Banking
Fintech Focuses More on Payments, Not Wealth Creation—Ecobank
By Adedapo Adesanya
The Managing Director of Ecobank Nigeria Limited, Mr Patrick Akinwuntan, has challenged financial technology companies in the country to endeavour to create wealth for their customers.
The banker, while at the Fintech in Nigeria: State of Play, pointed out that the fintech industry was currently more active in payments than in wealth creation, which he said is the ultimate goal for financial inclusion.
He, therefore, called for greater collaboration among banks, telecommunication companies, fintech companies and respective regulators to stimulate the Nigerian economy and enhance savings and lending in the financial landscape.
According to Mr Akinwuntan, these will help to generate activities in the economy and expand wealth creation, stating that the Central Bank of Nigeria (CBN) has been proactive in providing a regulatory environment for the collaboration of players with an emphasis on customer protection which has improved customers’ trust in using digital channels.
Mr Akinwuntan who commended the role fintechs play in facilitating payment, said “there is need to deepen their presence in lending and savings. This is why I maintained that collaboration between Fintech and banks is valuable.
“We are not at the stage of competition yet; we are at a situation where although we have our profitability interests, we will actually gain much more by collaborating”.
He added that “in the area of savings and lending, be it to the agriculture sector, the creative sector or the young graduates setting out to be entrepreneurs directly, the ability to save even in little bits creates a profile that would be able to attract lending that you can translate into economic value.”
Specifically, the Ecobank Managing Director stated that the Fintech industry rose to the situation especially in the payment space and increase in lending and savings during the COVID-19 pandemic lockdown in the country.
He noted that “between March and April, the number of transactions in the payment space for Fintech grew in multiples of close to 800 per cent. We saw significant participation of the Fintech industry in actually reaching more of the underserved in the market by reducing the cost of access and making these services available all the time either by using traditional banks or in collaboration with government agencies.”
Further, Mr Akinwuntan explained that Ecobank had uninterrupted banking services for its customers through its digital platforms and agency banking during the lockdown.
“We had invested significantly in our digital platforms; given the nature of Ecobank as a pan African institution, the only way we could reach every household was to leverage the digital platform.
“We saw a marked growth in the number of digital-based transactions as our customers continued in their way of life depending on these platforms. And most importantly is the use of our social media to drive advocacy with the stay safe campaign where we educated the masses on safety guidelines. We were ready for the situation giving the nature of our franchise. And with our agency banking push, people do not need to go beyond their neighbourhood to do a transaction.”
Also speaking, Director, Payment System Management, CBN, Mr Musa Jimoh, said the apex bank’s regulation is driven by innovation.
“We have come up with regulations that will enable all the participants to behave symbiotically. Our payment system directive will be driven by innovation in the banks. We don’t know what will happen in the future in terms of technological development, therefore we follow innovations and prepare a ground for all the participants to work symbiotically. A new innovation is studied before we provide the needed intervention in terms of policy derivative that will help everybody to participate”.
He observed that the coronavirus pandemic-induced lockdown provided an opportunity for banks to sell digital products, test their back up and business continuity processes and explore the technological services available and push for their financial services, noting that CBN is backing up these areas with relevant regulations to ensure all the participants with the payment and financial service space can actually conduct their service responsibly.
On priorities in the regulatory space especially those championing Fintech, Mr Jimoh said the apex bank currently operates both sandbox and the open bank regulation.
“The sandbox provides a regulated environment for startups who don’t have the financial strength to take authorization from CBN to go through the entire process of licensing to test their innovation.
“We are working hard to showcase an environment where startups can come to the regulatory sandbox to test their innovation and services without having the license yet,” he added.
He said further that “open banking regulation is a principle that will allow third-party to leverage on the existing bank accounts with the banks to get information and provide services. More like democratizing financial services where a person chooses the service provider that will provide services and the kind of services provided. As a Fintech, you will be able to connect to banks to provide value-added services.”
Fintech in Nigeria: State of Play is an Economist Intelligence Unit Research which examines key trends in the fintech sector in Nigeria and assesses both industry drivers and impediments to further growth.
