According to the Banking on Innovation report by Briter Intelligence and Lateral Frontiers, fintech firms in Egypt, Kenya, and Nigeria collectively raised more than $6.5 billion in the last decade.

This shows a shift from rapid expansion to sustainable, partnership-driven growth.

The report found that Nigeria alone attracted over $3 billion, led by major payment startups such as Paystack, Flutterwave, and Moniepoint, while Kenya’s fintech ecosystem secured around $2 billion, largely in digital credit and asset finance. 

Egypt’s fintech sector, now the country’s most funded, amassed $1.68 billion, driven by players like Fawry, Khazna, Paymob, and MNT-Halan.

What stands out is how collaboration, rather than disruption, is now bolstering Africa’s financial inclusion. In Egypt, Banque Misr’s partnership with valU has expanded Buy Now, Pay Later (BNPL) services to underbanked groups, modernising consumer credit in a country where cash remains dominant. 

In Kenya, Citi’s alliance with Visa and Cellulant created Citi Optimised Pay, tackling a $25 billion SME financing gap by allowing small suppliers to access instant payments. And in Nigeria, Paystack’s integration with leading banks has enhanced merchant transactions, a success so notable that Stripe’s $200 million acquisition of Paystack became a model for fintech-bank synergy across the region.

Across these economies, central banks are taking a more active role. Egypt’s Digital Wallet Interoperability Regulation and the Meeza national payments network, Kenya’s Digital Credit Provider laws, and Nigeria’s Open Banking Framework (2023) reveal a coordinated regulatory initiative to encourage innovation while maintaining consumer protection. 

Samakab Hashi, partner at Lateral Frontiers, noted, “Policymakers are no longer passive observers. They are actively shaping the future, using sandboxes, tiered licensing, and data protection mandates to balance innovation with stability.”

The research stresses that over one-third of all venture funding in Africa since 2014 has gone to fintech, now the continent’s most dynamic technology sector. 

However, the focus is now changing direction. Rather than chasing payment volumes, investors and founders are turning toward credit infrastructure, embedded finance, and insurtech, sectors with deeper, long-term impact.

On challenges, the report warns that issues around data governance, regulatory inconsistency, and compliance costs threaten progress. 

Nigeria’s resolutions on unlicensed digital lenders and Egypt’s limits on data sharing have slowed expansion for some startups. Still, fintechs are adapting through strategic partnerships, early engagement with regulators, and a stronger focus on cybersecurity and user trust.

For founders, the report recommends building before licensing, forming smart alliances, and focusing on infrastructure rather than duplication. In Egypt, the opportunity lies in e-KYC and Banking-as-a-Service; in Kenya, agricultural and SME credit tools; in Nigeria, open banking-based embedded finance.

Even with global venture slowdowns, African fintechs are standing on resilience and reinvention. Egypt’s steady growth, Kenya’s ecosystem maturity, and Nigeria’s scale show that the continent’s financial sector must continually focus on collaboration among banks, telcos, and innovators working together to bridge access and trust.

Disruption and the ability to collaborate, adapt, and build inclusive systems that leave no one behind, are highly indispensable among African fintechs and others.

But in 2025, this tradition may be past its expiry date. Why? Because our over-reliance on passwords is becoming the very risk we seek to avoid.

According to Verizon’s Data Breach Investigations Report (2024), 81% of breaches still involve weak or stolen passwords.

As threat actors evolve and AI becomes part of their toolkit, even the strongest passwords can be broken in minutes, not months. It’s time we ask — are we clinging to an outdated security method that’s holding us back?

The Problem with Passwords Today

The data is damning. According to Nordpass, the weak password of “123456” persists in being used as a password, easily cracked within 1 second by hackers.

An online security survey by Google and Harris Poll in February 2019 found that at least 65% of people reuse passwords across multiple, if not all, sites, exposing them to credential-stuffing attacks at scale.

Newer threats are only accelerating this risk. Brute-force attacks have moved from CPUs to high-speed GPUs — some capable of guessing over a million password combinations per second meaning what once took years to crack can now be done in minutes using AI-enhanced tools.

The Dark Side of Passwords: A Cybercrime Economy

The underground market for stolen credentials is vast and lucrative. It’s estimated that over 24.6 billion username-password combinations are currently circulating across cybercriminal marketplaces — although the true scale is difficult to verify due to repeated resale of stolen data.

In bulk, these credentials are even cheaper — as seen in the Booking.com scam, where thousands were sold for just $2,000 with new credentials offered every month, depending on breaches and leaks.

