Banking
60% of Banks Move Towards Greater Digitalisation—Survey
By Modupe Gbadeyanka
A new survey by the International Chamber of Commerce (ICC) has shown that 60 percent of banks have implemented, or to be in the process of implementing, technology solutions to digitalise their trade finance operations.
However, in the 10th annual Global Survey by the ICC titled ‘Global Trade: Securing Future Growth,’ only 9 percent agreed that the solutions implemented have so far led to a reduction of time and costs in trade finance transactions.
In what the report describes as a “reality check”, 30 percent of respondents say their banks remain 1-2 years away from implementing technology solutions, while 7 percent say digitalisation is not on their agenda at all.
A heavily paper-based industry with transactions worth over $9 trillion in 2017, trade finance is often noted to be ripe for digital disruption.
The multitude of documents and players (banks, customs authorities, shippers, and insurers, among others) involved in trade finance transactions, though, make it difficult for the industry to digitalise quickly.
In the findings, 65 percent of respondents say that physical paper has to some extent been removed in the issuance/advising and settlement/financing of documentary transactions.
A notable exception is the document verification process, where 52 percent of respondents say that paper has not been removed at all.
Commenting on the development, ICC Secretary General, John W.H. Denton AO, disclosed that, “Digitalisation in the trade finance sector will boost economic growth and sustainable development. Digitalisation will make trade more inclusive.
“The ICC Global Survey gives us invaluable insight into the practical experiences and real challenges of business as we seek to take advantage of game-changing technologies and advance these broader shared goals.”
Conducted annually, the ICC Global Survey report is the world’s most authoritative review of the trade finance industry, based on exclusive information from over 250 banks in more than 90 countries.
The survey results are bolstered by contributions from an international array of leading voices on trade and finance, including experts from the World Bank, the Boston Consulting Group (BCG) and the World Trade Organization.
An industry ripe for disruption
A single trade finance transaction can require over 100 pages of documents, with an estimated four billion pages of documents currently circulating in documentary trade. According to BCG estimates, digitalisation could cut trade finance costs by up to $6 billion in 3-5 years and boost banks’ trade finance revenues by 10 percent.
The ICC Global Survey figures demonstrate that a majority of banks are moving towards greater digitalisation, recognising its potential gains, yet only a minority have so far seen technology solutions increase their operational efficiency.
“Adapting global trade finance rules to the digital era will play a pivotal role in enabling banks to capitalise on new technologies,” said Olivier Paul, Head of Policy at ICC’s Banking Commission, which launched a digitalisation working group in June 2017.
“ICC rules underpin over $1 trillion of transactions each year. Now, we are working to both ensure these rules are ‘e-compatible’ and establish a set of standards to enable digital connectivity for trade finance service providers,” Paul added.
Bullish on future growth despite compliance and pricing concerns
Among the many other Global Survey findings, responses show that banks are bullish on future trade finance growth trends. Nearly three quarters of banks presented an optimistic outlook for the next 12 months, with respondents headquartered in Africa and Asia Pacific the most positive, at 89% and 81 percent respectively.
Looking ahead into the medium and longer term, only 5 percent of respondents consider traditional trade finance a strategic area of focus in the next 3-5 years. In contrast, 72 percent consider traditional trade finance a priority in the next 12 months.
Nearly half of respondents agreed that attracting non-bank capital, leveraging emerging technologies such as blockchain and shifting geographical coverage were priority areas for the next 3-5 years.
When asked what potential obstacles banks saw to their future growth prospects, respondents’ answers were stark. 93 percent of respondents named regulation and compliance as a potential obstacle while 87 percent pointed to complying with counter-terrorism and international sanctions regulation.
The ICC Banking Commission has continuously advocated for banking regulation that avoids aggravating geographical disparities in trade finance coverage, specifically across poorer regions in Africa and South Asia.
In 2017, following ICC engagement with the United Nations (UN) and national governments, the UN officially recognised the estimated $1.5 trillion trade finance gap and pledged to carry out an official review of its underlying causes.
The impact of interest rates on international trade finance pricing was also noted by the Global Survey, with 35 percent of respondents, especially large institutions, affirming that rates were driving up the cost for clients. This was particularly notable in Africa and North America where 60 percent and 54 percent reported an increase in interest rates related to trade financing.
Yet, a total of 38 percent reported maintaining the same rates, suggesting that the rise in financing costs is at least partly driven by bank-specific pricing strategies.
By Adedapo Adesanya
The African Energy Bank (AEB) will now officially launch in September in Abuja after failing to meet its targeted first-half 2026 commencement date, marking a fresh timeline for the continent’s energy financing institution.
The Secretary General of the African Petroleum Producers’ Organisation (APPO), Mr Farid Ghezali, as per Argus Media, acknowledged “several postponements” but said the new deadline is “to make the bank operational in September 2026 in view of the incompressible deadlines from an administrative point of view”.
A planned April start was pushed back to June before APPO members were again mobilised around a third-quarter deadline. At a recent meeting, the Nigerian government reiterated the country’s commitment to the African Energy Bank’s formal commencement of operations.
The bank was established by the APPO and the African Export-Import Bank (Afreximbank) to address the critical financing needs of Africa’s oil, gas and broader energy sectors and mitigate the global funding pressure against hydrocarbon investments in Africa.
The APPO scribe said funding has remained a major challenge even when the Nigerian government said the headquarters of the bank was ready since 2025.
Mr Ghezali called on APPO members to redeem their pledges towards the $500 million start-up capital before the end of June.
