Banking
Afreximbank Grows Net Interest Income 24.5% to $826.2m in H1’24
By Adedapo Adesanya
The African Export-Import Bank (Afreximbank) recorded a 24.5 per cent growth in its net interest income for the first half of 2024 to $826.2 million from $663.6 million in the same period of last year, according to its consolidated financial statements for the six months ended June 30, 2024.
The Group delivered solid year-on-year growth across key performance metrics and an increase in shareholder value indicating resilience amid challenging macro-economic conditions.
According to a statement, the increase was driven by a 31.42 per cent increase in interest income to $1.5 billion, on the back of growth in the Bank’s portfolio of Loans and advances.
The group said its performance for the period reflects that of the bank as subsidiary entities are still in their early stages of development, with the notable exception of the Funds for Export Development in Africa (FEDA) which contributed $11 million to the Net Interest Income of the Group, compared to $9.1 million at H1’2023.
The group’s total fees and commission income for the period under review increased by 20.1 per cent to $71.2 million, compared to $59.2 in the same period last year.
Operating expenses increased by 30.4 per cent, to $152.8 million, compared to $117.2 million at the first six months of 2023 reflecting higher personnel and administrative costs to support the initiatives of the bank and subsidiaries amid a high inflationary external environment. The Cost to Income Ratio remained low at 16.98 per cent, well within the strategic upper limit of 30 per cent.
During the period, the group said it continued to make strategic progress in its mission to develop African trade, including deepening ties with Caribbean countries and the broader diaspora.
The winding down of the Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA) facilities as African economies demonstrated resilience, and adapted to the crisis, resulted in a marginal decline in Loans and advances from $26.7 billion to $26 billion.
Cash and cash equivalents closed the period at $3.9 billion, a drop of 30.4 per cent versus H1 2023’s $5.6 billion, while the Liquid Assets to Total Assets ratio remained high, at 12.5 per cent.
The group’s Shareholders’ Funds rose by 1.6 per cent to $6.2 billion compared to $6.1 billion in FY 2023, reflecting growth in internally generated Net Income of $407.7 million. The Bank’s Capital Adequacy Ratio remained strong at 25 per cent.
In June 2024 at the Afreximbank Annual General Meeting held in Nassau, The Bahamas, shareholders approved a dividend of $264.6 million and other appropriation amounting to US$50 million to support concessionary funding.
Speaking on the result, Mr Denys Denya, Afreximbank’s Senior Executive Vice President, said, “Afreximbank Group reported a strong performance in the first half of 2024, delivering robust financial results and making significant strides in its implementation of the 6th Strategic Plan – Extending the Frontiers.
“The bank continued to demonstrate its commitment to enhancing Africa’s economic resilience, by helping countries mitigate the negative effects emanating from the external challenges, advocating for the Continent’s interests on the global stage, and contributing to “Global Africa” by connecting the continent with its global diaspora through strategic interventions.”
“The strong results achieved during this period were delivered against a backdrop of a continuously challenging and evolving macro environment, reflecting the effectiveness of the Group’s strategy and its commitment to operational excellence. Leveraging its healthy financial position, the Group will continue to play a central role in the implementation of the African Continental Free Trade Area (AfCFTA) by fostering accelerating economic integration, industrialisation and trade across the continent,” he added.
He indicated that Group Management remained focused on maintaining a healthy and strong liquidity position, and sound asset quality while strengthening Afreximbank’s institutional capacity to support Africa’s growth and development aspirations.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
