TechPression

Author: Oluwatosin Adeyemi

  • France’s AFD backs Africa’s digital finance inclusion with fresh €3 million

    France’s AFD backs Africa’s digital finance inclusion with fresh €3 million

    The Agence Française de Développement (AFD) has shelled out €3 million to the Africa Digital Financial Inclusion Facility (ADFI), run by the African Development Bank (AfDB).

    The extra funding, which now totals €5 million, will help the ADFI partnership accelerate the adoption of digital financial solutions throughout Africa by boosting investments in replicable and scalable projects that give underprivileged communities access to credit and other financial services that encourage investment and entrepreneurship.

    Digital financial gap in Africa

    According to recent AFD data, over half of the adult population on the continent lacks access to digital financial solutions, particularly women, young people, farmers, small enterprises, and rural communities.

    In order to ensure that vulnerable populations, especially those in climate-affected regions, have access to financial tools that will enable them to adapt and thrive, the AfDB, Gates Foundation, and Luxembourg Ministry of Finance established the ADFI in 2019 with the goal of accelerating the mobilisation of financial and human resources to align financial systems with the Sustainable Development Goals of the UN.

    AfDB and AFD express optimism

    Mohamadou Ba, head of the AfDB’s financial intermediation and inclusion division, commented: “Digital financial solutions are key to improving the quality of life of people in Africa and reducing the gender access to finance gap.

    We welcome the Agence française de développement’s renewed support of the catalytic role ADFI has been playing in accelerating greater access and usage of digital financial solutions and financial inclusion across the continent.”

    Audrey Brule-Françoise, head of AFD’s financial systems division, added: “Developing digital financial services is a key pathway to reach financially excluded populations in Africa.”

  • Ethiopia’s new AI system to enhance transparency and efficiency in freight transport

    Ethiopia’s new AI system to enhance transparency and efficiency in freight transport

    The Ethiopian Artificial Intelligence Institute on Friday introduced the Integrated Freight Transport Management System, a digital platform created to track and oversee freight transportation activities nationwide.

    Along with important figures from the logistics sector, Dr. Alemu Sime, Minister of Transport and Logistics, and Dr. Worku Gachena, Director General of EAII, graced the inauguration event in Addis Ababa.

    System to help cut down on resource waste

    Dr. Worku Gachena claims that the system’s application of artificial intelligence to improve monitoring and operational coordination in the goods transport industry will help reduce resource waste.

    Additionally, Minister Alemu Sime (Ph.D.) emphasised that the system will modernise the transport industry, allowing for quicker and more effective services.

    “This system will modernise our transport sector by enabling faster and more efficient services,” said Dr. Alemu Sime during the launch event.

    He underlined how crucial digital transformation is to enhancing service delivery and logistics performance.

    The Integrated Freight Transport Management System is anticipated to assist continuous initiatives to improve coordination, expedite processes, and increase transparency within Ethiopia’s freight logistics network.

    The system is an all-inclusive digital platform designed to oversee and manage goods transportation activities.

    Discussions on the system with various logistics industry players were part of the launch event. Additionally, it was mentioned that Ethiopia’s position in the global logistics industry is anticipated to be much improved by this Integrated Freight Transport Management System.

    Armenia and Ethiopia explore potential areas of AI collaboration

    In a related development, the Ethiopian Artificial Intelligence Institute (EAII) announced on Saturday that it received an official visit from a delegation headed by Armenia’s ambassador to Ethiopia, H.E. Sahak Sargsyan.

    The Director General, Worku Gachena (Ph.D.), and his deputies extended a warm welcome to the delegation. The delegation was given a thorough rundown of the institute’s AI-focused projects.

    Ethiopia was praised by Ambassador Sahak for creating a specific organisation to promote the AI industry. He also emphasised Ethiopia as a key entry point to Sub-Saharan Africa and a perfect partner for promoting cooperation in digitisation and artificial intelligence.