Argus quoted sources as saying that 91 per cent of the capital had been raised and that the Nigerian National Petroleum Company (NNPC) Limited and the Nigerian Content Development and Monitoring Board (NCDMB) would make up the balance.
Mr Ghezali said AEB aims to reverse the situation that sees Africa importing more than 60 per cent of its oil products consumption and producing only 12 per cent of global upstream liquids while being home to many of the world’s largest national oil and gas reserves.
He stated that the bank will target the financing of 20–30 LNG, petroleum products pipeline, terminals and refining projects by 2030. Projects that monetise natural gas as a transition fuel will take up 40 per cent of AEB’s loan book, and priority will be given to projects that contribute towards the creation of “500,000 to 1 million direct and indirect jobs in the energy value chain”.
Speaking at a Nigerian energy summit in February, Mr Ghezali said the bank plans to raise $15 billion in its first three years of operations to fund strategic energy projects.
He also unveiled the three-phase road map for the AEB, including “Phase one, which, as I said in the first half of 2026, launches the African Energy Bank platform with 10-pillar projects involving countries such as Nigeria, Angola, and Libya. APPO certification and integration of IOCs such as Shell or ENI.”
“Phase two, in 2027, we plan to start a regional gas-oil trade, integrating the principles of the Bassari Declaration for 15 per cent local content.”
Phase three, reaching 2030, the African Energy Bank will be a true African financial hub, with $200 billion mobilised.”
By Modupe Gbadeyanka
Zenith Bank Plc has joined other global corporations to commemorate the 2026 World Environment Day with a two-phase environmental clean-up initiative in Lagos State.
The financial institution participated in the commemoration under the global theme Inspired by Nature. For Climate. For Our Future through a two-day event.
In the first phase, which was a morning clean-up conducted by staff of the Bank on Wednesday, 3 June 2026, along Ajose Adeogun Street, Victoria Island, Lagos, employees of the lender cleared waste, sensitised residents on proper disposal practices, and reinforced the bank’s culture of community service and environmental stewardship.
The second day, participants engaged in a waterways clean-up at the Falomo Waterways, Ikoyi, Lagos. This was in collaboration with the Lagos Waste Management Authority (LAWMA) and the Lagos State Waterways Authority (LASWA). The joint effort focused on removing marine debris, promoting cleaner waterways, and supporting the state’s broader climate-resilience agenda.
“At Zenith Bank, sustainability is integral to how we operate. Clearing our streets and our waterways is a practical reminder that protecting the environment is a shared responsibility – and one we are proud to take up alongside LAWMA and LASWA.
“Through these exercises, we are taking deliberate action to preserve our communities, support climate action, and inspire others to act. Our operations will continue to align with global environmental standards as we build a more sustainable future for Nigeria and Africa,” the chief executive of Zenith Bank, Ms Adaora Umeoji, stated.
Zenith Bank says it remains committed to embedding Environmental, Social and Governance (ESG) principles across its operations, investing in green initiatives, energy efficiency, and community-focused programmes, in line with its commitment to environmental sustainability and responsible business practices.
These efforts advance the United Nations Sustainable Development Goals – particularly SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action). Sustainability remains an operational imperative across the Bank’s Nigerian base and its broader African, UK and European footprints.
By Modupe Gbadeyanka
The need to consider the usage of transaction data to design credit products for millions of small businesses in Nigeria has been emphasised by the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda.
Speaking at a panel session at the launch of the Nigeria Payments System Vision 2028 (PSV 2028) by the Central Bank of Nigeria (CBN) recently, the Moniepoint chief said transactions from the payments ecosystem could be tracked to unlock economic survival for millions of underserved businesses that have been historically shut out of formal credit markets.
PSV 2028 is a framework aimed at setting priorities and direction for the country’s payments infrastructure over the coming years, with financial inclusion, resilience, and innovation among its core pillars.
According to the CBN governor, Mr Yemi Cardoso, the new framework builds on Nigeria’s progress in digital payments and seeks to accelerate the country’s transition towards a more inclusive, technology-driven ecosystem as it continues to lead Africa’s digital payments ecosystem.
At the panel, Eniolorunda noted that “I believe the next phase of growth will come from layering services like credit onto existing payment flows, using the visibility and trust already built through financial transactions.”
Speaking on the power of payment infrastructure as a foundation for broader financial services, he argued that the data generated by payment systems, when used responsibly, holds the key to making credit faster and more accessible for underserved businesses.
“One of the most powerful things about payment infrastructure is the data it creates. When used responsibly, it can help unlock quicker and more accessible credit for businesses that have historically been underserved. For many small businesses, access has always been the real barrier,” he said.
“Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs, and ecosystem players working together with a shared long-term vision,” Mr Eniolorunda added, echoing Governor Cardoso’s warning against the country’s historic “start-stop” policy cycles.
“Over the past two decades, Nigeria’s payments ecosystem has evolved into one of the most dynamic and innovative in the world. From instant payments and digital adoption to fintech-led innovation, our progress has often set the pace on the continent. While this progress has not always been fully reflected in global narratives, its impact on economic activities, financial inclusion, and system resilience is evident across our economy,” he said.
Business Post learned that the panel was moderated by the chief executive of Sterling Bank, Mr Abubakar Suleiman, and also featured the chief executive of the Nigeria Inter-Bank Settlement System (NIBSS) Plc, Mr Premier Oiwoh; his counterparts at Remita Payment Services Limited (RPSL), Mr Deremi Atanda; and Shared Agent Network Expansion Facilities (SANEF) Limited, Mrs Uche Uzoebo, among others.
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