The most valuable logins include banking, email, cloud, crypto, corporate VPNs and social media accounts, which are commonly reused for phishing, identity theft, malware campaigns, and business email compromise.

Behind these thefts are some of the world’s most sophisticated threat groups, including Kimsuky (North Korea), MuddyWater (Iran), and APT28/29 (Russia) — often using malware like Lumma and MaaS platforms, targeting MFA tokens and crypto wallets, spreading over Telegram bots, that make infostealing scalable and profitable. It was reported that in 2024 alone, 3.9 billion credentials were compromised via malware infections across 4.3 million devices.

Even multi-factor authentication (MFA), while crucial, is being challenged by tools like EvilProxy, which can intercept MFA tokens.

This growing cybercrime economy is not just a technical threat — it’s a geopolitical and economic ecosystem as these threats now can come from anywhere at all thanks to MaaS and Phishing-as-a-Service (PhaaS) platforms.

Together with infostealer-as-a-service and phishing kits for hire, these attacks are no longer limited to state actors — they’re available to anyone with a Bitcoin wallet.

The Rise of Passwordless Authentication

In contrast, passwordless security is becoming not only possible — it’s practical. Companies like Google, Microsoft, and Shopify are rolling out Passkeys — encrypted cryptographic keys tied to biometric or device-based authentication.

Microsoft wants its more than one billion users to stop using passwords to log into their Microsoft accounts while Gartner predicts that 60% of enterprises will eliminate passwords for most use cases by 2025.

In sectors like finance, healthcare, and government, hardware tokens, multi-factor logins, and biometric identification are taking over.

Even in countries like Singapore and India, government-backed digital identity systems are accelerating passwordless adoption for banking, insurance, and healthcare access. This is driven by a desire to enhance security, improve user experience, and streamline digital interactions.

In Singapore for instance, Singapore’s National Digital Identity (NDI) system built on Singpass, connects over 700 government agencies and private businesses.

Options like facial recognition, digital ID cards, and QR codes confirm user identities quickly and are more secure than traditional passwords.

India’s Aadhaar, the world’s largest biometric system supports secure digital identity verification via OTPs and biometrics, while Australia’s Digital ID roadmap is investing in federated, passwordless frameworks

Behavioural Resistance: Why We Still Cling to Passwords

Despite security advances, people still trust what they know — and passwords feel familiar. But that familiarity comes at a price. Passwords are easily guessed, forgotten, shared, or stolen.

Check Point notes that poor password hygiene — such as reusing passwords, writing them down, or using personal data — continues to be a major weak link in corporate and personal security.

Even worse, phishing attacks — many AI-generated — continue to steal login credentials at scale, despite the presence of two-factor authentication (2FA). The rise in AI-powered phishing and deepfake attacks only makes password-based systems more vulnerable.

Risks of Staying with Passwords in a Post-AI World

The evolution of AI is making password-based authentication obsolete:

• Deep learning models are trained on billions of leaked passwords and can predict common patterns faster than ever.
• Voice- and video-based impersonation attacks using deepfakes can bypass even multi-factor authentication if based on weak identity layers.
• Cloud-based GPUs are democratising the power to break passwords at scale, enabling ransomware groups and script kiddies alike to compromise systems rapidly.

In short: the longer we wait to go passwordless, the more we expose ourselves.

What Organisations Should Do Now

• Pilot passwordless systems using biometrics, tokens, or Passkeys.
• Use tools like Check Point Harmony to prevent password reuse and phishing.
• Enforce Privileged Access Management (PAM) solutions and Zero Trust architectures.
• Educate teams not just on stronger passwords — but on phasing them out altogether.

Check Point emphasises password length, diversity, and uniqueness but is also aligned with the need to explore post-password approaches.

World Password Day shouldn’t just be about creating stronger passwords. It should be a prompt to imagine a future without them.

The tools exist. The threats demand it. The only thing missing is our willingness to let go.

While leveraging debt for productive investments holds promise for unlocking economic potential and addressing societal challenges, it also presents complex issues that demand careful consideration and thoughtful solutions.

In this context, exploring the challenges, opportunities, and implications of engaging productivity through debt-financed economic assets in the digital age is crucial.

Nigeria must leverage its debt to create economic assets that will generate sustainable growth and development.

This can be achieved through a combination of debt restructuring, investment in key sectors, and improving fiscal management.