    The delegation had extensive talks with higher-ranking institute personnel after the visit. Expanding and exploring possible partnership areas were the main focus of the discussion.

  • VFD Microfinance Bank rebounds from 2023 loss with N366.6m profit in 2024

    VFD Microfinance Bank rebounds from 2023 loss with N366.6m profit in 2024

    VFD Microfinance Bank, a digitally-driven financial organisation, recorded a N366.6 million profit after taxes in the 2024 fiscal year, reversing its N333 million deficit from the year before.

    According to the bank’s announcement, the audited results were presented during its third annual general meeting, which took place on Thursday and was themed ‘Banking with Purpose, Delivering with Impact.’

    Macroeconomic challenges

    The bank’s board and management recognised at the AGM the substantial macroeconomic challenges that confronted the financial services industry in 2023, including high inflation, currency devaluation, and slow GDP growth.

    Despite reporting a N333.3 million loss for the 2023 fiscal year, VFD Microfinance Bank’s leadership underlined that this time was a pivotal moment that resulted in strategic changes and a robust recovery the following year.

    Speaking on the floor of the AGM, the Board Chairman, Collins Chikeluba, said, “The year under review was one of unprecedented macroeconomic and operational challenges. While the loss in 2023 was disappointing, it reflects both the external constraints and the internal adjustments we undertook.”

    “Importantly, our 2024 audited financials reflect a positive turnaround, with significant revenue growth and a return to profitability.”

    VFD’s Managing Director and CEO, Rotimi Awofisibe, said, “The year 2023 was a testing period, but it sharpened our strategic clarity and operational discipline. Despite the recorded loss, we took decisive steps to reposition the bank, and the indicators from our 2024 performance, including a 39.8 percent revenue growth and a profit of N366.6 million, demonstrate the effectiveness of these actions.

    He adds, “We remain focused on enhancing our digital footprint, scaling our customer base, and maintaining financial discipline to deliver long-term value to all our stakeholders.”

    39.8 % increase in revenue

    VFD Microfinance Bank saw a 39.8 percent increase in revenue over the reviewed year, going from N3.2 billion in 2023 to N4.5 billion in 2024.

    The bank reaffirmed at the AGM its dedication to promoting financial inclusion via digital innovation, customised SME solutions, and improved client interaction. In order to increase its reach and enhance service delivery, the bank also emphasised its improved risk management structure and strategic alliances.

    Speaking on the operational improvements, Chief Operating Officer Theodore Asamoah noted, “Our team has worked diligently to optimise our operations and enhance efficiency. The significant revenue growth and return to profitability in 2024 are a testament to our collective efforts and the resilience of our business model. We remain committed to leveraging technology and innovation to improve our service delivery and expand our reach, ensuring we continue to deliver with impact.”

    VFD Microfinance Bank reaffirmed its dedication to its strategic goals of increasing financial inclusion, utilising technology to scale, and providing stakeholders with long-term value.

    Despite the fact that no dividend was announced during the reviewed period, the bank is confident in its potential to continue creating value and being profitable in the future.

  • Stanbic IBTC’s Zest Payments records N2 billion loss in 2024

    Stanbic IBTC’s Zest Payments records N2 billion loss in 2024

    Zest Payments, the fintech division of Stanbic IBTC Holdings Plc, reported a loss of N2 billion ($1,296,890) after taxes for the full year 2024, up from N1.2 billion ($778,134) in 2023.

    This result demonstrates the continuous difficulties bank holding corporations encounter when trying to launch profitable digital payments ventures in Nigeria’s cutthroat fintech market. When Guarantee Trust Holding Company (GTCO), a banking efficiency lender, launched Habari Pay, its fintech division, precisely seven years ago, it encountered a similar challenge to Zest.

    Initially, Habari Pay struggled with adoption due to its focus on non-banking services, such as streaming and e-commerce, when it was first introduced in 2018.

