FCMB Group announced a strong financial performance for 2024, with pre-tax profit rising to N117.2 billion, a 12.32% increase from 2023. Gross earnings grew by 53.93% to N794.8 billion, driven by a 75.08% surge in interest and discount income. The group also recorded a remarkable 568.48% increase in net trading income, showcasing its resilience and growth in a challenging economic environment.
President Tinubu has secured $70 million from the IFC to fund mini-grid projects, marking a major step in Nigeria’s renewable energy expansion. Meanwhile, NNPCL is set to construct five mini-LNG plants in Ajaokuta to enhance power generation and clean cooking access.
Stanbic IBTC Holdings Plc is set to recapitalize its fintech subsidiary, Zest Payments, with ₦4 billion to enhance its competitiveness in Nigeria’s fintech space. Despite lagging behind peers like Hydrogen and HabariPay, Zest aims to leverage this investment to boost its e-commerce and payment solutions, paving the way for future profitability.
This strategic acquisition aims to enhance services, expand infrastructure, and tap into Nigeria’s booming digital market. Customers can expect a seamless transition as both companies work together to drive innovation and growth in Africa’s tech sector.
SC Ventures and Yabx have partnered to invest $10 million in Furaha, an innovative platform aimed at transforming education financing in sub-Saharan Africa. With a focus on increasing financial accessibility, Furaha is set to empower families and foster brighter futures for millions of children across the continent
Visa has invested $10 million in Nigerian fintech unicorn Moniepoint, marking a significant step toward expanding contactless payments across Africa. Moniepoint, a leader in agent banking with over 200,000 PoS agents, processes $22 billion in monthly transactions. This partnership aims to deepen financial inclusion, empower SMEs, and address the challenges of cash-dominated microtransactions in Africa’s $1.4 trillion retail market.