Latest news with #TonyElumelu
Business Insider
05-07-2025
- Business
- Business Insider
Nigerian banks resume international naira card transactions amid FX market confidence
After nearly three years of suspension, Nigerian banks have reactivated international transactions on their naira-denominated debit cards. Nigerian banks have resumed international transactions with naira-denominated debit cards after a three-year suspension. This decision reflects increased confidence in Nigeria's foreign exchange market and recent monetary policy reforms. The move is expected to relieve Nigerians relying on these cards for global payments and encourage similar actions by other banks. This significant reversal reflects growing confidence in Nigeria's foreign exchange market, the impact of monetary policy reforms, and renewed activity by Nigerian banks and bank cards in facilitating cross-border transactions. In a separate communique to customers this week, both banks confirmed the resumption of international use of their naira Mastercard and Visa cards, a move that could provide relief to millions of Nigerians who rely on these cards for global payments, subscriptions, and online purchases. United Bank for Africa (UBA) chaired by Tony Elumelu, announced that its premium naira cards, including Gold, Platinum, and World variants, can now be used internationally across ATMs, PoS machines, and online platforms. 'In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards and world variants are now enabled for international transactions, ' the statement reads 'This means you can now use your Premium Naira Card for everyday payments, online shopping, PoS, and ATM transactions across the world, with more ease and flexibility. ' UBA added. The bank's move is particularly notable given its extensive customer base across Africa and the diaspora. Industry analysts say the reactivation of naira cards signals a return of trust in the FX system and a softening of restrictions once deemed necessary to manage volatility. Wema Bank also confirmed the resumption of international access for its naira Mastercard, Visa, and ALAT cards. The bank told customers: 'Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms; Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.' Financial experts attribute this policy shift to improved FX liquidity, narrowing arbitrage margins, and recent CBN reforms. Charles Sanni, CEO of Cowry Treasurers, supports this view, noting that the appreciation of the naira, reduced interest in FX speculation, and increased diaspora remittances have all contributed to improved FX conditions. ' The spread between official and parallel market rates has thinned out, may have influenced the decision by the banks' 'The naira has also continued to appreciate against the other major currencies of the world. More so, there has been increased diaspora remittances based on the new policy of the Central Bank of Nigeria (CBN) on opening of accounts for non-residents, particularly Nigerians in diaspora,' Sanni added. He cited additional drivers such as improved Nigeria credit ratings, clearing of FX backlogs, geopolitical oil price boosts, and the recapitalisation of Nigerian banks. Between July 2022 and January 2023, major Nigerian banks, including GTBank, Zenith Bank, First Bank, and Standard Chartered, suspended international transactions on naira cards due to a severe FX crisis. At the time, banks such as GTBank informed customers that their naira Mastercards would no longer work for foreign online or PoS transactions, encouraging them to instead open dollar accounts. First Bank made a similar move in September 2022, stating: 'Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card, and Visa Prepaid Naira card for international transactions.' Fintech platforms such as Flutterwave and Eversend reportedly suspended virtual cards during the peak of the crisis. What This Means for Nigerians With UBA and Wema Bank leading the way in restoring access, pressure may now mount on other banks to follow suit, especially if FX conditions continue to improve under current policy direction.
Bloomberg
28-05-2025
- Business
- Bloomberg
'We Need Private Capital Investments' in Africa, Says UBA's Elumelu
Speaking to Bloomberg's Jennifer Zabasajja at the Qatar Economic Forum in Doha, African tycoon Tony Elumelu stressed the continent's plan to diversify. The chairman of the United Bank for Africa, Tony Elumelu, said that Africa is a "great destination" for investment. "The global south is beginning to look within for opportunities," he explained as Gulf countries show more interest in investing in the African continent. Citing infrastructure problems, particularly for electricity, Elumelu stressed the importance of private capital investments. (Source: Bloomberg)
Bloomberg
22-05-2025
- Business
- Bloomberg
African Tycoon Elumelu Says Nigeria's Currency Becoming Stable
Nigeria's currency has been stable in recent months, allowing investors to better plan for activities in Africa's most populous nation, according to tycoon Tony Elumelu. The naira has hovered between 1,588 and 1,611 per dollar this month, after facing recurrent volatility from 2023 because of devaluations intended to lure inflows and end dollar shortages in Nigeria.