    Competition from Access Holdings’ Hydrogen and GTCO’s HabariPay

    Zest faces competition from rivals such as Access Holdings’ fintech, Hydrogen, and GTCO’s fintech business, HabariPay.

    Fintech is still lagging behind, though. Since its May 2023 launch, Zest has failed to make a profit. Compared to Hydrogen and Habari Pay, which both finally made a profit in their second year, the fintech’s road to profitability is slower.

    Stanbic IBTC’s fintech Zest records N124 million revenue in 2024

    Zest may have a difficult time turning a profit, but overall revenue is not. According to its financial statement, the fintech showed significant traction and promise as it quadrupled its overall revenue to ₦124 million ($80,407) from ₦68 million ($44,094) in 2023.

    Although financial records show losses going back to 2022, CEO Stanley Jacob previously ascribed the fintech’s delayed progress on its relatively recent operational launch in October 2023.

    Injection of N4bn by Stanbic IBTC to revitalise Zest

    With its parent firm, Stanbic IBTC, attempting to reinvigorate its fintech aspirations with a ₦4 billion ($2,593,781) capital infusion, Zest has hope for the future. The bank’s larger recapitalisation initiatives will include this capital increase.

    The goal of the investment is to support Zest’s distinctive e-commerce platform, which incorporates several payment methods like bank transfers, USSD, QR codes, and card payments, and offers customised product listings. Zest is also licensed to handle payments and provide value-added services.

  • PayPal and TerraPay partner to enhance cross-border payments across Middle East, Africa

    PayPal and TerraPay partner to enhance cross-border payments across Middle East, Africa

    TerraPay, a leading global money transfer firm, and PayPal, a global digital payments and commerce platform, announced a strategic alliance on Tuesday that will allow PayPal users in the Middle East and Africa to send money in real time.

    Through the connection of banks, mobile wallets, and financial institutions, this cooperation seeks to promote economic growth by facilitating faster, easier, and more accessible cross-border transactions.

    Projection of MENA’S digital payments market

    The MENA digital payments market is projected to grow from $251.34 billion in 2025 to $422.56 billion by 2030, according to Mordor Intelligence.

    This alliance closes important gaps in financial connection and infrastructure readiness, allowing millions of people and organisations to participate more fully in the global economy in response to the growing demand for quick, safe, and effective payment solutions.

    TerraPay will act as an enabler, enabling bank and mobile wallet users in the Middle East and Africa to easily move money to their PayPal accounts through secure PayPal account linkage.

    “The Middle East and Africa are at the forefront of the digital transformation, yet financial barriers still limit growth for many,” said Otto Williams, Senior Vice President, Regional Head and General Manager, Middle East and Africa, at PayPal. “At PayPal, we’re committed to changing that.

    By partnering with TerraPay, we’re making it easier for businesses and individuals to make cross-border transactions, quickly, securely, and without friction. Together, we’re helping unlock economic opportunity and build a more connected, inclusive financial future for the Middle East and Africa region.”

    Benefits of the PayPal-TerraPay partnership for customers 

    Through this partnership, customers will benefit from increased accessibility. PayPal allows for safe account linkage and easy money transfers between bank accounts and mobile wallets.

    Increased financial connectivity, enabling millions of consumers to easily conduct business abroad.

    Increased financial inclusion, which makes it possible for people and companies to engage in the global digital economy more successfully.

    “Our mission at TerraPay is to create a world where digital transactions are effortless, secure, and accessible to all,” said Ani Sane, Co-Founder and Chief Business Officer at TerraPay.

    “This partnership with PayPal marks a major milestone in expanding financial access across the Middle East and Africa, where our strong global infrastructure helps overcome the limitations of traditional banking. With built-in interoperability, TerraPay connects various financial systems, from banks to mobile wallets, making it easier for businesses to scale and users to transact seamlessly on a global scale. Together, we are driving a new era of digital payments.”

