Connect with us

Business

Ecobank Fintech: Stakeholders Advocate Sound Corporate Governance, Scalable Proposal

Published

on

To achieve a sustainable and stable fintech ecosystem, operators in the industry have been advised to put in place sound corporate governance principles and policies and also package their business proposals to attract potential investors. This was the opinion of speakers at the second edition of Ecobank Fintech Breakfast Series held at Ecobank Pan African Centre (EPAC) in Lagos.  The Speakers who weighed in on the theme: ‘Strengthening the ecosystem’ with emphasis on the role of good corporate governance in the fintech industry and what fintechs need to know about securing investments, emphasized that sound corporate governance strengthens organizations while good value proposition and structure determine and attract potential investors.
Tosin Iyayi, Partner, Aluko & Oyebode stated that to entrench sound corporate governance, an organization must put in place a well constituted board of directors who will oversee and perform the roles of strategic planning and keeping oversight of the company’s affairs. According to her, “the board will ensure an organization that is well run in line with laid down ethics, rules and regulations. It should be able to add value to the organization, review the operations at every given point and offer helpful advice on the growth of such organization. Members should have sound business acumen; they must have experience in running a successful business, and able to steer the direction of the company. There should gender diversity in constituting the board. Members should have good knowledge of environmental, social, and corporate governance (ESG) which refers to a set of standards for a company’s behavior used by socially conscious investors to screen potential investments.”
Speaking on Fintech and Fundraisers: What fintechs need to know about securing investments, Chinedu Onuoha, Managing Director, Mzuri Solutions Limited, advised fintechs startup to have a clear insight on the need and purpose for raising fund, stressing that they should ensure such funds are deployed for the purpose.  In his words, “fintech startups should raise funds they actually need. Sometimes you don’t need fund but goodwill. Know when to raise funds and when not to, and where not to raise funds. You should have a clear insight on what you need the funds for and meet your payment schedule to avoid breach on corporate governance and your ethics. Don’t outrun yourself in order not to lose control thereby questioning your ability to drive the business.”
Also speaking, Yemi Keri, Co-founder, Rising Tide Africa who spoke on how to secure fund, stated that investors look at the product, passion and structure of organizations. “Investors are looking for good deals. You can get investors from networking event such as this breakfast meeting. Visit platforms such as LinkedIn. Check out profiles. There are genuine investors out there looking out for profitable business they can invest in” adding that “on our part, we look at your product, your passion, motivation. We also look at how you will leverage technology for ease of operation and meet the needs of the customers. We look at your team, scalability, value proposition and structure to ensure business continuity.”
Earlier, Osahon Akpata, Group Head, Consumer Payments, Ecobank stated that the Pan African bank pays high premium on the growth of Africa fintechs, stating that the fintech space is attractive. He said Ecobank was providing a platform for banks and fintechs to explore areas of mutual interests and opportunities with a view to building a stronger ecosystem.
Other speakers at the event included Lexi Novitske, General Partner, Norrsken22 and Yele Oyekola, co-founder & CEO, Duplo amongst several others.
The Ecobank Fintech Breakfast Series which holds in partnership with Tech Cabal, a digital media and publishing firm based in Nigeria, is designed to hold quarterly and aims to gather fintech leaders across the continent to share business insights, as well as discuss pertinent topics in the fintech ecosystem such as regulatory guidelines, funding, and other topics of interest to support both established and fintech startups at different stages of their journey.
Ecobank Nigeria Ltd. is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing, and Dubai). Ecobank Nigeria is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small, and micro businesses, and individuals. Ecobank is a major player in the distribution of financial services in Nigeria, leveraging digital platforms including Ecobank Mobile App and USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POSs and an extensive distribution network of over 250 branches and over 50,000 agency banking locations.
Continue Reading
Advertisement


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

UBA Announces Strategic Expansion into Key Markets Across Africa

Published

on

UBA Group senior executives recently concluded the Group’s Half Year Business Review. Held at global headquarters in Lagos Nigeria, Group Managing Director/CEO, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation.

It was an opportunity to restate the Group’s pan-African strategy, and commitment to further expanding the Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets. With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence,

The international strategic intent reinforces with the Group’s intention to deliver innovative financial solutions to its fast-growing global customer base. The strategy demonstrates UBA’s unique position as Africa’s global bank and ability to leverage growth opportunities in emerging and leading African markets.

The Group commenced its Pan African journey, with its entry into Ghana in 2004, followed by rapid expansion into 18 additional African markets. Today, as a resilient and future-focused institution, UBA continues to push boundaries by connecting Africa to the world and the world to Africa.

Mr Alawuba highlighted the Group’s expansion plans, disclosing that the Group is excited about the vast opportunities that the new markets present, a testament to UBA Group’s confidence in the African economy, providing world-class banking services that meet the continent’s evolving needs.

“UBA’s vision is clear – we are building a truly global institution anchored in Africa, but serving customers across continents. Further strategic expansion positions us to unlock new opportunities, support intra-Africa trade, and deliver world-class banking experiences wherever our clients choose to do business,” Alawuba said.

