“I do not think anyone in Nigeria needs persuading of the need for urgent action on the environment. Desertification in the north, floods in ... the centre, pollution and erosion on the coast are enough evidence. For Nigeria, climate change is not about the perils of tomorrow, but what is happening today,” President Muhammadu Buhari said during the UN Climate Change Conference (COP26) in October. And today means Nigerians are finding it increasingly hard to afford basic food items.
In February, Africa’s largest bank by assets launched its treasury management service to provide a tool that allows corporates to view their daily liquidity position. Currently, this is difficult for companies with multiple bank accounts in different countries, Mkhwanazi says in Johannesburg.
The bank has been seeking to use fintech to expand the services it can offer to corporate clients. It has used blockchain to facilitate cross-border trade, and in 2019, it partnered with fintech Traydstream to digitise the process of trade document validation. In October, the bank partnered with Nigerian unicorn Flutterwave to improve its digital payments offer.