Access Bank Plc has taken a major step toward seamless intra-African payments with the recent integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship mobile application, AccessMore. This strategic move underscores Access Bank’s commitment to enhancing cross-border payment experiences for its customers across the continent.

To mark the launch, the Chief Executive Officer of PAPSS, Mike Ogbalu III, paid a courtesy visit to the Bank’s head office in Lagos, where he held high-level discussions with Chizoma Okoli, Deputy Managing Director of Access Bank, and Seyi Kumapayi, Executive Director for African Subsidiaries at Access Bank. The discussions centered on deepening collaboration and optimizing the capabilities of PAPSS within the AccessMore ecosystem to deliver real-time, cost-effective, and secure cross-border transactions.

Speaking on the partnership, Chizoma Okoli, Deputy Managing Director, Access Bank said, “The integration of PAPSS into the AccessMore app is a significant milestone in our mission to unify Africa’s payment landscape. With Access Bank’s extensive footprint across the continent, this collaboration ensures that millions of our customers can now experience fast, efficient, and transparent cross-border payments like never before.

Our goal is to leverage what we are building together to unlock innovations that seamlessly connect the continent, and we are delighted to partner with PAPSS in making this vision a reality”

Mike Ogbalu, Chief Executive Officer (CEO) Pan-African Payment and Settlement System (PAPSS), commenting on the collaboration said, “Our partnership with Access Bank is a game-changer for cross-border trade and payments across Africa. With the integration of PAPSS on AccessMore, we are enabling customers, individuals, SMEs, and corporates alike to transact effortlessly across borders, thereby supporting the goals of the African Continental Free Trade Area (AfCFTA).
We’ve created a rail, and Access Bank has the network and customers. Within that, our rail can be used for all sorts of innovations. Access Bank can create products that we can carry on our network for every customer to use”.

Also speaking on the broader strategy, Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank, commented, “Access Bank’s vision is to be the world’s most respected African bank, and collaborations like this are essential to achieving that. By embedding PAPSS into AccessMore, we’re unlocking a new era of financial connectivity for our customers across our subsidiaries in over a dozen African markets.

PAPSS is significantly cost effective for cross border transactions, which makes it a highly valuable opportunity. To fully harness its potential, we need greater communication, stronger engagement, and coordinated rollouts across multiple countries at the same time. With the right momentum, we can accelerate adoption and achiever the scale this innovation deserves.”

This partnership between Access Bank and PAPSS is a step forward in realizing a fully interconnected Africa, where payments and trade move without friction. Customers can now enjoy a simplified, reliable, and faster method to send and receive money across African borders—directly from their AccessMore app.

The Access Bank Payments and Remittances Group manages AccessAfrica — the Bank’s proprietary cross-border payments platform — and oversees all remittance activities between Access Bank’s subsidiaries and international money transfer partners. At the core of its operations, AccessAfrica simplifies global transactions with speed, affordability, and reliability.

Currently available in Nigeria and 11 Access Bank subsidiaries across Africa, AccessAfrica enables cross-border payments to over 140 destinations worldwide through multiple channels, including branches, AccessMore, USSD, and Internet Banking. Access Bank is a leading force in African cross-border and remittance solutions, we facilitate a broad spectrum of international transfers — P2P, P2B, B2P, and B2B — reaching over 140 countries, connecting with more than 20,000 banks, and operating in over 20 global currencies. The Group also drives remittance services in partnership with licensed International Money Transfer Operators (IMTOs), enabling customers worldwide to send funds to beneficiaries in Nigeria either as cash payouts or direct bank credits.

The Organisation of the Petroleum Exporting Countries has retained its global oil demand and supply forecasts for 2025, according to its Monthly Oil Market Report released on Monday.

While keeping its overall projections unchanged, the oil cartel provided new insights into product-level consumption trends, identifying jet fuel as a major driver of demand growth in 2025, while gasoline is expected to lead consumption expansion in 2026.

OPEC said the rebound in international air travel and sustained mobility demand in emerging markets would continue to underpin the medium-term outlook for global oil consumption.

A report by Argus said the group continues to expect oil demand to rise by 1.29 mn b/d to 105.14 million barrels per day in 2025 and by a further 1.38 million barrels per day to 106.52 million barrels per day in 2026.

It made small downward revisions to its 2025 demand growth projections for China and India compared with last month’s report, but stronger forecasts for other parts of Asia, as well as Africa and Latin America, offset the changes, keeping the overall non-OECD growth estimate broadly steady at around 1.2 million barrels per day.

Jet/kerosene is forecast to lead global demand growth in 2025, rising by 380,000 barrels per day year-on-year, followed by diesel and gasoline at 300,000 barrels per day and 280,000 barrels per day, respectively.

LPG and naphtha are expected to add a combined 510,000 b/d, driven by petrochemical demand, while heavy distillates are projected to decline by 120,000 b/d.

For 2026, gasoline is forecast to lead growth at 430,000 b/d, followed by jet/kerosene at 360,000 b/d. Diesel demand growth is projected to slow to 190,000 b/d. LPG and naphtha demand is forecast to increase by a combined 400,000 b/d.

