Banking
Ecobank Becomes 2021 African SME Bank of the Year
By Adedapo Adesanya
Ecobank has beat a host of other banks to emerge as the African Banker’s 2021 African SME Bank of the Year.
The bank took home the SME Award for its service in 2020, a tumultuous year characterised by the COVID-19 pandemic which continues to ravage many African economies, with Small and Medium Enterprises (SMEs) taking the greatest hit.
Among other criteria, the African SME Bank of the Year award 2021 recognises the bank which has significantly contributed to the development of the SME sector, thus helping them to build the economic backbone of the continent.
Part of the entry criteria required that the winning bank has significantly catalysed funding into the private sector in Africa and promoted enterprise development by facilitating credit and access to finance for SMEs.
Since the onset of the pandemic, the organisers noted that Ecobank Group considerably ramped up investments in programmes targeting SMEs by expanding SME-focused lines of credit, providing technical assistance to SME development institutions and building SMEs’ capacity via linkage programmes in partnership with its strategic partners.
The group was also at the forefront of promoting gender inclusion and closing the gender finance gap through innovative initiatives such as ‘Ellevate by Ecobank’ that targets women-led and women-focused businesses across the continent.
Speaking on the recognition, Ecobank’s Group Executive, Commercial Banking, Mrs Josephine Ankomah, said “2020 was a year of unprecedented challenges on account of the COVID-19 pandemic. It required resilience and innovation. We needed to rethink our business and provide innovative ways to assist our SME customers to help them to survive the difficulties brought about by the pandemic.
“We are truly honoured to receive this recognition. Our immense gratitude goes to our staff, customers and partners who have made this possible.”
The organisers explained that some of the measures taken by the Bank to support SMEs in 2020 include proactively instituting mitigating actions, including tenor extensions and moratoriums on interest, to assist SMEs to manage their loan repayments.
They also considered that the lender increased the utilisation of digital channels, such as Ecobank Omni Lite, to provide customers with capabilities to make payments remotely and conveniently.
The bank also upskilled staff to ensure their capacity to help develop the SME sector and collaborated with existing risk-sharing partners, particularly Development Finance Institutions (DFIs), to share a portion of the risk associated with our lending to the SME sector.
It also partnered with tech giant Google to provide SME customers with the means to develop a free online presence through the Google My Business platform.
The bank also got a pat on the back for collaborating with the African Union’s Development Agency – AUDA-NEPAD – to focus on strengthening Africa’s support for micro, small and medium enterprises (MSMEs) and assist their recovery from the impact of the pandemic by empowering MSMEs with access to capabilities, markets and finance, so that they can play a pivotal role in restarting Africa’s economies.
Another reason for this was the launch of ‘Ellevate by Ecobank’ which is a women-owned and women-focused product offering women an end-to-end partnership, through which they gain access to both financial and non-financial services such as financial education, product information, networking and recognition.
During the year, the ban grew the number of merchants using Ecobank’s point-of-sale (POS) terminals from 5,571 to 15,878, in addition to attracting significant onboards onto EcobankPay, our flagship QR collections platform, from 180,060 to 248,664.
By Dipo Olowookere
Additional shares of First HoldCo Plc worth about N149.6 billion have been listed on the Nigerian Exchange (NGX) Limited.
The fresh equities were introduced to the stock exchange on Monday, April 7, 2025, to increase the total issued and fully paid-up share of the financial services provider to 41,877,841,591 ordinary shares of 50 Kobo each.
Before now, First HoldCo had a total of 35,895,292,792 ordinary shares of 50 Kobo each but this increased with the addition of another 5,982,548,799 ordinary shares of 50 Kobo each.
The new equities were from the rights issue of the organisation, which saw shareholders getting one new stock for every existing six stocks held at the close of business on Friday, October 18, 2024.
The exercise, which was oversubscribed by 25.46 per cent, was part of the strategies to meet the new minimum capital requirement of the Central Bank of Nigeria (CBN) for its banking business, First Bank of Nigeria Limited.
The banking arm of First HoldCo is in the tier one category in Nigeria and it is required to have at least N500 billion as its capital base because of its operations outside the country.
Business Post reports that the fresh 5,982,548,799 ordinary shares of First HoldCo listed on the bourse last Monday was at a unit price of N25, amounting to N149.6 billion.
Confirming this development, the NGX in a notice said, “Trading licence holders are hereby notified that additional 5,982,548,799 ordinary shares of 50 Kobo each at N25.00 per share of First HoldCo Plc were on Monday, April 7, 2025, listed on the daily official list of Nigerian Exchange (NGX) Limited.
