Economy
MasterCard $1m Grant set to Ignite Business Growth in Rwanda
By Dipo Olowookere
At the 2016 World Economic Forum on Africa (WEF Africa) held in Kigali, Rwanda, MasterCard committed to supporting Rwanda’s vision of financially empowering its citizens, with $1 million grant to support achieving this goal.
The commitment, it said, was in line with driving poverty out of Rwanda through job creation, ensuring gender equality through equal access to opportunities, and delivering decent work prospects which will enable economic growth.
MasterCard Centre, in support of Rwanda’s Sustainable Development Goals, explained that the grant is spread over three years to support the growth of small business owners in the country.
Ensuring that the first phase of the roll out of the grant is successful, MasterCard has partnered with the African Entrepreneur Collective (AEC), locally known as Inkomoko.
The team develops and grooms entrepreneurs in industries such as technology, agriculture and energy – three of East Africa’s biggest and fastest growing sectors, and priorities in Rwanda.
Entrepreneurs and small business owners are key drivers of the local economy – currently making up 97.8 percent of the private sector in the country.
Inkomoko’s one-year programme removes the barriers local entrepreneurs face in the areas of skills development, networks, and financing, through providing mentoring, technical support, capacity building, and direct access to affordable capital.
What makes the partnership between MasterCard and Inkomoko unique is the support of both Rwandan nationals as well as some of the 160,000 refugees currently living in Rwanda.
In collaboration with the United Nations Agency on Refugees (UNHCR), the Ministry of Disaster Management and Refugee Affairs (MIDIMAR) and MasterCard Centre for Inclusive Growth, Inkomoko will roll out a programme aimed at fostering the social and economic independence of refugees in Rwanda.
With a large population of refugees, the role of private and public partnerships remains crucial to the inclusive growth and development of all those displaced. Mastercard, together with the African Entrepreneur Collective, has committed to assisting entrepreneurs in Rwanda regardless of their circumstances, a vision shared and driven by the Rwandan government.
“Connecting entrepreneurs, especially women and refugees, to the networks that power the modern world – like financial services – unlocks their economic potential and accelerates a cycle of equitable and sustainable economic growth,” says Shamina Singh, President of the MasterCard Centre for Inclusive Growth.
The Inkomoko entrepreneurship programme aims to restore the dignity of refugees living in Rwanda by empowering these small business owners with vital support to grow their businesses. The programme will work with 4,000 refugees in Rwanda over the next three years.
“The intention is to connect refugees with the tools and skills necessary to enable them to become self-sufficient and independent entrepreneurs to improve their own livelihoods, create jobs for others in their communities, and contribute to Rwanda’s larger economic development. Rwanda’s refugee camps and host communities are places of vibrant social and economic activity with bustling markets, shops, restaurants, and industries,” says Julienne Oyler, Executive Director of African Entrepreneur Collective. “Supporting and developing entrepreneurs in these areas will have tremendous impact on the communities themselves and the country at large.”
Rwanda has become a bustling centre of commerce in Africa, and by implementing programmes that broadly target high potential local entrepreneurs, broad-based economic growth can be advanced by equipping the country’s next generation of business owners with the right tools to hone their financial literacy – the foundation of financial inclusion and growth.
In this way, the support provided as part of the grant not only falls in with the country’s Vision 2020 strategy to create a knowledge-based, cashless economy with 90 percent financial inclusion, it also contributes to Rwanda meeting its Sustainable Development Goals, most notably in terms of eradicating poverty and driving gender equality through the empowerment and entrepreneurship.
Facilitating inclusive growth is an important way to build social and economic development, and the MasterCard Centre for Inclusive Growth remains committed to working with partners in both the public and private spheres to drive that development.
“Microentrepreneurs drive the local economy, and through our partnership with African Entrepreneur Collective, we look forward to empowering them with the tools and training to grow their businesses and advance the lives of their families and communities,” concludes Singh.
By Aduragbemi Omiyale
The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has expressed worry over plans by the administration of President Bola Tinubu to spend about $11.6 billion on debt servicing.
In a post on his social media platform on Monday, the opposition politician criticised this move, saying it is not good for the country.
He also said this action “should concern anyone interested in the country’s economic future and long-term development.”
The former Governor of Anambra State kicked against the penchant of the government to borrow from various sources without anything to show for it.
“There is nothing inherently wrong with borrowing when it is guided by prudence and directed toward productive investment, he noted, stressing that countries such as Japan, the United Kingdom, the United States, the United Arab Emirates, Singapore, and Indonesia are all heavily indebted, yet their borrowings are largely channelled into education, healthcare, infrastructure, and innovation – sectors that generate long-term economic returns and sustain repayment capacity.”
According to him, “despite high debt levels, their obligations remain more manageable because they are tied to measurable productivity.”
He said, “Nigeria’s situation, however, is markedly different. A huge proportion of past borrowing has been directed toward consumption, with limited visible or sustainable developmental outcomes to justify the scale of indebtedness.”
“It is also important to note that a huge portion of the debt currently being serviced was accumulated under the Tinubu administration itself, while borrowing has continued at a significant pace. The administration’s recent external borrowing alone includes about $6 billion (from First Abu Dhabi Bank in the UAE—$5 billion, and UK Export Finance via Citibank London—$1 billion), a further $1.25 billion under consideration from the World Bank, and an additional $516 million arranged through Deutsche Bank, bringing the latest known external loan commitments to roughly $7.8 billion. In addition, domestic borrowing through monthly bond issuances continues to add to the overall debt stock,” the businessman also stated.
