By Aduragbemi Omiyale

One of the leading financial service providers in Africa, Guaranty Trust Holding Company (GTCO) Plc, maintained a solid performance in the first quarter of 2025, with the key performance indicators on the upward trajectory.

In the unaudited consolidated and separate financial statements for the period ended March 31, 2025, to the Nigerian Exchange (NGX) Limited and the London Stock Exchange (LSE), the company reported a profit before tax of N300.4 billion, driven by a 41.1 per cent surge in interest income and a 41.2 per cent increase in fee income, which enabled GTCO to douse the impact of the N331.6 billion fair value gains recognised in Q1-2024, which did not recur in this period.

Further, the organisation improved its net loan book by 15.6 per cent year-to-date to N3.22 trillion from N2.79 trillion in December 2024, as deposit liabilities grew by 7.7 per cent during the same period to N11.20 trillion from N10.40 trillion.

In addition, the group recorded growths across all its asset lines and continues to maintain a robust, well-structured, highly de-risked, and well-diversified balance sheet in all the jurisdictions wherein it operates.

Total assets and shareholders’ funds closed at N15.9 trillion and N3.0 trillion, respectively, with Full Impact Capital Adequacy Ratio (CAR) remaining very robust and strong at 34.6 per cent.

Also, asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.3 per cent at bank level and 4.5 per cent at group in Q1-2025 as Cost of Risk (COR) closed at 0.4 per cent from 4.9 per cent in December 2024.

A look at the key financial ratios showed that the Pre-Tax Return on Equity (ROAE) stood at 42.2 per cent, Pre-Tax Return on Assets (ROAA) was at 7.8 per cent, Full Impact Capital Adequacy Ratio (CAR) at 34.6 per cent and Cost to Income ratio at 29.0 per cent.

“Our Q1 2025 performance reflects the strength of all our business verticals and our capacity to generate strong and sustainable earnings.

“While the fair value gains of N331.6 billion reported in Q1 2024 did not recur this quarter, the Group recorded solid growth across most income lines, underpinned by a diversified revenue base and a healthy, well-structured balance sheet.

“We remain optimistic about the year ahead. The fundamentals of our business are strong, our customer base continues to grow, and we are executing with discipline across our strategic priorities.

“Importantly, at this pace, the group is well-positioned to deliver the full year PBT of 2024 at the very minimum by the end of the 2025 FYE,” the chief executive of GTCO, Mr Segun Agbaje, said.

By Modupe Gbadeyanka

A move has been taken to allow cross-border payments and remittances through a stablecoin, USDC.

This is a product of collaboration between Africa’s largest payments gateway, Onafriq, and a leader in the stablecoin market and issuer of the popular USDC, Circle.

The partnership leverages stablecoins and blockchain infrastructure to boost Onafriq’s payment network, positioning it at the forefront of the digital payment’s revolution for real-world financial applications.

This collaboration is a major step toward a more inclusive and self-reliant pan-African financial system. It signals a new phase in the modernisation of African payment rails – one where blockchain technology is applied responsibly, in lockstep with regulators and financial institutions, to build a faster, more efficient, and economically empowering future for the continent.

“Our partnership with Circle is an important milestone, reinforcing Onafriq’s commitment to harnessing technology to remove complexity from cross-border payments.

“By integrating USDC, we aim to simplify financial transactions for institutions and individuals, reduce costs, and strengthen trust.

“This collaboration underscores our vision to democratise access to payments and drive financial inclusion across the globe. We’re not just envisioning the future of payments – we’re actively building it,” the chief executive of Onafriq, Mr Dare Okoudjou, said.

On her part, the Vice President for the Middle East and Africa at Circle, Ms Miriam Kiwan, said, “The emerging markets that Onafriq serves hold tremendous potential for digital asset innovation, particularly in the adoption of stablecoins for cross-border payments.

“Our partnership with Onafriq aligns perfectly with Circle’s mission to promote financial inclusion and improve efficiency in areas where traditional banking has often been costly and inaccessible.

“Together, we aim to transform how money moves across borders, offering secure and transparent digital payment rails that enhance economic empowerment and connectivity.”

Currently, over 80 per cent of intra-African payments are routed through correspondent banks outside the continent and settled in foreign currencies such as the US dollar or Euro.

This results in a staggering $5 billion in transaction fees annually and undermines economic integration efforts.

Onafriq and Circle are working together to change this paradigm by piloting the use of USDC-powered settlement solutions into Onafriq’s network, which connects over 500 wallets and 200 million bank accounts in more than 40 African markets.

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.