One key step is to restructure the existing debt to make it more manageable and sustainable. This can involve renegotiating terms with creditors, extending maturity dates, and reducing interest rates. By doing so, Nigeria can free up funds to invest in critical areas such as infrastructure, education, and healthcare.

In addition, Nigeria should prioritise investments in sectors that have the potential to drive economic growth, create jobs, and generate revenue.

This includes industries such as agriculture, manufacturing, and technology.

By stimulating growth in these sectors, Nigeria can increase productivity, attract foreign investment, and reduce its reliance on debt.

Furthermore, Nigeria must focus on improving fiscal management to ensure that debt is used efficiently and effectively. This includes strengthening budgetary processes, enhancing transparency and accountability, and reducing wasteful spending. By implementing sound fiscal policies, Nigeria can better manage its debt and ensure that resources are allocated to projects with the highest returns.

Overall, Nigeria must proactively work to turn its debt into economic assets that will drive sustained growth and development. By restructuring debt, investing in key sectors, and improving fiscal management, Nigeria can reduce its debt burden, spur economic activity, and improve the lives of its citizens.

While leveraging national debt to create economic assets can be a sound strategy for sustainable growth, there are some potential grey areas and challenges to consider. Here are a few key points to explore:

1. Debt sustainability:

One of the primary concerns when using debt to create economic assets is ensuring that borrowing remains sustainable in the long run.

If debt levels become too high or unsustainable, it can lead to financial instability, credit downgrades, and increased borrowing costs. Nigeria must carefully manage its debt levels and monitor its debt-to-GDP ratio to prevent a debt crisis.

2. Corruption and mismanagement:

There is a risk that funds borrowed through debt could be mismanaged or diverted through corruption, leading to inefficiency and waste. Nigeria must strengthen its governance, transparency, and accountability mechanisms to implement debt-financed projects effectively and deliver the intended economic benefits.

3. Economic diversification:

Using debt to create economic assets should be a broader strategy to diversify the economy and reduce dependence on oil revenues.

Nigeria must develop non-oil sectors, such as agriculture, manufacturing, and services, to create a more balanced and resilient economy. Failure to diversify could undermine the sustainability of debt-financed projects.

4. Social and environmental impacts: Debt-funded projects must consider social and environmental impacts to ensure sustainable development.

Infrastructure projects, for example, should be designed to benefit local communities and minimise adverse environmental effects. Nigeria must prioritise sustainable and inclusive growth to ensure that debt-financed projects benefit all segments of society.

5. External factors: Nigeria is vulnerable to external shocks, such as fluctuations in oil prices, global economic conditions, and currency volatility.

These factors can affect the country’s ability to service its debt and implement growth-enhancing projects. Nigeria must assess and mitigate these external risks to safeguard the sustainability of its debt-financed investments.

Essentially, while using national debt to create economic assets can be a viable strategy for sustainable development, Nigeria must navigate these grey areas carefully to ensure that debt is managed responsibly, transparently, and effectively.  By addressing these challenges proactively, Nigeria can maximise the benefits of debt-driven investments and pave the way for long-term economic growth and stability.

In the digital age, there are several ways in which Nigeria can leverage national debts to create economic assets that benefit its citizens. Here are some reworked strategies that could work to the advantage of citizens:

1. Invest in digital infrastructure:

One way to use national debt effectively is to invest in robust digital infrastructure such as broadband internet, mobile networks, and e-government platforms. Improved digital connectivity can enhance access to information, education, healthcare, and economic opportunities for citizens across the country.

2. Promote digital literacy and skills development:

Nigeria can use debt financing to implement training programs and initiatives that promote digital literacy and skills development among its citizens. Nigeria can foster innovation, entrepreneurship, and job creation in the digital economy by equipping the population with relevant digital skills.

3. Support small and medium enterprises (SMEs):

Debt-funded initiatives can be directed towards supporting SMEs, especially tech startups and digital businesses. Providing financial assistance, technical support, and access to markets can help SMEs thrive in the digital age, driving economic growth and creating employment opportunities for citizens.

4. Enhance access to digital services:

National debt can be used to improve access to essential digital services such as e-commerce, online banking, telemedicine, and e-learning platforms.

By expanding digital service provision, Nigeria can enhance convenience, efficiency, and inclusivity for citizens, particularly in remote and underserved areas.

5. Foster digital innovation and entrepreneurship:

Debt financing can be channelled towards supporting digital innovation hubs, incubators, and accelerators that nurture local talent and encourage entrepreneurship in the digital sector. By fostering a culture of innovation, Nigeria can stimulate economic dynamism and competitiveness, benefiting citizens and driving sustainable growth.

