Banking
Access Bank UK’s Investment in Dubai Buoys Income by 200%
By Modupe Gbadeyanka
The United Kingdom subsidiary of Access Bank Plc has continued to soar higher, recording double-digit growth across all its four strategic business units.
For example, Access Bank UK said its balance sheet appreciated in the year by 36 percent, with its investment in Dubai returning a whopping 200 percent increase in income.
Also, the lender, which has its parent company in Nigeria, said in a statement that for the 11th year running, it did not record any non-performing loans, with corporate responsibility and exemplary corporate governance playing a key role in its growth.
According to Managing Director of Access Bank UK, Mr Jamie Simmonds, “We are a bank where our growth has been fuelled by the strength of customer relationships.
“It enables us to develop innovative products and financial solutions with rather than just for our customers.
“Becoming a UK clearer is a major landmark for us and differentiates us from many of our competitors in the market place.
“We also manage our retail deposit offering in-house for greater control with both initiatives forming part of our strategy to future proof the bank.”
He further said, “We have offices here in the heart of the City of London, Dubai and Lagos and are building our presence in China through a representative office there.”
“We invest significantly in attracting, retaining and developing professional staff in order to ensure customers always deal with an expert who is familiar with their business and personal financial needs.”
Over the weekend, the annual Access Bank Polo Day was held in London and was the culmination of a year-long programme, part of its fund raising in partnership with UNICEF for education projects in northern Nigeria in particular.
A total of N350 million (UD$970,000) were pledged during the day to build and equip 70 new classrooms, for children’s education in Northern Nigeria.
“Since the UNICEF/Access Bank initiative was started in 2005 it has built schools in Kaduna and, kept more than 8000 students in continuous education.
“At the same time new school blocks and a computer literacy building all in a more secure and friendly school environment have been developed.
“The communities surrounding the schools are being supported with bore-holes for water, and sewing and grinding machines to secure employment and stimulate economic and social development,” a statement issued by the company said.
Kaduna State Governor, Nasir El-Rufai had committed to match the building programme which would see another 70 class rooms built in the coming year and another 2500 children in education.
“The annual event is the climax to the high-profile Access Bank/UNICEF Charity Shield Polo tournament, and celebrates reaching out to and highlighting the plight of vulnerable children and orphans and internally displaced persons.
“In partnership with 5th Chukker and based in Kaduna, Nigeria, the tournament is the biggest charity polo tournament in Africa and generates funds and stimulates support for the work of the UNICEF/Access Bank initiative across Africa,” the statement added.
Chairman of Access Bank UK Limited, Mr Herbert Wigwe, while commenting on the initiative, said, “Together our continuing support for the Fifth Chukker -UNICEF initiative is predicated on our view of our role as a change agent in Nigeria and Africa that can help institute socio-economic development through responsible business practice, social initiatives and environmental consideration.”
“We continue to look for ways through which more resources can be pooled towards supporting the children. We are part of the community and as such should support its wellbeing.”
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