On the supply side, OPEC left its non-OPEC+ output growth forecasts unchanged, at 810,000 b/d in 2025 and 630,000 b/d in 2026, led by the US, Brazil, Canada and Argentina.

Opec+ crude output, including Mexico, rose by 630,000 b/d on the month to 43.05 mn b/d in September, based on an average of secondary sources including Argus.

The group estimates the call on OPEC+ crude at 42.5 mn b/d in 2025 and 43.1 mn b/d in 2026, unchanged from its previous report.

Transcorp Power Plc, one of the power subsidiaries of conglomerate Transnational Corporation Plc, has recorded N91.2bn in profit before tax for the period ended 30 September 2025.

This was disclosed in its unaudited financial results for the third quarter.

In the period under review, the company’s revenue grew 38 per cent year-on-year to N308.5bn in Q3 2025, compared to N223.5bn in Q3 2024.

The firm said that the Q3 2025 performance was driven by an increase in average power generation, reflecting Transcorp Power’s continued investment in improving generation capacity and operational excellence.

Similarly, Profit After Tax rose to N68.42bn in Q3 2025, from N58.4bn in Q3 2024, representing a year-on-year growth of 17 per cent.

Commenting on the company’s performance, Chairman of Transcorp Power Plc, Emmanuel Nnorom, said, “Our performance in the third quarter, building on the positive momentum in the first half of the year, demonstrates Transcorp Power’s resilience and capacity to sustain profitability, despite economic challenges, supported by efficient operations strategies and prudent cost management. This sustained performance, in the face of economic headwinds, will further strengthen investor confidence in our capacity to create shared value and maintain our growth trajectory.”

The Managing Director/Chief Executive Officer, Transcorp Power Plc, Peter Ikenga, said, “The Q3 2025 results are underpinned by further growth in energy delivered to the grid and emphasise our strategic approach, which ensures we deliver ever-increasing value to our shareholders and stakeholders. These results illustrate our continuous drive to improve our business operations, eliminating waste and harnessing value. We are confident of finishing the year strong in fulfilment of our mission to improve lives and transform Africa.”

Transcorp Power Plc is one of Nigeria’s principal power generation companies.

Zenith Bank Plc has vowed to exceed the expectations of shareholders as it paid about N51.3bn as an interim dividend for the period ended June 30, 2025.

Zenith Bank Group Managing Director/Chief Executive Officer, Dr. Adaora Umeoji, made this pledge in a statement on Sunday.

On Friday, the banking group paid a total interim dividend of N51.3bn to its shareholders for the half year 2025, at N1.25 per share. This payout represented about a 60 per cent increase from the N31.4bn paid in H1 2024.

Commenting on the dividend payout, Umeoji said, “We are pleased to have paid this significant interim dividend to our valued shareholders. Our half-year results underscore our resilience and commitment to our stakeholders.

Based on the momentum achieved in H1, we are confident in our full-year outlook and expect to exceed shareholders’ expectations by year’s end.”

The substantial dividend payout reflected the financial performance of the bank in the period under review. Zenith Bank recorded a 20 per cent year-on-year increase in gross earnings, rising from N2.1tn to N2.5tn in H1 2025. Interest income drove this performance with an impressive 60 per cent growth, climbing from N1.1tn to N1.8tn. The bank said that it achieved this impressive increase in interest income through strategic repricing of risk assets and effective treasury management.

Total assets also expanded to N31tn in June 2025, representing steady growth from N30tn in December 2024, underpinned by a robust and well-structured balance sheet. Customer confidence remained strong, with deposits growing by seven per cent from N22tn to N23tn in June 2025.

Zenith Bank is one of the few banks that have paid an interim dividend to their shareholders for the half-year ended June 30, 2025. The Nigerian largest lender by market capitalisation, approved an interim dividend of N1.25 per share across its 41,069,830,001 issued shares. In its interim report, Zenith explained that the dividend would be paid from its retained earnings, emphasising that the move reflected its robust financial position and resilience in navigating Nigeria’s evolving banking landscape.

Mr Olayemi Cardoso, the Governor of the Central Bank, will lead Nigeria’s delegation to the World Bank and International Monetary Fund Annual Meeting in Washington DC, which opens on Monday, October 13.

Cardoso, as the alternate Governor, replaces the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who is indisposed.

The Nigerian team will also comprise the Minister of State for Finance, Doris Uzoka-Anete.

According to the World Bank, key elements of the Annual Meetings include the Development Committee Plenary session on October 16 and the International Monetary and Financial Committee meetings on October 17.

Other featured events include regional briefings, press conferences, and fora focused on international development, the global economy, and financial markets.

The Manufacturers Association of Nigeria (MAN), said that the production and distribution costs in the manufacturing sector surged by 18.2 per cent in the fourth quarter of last year. Showing the macroeconomic environment’s as a worsening impact on manufacturers.

Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, disclosed this in the Q4 2024 Manufacturers CEO Confidence Index report, made available to news men showing how the industry’s struggles with high costs, policy inconsistencies, and economic instability.