    PayPal and TerraPay are dedicated to providing cutting-edge, safe, and practical financial solutions that enable people and businesses to prosper in a world that is becoming more interconnected, even as the demand for cross-border payments keeps rising throughout the region.

  • Binance asks Nigerian court to dismiss $79.5bn tax lawsuit

    Binance asks Nigerian court to dismiss $79.5bn tax lawsuit

    The cryptocurrency exchange Binance has petitioned the Federal High Court in Abuja to dismiss a contentious lawsuit worth $79.5 billion related to “purported substituted service.” Chukwuka Ikwuazom SAN, Binance’s attorney, submitted the motion on Monday.

    Ikwuazom argued that because Binance does not have a physical presence in Nigeria, the Federal Inland Revenue Service (FIRS) unlawfully attempted to serve court documents outside the country without the consent of a judge.

    The first complaint, filed by Kanu Agabi SAN, claims that Binance and its executives, Nadeem Anjarwalla and Tigran Gambaryan, violated Nigerian tax laws, resulting in substantial financial losses.

    Detention of Binance’s executives by Nigerian authority

    Gambaryan and Anjarwalla were detained by the Nigerian police for several months in 2024 on suspicion of participating in an alleged unlawful operation by the nation’s government. Gambaryan’s charges were later dropped, and Anjarwalla escaped the nation.

    Agabi explained that after unsuccessful attempts to directly serve documents to Binance, he sought alternative means, which the court approved on February 11.

    Chukwuka, however, argued during Monday’s session that such measures could only be implemented with appropriate certification from a foreign court regarding unsuccessful service attempts.

    However, Ikwuazom argued during Monday’s hearing that such measures could only be implemented with proper certification from a foreign court confirming the failure of service attempts.

    “Where an order for substituted service is issued by this honorable court, service of the order and the process or document to be served outside jurisdiction can only be made through the Federal Ministry of Justice,” he added, arguing that the order for substituted service is invalid and liable to be set aside.

    Tax evasion lawsuit against Binance adjourned to April 30

    Agabi also requested extra time to reply, telling the court that the cryptocurrency company had delivered the motion to them that morning.

    The court decided to postpone the tax evasion case against Binance until April 30 to allow the local tax authorities time to respond to a request from the cryptocurrency exchange.

    In addition to the substantial fine, the tax regulator is pursuing penalties for operational infractions and suspected tax evasion.

  • Access Bank gets green light to acquire National Bank of Kenya in $100 million deal

    Access Bank gets green light to acquire National Bank of Kenya in $100 million deal

    The Central Bank of Kenya and the National Treasury have approved the acquisition of the financially troubled National Bank of Kenya by Nigerian lender Access Bank PLC, capping months-long negotiations.

    The approval, made public on Monday, brings Access Bank one step closer to completing the acquisition of all of NBK’s issued share capital and strengthening its presence in East Africa’s largest economy.

    However, regulatory bodies in Nigeria have yet to finally approve the merger.

    On April 4, the transaction was authorised in accordance with Section 13(4) of the Banking Act, according to a notice published in the gazette by CBK Governor Kamau Thugge. Treasury Cabinet Secretary John Mbadi approved the deal on April 10.

    Access Bank to utilise NBK’s nationwide branch for expansion

    The acquisition puts Access Bank in a position to expand its presence in Kenya’s cutthroat banking industry and access NBK’s nationwide branch network.

    It is anticipated that a public statement verifying the transaction’s completion will be made shortly.

    Although the specific financial information is still unknown, NBK’s owner, KCB Group, earlier stated that it had reached an agreement to sell the bank for 1.25 times its book value.

    Although the exact amount may change, the deal might be worth around $100 million based on NBK’s 2023 book value of $79.77 million.

    Access Bank’s second entry into the Kenyan market after Transnational Bank’s acquisition

    After purchasing Transnational Bank in 2020, this is Access Bank’s second entry into the Kenyan market.

