Banking
Retail Banks Well-Positioned for Success in Mobile Wallets—Report
Earlier this week in Nairobi, Kenya Interswitch Group, one of Africa’s most influential payment players formally unveiled their 2024 Global Payments Innovation Jury Report, a significant research effort into the outlook for innovation in payments globally, conducted in partnership with The World Bank, and notable international payment operators, namely HPS and Fime.
This is sequel to the 1 st unveil of the report in Lagos, Nigeria, where Interswitch is Headquartered in mid-March Presenting the latest report titled: “Market meltdown – impacts on infrastructure, regulation and innovation” at Interswitch’s offices in Nairobi, East Africa’s key hub for payments and fintech, John Chaplin, Senior Adviser/Board Director at Interswitch, and also the Founder and Chairman of the Global Jury unpacked some major insights encapsulated in the report, which analyses the in-depth perspectives of over 130 payment experts spanning all continents of the globe.
At the media presentation, which represented an opportunity to engage with key stakeholders in the region, Chaplin, whose career trajectory spans over 4 decades in the payment industry across leading payment companies including Interswitch, Visa, First Data Corporation and Global Processing Services reflected on the last 2 years of dynamic market activity in the global fintech and payments space, stressing that the unique insights of industry leaders across various markets has never been more needed than at a time such as this.
He particularly highlighted the jury’s depth of understanding of the causes and effects of macroeconomic changes and their impact on the long-term direction of the payments industry which helps the industry as a collective to understand how to navigate the turbulence of the times.
Asked which findings from the report findings were somewhat unexpected, Chaplin cited the general views expressed by the payments innovation jury alluding to banks being seen to have potential as long-term players in the mobile wallet space. According to the report, which plays up the growing importance of compliance and risk management as pivotal considerations as payment volumes grow exponentially, “Most of the mobile wallet buzz is around new market entrants (mainly MNOs in developing markets and fintechs everywhere) but the Jury thinks that the banks are not finished yet and that they are best placed for success once the market for wallets becomes more regulated, as they have so much experience managing compliance at scale…”
From a perspective of profitability versus growth, Chaplin opined “I think that profitability will remain much more important than hyper growth. Over the past few years, investors and the broader market have tended to believe that high growth automatically leads to profitability. I don’t think that is always right. Business leaders should always be seeking to generate a return for shareholders in the not-too-distant future.”
With research undertaken in collaboration with World Bank and supported by Interswitch, FIME and HPS, the 2024 Payments Innovation Jury is the most diverse in its 16-year history. 136 Jurors from all over the world participated in the research, all in senior roles at national payments companies, banks, fintechs, payments policy bodies, central banks and investors.
This year, the number of central bank; regulators and investors each increased by 25%, enabling an even more representative picture of the challenges and opportunities ahead. The Jury was also delighted to welcome several Jury members from South and Central America for the first time, making the insights gathered truly global.
Commenting on the Interswitch Group’s frontline role in bringing the report to fruition, Mitchell Elegbe, Founder and Group Chief Executive Officer stated that “We are thrilled at Interswitch to also contribute our perspective, as a pan-African payments innovation enabler, to this report which, with every edition, continues to facilitate more balanced appraisal and better understanding of the global payments industry as it continues to evolve ever so dynamically.”
The 2024 Global Payment Innovation Jury report offers insight into many aspects of the payments industry that were impacted by the recent period of market turmoil. Key findings from the report are synthesized below:
- The primary reason for previously high payment company valuations and funding rounds was investors bidding up deal prices and paying insufficient attention to profitability – a view shared by the investors canvassed.
- The above has led to a greater focus on earlier profitability over hyper-growth, which the Jury overwhelmingly regard as a positive for the industry – although there’s a lack of consensus on whether this is a long-term market movement
- The key differentiator between profitable and nonprofitable players is now cost management, not revenue growth, howbeit with a significant number of respondents positing that they believe this is ultimately a positive change for the global payments industry, tempered by equally valid concerns that direct consequences of the recently increasing focus on early profitability could be reduced levels of innovation which may impact future growth.
- Businesses developing AI and climate fintech tools and technologies will benefit from the diversion of investment from payments businesses.
- In emerging markets where cards have not yet gained a significant foothold, they will struggle to gain cut through when competing with account-to-account payments and mobile money.
- Credit and debit cards will be hard to dislodge from their leadership role in developed markets, but growth will be much harder to achieve than previously.
- Banks, rather than fintechs or mobile network providers, will ultimately be the major players in mobile wallets globally.
- The talent acquisition activities of payment enterprises in developed markets are a significant challenge for those in emerging markets, with almost 60% of Jury members in emerging markets saying that they are losing an unacceptable number of staff withconsequential risks to innovation programmes and sometimes even ongoing operations.
- High-profile crypto exchanges failures, such as FTX in the US, can impact confidence in global markets – not just where the failures occurred. This is clearly a concern for national regulators but remains complex to address.
- APAC retains its crown as the region with the most payment innovations, but perhaps more surprisingly, Africa & the Middle East was a clear second favourite despite Africa’s macro-economic challenges, relatively low levels of investment funding and now a talent drain – a clear tribute to the resourcefulness of the continent’s entrepreneurs and policy makers.
Importantly, it is a foundational practice of the Payments Innovation Jury that all members participate on an anonymous basis, as this allows them to speak freely – unencumbered by the commercial priorities of their current organisation.