Following the report he states, “The findings show that production and distribution costs surged further by 18.2 per cent in the quarter under review, from the 20.1 per cent increase witnessed in the preceding quarter.”

While the report indicated a slight improvement in sales volume by 1.1 per cent, other key indicators such as capacity utilisation, manufacturing investment, and employment recorded further contractions.

Ajayi-Kadir revealed in the report that capacity utilisation declined by 0.8 per cent in Q4 2024 while manufacturing investment dropped by 1.2 per cent.

Employment in the sector also fell by 0.7 per cent, although the contraction was lower than the 3.5 per cent recorded in Q3 2024.

Ajayi-Kadir also noted that the cost of shipment rose by 11.6 per cent in Q4 2024 from the 17 per cent increase recorded in Q3 2024.

“A close observation of the analysis indicates that only the sales volume recorded a favourable change during the period of review,” MAN’s DG stated. “However, the analysis generally reveals that the adverse effects of the prevailing macroeconomic reforms are diminishing as production and distribution costs, capacity utilisation, volume of production, investment, employment, and cost of shipment recorded lower adverse changes compared to the previous quarter.”

Manufacturers identified high energy costs, forex scarcity, multiple taxation, and poor infrastructure as the biggest threats to their survival.

According to the report, high electricity tariffs and the cost of alternative energy remained a major burden on production.

The manufacturing chief executive officers also flagged the high exchange rate, interest rate hikes, and inconsistent government policies as factors crippling their businesses.

“Manufacturing operations were directly stalled by the lingering effects of high raw material costs, energy, and logistics, as the existence of high exchange rates, interest rates, and inflation rates remain unfavourable to the overall business environment,” the report noted.

Despite the tough conditions, the MCCI inched up by 0.5 points to 50.7 points in Q4 from 50.2 points in Q3, reflecting marginal optimism among industry players.

However, projections for the first quarter of 2025 show a downward trend.

The expected business condition dropped from 56 points to 53.2 points, while the projected employment condition slid to 53 points.

The anticipated production level also fell from 54.3 to 54 points, indicating manufacturers’ fears of further economic downturns.

The report suggested that hopes for stability in exchange rates, a halt in interest rate hikes, lower energy costs, and tax reforms were keeping optimism afloat.

Manufacturers urged the Federal Government to take immediate steps to ease the financial and operational burden on the sector.

Key recommendations include suspending further electricity tariff hikes and reviewing previous increases, pausing interest rate hikes, directing banks to offer manufacturers single-digit loans, and expanding the Bank of Industry’s capital base to improve access to industrial credit.

Ajayi-Kadir also called for the clearing of the outstanding $2.4bn forex forward contract to restore confidence in the currency market, halting the 15 per cent increase in port charges and facilitating the implementation of the National Single Window project to reduce trade costs.

He also recommended fast-tracking tax reforms and establishing a more transparent exchange rate mechanism for customs duties.

MAN’s DG emphasised that addressing these challenges would stabilise the manufacturing sector, boost production, and drive economic growth.

“Nigerian manufacturing is on its last breath. The future of the country will continue to hang in the balance unless the plight of manufacturers is adequately addressed with appropriate interventions,” he warned.

MAN’s MCCI is an index to measure changes in the quarterly pulse of manufacturing activities concerning movement in the macroeconomy and government policies. It has a baseline of 50 points, suggesting a stationary point in the economy.

When the MCCI rises above 50 points, it shows manufacturers have increasing confidence in the economy, and when it drops below 50, it signifies otherwise.

The Director General (DG) of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has reaffirmed the Commission’s commitment to leveraging technology to strengthen investor confidence and transform Nigeria’s capital market into a globally competitive environment.

Speaking at the 2025 Customer Service Week celebration in Abuja with the theme “Building the Market of the Future, One Interaction at a Time,” Dr. Agama said the SEC is embracing digital innovation as a core part of its service strategy to enhance transparency, efficiency, and accessibility across all market operations.

He noted that recent advancements, such as the digitization of SEC processes, deployment of new online service portals, and enhanced engagement with market stakeholders through digital platforms, were designed to simplify regulatory interactions and make the market more user-friendly.

According to him, “The digitization of our processes, the launch of new portals, and our enhanced engagement on social media are all steps in the right direction. They are designed to make our market more accessible, transparent, and user-friendly”.

While acknowledging the transformative power of technology, the SEC boss stressed that human engagement remains central to building trust.

He explained that “technology is only an enabler,” adding: “The heart of excellent service is the human connection—the ability to listen, understand, and provide solutions that make every stakeholder feel valued.”

Dr. Agama pledged that the Commission would continue to invest in digital infrastructure, continuous staff training, and tools that empower frontline officers to deliver superior service to investors.

He described customer-facing staff as the “true heroes” of the capital market, whose work directly shapes investor perception and confidence in the system.

He stressed that the SEC’s vision is to build a deep, vibrant, and technology-driven capital market powered by efficient service delivery and sustained trust.

“Let every day be Customer Service Day at the Nigerian SEC and across our capital market. Let us continue to build this market of the future, not with grand pronouncements alone, but with one successful interaction, one resolved complaint, and one satisfied stakeholder at a time”, he stated.