6. Ensure data privacy and cybersecurity:

As Nigeria transitions to a more digitized economy, protecting citizens’ data privacy and cybersecurity becomes paramount.

Debt-funded investments in cybersecurity infrastructure, regulations, and skills development can help safeguard citizens’ digital information and build trust in online transactions and services.

By strategically leveraging national debt to invest in digital infrastructure, skills development, SME support, service accessibility, innovation, and cybersecurity, Nigeria can create economic assets that empower citizens, enhance quality of life, and drive sustainable growth in the digital age.

Prioritising citizen-centric approaches in debt-financed initiatives can maximize the benefits and ensure that the dividends of digital transformation are widely shared across society.

How can we effectively harness national debts to generate economic assets and drive productivity in the digital age? By exploring the potential of utilising debt to create tangible economic value, we can delve into the complexities of leveraging financial resources for sustainable growth and innovation.

This interconnected approach fosters a deeper understanding of the dynamics between debt management and economic development, paving the way for enhanced productivity in an increasingly competitive global landscape.

Engaging productivity using national debts to create economic assets can yield several benefits and opportunities for sustainable growth. Here are some robust arguments for leveraging national debts to enhance productivity and build economic assets:

1. Infrastructure development: Investing in productive infrastructure projects such as transportation networks, energy systems, and communication facilities can improve connectivity, reduce logistics costs, and enhance overall productivity. National debts can fund these critical infrastructure projects, creating long-term economic assets that support economic growth and competitiveness.

2. Technology adoption and innovation: Debt financing can facilitate the adoption of technology and innovation across various sectors of the economy. By investing in research and development, digital transformation, and technological capacity building, countries can boost productivity, drive efficiency, and foster competitiveness in a rapidly evolving global market.

3. Human capital development: National debts can be used to invest in education, training, and skills development programs that enhance the productivity and capabilities of the workforce.

By equipping citizens with relevant skills and knowledge, countries can cultivate a skilled labour force that drives innovation, creativity, and productivity in the economy.

4. Support for small and medium enterprises (SMEs): Debt-funded initiatives targeted at supporting SMEs can stimulate entrepreneurship, job creation, and economic diversification.

By providing financial assistance, technical support, and market access to SMEs, countries can bolster productivity, encourage innovation, and foster a competitive business environment that benefits the broader economy.

5. Sustainable agriculture and food security: Debt financing can be directed towards investing in sustainable agriculture practices, irrigation systems, and value chain development in the agricultural sector.

By enhancing agricultural productivity, promoting food security, and supporting rural livelihoods, countries can build economic assets that contribute to long-term resilience and prosperity.

6. Export-oriented growth: Leveraging national debts to promote export-oriented growth can drive productivity gains, enhance competitiveness, and expand market access for domestic goods and services. By investing in export infrastructure, trade facilitation measures, and market diversification strategies, countries can capitalize on global trade opportunities and build economic assets that generate sustainable income streams.

Coherently, engaging productivity using national debts to create economic assets can catalyze sustainable growth, foster innovation, and improve living standards for citizens.

By prioritizing strategic investments in infrastructure, technology, human capital, SMEs, agriculture, and export-oriented growth, countries can unlock the potential of their economies, strengthen productivity levels, and build a foundation for inclusive and resilient development.

While leveraging national debts to create economic assets can offer significant opportunities for sustainable growth, there are several issues that need to be carefully considered in the planning and implementation of such strategies. Here are some potential challenges with thought processes and suggested solutions:

Debt sustainability: One of the primary concerns with using national debts to fund economic assets is the risk of accumulating unsustainable levels of debt. Governments must ensure that borrowing is done prudently and that debt levels are manageable in the long term.

Solution: Implement robust debt management strategies, including transparent borrowing practices, effective debt monitoring, and adherence to fiscal discipline to ensure debt sustainability.

Allocation and prioritization: Deciding where to allocate debt-financed funds requires careful consideration and strategic planning to maximize economic impact.

Governments must prioritize investments that yield the highest returns in terms of productivity enhancement and long-term growth. Solution: Conduct thorough cost-benefit analyses, prioritize projects with high economic potential, and ensure that investments align with national development priorities to optimize the use of debt financing.

Accountability and transparency: The effective utilization of national debts to create economic assets requires accountability, transparency, and good governance practices to prevent corruption, mismanagement, or misallocation of funds.

