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Parallex Bank Gets $10m to Finance Cross-Border Trades of SMEs

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Parallex Bank

By Aduragbemi Omiyale

A trade finance facility worth $10 million has been secured by a Nigerian lender, Parallex Bank Limited, and the funds would be used to support small and medium enterprises (SMEs) involved in cross-border trades.

The money was given to Parallex Bank by Afreximbank as part of its efforts to bridge the financing gap for businesses.

A statement from the Nigerian bank said the $10 million would be used to support other pan-African business opportunities its growing SME segment, as well as for emerging commercial and corporate banking businesses.

In addition, the funds would be used by to facilitate, through on-lending, access to cross-border trade finance for SMEs and to create lines of credit for businesses operating in the agriculture, export industry, health, education and renewable energy sectors.

These would be achieved through Afreximbank’s technical assistance in capacity development and other training programmes geared towards solidifying the relationship between the two institutions.

The chief executive of Parallex Bank, Mr Olufemi Bakre, has described the facility as a testament to the “confidence that Afreximbank has in Parallex Bank.”

“It helps us to materialise our strategy of building ecosystem partnerships to support critical sectors of Nigeria’s economy for growth and development,” Mr Bakre, promising that the bank will “engage in product-based collaborations to increase transaction mileage in specific and strategic segments, such as the creative industry, women-owned and managed businesses, among others.”

On his part, the President and Chairman of the Board of Directors of Afreximbank, Mr Benedict Oramah, explained that the funds were made available to the Nigerian lender to support small business owners on the continent.

“We are pleased to continue to expand the AfTRAF programme across Africa. This financing facility provided to Parallex Bank comes in addition to other trade facilities already in use by our other partner banks in Nigeria and throughout the continent to help bridge the financing gap created by the withdrawal of international correspondent banks,” he remarked.

Banking

Standard Bank Hosts 2nd African Markets Conference

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standard bank African Markets Conference

By Modupe Gbadeyanka

The second African Markets Conference (AMC) will take place in Cape Town, South Africa, from Sunday, February to Tuesday, February 24, 2026.

The event, hosted by Standard Bank, will bring together global institutional investors, sovereign wealth funds, and African policymakers to catalyse the flow of capital into the continent’s most critical sectors.

The theme for this year’s edition is Mobilising Global Capital at Scale for Africa’s Growth and Development.

AMC 2026 will host a high-level delegation of decision-makers, ensuring that the dialogue leads to tangible commitments.

The conference will be structured around five high-impact pillars designed to move the needle on investment, including prioritising infrastructure as an asset class, accelerating the energy transition, deepening African capital markets and mobilising private capital, enabling intra-African trade and flows of capital, and addressing Africa’s sovereign debt and cost sustainability.

It is estimated that by 2050, Africa will add one billion people, more than half in cities, yet it invests only $75 billion of the $150 billion it needs annually for infrastructure. Standard Bank aims to use AMC 2026 to ensure that African priorities remain at the centre of the global financial discourse.

“This year’s engagement bridges the gap between policy ambitions and market realities. Africa urgently needs practical measures to deepen capital pools, improve market liquidity, and strengthen regulatory frameworks that give investors the confidence to deploy capital at scale.

“Mobilising capital is not just about funding projects; it is about building the foundation of a more balanced and inclusive global economy,” the chief executive of Corporate and Investment Banking at Standard Bank Group, Luvuyo Masinda, stated.

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Fidelity Bank Shows Love to Ikoyi Correctional Centre Inmates

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Fidelity Bank Ikoyi Correctional Centre

By Aduragbemi Omiyale

Inmates at the Ikoyi Correctional Centre in Lagos were recently full of joy when Fidelity Bank Plc donated some relief items to them.

The financial institution, through its Corporate Social Responsibility (CSR) initiative known as Fidelity Helping Hands Programme (FHHP), handed over various household tools and gift items to the leadership of the correctional facility as part of its efforts to support the rehabilitation and development of indigent persons in society.

