Business Briefings
West African Central Banks Advance Plans for Eco Currency
Central bank governors from 12 West African countries, including Nigeria, met in Monrovia, Liberia, to finalize preparations for the planned 2027 launch of the Eco regional currency. The three-day session, organized under the Economic Community of West African States (ECOWAS), focused on aligning policies and establishing governance structures for the single currency.
The initiative is aimed at promoting economic integration, strengthening monetary cooperation, and facilitating cross-border trade across the region. The first rollout is expected to include Liberia, Nigeria, Ghana, Sierra Leone, Guinea, and The Gambia, contingent on meeting agreed macroeconomic criteria.
The Eco currency is expected to simplify trade through a unified payment system, support price stability, attract foreign investment, and streamline cross-border transactions. Challenges include fiscal policy differences among member states, high inflation in some countries, and exchange rate volatility. If successfully implemented, the Eco could strengthen financial integration, reduce currency conversion costs, and enhance regional commerce.
-
OneDosh Raises Funding, Accelerates Global Expansion
OneDosh has secured an additional $1 million in pre-seed funding, increasing its total pre-seed capital to $4 million as it accelerates efforts to build a global borderless financial infrastructure platform. The company said the latest funding follows strong growth momentum, including expansion into 29 European markets, a user base that has surpassed 200,000, and the…
-
Flutterwave Pushes Africa Financial Operating Vision
Flutterwave Founder and Chief Executive Officer, Olugbenga Agboola, has outlined an ambitious vision to position the company as the foundational financial operating system powering Africa’s next phase of digital and cross-border economic growth. Speaking at Money 20/20 Europe in Amsterdam, Agboola said stablecoins represent a major upgrade to Africa’s payment infrastructure, particularly in enabling faster…
-
US Inflation Rises to 4.2% as Energy Prices Jump
US consumer inflation climbed to a fresh three-year peak in May, driven largely by rising energy costs linked to global supply disruptions, according to official data released by the Bureau of Labor Statistics. The Consumer Price Index (CPI) increased by 4.2 percent year-on-year, rising from April’s 3.8 percent, marking the highest level recorded since April…