Solution: Strengthen institutional capacity, enhance transparency in decision-making processes, promote stakeholder engagement, and ensure proper oversight mechanisms to uphold accountability and integrity in debt-funded initiatives.

Risks and uncertainties: Economic conditions, market dynamics, and external factors can introduce risks and uncertainties that may impact the success of debt-financed projects. Governments must assess and manage these risks to safeguard investments and mitigate potential adverse outcomes.

Solution: Conduct rigorous risk assessments, adopt risk mitigation strategies, establish contingency plans, and monitor project performance to address uncertainties and minimize potential risks associated with debt-funded ventures.

Socioeconomic impacts: The distributional effects of debt-financed investments on different segments of society must be carefully evaluated to ensure that the benefits are shared equitably and reach those most in need. Solution: Implement inclusive policies, social safety nets, and targeted interventions to address socioeconomic disparities, promote social inclusion, and ensure that the benefits of economic assets created through debt financing are shared broadly across the population.

By addressing these issues with thoughtful consideration, strategic planning, and effective governance practices, governments can harness the potential of national debts to create economic assets that drive productivity, foster sustainable growth, and enhance the well-being of citizens in the digital age.

In conclusion, as nations navigate the challenges and opportunities of leveraging national debts to create economic assets in the digital age, adopting a strategic and prudent approach that balances risk, sustainability, accountability, and inclusivity is imperative.

By addressing the issues of debt sustainability, allocation and prioritisation, accountability and transparency, risks and uncertainties, and socioeconomic impacts with thoughtful consideration and effective governance practices, governments can unlock the potential of debt financing to drive sustainable growth, promote productivity, and improve the well-being of citizens. In doing so, they can leverage debts as a strategic tool to build economic assets and propel progress in the digital era, creating a pathway towards a more prosperous and resilient future for all.

This lack of integration comes largely from technological limitations and cost constraints, which hinder banks from providing the personalised, seamless experiences customers now expect.

The study, which surveyed 50 senior banking executives and analysed industry benchmarks across regions such as APAC, the Middle East, North America, LATAM, and the EU, stresses the banking sector’s fight to adapt to rapidly advancing digital demands. 

With assets totalling around $3.03 trillion represented in the research, CleverTap’s findings suggest that data silos are a primary obstacle, limiting banks’ prospects to adopt AI effectively and gain comprehensive insights into customer behaviour.

Notably, three-quarters of banking executives appear overly focused on immediate revenue goals, potentially sidelining strategies for long-term growth and customer loyalty. 

The report argues that adopting advanced analytics is essential for achieving this balance, as it enables banks to predict future customer trends rather than merely tracking current performance.

To address these issues, CleverTap has proposed the Core Four Framework — Trust, Technology, Touchpoints, and Transactions — designed to guide banks in shifting from product-centric to customer-centric models. 

This framework emphasises creating “phy-gital” (physical and digital) experiences, which blend in-person and online banking to foster more meaningful customer relationships.

Key insights from the framework reveal that loyal customers are 2.5 times more valuable in terms of transaction volume, and referred customers are 3.5 times more likely to engage, highlighting a significant opportunity to leverage high-Net Promoter Score (NPS) customers. 

However, 50% of banking executives are not capitalising on this potential. Added to this, only a third of banks use four or more engagement channels despite evidence that multi-channel approaches yield 53% higher conversion rates.

To support banks in scaling through these complexities, CleverTap outlines a three-stage AI strategy aimed at improving operational efficiency, enhancing personalisation, and enabling strategic decision-making. 

The stages are as follows:

1. Operational Optimisers: Leveraging AI to simplify workflows and automate routine tasks, allowing banks to improve efficiency and focus on customer needs.
2. Personalisation & Experimentation Architects: Applying AI to customise interactions and conduct large-scale experiments that can drive customer engagement and conversion rates.
3. Strategic Innovators: Using AI to automate strategic decisions and gain deeper insights, supporting long-term planning that aligns with evolving customer demands.

Jacob Joseph, CleverTap’s VP of Data Science, emphasised that the banking sector has traditionally lagged in tech adoption, often opting for a “follower” approach. However, he stressed that AI now presents a unique opportunity for banks to bridge this gap, enabling hyper-personalised services that build trust and loyalty. “For banks aiming to remain competitive, AI isn’t optional — it’s essential,” Joseph stated.