“In Europe, UBA has operations in the United Kingdom and upgrading its license in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in NY. These moves signal a clear message of UBA’s intent to reshape the competitive landscape”, Alawuba further said.

As part of the Group’s plan to expand its global presence, UBA, in January, announced plans to open operations in Saudi Arabia.

Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 45 million customers globally.

Continue Reading

Business

Sustainable Education Ecosystem: Ecobank Unveils Customer Value Proposition

Published

on

Ecobank Nigeria, an affiliate of the leading pan-African banking group, Ecobank Group, has announced a comprehensive suite of innovative financial solutions designed to support all key stakeholders within the education ecosystem. These offerings are aimed at driving financial inclusion, operational efficiency, and sustainable growth across the sector.

For school owners and educational leaders, Ecobank offers cash-backed loans to support both operational and capital expenditures. These are complemented by treasury management tools that enhance financial oversight, along with digital collection platforms that ensure seamless and efficient school fee processing. Teachers and non-teaching staff also stand to benefit significantly. Ecobank provides salary access tools that enable timely and flexible income management, career development programs to support continuous professional growth, and financial wellness plans designed to promote long-term financial stability.

Suppliers and partners within the education value chain benefit from tailored financial solutions such as invoice factoring for improved cash flow, inventory financing to maintain operational continuity, and marketplace visibility to expand their reach and business opportunities within the sector.

Speaking at the unveiling event in Lagos, Kola Adeleke, Executive Director, Commercial and Consumer Banking at Ecobank Nigeria, reaffirmed the bank’s commitment to empowering the education sector with practical financial solutions that address real-world challenges, enabling all participants, from institutions and educators to families and partners, to thrive.

“Our integrated financial and non-financial propositions form part of a broader strategy to strengthen our leadership in the education financing space, while contributing meaningfully to national and continental goals around access, equity, and excellence in learning. We have designed these solutions to meet the diverse needs of school proprietors, teaching and non-teaching staff, students, and parents. Ecobank is committed to empowering the education sector through seamless collections, access to credit, and a suite of sustainability-focused offerings. Education is a pillar of national development, and we recognize the sector as an integrated system of needs and opportunities. Our goal is to support this system not just with financing but also with digital tools, career development programs, and sustainability initiatives,” he said.

Also speaking, Adebukola Ademiluyi, Head of Education, Faith, and Social Services at Ecobank Nigeria, highlighted the bank’s commitment to affordable and inclusive financing options. She noted that by integrating smart financing with sustainability, digital infrastructure, and inclusive participation, Ecobank is pioneering a full-service banking model tailored to the realities of Africa’s education sector.

“More than just funding, we are enabling seamless school management systems through API partnerships that digitize operations such as student registration, staff payroll, inventory management, and parental communication. We also place strong emphasis on supporting parents and guardians, providing financial planning tools, access to student loans, merit-based scholarships, and child progress monitoring systems. These innovations are designed to ease financial burdens and deepen parental involvement in their children’s academic journeys,” she said.

Continue Reading

Business

Zenith Bank Retains Top Position in Nigeria by Tier-1 Capital

Published

on

Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital for the sixteenth consecutive year, in the 2025 Top 1000 World Banks’ Rankings, published by The Banker, Financial Times Group, United Kingdom.

This ranking places Zenith Bank Plc as the 581st Bank globally, with a Tier-1 Capital of $2 billion.

The global rankings, published in the July 2025 edition of The Banker, was based on the 2024 year-end Tier-1 capital of banks. This is the primary basis for most international organizations’ assessments of banks.

Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said, “We are thrilled to have retained our position yet again as the Number One Bank in Nigeria by Tier-1 capital for the 16th consecutive year. This achievement is a reflection of the bank’s robust financial performance, prudent risk management and steadfast dedication to delivering exceptional value to our customers and stakeholders”.

She thanked the Founder and Chairman, Jim Ovia, CFR, for his visionary and transformative leadership which has played a pivotal role in cultivating a resilient and thriving institution. She also expressed her deepest appreciation to the bank’s esteemed customers for their continued loyalty to the Zenith brand, the Board for the sound corporate governance, and the staff for their relentless & tireless efforts in ensuring the bank’s success.

News continues after this ad

Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from a regulator’s perspective. According to the ranking, Tier-1 Capital, as defined by the Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned. A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating the Bank is well-capitalised and financially stable.

According to the audited financial results for the 2024 financial year presented to the Nigerian Exchange (NGX), the Bank recorded a double-digit growth of 86% in gross earnings, increasing from N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was driven by a 138% increase in interest income, supported by investment in high-yield government securities, and growth in the Bank’s loan book.

Zenith Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion in 2024 from N796 billion in 2023. This performance saw the bank record an unprecedented total dividend payout of N195.67 billion at N5.00 per ordinary share in the 2024 financial year.

Continue Reading