Bloomberg
20-05-2025
- Business
- Bloomberg
Tony Elumelu, Tan Su Shan: New Strategies for Growth
Tony O. Elumelu, Group Chairman, Heirs Holdings, United Bank for Africa Plc & Founder, Tony Elumelu Foundation and Tan Su Shan, CEO & Director, DBS Bank Group discuss the evolving landscape of banking and finance in emerging markets with Bloomberg's Jennifer Zabasajja at the 2025 Qatar Economic Forum, Powered by Bloomberg. (Source: Bloomberg)
Zawya
18-03-2025
- Business
- Zawya
The Economic Community of West African States (ECOWAS) Launches Regional Tourism Capacity-building Program to Strengthen Economic Integration
Recognizing the critical role of tourism as a driver of regional integration and economic growth, the Economic Community of West African States (ECOWAS) has launched a multi-day capacity-building program in Banjul, The Gambia, on March 17, 2025. This initiative aims to equip stakeholders with the necessary tools to enhance tourism standards, foster investment, and strengthen cooperation across all 12 ECOWAS Member States. The program is implemented in accordance with the approval granted by His Excellency, Dr. Omar Alieu Touray, President of the ECOWAS Commission, for the purpose of capacity building for stakeholders in tourism across all Member States. Opening the session on behalf of H.E. Dr. Omar Alieu Touray, ECOWAS Director of Private Sector, Dr. Tony Elumelu, underscored the importance of a harmonized regional approach to tourism development. 'Tourism is central to our integration agenda. This program is designed not just to share knowledge but to ensure the implementation of policies that will increase investment, create jobs, and enhance the sector's contribution to the economy,' he stated. He further highlighted that the initiative is being implemented under the leadership of Commissioner for Economic Affairs and Agriculture, Mrs. Massandje Touré-Litsé, in line with ECOWAS' commitment to enhancing regional cooperation and policy harmonization. Dr. Elumelu further emphasized the ECOTOR 1929 policy, a framework designed to increase visitor numbers, facilitate mobility, and establish common service standards across the region. 'A five-star hotel in Togo, Nigeria, or The Gambia should meet the same standards. Standardization builds trust and attracts investment,' he noted. Tourism Consultant, Sheikh Tijang Nyang, stressed the importance of ensuring that all ECOWAS Member States align with the regional tourism strategy. 'For tourism to thrive, stakeholders must fully understand and apply ECOWAS' tourism policies effectively. This program is a crucial step toward that goal,' he stated. Echoing the need for concrete action, Tourism Experts, Dr. Adam Abar and Dr. Momodou Bar, emphasized the significance of execution. 'Policies alone do not drive change—implementation does. This program is about moving from strategy to action to create a truly competitive tourism sector,' they said. As the program unfolds, participants will engage in technical sessions, policy discussions, and practical workshops focused on key areas such as hotel classification, regulatory frameworks, and best practices in tourism management. The training will also address youth and women's employment in the tourism sector, reinforcing ECOWAS' commitment to inclusive economic development. The program will culminate in a final assessment and strategy session, where participants will outline key takeaways, define concrete action points, and discuss mechanisms for monitoring and evaluating tourism policy implementation at the national and regional levels. As the program progresses, ECOWAS will continue to engage with stakeholders, ensuring that insights gained are translated into measurable outcomes. By the conclusion of the program, participants are expected to have a clear roadmap for enhancing tourism development, aligned with ECOWAS Vision 2050. This initiative reinforces ECOWAS' commitment to advancing economic integration through tourism, positioning the sector as a key pillar for sustainable growth, job creation, and regional cooperation. Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).