    This action highlights its wider pan-African expansion strategy, which is similar to that of Guarantee Trust Bank and United Bank for Africa, two other Nigerian banks.

    Access Bank is anticipated to provide new funding to NBK after the acquisition in order to bolster its balance sheet.

    Since acquiring the bank in 2019, KCB Group has invested more than $63.5 million to stabilise its finances and steer it in the direction of profitability.

     

  • MNT-Halan named Global Finance’s Most Innovative Fintech in Africa for second consecutive year

    MNT-Halan named Global Finance’s Most Innovative Fintech in Africa for second consecutive year

    On April 7, Global Finance named MNT-Halan the Most Innovative Financial Technology Company in Africa for the second year in a row as part of its 2025 Innovators Awards.

    MNT-Halan was recognised for the introduction of the Halan Card to the Halan app, which led to 5 million new downloads in 2024, and the scalability of Neurone, the first proprietary core banking system software in the Middle East and Africa, as MNT-Halan entered new markets.

    The company appeared alongside well-known international banks and fintechs like HSBC, Standard Chartered, the Reserve Bank of India, Bank of America, and Nubank.

    Mozambique’s Nedbank won The Most Innovative Bank in Africa

    Nedbank of Mozambique was also awarded the Most Innovative Bank in Africa.

    This is the 12th annual awards program from Global Finance, which honours organisations that consistently forge new avenues and create innovative financial instruments. A comprehensive report on The Innovators 2025 will be available on GFMag.com and in the June print and digital editions of Global Finance. The World’s Best Financial Innovation Labs and the Top Financial Innovations both nationally and internationally, will also be featured in the June issue.

    “Traditional banking is being rapidly transformed by advances such as mobile and real-time payments, the use of blockchain technology, and emerging AI solutions, making financial services more efficient, secure, and accessible,” said Joseph Giarraputo, founder and editorial director of Global Finance. “Global Finance’s Innovators are at the forefront of this transformation and are leading the way to the future of finance.”

    The editorial board of Global Finance made all of the decisions after consulting with reporters who are knowledgeable about the roles these innovators are performing. The regional awards required entries, but the global awards did not.

    Other notable awards include:

    • Most Innovative Banks Globally (2025):
    • HSBC
    • Reserve Bank of India (RBI)
    • Standard Chartered
    • Most Innovative Financial Technology Companies Globally (2025):
    • Auquan
    • Nubank
    • REGnosys
    • Most Innovative Banks by Region (2025):
    • Africa: Nedbank (Mozambique)
    • Asia-Pacific: Taipei Fubon Bank
    • Central & Eastern Europe: Aktif Investment Bank
    • Latin America: Banco Bradesco
    • Middle East: Arab Bank
    • North America: Bank of America
    • Western Europe: Societe Generale
    • Most Innovative Financial Technology Companies by Region (2025):
    • Africa: MNT-Halan
    • Asia-Pacific: KASIKORN Business-Technology Group
    • Central & Eastern Europe: InPost Pay
    • Middle East: Geidea
    • North America: Battery Finance
    • Western Europe: RedCompass Labs

    About Global Finance

    Global Finance was established in 1987, with a circulation of 50,000 and readers in 188 nations, territories, and districts.

    Senior financial and corporate leaders in charge of strategic and investment choices at financial institutions and global corporations are among the readers of Global Finance.

    Its website, GFMag.com, provides articles and analysis based on 38 years of experience in global financial markets.

    Global Finance has offices all around the world, with its headquarters being in New York.

  • JAMB releases 115,735 mock exam results, 10,446 undergoing processing

    115,735 results out of the 126,181 candidates who sat for the 2025 Mock Unified Tertiary Matriculation Examination, which was held on Thursday, April 10, have been released by the Joint Admissions and Matriculation Board, while 10,446 results are still undergoing processing, according to a statement released by JAMB on Sunday by its spokesperson, Fabian Benjamin.