Looking forward, the report identifies six AI-driven trends poised to reshape the industry:

1. Synthetic Data: Enhances analytics while maintaining privacy standards.
2. Emotional Engagement: AI-driven gamification and immersive experiences strengthen customer loyalty.
3. Modernised MarTech Ecosystems: AI-integrated platforms unify data and services to improve customer interactions.
4. Customer-Centric Personalisation: Dynamic AI-driven personalisation enhances retention and strengthens customer relationships.
5. Responsible AI Frameworks: Ensuring transparency and compliance to build customer trust.
6. Fintech Collaboration through Open Banking: AI-powered partnerships with fintech firms create comprehensive financial ecosystems, offering real-time insights and a broader service range.

CleverTap’s research stresses the possibilities around AI in banking, particularly in enhancing customer engagement and operational effectiveness. 

For banks committed to a digital-first future, integrating AI strategically will be key to sustaining growth and meeting customer expectations as competition increases.

This new feature aims to provide customers with a convenient and hassle-free way to perform foreign currency transfers, the bank said in a note to TechEconomy.

To ensure a seamless experience, Access Bank has shared a straightforward guide for executing these transfers through their mobile banking application, AccessMore.

For Access-to-Access Transfers:

1. Log in to AccessMore, the mobile banking application offered by Access Bank.
2. Select the “Access Transfer” option from the menu.
3. Choose your Foreign Currency (FCY) account from the provided options.
4. Enter the beneficiary’s FCY account number, transfer amount, and add a description of the transfer in the Narration field.

It is important to note that cash deposited cannot be transferred within Access Bank using this feature.

For Access to Other Banks Transfers (Cross Currency, Local & International):

1. Log in to AccessMore using your account credentials.
2. Click on the “Show all” option to access additional services.
3. Under the “Transfers” section, select “Foreign currency.”
4. Proceed by providing the beneficiary’s FCY details in the “Beneficiary Detail” section. You can choose to input either the IBAN details or Account details by tapping the slider accordingly.
5. Enter the transfer amount, choose the bearer of the transfer charge, specify the purpose of the transfer to determine applicable fees, and complete the transaction.

It is important to keep in mind that Cross Currency transfers are only available using the Foreign Currency (FCY) feature. Additionally, transfers to other banks initiated before 4 pm will be processed immediately, while transactions initiated after 4 pm will be processed on the next working day.

Access Bank’s fund transfer team may contact customers via email if additional information or documents are required to successfully complete the transfer. Cash deposits are limited to $10,000 at a time, and the maximum transfer amount is set at $20,000 per month. However, there are no limits for international inflow transfers.

Access Bank strives to provide its customers with enhanced banking solutions and remains committed to facilitating seamless and secure transactions. The introduction of Foreign Currency Transfer on AccessMore is a testament to their dedication to customer satisfaction and innovation in the banking industry.

The bank has rapidly transformed the financial landscape in Nigeria through innovative solutions and customer-centric services.

Since its inception, Lotus Bank has strived to provide a banking experience that goes beyond traditional norms, emphasizing ethical practices and financial inclusion for all.

With a vision to drive positive change in society, the bank has been dedicated to making a lasting impact on the communities it serves.

The Founder and Chairperson of Lotus Bank, Hajara Adeola, expressed her gratitude for the bank’s achievements and recognition over the past two years.

She highlighted the institution’s privilege to contribute to the well-being of the environment and the communities it serves.

Lotus Bank has embraced digital solutions, leveraging rapid advancements in technology to ensure the utmost convenience for its valued customers.

By adopting innovative products and customer-centric services, the bank aims to enhance financial access and convenience while upholding its ethical principles.

The Managing Director of Lotus Bank, Mrs. Kafilat Araoye, credited the bank’s success to its customers, who have placed their trust in the institution.

In just two years of operations, Lotus Bank has received commendations for its ethical banking practices, commitment to financial inclusion, and significant contributions to Nigeria’s economic growth.

In 2022, the bank was honored with the Leadership Bank of the Year award for its exceptional efforts toward economic growth and the pursuit of ethical banking practices. This recognition reinforces Lotus Bank’s position as a leader in the Nigerian financial industry.

Furthermore, Lotus Bank has maintained a strong culture of promoting environmental sustainability and creating value for society. The institution actively supports businesses and educational institutions, fosters job opportunities, and champions environmental conservation initiatives.

By prioritizing social responsibility alongside financial success, Lotus Bank demonstrates its dedication to creating a positive impact on society.