The additional shares listed on NGX arose from First HolCo Plc’s rights issue of 5,982,548,799 ordinary shares of 50 Kobo each at N25.00 per share
“With the listing of the additional 5,982,548,799 ordinary shares, the total issued and fully paid-up shares of First HoldCo Plc have now increased from 35,895,292,792 to 41,877,841,591 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has reiterated its commitment to the growth of the Small and Medium Enterprises (SMEs) sector.
This was made known by the Acting Director for Corporate Communications Department of the CBN, Mrs Hakama Ali, on Sunday, during the CBN’s Special Day at the ongoing 36 Enugu International Trade Fair 2025.
In her address, Mrs Ali said that the theme for this year’s fair, Developing Nigeria Industrial Sector/SMEs for Economic Advancement & Global Recognition is apt as it addresses the imperative of value addition and the links that would help to support industrial activities, to fully integrate the economy into the global industrial architecture.
Mrs Ali said that the current management of the bank was committed to correcting identified challenges of the Nigerian economy to stimulate productivity, especially the SMEs.
Business Post reports that SMEs account for the highest job creation efforts in Nigeria and contributes around 50 per cent to the country’s gross domestic product (GDP).
She noted that achieving an impactful industrial development for global recognition is premised on a tripod, including robust financial systems fundamentals, foreign, exchange market stability and strong collaboration between the monetary and fiscal authorities.
“The bank’s efforts in these directions are already yielding the desired results, this has resulted in significant increase of inflow in foreign direct and portfolio investments and positive trade balance in recent times,” she said.
She maintained that the improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.
“The CBN annually participates in the Enugu fair to raise awareness and sensitize teeming stakeholders on its policies and programmes which are key to driving economic activities, inclusiveness, and attainment of global recognition,” she said.
By Modupe Gbadeyanka
The British government has promised to support a Nigerian financial technology (fintech) firm, Moniepoint Incorporated, to enhance trade and investment partnerships between the two nations.
This assurance was given by the British Deputy High Commissioner in Lagos, Mr Jonny Baxter, during a working visit to the United Kingdom office of Moniepoint recently.
Present at the meeting were the co-founder and chief executive of Mr Tosin Eniolorunda; the co-founder and Chief Technology Officer of Moniepoint, Mr Felix Ike; the Senior Vice President for M&A & Investor Relations at Moniepoint, Ross Strike; and the chief executive of Moniepoint UK, Ravi Jakhodia, among others.
Mr Baxter said the investment of British International Investment (BII) in Moiniepoint is a critical point in increasing economic opportunities for small businesses in Africa, as well as enhancing financial inclusion for consumers and providing direct financing to impactful companies.
He emphasised the importance of trade as a cornerstone of diplomatic and economic relations between the two nations, emphasizing its role in fostering prosperity, innovation, and cooperation across sectors such as energy, financial services, and infrastructure.
In his remarks, Mr Eniolorunda acknowledged the Enhanced Trade and Investment Partnership (ETIP) between Nigeria and the UK as a critical framework for unlocking market access, regulatory cooperation, and job creation in emerging sectors.
He highlighted opportunities for collaboration in areas such as innovative financial services and cybersecurity products.
The entrepreneur lauded the British government and DBT for creating an enabling environment for Nigerian businesses operating in the UK, noting that Moniepoint’s presence in the UK contributes to actualizing this bilateral relationship by ensuring it is not a one-sided transfer of investments but a mutually beneficial partnership.
“Trade and investment are pillars of UK-Nigeria relations. We’re proud to be part of a movement that’s turning those pillars into bridges for real economic transformation.
“Our mission has always been to engineer financial happiness while powering the dreams of millions businesses and individuals through digital financial technology.
“Every step we take—whether in Nigeria or the UK—is about making that vision a reality. Our growth is a testament to what’s possible when partnerships go beyond investment—it’s about shared prosperity and innovation,” Mr Eniolorunda said.
The UK-Nigeria trade relations are expected to see significant growth in several sectors this year and Moniepoint plans new solutions to help Nigerians in the UK easily send money home.
These solutions will leverage the company’s reputation for trust, speed, and transparency to solve payment issues, and this is part of a larger effort to improve economic and trade relations between Nigeria and the UK.
Moniepoint operates as an all-in-one financial ecosystem, offering seamless payments, banking, credit, business management and cross border solutions to over 10 million businesses and individuals across Nigeria and Africa.
It has established itself as the leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), especially those in the informal segment of the economy.
Moniepoint’s mission to drive financial inclusion and empower businesses has been widely acknowledged and signposted by its listing for two consecutive years as Africa’s fastest growing financial institution.
As Nigeria’s largest merchant acquirer, the company powers most of the country’s Point of Sale (POS) transactions, processing over 1 billion transactions monthly, with total payments volume exceeding $22 billion.
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