Banking
Wema Bank Tutors Women How to Run Profitable Business
By Dipo Olowookere
As part of its efforts to equip women in the Micro, Small and Medium Enterprises (MSME) sub-sector of the economy, Wema Bank Plc, the pioneer of Nigeria’s first fully digital bank ALAT, held a seminar last week in Lagos for over 100 female business owners.
The women entrepreneurs were drawn from the bank’s Lagos Region for the business advisory seminar tagged Running A Profitable Business and feelers from the event indicated that the participants were glad to be part of it.
During the programme, they were told how to nurture their business ventures as well as simple ways of sourcing for capital to grow the business.
One of the speakers at the event, Mrs Sade Odunaiya, a Certified Business Coach with ActionCoach, who spoke on Growing Your Own Business, said in her presentation that 80 percent of new enterprises fail within their first 5 years of operation, while another 80 percent of those who survived that period also fail within the next 5 years.
On the way forward, she advised participants to ensure they master their production systems, guide against misplaced priority, collate feedback from customers and also put in place procedural manuals for all team members.
Similarly, Mrs Jimoh Amdala, Deputy Manager, Gender Business at the Bank of Industry (BOI), said her management partnered with Wema Bank with a view to enlightening women about the best way to package their applications for credit facilities from Wema Bank.
During her speech on How to Fund Your Business, Mrs Amdala disclosed that the BOI has identified the basic impediments working against entrepreneurs in applications for loans.
She also stated that BOI does not give loans to businesses that would not be able to repay. Her words: “We give loans at a very minimal rate but must be convinced of your viability to pay back.
However, Mrs Amdala disclosed that when women approach the BOI for loans, their documentation, most of the time, is not complete.
According to her, the management of BOI is always ready to give a helping hand to any application by women because the financial institution believes that any support given to a woman connotes support to a nation.
Explaining why the seminar was organized, the Regional Manager in charge of Lagos Mainland at Wema Bank, Mrs Aramide Awosanya, said the initiative was taken to complement the policy of the Central Bank of Nigeria (CBN), which aims at MSME development in the country.
It would be recalled that the CBN launched the MSME Development Fund in 2013 with a share capital of N220 billion. The fund was established in recognition of the significant contributions of the MSME sub-sector to the economy and the existing huge financing gap.
Mrs Awosanya said Wema Bank was working with the BOI to assist women entrepreneur to maximize the enormous financial benefits available within the Sara by Wema community.
According to her, Sara by Wema is a community that gives women the capacity to participate in, wholly contribute to and fully benefit from the growth opportunities available in Wema Bank.
“It is fuelled by our conviction that women across all socio-economic backgrounds deserve as many opportunities as they can get to achieve financial independence and economic growth,” the respected banker said.
She stated that the community is open to all Nigerian women who own startup enterprises as well as those that are low-income earners and stay-at-home entrepreneurs.
Mrs Awosanya also revealed that Wema Bank will take the Sara by Wema women empowerment initiative to other parts of Nigeria for the benefit of women entrepreneurs across the country.
“We shall take the initiative to Abuja before theend of the year and later to other parts of the country,” she assured.
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.