As Lotus Bank celebrates its second anniversary, it remains committed to expanding its reach and providing financial access to underserved populations.

With a current strength of 40 branches across the country, the bank aims to broaden its presence and make a difference in the lives of more individuals and communities.

Lotus Bank’s journey over the past two years reflects its dedication to ethical banking, financial inclusion, and societal impact.

Through innovative solutions, customer-centric services, and a strong commitment to environmental sustainability, the bank is well-positioned to continue its positive trajectory in the Nigerian financial industry

Through this collaboration, Equity Bank’s customers will have access to over 650 Interswitch-enabled ATMs belonging to 17 local banks in Uganda.

This arrangement mirrors Interswitch’s operations in Nigeria and Kenya, allowing Equity Bank’s ATMs to accept bank cards from other local participating banks and institutions on the Interswitch network.

Equity Bank also becomes an acquirer for Verve cards, expanding its portfolio of accepted cards at all Point-of-Sale (POS) machine locations and ATMs throughout the country.

With approximately 250,000 Verve card holders in Uganda, this partnership aims to enhance accessibility and convenience for customers.

The Country General Manager for Interswitch Uganda, Peter Kawumi, emphasized that this partnership signifies a shift in service quality and competitive advantage.

By joining the Interswitch network, Equity Bank benefits from an ecosystem that includes other financial institutions and their consumers in Uganda and across the region.

One significant benefit is a reduction in transaction costs, with withdrawals for Equity Bank customers at Interswitch-enabled ATMs and customers of other financial institutions at Equity Bank ATMs decreasing by over 60 percent.

Mitchell Elegbe, Founder/Group Managing Director of Interswitch Group, reiterated the commitment to making payment more accessible, convenient, and affordable for Africans.

The partnership with Equity Bank contributes to the interoperability efforts of Uganda’s financial industry and banking sector, reducing restrictions across inter-bank payment channels.

This collaboration also showcases Interswitch’s capacity to support the expansion plans of partners in Nigeria and other countries into different regions.

Anthony Kituuka, Equity Bank’s Managing Director, expressed delight and pride in the bank’s growth and expansion in Uganda over the last 15 years.

With 50 branches, 7,000 Equi Duuka agents, and over 6,500 merchants, the partnership with Interswitch will enhance the existing network and improve customer service by meeting their financial needs more effectively.

The strategic partnership between Interswitch and Equity Bank demonstrates their dedication to fostering innovation and improving the availability and affordability of banking services for customers in Uganda

Selected from a pool of 98 highly qualified applicants across 34 countries, Paycode was judged based on rigorous criteria by an expert advisory committee that evaluated several factors, including product innovation, gender inclusivity, financial viability, scale potential, team experience, and diversity.

Speaking about the Challenge, Marina Dimova, Global Head of Financial Industry and Network Advocacy for Women’s World Banking said, “Fintech founders develop new solutions when they see an unmet need or an underserved community, and low-income women are absolutely an underserved community.”

By calling on fintech innovators from around the world and inviting them to present their best ideas at the Fintech Innovation Challenge, we aim to advance women’s financial inclusion and scale growth. We look forward to seeing our finalists present their exciting solutions live in India this May, bringing us closer to achieving an inclusive economy for all.”

The announcement builds on Paycode’s winning streak, which started in May 2022 in Mozambique after winning the Mondato Award for Digital Finance Innovation. This was followed by the UK-based Payments Association’s Pay360 Award (sponsored by Mastercard), where Paycode won Best Financial Inclusion Payments Initiative. Paycode was then named 2nd Runner Up in the Ecobank Fintech Challenge in October 2022 in Togo and a Top 10 Semifinalist in the Women’s World Banking Fintech Innovation Challenge in December.

The common theme across all the competitions was the need for robust financial inclusion solutions that serve people living in deep rural areas. In Africa alone, almost one billion people cannot access basic financial services due to a lack of identity, lack of connectivity, and high fees. Paycode’s biometric identity and digital payments solution works offline in real-time, overcoming these barriers to financial inclusion.

Paycode CEO, Gabe Ruhan, commented, “Paycode is delighted to be a Finalist in the Women’s World Banking Fintech Innovation Challenge and we look forward to presenting our solution to the judges at the Making Finance Work for Women Summit in Mumbai later this year. We are proud to be recognized as a leading fintech in Africa, and we look forward to building on our success to drive financial inclusion for millions through our world-class digital identity and payments solution.”

