By Aduragbemi Omiyale

At least 100 entrepreneurs in Lagos and Abuja gathered recently for a training backed by the Economic Community of West African States (ECOWAS), in collaboration with Ecobank Nigeria and the World Bank.

The off-grid photovoltaic solar energy workshop was part of efforts of the organisations to make electricity accessible to many citizens.

It was gathered that the training was also to ensure that stakeholders in the small and medium-sized enterprises (SMEs) sector get alternative power supply.

This initiative forms part of the Regional Off-Grid Electricity Access Project (ROGEAP), which seeks to promote the development of a regional market for standalone solar energy systems.

ROGEAP is funded by the World Bank, with additional support from the Clean Technology Fund (CTF) and the Directorate General of International Cooperation (DGIS) of the Government of the Netherlands.

At the three-day Entrepreneurship Business Training held in Lagos, the Senior Adviser at the ECOWAS Commission’s ROGEAP, Mr El Hadji Sylla, noted that Nigerian SMEs have already benefited from grants totalling $800,000 under the project, aimed at increasing participation in the off-grid solar energy value chain.

Mr Sylla explained that the capacity-building workshops, conducted in both Abuja and Lagos, were designed to enhance the technical and financial capabilities of SMEs focused on solar energy. The objective is to better position these businesses for growth and long-term sustainability in the renewable energy sector.

He also stated that ECOWAS is in discussions with Ecobank Group to establish mechanisms that would allow the bank to offer both technical and financial support to SMEs in the solar energy ecosystem. This includes extending direct credit lines to eligible businesses.

According to him, the first component of ROGEAP—led by the ECOWAS Commission—centers on the creation of a strong regional market for off-grid solar solutions. A key strategy involves equipping SMEs with the skills to develop technically sound and financially viable projects that meet commercial lending standards.

“This year, we have worked closely with Ecobank Nigeria to align solar-focused SME portfolios with the bank’s financing requirements.

“Our goal is to ensure that the submitted projects are not only technically feasible but also bankable,” Sylla said.

Also speaking at the event, Salamatu Baba Tunwzang, Team Lead at ROGEAP’s Entrepreneurship Support Facilities, emphasized that the program goes beyond technical training. She highlighted that participating SMEs are also being prepared to access ROGEAP grants and other funding opportunities.

“When businesses join our network, they gain access to both technical assistance and financial resources,” she said. “We also build the capacity of technical installers, who can equally benefit from these opportunities. It’s a comprehensive support system—they receive funding, technical training, market intelligence, and valuable networking opportunities for collaboration.”

In his remarks, Managing Director of Ecobank Nigeria, Bolaji Lawal, reiterated the vital role SMEs play in driving economic sustainability and inclusion. Represented by Otega Aghogho Odjegna, Regional Head for the Apapa-Isolo Region, Lawal described SMEs as the “lifeblood of any economy,” pointing out that they contribute over 80 percent of employment across West Africa.

He further noted that this initiative aligns with Ecobank’s ELLEVATE program and the Single Market Trade Hub, both of which aim to equip SMEs with tailored financial solutions, digital tools, and strategic insights to help them scale and compete in broader markets.

 By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has reportedly slammed a fine of N250 million on Paystack for operating its personal banking product, Zap, without its approval.

According to TechCabal, Paystack didn’t follow due diligence and operated the product without the appropriate regulatory licence.

Zap was launched in March to solve challenges around bank transfers. However, there were whispers that Zap did not get its independent licence and was covered by Paystack’s licence.

Paystack holds a switching and processing licence, which permits it to route financial transactions between banks and other institutions, but not to hold customer funds.

Business Post reports that if a product launches without the proper license, the apex bank has the right to shutdown its operations or impose a fine, and since it appears that Paystack didn’t get the appropriate authorisation, the banking sector regulator in Nigeria had to wield the big stick.

Customers can fund their Zap account by linking their Nigerian bank accounts to Zap using Paystack’s direct debit infrastructure or depositing money directly into a Paystack-Titan account.

The app is limited to only commercial bank accounts which can be linked through Paystack Vault. So, account numbers like like OPay, PalmPay, and Moniepoint are excluded from the list of supported institutions.

Users can also link debit or credit cards from any country to the Zap app.

This may also present another rationale for the fine since Zap can carry out international transfers, particularly to the United Kingdom, even though it doesn’t have a International Money Transfer Operator Licences (IMTOs) from the CBN or even registered with the UK’s Financial Conduct Authority (FCA), which regulates financial services in the UK, as per checks.

Since its launch, Zap, has faced challenges including claims of trademark infringement as Nigerian crypto startup Zap Africa accused Paystack of stealing its name.

The matter is currently still undergoing legal battles between both entities.

Right now, the question that people will be asking is: how could a prestigious firm like Paystack fail to do the necessary things?

By Aduragbemi Omiyale

Bank officials have been warned against creating multiple accounts for customers, alerting them of an investigation, or hinting them of their accounts being flagged by security officials.

At a meeting with compliance officers of banks in Port Harcourt, Rivers State, on Tuesday, the Acting Zonal Director of the Economic and Financial Crimes Commission (EFCC), Mr Adebayo Adeniyi, said bankers must collaborate with the agency to minimise crime in the country.

He also emphasised the need for financial institutions operating in the country to enforce the Customer Due Diligence and Know-Your-Customers (KYC) policies to strengthen the fight against corruption.

Mr Adeniyi stated that banks and the EFCC must strengthen their partnership to rid the nation of economic and financial crimes and other acts of corruption, noting that customers must be reminded of the importance of KYC.

“It is important to remind banks of their critical roles as major stakeholders in the fight against corruption and that there is a need for the commission and the banks to work together,” he said.

He pointed out that issues of identifying bank customers and for banks to update records of their customers are very important to facilitate investigation processes.

Mr Adeniyi specifically cautioned account officers against encouraging internet fraudsters to commit fraud through multiple accounts creation or alerting their customers that they are under investigation by the EFCC or that their accounts have been flagged.

“In as much as you have to protect the bank, don’t do so at the detriment of the nation, do not protect the bank and destroy the image of your family and that of the society,” he stressed.

Responding, one of the compliance officers, Mr Edward Keto, appreciated the efforts of the anti-money laundering agency, saying, “It is a privilege to have this kind of meeting with the commission and it will help in dealing professionally with our customers.”