By Modupe Gbadeyanka

The duo of the African Export-Import Bank (Afreximbank) and Ecobank Group has joined forces to enable African businesses to benefit from seamless shared services.

Based on the deal, the two organisations will integrate their respective platforms, the Single Market Trade Hub of Ecobank and the MANSA Digital Repository Platform of Afreximbank for smooth trade and compliance.

It was gathered that users of the Single Market Trade Hub would easily leverage MANSA’s comprehensive database for efficient know-thy-customer (KYC) and customer due diligence (CDD) checks while MANSA platform users would, in turn, be able to directly connect to the Single Market Trade Hub to explore trade opportunities to expand their businesses across Africa.

This collaboration will enable Ecobank and Afreximbank to provide a central solution to the key challenge of KYC compliance and access to business across 35 countries in Africa.

The improved interoperability is expected to further streamline cross-border trade and compliance in Africa, fostering greater financial and economic integration on the continent.

The Ecobank Single Market Trade Hub connects registered businesses across Africa on a single platform, helping them benefit from opportunities in the unified market of 1.4 billion people created by the African Continental Free Trade Agreement (AfCFTA).

It serves as a one-stop repository for the AfCFTA by providing small and medium-scale enterprises (SMEs) and corporates with insights about the agreement while its online match-making feature enables importers and exporters to upload their profiles and showcase goods and services they offer, or wish to source, with the aim of finding partners within Africa.

Once a match is found, connections are made via the platform and the transaction can be concluded by leveraging Ecobank’s trade and payment solutions in 35 African markets.

The MANSA Digital Repository Platform is a one-stop-shop for due diligence matters on all African entities.

As a centralised digital repository, MANSA seeks to eliminate information asymmetry and to increase intra-African trade and trade with the rest of the world.

It drives and promotes good governance culture among African SMEs and creates visibility for their businesses while also supporting African entities to expand, diversify and add value to their export products at both the local and international levels.

Entities onboarded unto MANSA are allotted an Africa Entity Identifier (AEI) code which enables them to leverage other Afreximbank products and initiatives.

MANSA is also a key digital solution at the Africa Trade Gateway (ATG) marketplace which houses a suite of digital platforms designed as a single window to enable Afreximbank to better deliver on its mandate, providing critical services to support and promote intra-African trade and the implementation of the AfCFTA.

The platform enables African entities to accelerate their business activities at the ATG marketplace by working with verified information on trusted counterparties.

By Modupe Gbadeyanka

As part of measures to promote its cashless policy, the Central Bank of Nigeria (CBN) has directed Point-of-Sale (POS) agents not to pay more than N100,000 as cash to each customer per day.

The banking sector regulator also restricted the POS operators not to pay more than N1.2 million per day as cash to customers, adding that customers may not withdraw more than N500,000 per week as cash.

To ensure accountability, the CBN has mandated that all agency banking transactions must be conducted exclusively through float accounts maintained with the principal institutions.

It also directed that agent banking services be separated from other merchant activities, with agents required to use the approved Agent Code 6010 for transactions.

In a circular dated December 17, 2024, the central bank noted these efforts are to ensure uniform operational standards, combat fraud, and enhance the use of electronic payment systems in agency banking operations.

The CBN ordered that, “All principals of agents are to comply with the following directives immediately,” in the circular signed on behalf of its Director of the Payments System Management Department, Mr Oladimeji Taiwo, and directed at Deposit Money Banks, Microfinance Banks, Mobile Money Operators, and Super-Agents.

“Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week; Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer; Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00,” the notice added.

The central bank advised all stakeholders to adhere strictly to the directives to ensure the smooth implementation of the policy and contribute to the advancement of Nigeria’s cashless economy.

By Adedapo Adesanya

African telecommunication giant, MTN, is planning to acquire a full banking licence in South Africa.

According to reports, the telco plans to do this once the South African Reserve Bank (SARB) opens up its national payments system to fintechs and other non-banking entities.

MTN already has a banking service known as MTN Mobile Money (MoMo), but this supports limited transactional banking services.

MoMo offers payments and money transfers to individuals and businesses and customers use their phone numbers to carry out transactions like cash transfers and bill payments.

Due to stringent regulations, MTN and other fintech companies that offer these services work through a licenced bank as a sponsor. For MoMo, MTN uses the African Bank.

Now, this may change as SARB is reportedly working to enable non-banking entities like fintechs and telcos to gain direct access to the core clearing and settlements system.

The SARB is currently developing frameworks to authorise fintechs and other non-banking entities to access the national payment system directly.

According to the South African central bank’s head of the National Payments System, Mr Tim Masela, although banks were the backbone of the financial system in terms of savings and accounts, non-banks were offering convenient transactional services.

“We believe that we should move with the times and open up the system for the entry of non-banks,” Mr Masela said.

According to MTN South Africa’s chief fintech officer, Mr Kagiso Mothibi, entities like fintechs will be given an opportunity to participate in the banking system following an ongoing review of the payments system.

“When that is rolled out, we’ll definitely be looking to pursue our own licence,” Mr Mothibi said.

MoMo is one of several fintechs that participated in the SARB’s working groups to develop the regulatory framework that will enable greater direct participation in core banking services.

The frameworks are necessary to balance innovation with the risks associated with a more flexible and open financial system.

Mr Mothibi said that bypassing a traditional banking partner would allow MTN to exercise much more control over the future of its banking services.