By Aduragbemi Omiyale

Alpha Morgan Bank has achieved a landmark financial performance in the first 10 months of its operations, largely due to strong synergy in customer acquisition and branch expansion, a deliberate focus on growth in demand deposits, creation of quality risk assets and balance sheet efficiency.

These achievements were further supported by robust operational processes powered by sound technology and systems, management depth and expertise, experience and strategic oversight provided by the company’s board.

An analysis of the lender’s books showed that pre-tax profit stood at N1.9 billion, reinforcing its emergence as one of the country’s most remarkable new-generation financial institutions. The post-tax profit was N1.1 billion.

With this performance, Alpha Morgan Bank not only broke even within an exceptionally short period, but also delivered what is believed to be a record-setting early-profit performance in the Nigerian banking sector, underlining the strength of its strategy, the discipline of its execution and the confidence the market has placed in its business model.

It was observed that in the period under review, gross earnings were N13.1 billion, the operating income was N9.6 billion, net interest margin was 67 per cent, customer deposits stood at over N103 billion, and the non-performing loan (NPL) ratio was 0 per cent after disbursing about N10.1 billion in loans to customers.

“This is more than a financial milestone; it is a strong statement of what is possible when vision, discipline, sound execution, and market opportunity come together,” the chief executive of the financial institution, Mr Ade Buraimo, commented.

“From inception, Alpha Morgan Bank was built to be a commercial bank that is solution-driven and committed to delivering value at scale.

“To record a PBT of N1.9 billion in our first 10 months of operations is both historic and deeply encouraging. It reflects the dedication of our people, the trust of our customers and the solid foundation we have laid for long-term growth,” he added.

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has unveiled an ambitious plan to reduce fraud losses in digital transactions to less than 0.001 per cent of total transaction value by 2028, as part of a broader strategy to build trust in the country’s payment ecosystem and accelerate financial inclusion.

Speaking at the launch of the Payments System Vision 2028 (PSV 2028) in Abuja on Monday, the Governor of the apex bank, Mr Yemi Cardoso, said the target would be achieved through stronger identity verification systems, including the integration of the National Identification Number (NIN) and Bank Verification Number (BVN), as well as artificial intelligence-powered fraud detection tools.

“By 2028, we must commit to reducing fraud losses to less than 0.001 per cent of all transactions. With NIN, BVN, intelligent systems, and AI fraud detection, people’s money must be safer in the digital system than under their mattresses.

“By 2028, Nigerians will pay digitally, safely, and cheaply. A payment system is only as strong as the trust people place in it,” Mr Cardoso stated.

He quipped that people’s money must become safer in the digital system than under their mattresses.

The CBN governor said the new payments vision seeks to transform how Nigerians transact, save, trade and participate in the economy, with trust and security forming the foundation of the framework.

Mr Cardoso disclosed that the apex bank is targeting 95 per cent financial inclusion by 2028, a move expected to bring an additional 15 million Nigerians—particularly market women, farmers and young people—into the formal financial system.

According to him, digital financial access is critical to reducing poverty and expanding economic participation, stressing that cash should no longer determine whether citizens can engage in economic activities.

He said PSV 2028 aims to make financial transactions “faster than a blink” by eliminating existing inefficiencies, interoperability challenges and settlement delays across payment platforms.

“Today’s payment systems process millions of transactions every day, with most completed in less than 10 seconds. By 2028, every Nigerian should be able to send and receive money faster than they can blink,” he said.

Mr Cardoso described payment infrastructure as the “invisible roads that move money”, noting that efficient payment systems have become essential for economic growth, competitiveness and poverty reduction.

He added that the framework would strengthen payment infrastructure, deepen inclusion, support innovation, improve resilience and enhance Nigeria’s integration into regional and global payment systems.

The CBN governor also linked payment system efficiency to economic growth, arguing that improved payment infrastructure would boost productivity, lower transaction costs, expand trade and strengthen investor confidence.

Mr Cardoso said the vision builds on two decades of transformation in Nigeria’s payments landscape, driven by the growth of instant payments, fintech innovation and rising digital adoption.

He further stated that PSV 2028 is designed to position Nigeria as a global fintech hub, with open banking reforms already unlocking more than 100 application programming interfaces (APIs) to support innovation and new financial products.

According to him, Nigeria must evolve from being primarily a fintech adoption market to becoming a producer and exporter of globally competitive fintech solutions.

While unveiling the framework, Mr Cardoso cautioned against Nigeria’s long-standing pattern of policy discontinuity, insisting that successful implementation, not documentation, would determine the success of the vision.

“The success of this vision will not be measured by the document, but by execution,” he said.

By Aduragbemi Omiyale

The merger between Unity Bank Plc and Providus Bank Limited has been sanctioned by the Supreme Court, giving way for the emergence of a new single entity, ProvidusUnity Bank Limited.

A five-member panel of the apex court led by Justice Tijani Abubakar on Monday ordered the transfer of all assets, liabilities and undertakings, including real properties, of Unity Bank to Providus Bank in accordance with the approved Scheme of Merger.

The merger between the two lenders was challenged by customers and shareholders of the affected banks, Mr Suleiman Abubakar and Mr Mohammed Goni Modu.

They earlier approached a Federal High Court to stop the transaction via Suit No. FHC/L/MISC/734/2025. The matter later went to an Appeal Court in No. CA/LAG/CV/137/2025, before settling at the apex court in No SC/CV/132/2026.

Delivering judgment yesterday, the Supreme Court held that the appeal lacked merit and accordingly dismissed it in its entirety, while imposing costs of N10 million in favour of each respondent.

While invoking its powers under Section 22 of the Supreme Court Act, the panel sanctioned the merger and directed that the completion of the transfer be made within 10 days of the sanction of the scheme.

As part of the merger arrangements, the apex court approved a consideration of N3.18 per share or 18 Providus Bank shares of 50 kobo each for every 17 Unity Bank shares held by shareholders.

The court also ordered the dissolution of the board of Unity Bank Plc without winding up the institution and approved the adoption of the new name, ProvidusUnity Bank Limited, for the enlarged entity.

The merger forms part of the banking sector recapitalisation programme introduced by the Central Bank of Nigeria (CBN), which encourages financial institutions unable to independently meet new capital thresholds to explore mergers, acquisitions and other strategic combinations.