Banking
Flutterwave, Yemi Edun Nominated for 2023 African Banker Awards
By Adedapo Adesanya
Nigerian fintech unicorn, Flutterwave, has been nominated for this year’s African Banker Awards, which is taking place on May 24 in Sharm El Sheikh, Egypt, and a part of the official programme of the African Development Bank (AfDB) Annual Meetings.
Since its inception in 2007, the African Banker Awards aim to recognise the exceptional individuals and organisations driving Africa’s rapidly transforming financial services sector. The winners of the African Banker Awards will be announced during the official gala ceremony.
According to a statement, this year’s awards gala is poised to accentuate the theme of gender equity in the industry, as demonstrated by the substantial proportion of female candidates vying for the coveted title of Banker of the Year, where Ms Yemi Edun of FCMB is nominated.
In addition, in partnership with the African Guarantee Fund, a fresh accolade has been instituted to acknowledge and encourage initiatives aimed at propelling financial inclusivity for women across the African continent, the AFAWA Bank of the Year award. AFAWA (Affirmative Finance Action for Women in Africa) is a pan-African initiative to bridge the $42 billion financing gap facing women in Africa.
The African Banker Awards nominees were selected from a record number of entries, representing the entirety of the African continent, over a total of 10 categories, and shortlisted by the Awards committee. The nominees for the African Banker Awards 2023 are:
Banker of the Year:
Mr Admassu Tadesse – Trade and Development Bank
Prof Benedict Oramah – Afreximbank
Ms Esther Kariuki – Co-operative Bank of Kenya
Mr Moezz Mir – SBM Bank, Kenya
Ms Mukwandi Chibesakunda – Zanaco, Zambia
Mr Othman Benjelloun – Bank of Africa
Ms Yemi Edun – First City Monument Bank
Bank of the Year:
Afreximbank
Bank of Africa
Co-operative Bank of Kenya
CRDB Bank – Tanzania
The Mauritius Commercial Bank
Trade and Development Bank
Trust Merchant Bank, Democratic Republic of the Congo
Sustainable Bank of the Year:
Absa, South Africa
Commercial International Bank, Egypt
Nedbank, South Africa
Rand Merchant Bank, South Africa
Trade and Development Bank.
DFI of the Year:
Afreximbank
Africa Finance Corporation
Arab Bank for Economic Development in Africa: BADEA
Lesotho National Development Corporation
Trade and Development Bank
Fintech of the Year:
Ensibuuko Technologies, Uganda
Flutterwave, Nigeria
JUMO World, South Africa
Lulalend, South Africa
MFS Africa, South Africa
SME Bank of the Year:
Absa, South Africa
Caisse de compensation et de consignation, Tunisia
CRDB Bank, Tanzania
Ecobank, Senegal
KCB Bank, Kenya
Deal of the Year – Debt:
EUR174m (US$190m) investment in the 44MW Singrobo-Ahouaty Project – Africa Finance Corporation
R1.143bn (US$66.13m) gender-linked bond (“GLB”) issuance across 3-year and 5-year tranches for Barloworld Limited– Rand Merchant Bank
$564m equivalent private placement green bond issuance for GrowthPoint – Absa
Harmony Gold Company syndicated multi-tranche, multi-currency, loan facility of US$400 million and R4 billion– Absa & Nedbank
Dual currency USD 292.4 Million, and EGP 1.9 billion Syndicated Long Term Facility (US$400m) to the Egyptian Chemical Industries Company (KIMA) – National Bank of Egypt
Deal of the Year – Equity:
Advisory on the US$2.5bn initial public offering (IPO) of ADNOC Gas – EFG Hermes
US$47m investment in Africa Go Green – International Finance Corporation (IFC)
US$298m Infinity Energy equity investment and Lekela Power acquisition – Africa Finance Corporation
R892m (US$55m) acquisition of Windlab Africa’s wind and solar assets I partnership with Seriti Resources – Rand Merchant Bank
R8.9bn (US$550m) evergreen B-BBEE transaction for Shoprite– Rand Merchant Bank
Agriculture deal of the Year:
Launch of a first-of-its-kind AgriHarvest Platform – Rand Merchant Bank
US$100m working capital trade finance facility to Export Trading Group (ETG) – Trade and Development Bank
8bn EGP (US$266m) Syndicated Long-Term Loan Facility for Evergrow – Banque Misr
Syndicated Long Term Facility US$161m General Authority for Rehabilitation Projects & Agricultural Development (GARPAD) – National Bank of Egypt
US$78m funding facility for the Southern Oil Structured Commodity Finance Transaction – Absa
Infrastructure deal of the Year:
$650m equivalent syndicated loan facility to EDF Renewable – Absa
$21.7m Corporate Sukuk issuance for Family Homes Fund – Greenwich Merchant Bank
$1bn 7-year Amortizing Term Loan in favour of a Special Purpose Vehicle (“SPV”) for NNPC Limited Project Yield – Afreximbank
US$900m debt funding facility for Scatec Solar PV plus Battery Storage Project – Standard Bank
US$310m debt package for the Sports and Roads Infrastructure Kigali – Trade and Development Bank
African Banker Awards will also host the first AFAWA Bank of the Year Award which will spotlight the banks advancing the financial inclusion of women across the continent. The nominees for the AFAWA Bank of the Year Award are:
Letshego Nigeria
Fin’ELLE; Rawbank
Letshego Uganda
Oiko Credit
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