By Aduragbemi Omiyale
The N3.97 billion commercial paper issuance of AG Mortgage Bank Plc will close on Thursday, June 18, 2026.
The sale of the debt instrument by the real estate lender commenced on Wednesday, June 10, 2026.
It is under the N5 billion commercial paper issuance programme of the lending firm aimed to support its short-term working capital and funding requirements.
The company is selling the papers in two series, with Series 2 offered at a discounted rate of 19.2895 per cent for 270 days, and Series 3 at a discounted rate of 19.3651 per cent for 364 days.
The minimum subscription is N5 million, and subsequent additions of N1 million.
AG Mortgage Bank is a leading primary mortgage bank in Nigeria with over two decades of experience in providing affordable mortgage financing and housing finance solutions.
The bank has grown its asset base to over N33 billion and remains a key participant in major housing intervention programmes, including the National Housing Fund Scheme and other government-backed mortgage initiatives.
Supported by a diversified product offering, strong institutional credibility, and an experienced management team, AG Mortgage Bank continues to deliver solid financial performance.
For FY 2025, interest income increased by 28.1 per cent to N3.65 billion, while profit after tax rose by 130.0 per cent to N1.05 billion, reflecting strong earnings growth, operational efficiency, and prudent risk management.
By Aduragbemi Omiyale
The chairman of Access Holdings Plc, Mr Aigboje Aig-Imoukhuede, has reaffirmed the organisation’s long-term commitment to shareholders, expressing confidence in the company’s strategic positioning, which he said is underpinned by disciplined execution, a diversified business model, a strengthened capital base, and a clear focus on sustainable value creation.
Speaking at the 4th Annual General Meeting (AGM) of the firm on Wednesday, he explained that the temporary suspension of dividend distributions was a consequence of regulatory compliance requirements rather than any deterioration in the group’s financial performance.
Mr Aig-Imoukhuede reaffirmed that the financial institution’s earnings capacity remains strong and that the board’s position reflects adherence to supervisory expectations and prudent capital management principles.
He assured shareholders of the board’s commitment to resuming dividend payments as soon as the relevant regulatory conditions are satisfied, noting that, “Our approach is clear: capital retained today must translate into greater value tomorrow and sustainable returns for our shareholders.”
The Chairman reiterated the strategic imperative underpinning the company’s next phase of growth, saying, “Our strategy, From Scale to Value, reflects the natural evolution of our journey. Scale created opportunity; value creation is how we fully realise it.”
He noted that while the organisation continues to generate strong returns, ensuring that earnings per share consistently exceed the cost of capital remains central to unlocking sustainable shareholder value.
The retired banker also acknowledged the significant unrealised value embedded within the firm’s international subsidiaries and reiterated management’s focus on improving market recognition of that intrinsic value over time.
Commenting on the financial performance of the group in 2025, he said Access Holdings accelerated provisions on legacy and regulatory forbearance credit exposures, resulting in elevated impairment charges.
He explained that the group consciously prioritised balance sheet strength and long-term resilience over short-term earnings optimisation.
“Periods of economic uncertainty often reveal more about an institution than periods of uninterrupted growth. Our focus remains on building a business that is not only growing, but improving in the quality, resilience, and sustainability of its earnings,” he stated.
Last year, the financial services organisation delivered pre-tax profit of N1.007 trillion, underscoring the strength of its diversified platform and expanding earnings base across key markets. Total assets increased to N51.56 trillion, while customer deposits grew strongly, reflecting sustained franchise momentum and deepening customer trust.
By Modupe Gbadeyanka
A new report highlighting the transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers has been launched by HabariPay Limited.
The report, known as the HabariPay Impact Report 2025, provides stakeholders with a comprehensive evolution, innovation journey, business performance, and impact of the fintech subsidiary of Guaranty Trust Holding Company (GTCO) Plc on the digital payments landscape.
The company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions were also captured in the piece.
The HabariPay Impact Report 2025 also highlights the organisation’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions.
The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.
It showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.
“As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators.
“The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy,” the Managing Director of HabariPay, Ms Eduofon Japhet, said.
“The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders.
“As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive,” she added.
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