“Against this backdrop, Nigeria’s 2026 budget shows that health is N2.46 trillion, education is N2.56 trillion, and poverty alleviation is N865 billion, giving a combined total of about N5.885 trillion for these three critical sectors.
“By comparison, debt servicing at about $11.6 billion (approximately N17–N18 trillion, depending on exchange rate assumptions) is almost three times higher than the total allocation to health, education, and social protection combined. This imbalance highlights a troubling fiscal reality in which debt obligations increasingly crowd out investment in human capital and poverty reduction.
“Moreover, even within the limited allocations to these sectors, funds may not be fully released, and a significant portion of what is eventually released could be misappropriated,” he further stated.
Mr Obi said, “The central issue is not borrowing itself, but whether borrowed funds are being converted into measurable productivity, inclusive growth, and improved living standards. Without this, debt servicing shifts from being a temporary fiscal obligation to a long-term structural burden that constrains development and deepens economic vulnerability.”
By Adedapo Adesanya
Pathway Advisors Limited, an issuing house and financial advisory firm, has announced the successful completion of the Series 2 Commercial Paper issuance for Veritasi Homes & Properties Plc.
The Series 2 offer, issued under Veritasi Homes’ newly registered N20.00 billion Commercial Paper Programme, raised N16.76 billion, significantly above its initial N12.00 billion target on the back of strong institutional demand.
This issuance builds on the company’s track record in the Nigerian debt capital market and follows the recently concluded N10 billion 3-year 20 per cent Series 1 Fixed Rate Bond Issuance, further reinforcing investor confidence in Veritasi Homes’ strong credit profile.
The 364-day tenor instrument attracted robust participation from a diverse pool of institutional investors, underscoring sustained confidence in the Company’s financial strength, operating model, and governance standards.
Commenting on the deal, the Founder/CEO of Pathway Advisors Limited, Mr Adekunle Alade (MBA, FCA, M.CIod), noted that the outcome further validates investor appetite for well-structured transactions in the Nigerian capital market.
“The strong oversubscription speaks to the market’s confidence in Veritasi Homes’ performance, governance, and repayment track record. We are pleased to continue supporting issuers with strong fundamentals in accessing efficient funding.’’
He further highlighted that Veritasi Homes’ consistent market activities since 2022, including successful issuances and full redemption of matured obligations, continue to strengthen its reputation among institutional investors.
“Pathway Advisors Limited remains committed to maintaining its leadership position within Nigeria’s capital markets through the origination and execution of transformative, value-driven, and commercially viable transactions by deploying innovative financial solutions and facilitating strategic capital formation across critical sectors.
“We are committed to supporting credible corporates in accessing efficient short-term and long-term financing solutions within the Nigerian capital market,” he said in a statement on Monday.
Speaking on the transaction, the Managing Director/CEO of Veritasi Homes & Properties Plc, Mr Nola Adetola, described the outcome as a strong endorsement of the company’s fundamentals.
“This result reflects the resilience of our business model, our growing market reputation, and the continued trust of the investment community. We are grateful to all institutional investors for their confidence in Veritasi Homes.”
He added that the proceeds from the issuance will be deployed to support the company’s working capital requirements, enhance liquidity, and complete the ongoing development activities across its real estate portfolio.
Mr Adetola also commended Pathway Advisors Limited for its advisory and arranging role in the successful execution of the transaction.
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) has approved the transition to the T+1 settlement cycle for capital market transactions from June 1, 2026.
This is coming some months after Nigeria moved from the T+3 settlement cycle to the T+2 settlement cycle.
The T+ settlement cycle is the number of working days required to complete a capital market transaction, such as the trading of securities, shares, and others, from the first day the trade was executed by an investor.
In a notice on Monday, the SEC, which is the apex capital market regulator in Nigeria, said it was authorising the new system to “promote an efficient, fair, and transparent capital market.”
Under the new arrangement, equities and commodities traded by investors at the market would be cleared and settled by the Central Securities Clearing System (CSCS) within one day.
The agency noted that the migration to a T+1 settlement cycle forms part of its ongoing market modernisation initiatives aimed at enhancing market efficiency and strengthening risk management. reducing counterparty exposure, improving liquidity, and aligning the Nigerian capital market with international standards and global best practices.
“Accordingly, all eligible trades executed in the Nigerian capital market shall settle one business day after the trade date (T+1),” a part of the statement noted.
It was stressed that “Friday, May 29, 2026, shall be the final trading day under the existing T+2 settlement cycle. Trades executed on Friday, May 29, 2026, and Monday, June 1, 2026, shall both settle on Tuesday, June 2, 2026. All trades executed from Monday, June 1, 2026, onward shall be subject to the T+1 settlement cycle.”
SEC tasked all capital market operators, securities exchanges, clearing and settlement infrastructure providers, custodians, registrars, issuers, and other relevant stakeholders to take all necessary measures to ensure full operational readiness and compliance with the new settlement framework.
“Market participants are expected to review and align their systems, processes, controls, and operational workflows ahead of the implementation date,” it further stated, promising to continue to engage stakeholders and monitor the implementation process to ensure an orderly and seamless transition.
The regulator said it remains committed to strengthening market integrity, enhancing investor confidence, and fostering the development of a modern. resilient and globally competitive Nigerian capital market.
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