By Modupe Gbadeyanka
Providus Bank has dismissed insinuations that it failed to meet the new minimum capital requirements of the Central Bank of Nigeria (CBN).
The banking sector regulators gave financial institutions in the country a deadline of March 31, 2026, to shore up their capital base.
Before the deadline, there were speculations that Providus Bank, which plans a merger with Unity Bank Plc, would miss out because the deal had not concluded.
Unity Bank had to inform the public that it was only waiting for court authorisation to complete the merger, which may happen before March 31.
The Chief Financial Officer of Providus Bank, Mr Deoye Ojuroye, speaking at the opening of a new branch of the company in Ekiti State, reaffirmed the capital strength of the financial institution.
He emphasised that Providus Bank remains on a strong footing, with a disciplined approach to capital and risk management underpinning its growth.
“We are well capitalised within our regulatory category, and that gives us the confidence to continue expanding responsibly while supporting businesses and communities,” he stated at the commissioning of the new branch in Ado-Ekiti, the state capital.
The new branch marked another step in the steady expansion of the organisation across key growth markets in Nigeria.
The next item on the lender’s agenda is expanding its footprint to support local enterprise, deepen financial inclusion, and bring banking services closer to individuals and businesses nationwide over the next 12 months.
“Our approach is deliberate—we are growing in the right places, supporting real economic activity, and building a bank that is both resilient and responsive to the needs of our customers,” Mr Ojuroye stated.
According to him, the bank plans to open additional branches in strategic locations over the coming year, reinforcing its commitment to scale, accessibility, and long-term value creation, and positioning itself as a reliable partner to businesses and individuals, combining financial strength with a clear focus on sustainable growth.
By Aduragbemi Omiyale
A Côte d’Ivoire subsidiary of Zenith Bank Plc will be launched on Wednesday, April 29, 2026, after obtaining an operating licence in December 2025 from the country’s Ministry of Finance and Budget.
The country’s subsidiary will operate from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.
Zenith Bank is in Côte d’Ivoire to deepen its presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU).
Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.
Expected at the official opening ceremony tomorrow are senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.
The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy. In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point.
It was gathered that the new subsidiary will be headed by Mr Cédric Tano, a seasoned banking executive with over two decades of experience.
“We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration.
“Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight.
“We are well-positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region,” Mr Tano commented.
Also speaking, the chief executive of Zenith Bank, Ms Adaora Umeoji, said, “From the very beginning, our founder and chairman, Mr Jim Ovia, set out to build a truly global brand with a strong presence across Africa and key international markets.
“The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent.
“As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”
By Modupe Gbadeyanka
Some entrepreneurs across diverse sectors recently completed a three‑week intensive capacity‑building programme organised by Ecobank Nigeria, in partnership with DHL.
The event was put together to equip Small and Medium Enterprises (SMEs) with the skills, tools, and insights required to scale beyond local markets and compete globally.
The focus was on critical growth enablers such as cross‑border trade, e‑commerce opportunities, logistics, customs procedures, and international shipping—key pillars for sustainable expansion in today’s increasingly connected global marketplace.
In one of the sessions, titled Trade and Grow Beyond Borders: Welcome to E‑commerce, the Relationship Channel Manager for DHL Customers/Global Express, Mr Charles Eke, underscored logistics as a critical success factor for SMEs, identifying key challenges such as access to finance, markets, and efficient logistics.
He also provided practical guidance on customs processes, international shipping, documentation, and shipment tracking, while emphasising the immense opportunities e‑commerce presents for cross‑border expansion.
According to him, international markets often offer greater growth potential than domestic markets for well‑positioned SMEs.
The Head of SMEs, Partnerships and Collaborations at Ecobank Nigeria, Mrs Omoboye Odu, described the programme as a catalyst for meaningful growth and mindset change.
“Over the past three weeks, something truly powerful has taken place. This programme has gone far beyond knowledge sharing—it has inspired new thinking and unlocked fresh possibilities for our SMEs. The message is clear: no business should be limited by geography,” she said.
Mrs Odu reiterated Ecobank’s deliberate focus on SMEs as key drivers of Africa’s economic development, saying, “Beyond building capacity, we are intentionally opening doors by connecting businesses to new markets and opportunities. With our presence in over 30 African countries, coupled with integrated payment, trade finance, and e‑commerce solutions, Ecobank is uniquely positioned as the Pan‑African bank enabling seamless cross‑border trade.”
One of the participants, Ms Dolapo Fatoki of Debsfray, a Lagos-based fashion brand, described the initiative as impactful, practical, and transformative.
“The sessions were highly informative. I gained a deeper understanding of documentation and pricing, two areas that previously posed major challenges for me. The collaboration between DHL and Ecobank has been exceptional and truly beneficial,” she noted.
Similarly, the Creative Director of FC Accessories, Mr Tosin Olukuade, described the programme as “an eye‑opener,” adding that it reshaped his approach to business growth.
“The insights I gained will help me scale my business exponentially. I am grateful to Ecobank and DHL for creating this opportunity,” he said.
Reflecting on the programme’s digital focus, the chief executive of Needle Point, Mrs Theresa Onwuka, highlighted how the sessions broadened her outlook on growth and innovation.
“The class was so good—it got my mind thinking of possibilities. My main takeaway is clear: digitalisation is the way forward,” she remarked.
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