On Tuesday during plenary, Senate President Ahmad Lawan read a letter that conveyed the president’s request.

The nominees for the second and last term at the top bank have been requested by President Buhari for confirmation by the Senate.

In a separate letter, Buhari also requested that the Senate affirm and review Ambassador Ayuba Jacob’s appointment to the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).

The Federal Capital Territory’s 2023 Statutory Budget Proposals were also sent by the President (FCT) to the Senate for consideration and approval.

In a strategic move to digitize banks across Africa and facilitate the emergence of a fully automated and connected financial ecosystem, Appzone, the Pan African fintech software provider group, has announced that it is carving out its Banking-as-a-Service (BaaS) platform from the existing business into a new business entity (named Qore).

Previously a grouping of four separate business units, the organization is accelerating the growth of entirely digital products for the financial institutions on the continent. Its platform can be used by some of the top Commercial Banks, Fintechs, and Neobanks to supply cutting-edge specialty products.

Emeka Emetarom, Co-founder and CEO, Qore stated during a press conference that the company would keep empowering financial institutions in Africa to become the most effective and inventive in the world.

“As a revolutionary banking innovator, Qore is enabling significant progress for a new era of fully digital Banks in Africa. Over the last decade, we have played a remarkable and active role in driving the digitization of Nigeria and Africa’s financial services ecosystem.

We are excited about what the future holds for us and for digital banking in Africa, especially since we will now operate as a BaaS-focused business entity going forward.

Qore’s unique advantages are market fit and cost-effectiveness which allow financial institutions to deliver highly relevant products at a fraction of cost. We are also leveraging the platform’s numerous integrations with mainstream payment systems to achieve instant interoperability with other industry players at no extra cost” Emeka added.

Speaking about how the company is delivering value for the diverse scale of financial institutions in Africa, Co-founder/COO, Qore, Mudiaga Umukoro, says Qore has built the only truly African cloud-native core banking and integrated channel solution, tailored specifically to the African market.

“We understand the realities of the African financial ecosystem, alongside the limitations that are preventing financial products in Africa from reaching their full potential and solving once and for all, the age-old Financial Inclusion challenge. This is why Qore is refocusing its efforts towards powering effortless and limitless banking across the continent. Says Mudiaga

“Having completely digitized and automated the operations and products of almost 500 Financial Institutions on the continent, we are ready to take on the rest of Africa” Mudiaga added.

In the last 5 years Africa’s financial sector has aggressively adopted digital banking, with more individuals and organizations bypassing physical structures, paper trails and physical cash in favor of self-service offerings on digital devices. Currently, challenger and traditional banks in Africa are limited to using foreign technology solutions tailored for Western markets, and many of these solutions are hindered by prohibitive pricing, poor market fit and a lack of local tech support.

With operations in Nigeria and Kenya, and clients across the continent including Ghana, Gambia, Democratic Republic of Congo, Equatorial Guinea, Tanzania, and Senegal, Qore is supporting the digital transformation efforts of traditional Banks, many of which are still stuck with legacy systems that limit their ability to compete effectively.

“Since investing in Appzone, it has been remarkable to witness the business growth and transformation that has now led to the emergence of Qore. We are even more excited to have a front seat at the table as Qore sets the course for redefining the future of digital banking across Africa. We are confident in the team’s ability to deliver on its audacious vision of setting the pathway for delivering effortless, limitless banking for all across Africa” said Yomi Jemibewon, Partner and Managing Director, of CardinalStone Capital Advisers Limited.

Qore also powers an omni-channel self-service platform, USSD interfaces, Payment ecosystem integrations, merchant services capabilities, and instant card issuance. In addition, the platform provides clients with modules that enable end-to-end lending automation, direct debit collections from multiple accounts, and Agent Banking. These functionalities are available to Fintechs like digital lenders and neobanks, as well as traditional banks like Commercial Banks, MFIs, Mortgage Banks, and Consumer Lenders.

The platform also leverages the ease of customization and availability of local support to seamlessly plug into the needs of African Banks and Fintechs.

Over the last decade, Qore’s remarkable impact on the Nigerian and African financial services ecosystem has earned the company recognition as the de facto provider of banking technology in the OFI segment, and the first and only African Banking-as-a-Service (BaaS) Platform.

Other milestone achievements for the company include building the first African cloud-based Digital Core Banking and omnichannel software, launching Africa’s first self-service platform for instant debit card issuance, and building the first and only Correspondent Banking automation platform with all Nigerian commercial banks integrated.