The Chief Human Resources Officer of Fidelity Bank, Mr Charles Nwachukwu, reaffirmed the bank’s deep commitment to transforming lives and restoring hope, emphasising that true progress lies not only in financial growth but in extending compassion and opportunity to those that society often overlooks.

“At Fidelity Bank, we believe that every individual deserves a second chance. Our approach to Corporate Social Responsibility is rooted in empathy, standing with communities, uplifting the vulnerable, and opening doors for brighter futures.

“By supporting inmates today, we are setting them on the true path of rehabilitation, empowering them to return tomorrow as productive and confident members of society,” the banker said.

The Deputy Controller of Corrections at Ikoyi Custodial Centre, Mr Julius Ogueri, who could not hide his excitement over the gesture, appealed to Nigerians to avoid cybercrimes and stigmatisation of ex-inmates.

Highlighting the challenges faced by correctional facilities in Nigeria, Mr Ogueri noted that Ikoyi correctional center initially designed for 800 inmates, now houses over 3,000 inmates, with 396 convicted persons and 3,604 awaiting trial.

Whilst thanking the bank, the Deputy Controller also emphasised the importance of rehabilitation, citing examples of inmates who have pursued education and skills acquisition, including 72 inmates studying with the National Open University of Nigeria and 120 inmates who have benefited from WAEC and GCE support.

Business Post reports that through the FHHP, staff across Fidelity Bank branches nationwide identify crucial interventions needed in their immediate community and raise funds to execute them. The bank’s management then matches this contribution with an equal amount and disburses it for the selected project.

The visit to the Ikoyi Correctional Centre reinforces the lender’s unwavering commitment to meaningful community impact and demonstrates its strong dedication to advancing social responsibility and rehabilitation efforts across the society.

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Ecobank Nigeria Introduces Business App for SMEs to Accelerate Growth

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ecobank Business App

By Dipo Olowookere

A new digital banking platform created to help business owners in the country to eliminate delays, queues, and operational inefficiencies has been introduced by Ecobank Nigeria.

This mobile application is to strengthen the growth and sustainability of Small and Medium Enterprises (SMEs) across Nigeria, allowing them to manage payments, monitor transactions, oversee cash flow, and run day‑to‑day financial operations directly from their mobile devices.

The Ecobank Business app, now available on the Google Play Store and Apple App Store, cements the bank’s position as a dependable growth partner to SMEs across all sectors, delivering tools that help businesses manage better, grow faster, and operate more competitively in a digital economy. – Ecobank Business — Your Growth Partner.

The introduction of this initiative further reinforces Ecobank’s broader commitment to empowering SMEs through digital innovation, sector‑specific value propositions, and financial solutions like structured loans, trade support, guarantees, and equipment financing.

It also aligns with the lender’s push to re-energise dormant SME accounts, deepen market penetration, promote digital adoption, and scale value‑chain financing through partnerships with corporate anchors.

According to the Executive Director for Consumer and Commercial Bank at Ecobank Nigeria, Mr Kola Adeleke, the Ecobank Business App was developed to address the unique challenges faced by Nigeria’s diverse SME landscape.

Speaking at the unveiling in Lagos, he explained that the platform caters to traders, retailers, tech start-ups, online businesses, hospitality operators, farmers, agro‑processors, manufacturers, construction firms, professionals, social commerce entrepreneurs, schools, associations, and organisations that require transparent and efficient financial management.

Mr Adeleke noted that the app delivers faster payment collection for merchants and retailers, seamless digital transactions for online businesses, efficient vendor and staff management for hospitality players, timely payment solutions for agriculture value chains, and secure handling of bulk and high‑value transactions for manufacturers and construction firms.

He added that professionals such as lawyers and consultants can issue invoices and receive payments easily, while schools and associations can streamline fees, dues, and reporting from a single platform.

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