In a significant step to enhance ease of payment across Africa, fintech network Paymenex has launched OneCard Africa—a digital payment card designed to streamline cross-border transactions for individuals and businesses alike. Unveiling the card in Abuja, CEO Dr. Kingsley Chibuzor Aguoru highlighted OneCard’s broad acceptance in African countries and its ability to operate in all African currencies, eliminating the hassle of currency conversions within the African Continental Free Trade Area (AfCFTA).

OneCard Africa is available as a debit, prepaid, and credit card, allowing users with or without existing bank accounts to access its features. With a focus on flexibility, OneCard offers multiple payment options, including mobile, QR code, email, SMS, and social media, with strong customer authentication for secure transactions.
The card has already proven effective in Cameroon, where it was piloted for contactless toll payments in collaboration with the Ministry of Finance and Cameroon Postal Services.

Dr. Aguoru emphasized OneCard’s support for African businesses, which can accept payments through various platforms such as mobile apps, websites, and in-store points of sale.
Users also earn reward points with each transaction, encouraging consumer loyalty. Uniquely designed for African currencies, OneCard avoids costly currency conversions typically associated with international digital cards, reducing transaction costs and promoting financial inclusion.

Since its founding in 2007, Paymenex has focused on building affordable, alternative payment networks suited to emerging markets.
With OneCard Africa, Paymenex aims to create a strong financial ecosystem that empowers Africans to navigate seamless cross-border payments without the constraints of traditional networks.

The Nigeria’s financial markets have received boost after the Federal Government of Nigeria successfully launched its first domestic dollar-denominated bond, raising over $900 million and marking a significant milestone in the country’s financial strategy.

This groundbreaking bond sale, led by the Africa Finance Corporation (AFC), has generated significant interest from local and international investors, demonstrating confidence in President Bola Ahmed Tinubu’s economic policies and development plans.

A statement by Mohammed Manga, Director of Information and Public Relations explained that the success of the bond sale has bolstered Nigeria’s economic resilience and consolidated its position as a leader in Africa’s financial markets as it has set a new precedent for other African nations.
The statement highlighted the achievement to have signaled a new chapter in Nigeria’s financial strategy, aimed at boosting economic resilience and fostering long-term growth.

This landmark bond sale the statement indicated, has the potential for innovative financial solutions to drive economic growth and development in Africa.

***Failure for which it threatens legal action

A law firm based in Lagos, Sofunde Osakwe Ogundipe & Belgore Legal Practitioners (SOOBLP), has formally written to the Central Bank of Nigeria (CBN) requesting it to retract all social media posts that labelled a previous press release issued by SOOLBP, on behalf of their client, as “fake.”
The letter dated August 13th, 2024, indicated that on Wednesday 7 August, CBN had published social media posts on LinkedIn, X (formerly known as Twitter), Facebook and Instagram, captioned, “This information is misleading and not affiliated with the Central Bank. Please be guided!” and displaying SOOBLP’s previous press release with the word “fake” prominently branded on it.
SOOLBP pointed out that the action of the apex has damaged its reputation as the Press statement in question is factual adding that the CBN had confirmed that the said complain had been forwarded to the Ecobank Nigeria.
The letter reads, “Ofunde Osakwe Ogundipe & Belgore Legal Practitioners finds this act to be damaging to its reputation because: the press release in question is factually correct, the CBN confirmed in writing that the complaint has been forwarded to Ecobank Nigeria and that the outcome of engagement would be communicated to us as soon as possible before the release was issued, and the press release was issued by Sofunde Osakwe Ogundipe & Belgore Legal Practitioners and did not purport to come from the CBN.
Lateef Omoyemi Akangbe, Partner, Sofunde Osakwe Ogundipe & Belgore Legal Practitioners who represents Wilben Trade, further explained that “None of the content found in this release is fake or misleading. In fact, following a letter addressed to CBN on 22 July 2024 regarding the highly questionable conduct of Ecobank Nigeria, ETI Specialized Resolution Company Limited and its Managing Director, Dele Alabi, we received acknowledgment from CBN that the complaint had been forwarded to Ecobank, and that the outcome of engagement would be communicated to us as soon as possible.
“As the national bank regulator, CBN is obligated to investigate matters that could undermine the integrity of Nigeria’s financial system, in line with their mandate to “promote a sound financial system in Nigeria”.
“In response to CBN’s misleading social media posts, we have formally requested a full retraction, as labelling our press release as fake is both untrue and defamatory. Failure to do so may result in legal action.
”As part of its commitment to justice, SOOBLP remains open to transparent and constructive engagement with CBN in the interest of building an enabling business environment in Nigeria.”

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