoting financial inclusion, noting that it is key to the government’s diversification agenda.
On requests by the bank for the decongestion of Apapa ports, and rebuilding of the transnational Lagos-Badagry-Seme road, he responded: “We are aware and are working in all those areas, and by the grace of God, you will start seeing results during my second term in office.”
Ikazoboh who had in his delegation, the Group CEO Ecobank, Ade Ayeyemi and Managing Director, Ecobank Nigeria, Patrick Akinwuntan, called on President Buhari to urgently address Apapa gridlock, describing the port as the center of trade in the country.
Speaking to State House Correspondents on the challenges they want the President to intervene in , the bank chief said: “Well in our speech, we have told him some of the challenges Nigeria and Africa are facing. Like I said earlier on, if Nigeria is sorted out, Africa is sorted out, and some of these challenges are infrastructure, of which they are working on assiduously. Also we are talking about the Seme road because of West African trade route which we think should be given some priority. And to thank him also for the steps he is taking to clear the Apapa Port because that is where trade is coming into Nigeria.”
The bank chief added: “The major problem confronting the bank’s today are the debtors. We have a number of debtors both corporate and individuals, and we need to put in place a framework to ensure that people do not just take loan and not pay pack. Banks are under pressure because if you have a lot of unpaid loans, it means you don’t have enough money to also support other borrowings or other small and medium enterprises.”
On what the bank was doing to support SMEs in the country, Ikazoboh said, “we’ve improved the capital of Ecobank in Nigeria. In the last six months, we have brought in about $150 million all to drive borrowings and supporting the small and medium enterprises.”
The Ecobank Group Chairman said the purpose of their visit was to “congratulate the President on his re-election and to wish him God’s guidance and spiritual protection to continue to lead this nation because we believe that he has the interest of the country at heart and if Nigeria succeeds, Africa has succeeded and being the leader of Nigeria, he is the leader of Africa. Since we are the Pan-African bank, we needed to come and see the leader of Africa.”
Ikazoboh disclosed that the Ecobank Group “with a larger African footprint than any other bank in the world operating in West, Central, East and Southern Africa is the only bank that spans 36 African countries, but operates a truly integrated African network. That is One unified integrated Ecobank Mobile Banking App, that works seamlessly across all 33 operating countries in Africa; One Ecobank Omni and Omnilite serving all Multinationals and SMEs in Africa; One Rapidtransfer app that breaks down country borders and allows the diaspora community send money directly to their loved ones, instantly and affordably across Africa; One Ecobank Online Banking platform that you can access easily whether you are in Abuja or Kinshasha; Ecobank’s unique and largest pan-African platform is designed to help unlock the opportunities of the continent, for the continent, through standardization, fuelling regional integration, and trade and investment across borders”
Further he said due to Ecobank’s sterling performance, it has been severally reconized as Best Digital Bank in Africa – 2017 by Euromoney Awards; Best Retail Bank and Innovation in Banking both in 2018 by the African Banker Awards.
Photo Caption:-
President Muhammadu Buhari flanked by the Chairman, Ecobank Transnational Incorporated (ETI), Mr. Emmanuel Ikazoboh and Chief of Staff to the President, Mallam Abba Kyari (6r) while the Group Chief Executive Officer, ETI, Mr. Ade Ayeyemi (3l); Non-Executive Director, ETI, Mr. Tei Mante (5l); CBN Governor, Mr. Godwin Emefiele (4r); None Executive Director, ETI, Mr. Bashir Maman Iffo (2l); Minister of Information, Alhaji Lai Mohammed (5r); Managing Director, Ecobank Nigeria, Mr. Patrick Akinwuntan and others looked on during an audience the President granted delegation of the Pan African Bank at the State House, Abuja on Tuesday.
Finance
NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025
By Our Correspondent
Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.
The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.
In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.
“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”
Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.
He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.
The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.
He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.
Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.
He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.
Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.
He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).
Improved efforts at collaboration among financial service providers, telecommunication operators, and tech Startups, with conscious effort geared at consumer awareness, have been proffered as key remedies to the challenge of financial inclusion in the country.
This is the viewpoint of stakeholders that gathered for the second edition of Payment Forum Nigeria (PAFON 2.0) held recently in Lagos.
Delivering a keynote address on the theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, Ebehijie Momoh (Mrs.), the managing director and chief executive officer of AfriGoPay Financial Services Limited, said that with 64% of Nigerian adults being financial included the country has made immense progress in that regards.
She said that between 2012 till date, the country has recorded robust regulatory reforms, especially the launch of the Bank Verification Number (BVN) in 2014 making it easier to identify and track customers across different banks.
“This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.
The growth in adoption of smartphones has also helped the financial sector to leapfrog financial inclusion. Nigeria has 142.16 mobile internet subscriptions with an average consumption of ~7.04GB / month as of January 2025. If you juxtapose it to the 15.9% decline in shipments of feature phones to 18.8 million units in Africa as at Q1 2024, you will understand that the uptake in smartphones has helped us a great deal.
Mrs. Momoh who spoke through Mr. Munachi Duru, the head of Innovation and Strategic Partnership at AfriGoPay, said the adoption of artificial intelligence banking gave birth to solutions like smile identity, a leading KYC verification provider launches facial recognition capabilities in Nigeria as neobanks and commercial banks are deploying AI-based KYC verification tools, enabling cheaper and efficient customer acquisition and servicing.
In her goodwill message, Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited said that with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, SANEF has leveraged Artificial Intelligence (AI) as the next step to advancement in financial services in the country.
She noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.
According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria. “By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved.”
Speaking during a panel session, Mr. Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), spoke of lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.
He harped on the need for information sharing among fintech operators, and improved free flow of information to consumers. “The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself.”
In his contribution, Mr. Chika Nwosu, managing director of PalmPay, reiterated the need to reach the consumers with simple format communication and education style.
He said operators should create awareness and design consumer-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products.
Focusing on the use of AI to ensure reach, inclusion and security, Azure Application and AI Specialist at Microsoft UK, Olusoji Solomon Adeyemo, spoke on the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.
According to him, “AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption.”
While noting that AI can ensure reach, Adeyomo said blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.
In her position, Oluwabunmi Ogunyemi, the customer support lead at Moniepoint MFB, proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.
Also speaking, Olusegun Afolabi, the co-founder of Face Technologies UK Ltd., called for improved collaborations among stakeholders in the financial sector.
According to him, the fintech companies must also embrace effective identification solutions, focusing on biometrics and card technologies to ensure topnotch security for users.
Earlier in his opening remarks, Mr. Peter Oluka, co-Convener of the Forum, noted that the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially excluded, many of whom reside in rural areas or belong to vulnerable demographics.
He noted that despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.
He further posited: “As digital infrastructure grows and fintech innovation accelerates, we must channel these advancements toward building a more inclusive, secure, and trusted financial ecosystem. This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all.
Nodding in agreement, Mr. Chike Onwuegbuchi, co-Convener, PAFON, reiterated the need for all stakeholders in the financial payment industry, including regulators, to participate in forums as PAFON, to map out, growth strategies with consumers and other strata of the ecosystem.
He promised to invite security stakeholders, such as the EFCC and others in subsequent editions of the event. This will help give insight into security concerns in deployment of products and services in rural and unbanked communities.
Payments Forum Nigeria (PAFON) is a platform dedicated to shaping the future of digital payments and financial services in our country.
Finance
Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer
Reporter: Ikenna Ugwu
Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.
With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.
Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).
“We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEO“At Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”
By establishing this strategic partnership, Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.
Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”
This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.
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