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.

By Adedapo Adesanya 

The Central Bank of Kenya (CBK) and the National Treasury have approved Access Bank’s acquisition of the National Bank of Kenya, one year after the deal was announced.

The lenders signed an agreement for the purchase in March 2024 and will see KCB sell 100 per cent of NBK at 1.25 its book value, boosting the foothold of Nigeria’s biggest bank in one of East Africa’s most crucial economies.

The Central Bank of Nigeria (CBN) and other authorities will still need to grant regulatory approval.

The CBK said Treasury Cabinet Secretary, Mr John Mbadi, had approved the deal, bringing Access Bank closer to taking over NBK, which could expand its footprint in East Africa’s largest economy, given the bank’s nationwide branch network.

“Pursuant to section 13 (4) of the Banking Act, the Central Bank of Kenya on 4th April, 2025, approved the acquisition of 100 percent of the issued share capital of National Bank of Kenya Limited by Access Bank PLC,” CBK governor Kamau Thugge said in a gazette notice.

“The Cabinet Secretary for the National Treasury and Economic Planning on 10th April, 2025, approved the acquisition of 100 percent of the issued share capital of National Bank of Kenya Limited by Access Bank PLC,” it said in a statement on Monday.

This development marks the second acquisition in Kenya for the Nigerian bank after it bought Transnational Bank Limited in 2019.

Speaking on the deal last year, the CEO of Access Bank, Mr Roosevelt Ogbonna, in a statement said, “The transaction represents an important milestone for the bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market.”

According to KCB Group CEO, Mr Paul Russo, the sale of the lender to Access Bank will help turn around the fortunes of the struggling subsidiary. KCB, which is Kenya’s biggest bank, bought the National Bank of Kenya in 2019.

“The board evaluated three options and made the decision that to protect the value and the efforts we’ve put in NBK, the right thing to do [] is to accept a binding offer from Access Group,” Russo said while releasing KCB Group’s 2023 financial results.

Access Bank plans to double the share of assets outside its home market by 2027 and has seen deal build on the bank’s growing operations in the Democratic Republic of Congo and Rwanda, as well as its acquisitions or plans to acquire stakes in Uganda’s Finance Trust Bank Limited in January, a controlling share in African Banking Corporation of Tanzania, and Standard Chartered Bank Plc’s consumer, private and business-banking operations in that country.

Access Bank has been on a Mergers and Acquisition (M&A) streak across the continent, acquiring Grobank in South Africa, BancABC in Botswana and Mozambique, Diamond Bank in Nigeria, and Finibanco Angola in line with the visions of its late founder, Mr Herbert Wigwe.