    A total of 200,115 candidates initially indicated interest in taking part, but two later withdrew, leaving 200,113 registered candidates, according to the statement.

    Of those who registered, 88 candidates failed the biometric verification screening, while 73,844 candidates did not show up for the exam.

    As a consequence, 126,181 individuals took the test, and the results for 115,735 of them are currently accessible. Furthermore, 10,446 results are still undergoing processing and will be made available shortly.

    How candidates can check their results

    Candidates can check their results by sending “MOCKRESULT” by SMS to either 55019 or 66019 using the phone number they enrolled with for the exam.

    The board claims that the optional mock UTME is intended to test its annual innovations and provide applicants with a chance to sample the computer-based testing environment prior to the main exam.

    JAMB apologised for mock exam disruptions

    Additionally, JAMB apologised for any difficulty caused by the delays that some applicants experienced throughout the mock exam. It clarified that the new elements added to enhance the next main UTME were the cause of the disruptions.

    The mock exam is still a crucial component of the board’s plan to improve the UTME procedure and better prepare applicants, the board said, urging candidates to keep supporting its initiatives.

    JAMB mock exam aims to test new innovations

    The statement reads, “The mock examination serves as a trial version of the UTME, allowing the Board to test new innovations while helping candidates familiarise themselves with the CBT environment.”

    “Over the years, this initiative has successfully achieved its objectives, addressing noted lapses and equipping candidates with valuable experience for the main examination,” the statement added.

  • MTN MoMo reaches 13 million customers in South Africa

    MTN MoMo reaches 13 million customers in South Africa

    MTN MoMo (Mobile Money) now has 13 million registered users in South Africa, a significant milestone in helping more people get access to financial services.

    With 13 million registered customers in South Africa, MTN MoMo (Mobile Money) is commemorating a significant milestone as it works to increase financial accessibility.

    MoMo is focused on making it easier for South Africans to manage their money, especially for those who have never used banks. Kagiso Mothibi, the CEO of Fintech at MTN South Africa, says MoMo is helping people move from using only cash to the online banking system.

    “Since its relaunch in South Africa, MoMo has played a key role in promoting economic growth and reducing the digital financial divide,” says Kagiso Mothibi, CEO of Fintech at MTN South Africa. “It provides a pathway for people who have operated on a cash basis for most of their lives to enter the formal banking system. This transition can transform lives.”

    Benefits of MTN MoMo

    With MoMo, users can get credit, affordable insurance, and safe financial services. This helps people reduce financial risks and gives them a chance to save, start small businesses, or pay for education.

    It also supports job creation and economic growth.

    “From the outset, our mission has been clear: to provide an accessible, cost-effective alternative to traditional banking for the unbanked and underbanked,” says Mothibi.

    “One of the key advantages is that MoMo does not charge fees on deposits, bill payments, or transfers. That’s undoubtedly why millions of South Africans trust MoMo for their everyday financial needs. If you deposit R100, you keep your full R100 until you choose to spend it – there are no hidden costs or debit orders.”

    Promotion to celebrate reaching 13 million customers significant milestone 

    MTN is giving its clients the opportunity to Play & Win and receive incentives just by completing regular mobile transactions, bringing a fun twist to the service as MoMo celebrates enhancing the lives of 13 million users.

    Every qualified transaction will get two plays and be eligible for immediate prizes until August 31. These consist of six Toyota Starlet automobiles and millions in cash vouchers, and there will be monthly draws till the promotion is over.

    “Play & Win is just another way we’re making digital finance more rewarding for our customers,” Mothibi concludes.

    “But the story doesn’t end here. At MTN, we are committed to ensuring MoMo remains an innovative service that deepens financial inclusion. With a strong foundation, a growing customer base, and a commitment to zero fees, MoMo will continue redefining financial accessibility in South Africa.”