Banking
Wema Bank Secures $35m Funding Package to Support SMEs
By Dipo Olowookere
A funding package worth $35 million has been secured by Wema Bank Plc from two international banks to support the growth of Small and Medium scale Enterprises (SMEs) in the country.
Information made available to Business Post revealed that Wema Bank signed a Line of Credit Agreement with the African Development Bank (AfDB), which has already disbursed the $15 million agreed by both parties.
Also, the innovative bank, which pioneered Africa’s first fully digital bank called ALAT, has secured a $20 million LOC from the Islamic Corporation for the Development of the Private Sector (ICD). The agreement was signed at the 3rd Africa Islamic Finance Forum.
Commenting on the development, Managing Director of Wema Bank Plc, Mr Segun Oloketuyi, explained that the funds will help bolster the bank’s vision of building a sustainable retail sector by supporting micro, small and medium scale enterprises.
SMEs are one of the greatest contributors to Nigeria’s economic growth. Research has shown that the sector has a similar effect worldwide, contributing to over 55 percent of GDP and over 65 percent of total employment in high-income countries.
Also, SMEs account for over 60 percent of GDP and over 70 percent of total employment in low-income countries, while they contribute over 95 percent of total employment and about 70 percent of GDP in middle-income countries.
“We believe efforts like this, ultimately helps to create jobs, accelerate industrialization, redistribute wealth and fight poverty,” Mr Oloketuyi said.
Wema Bank, through its newly-launched ALAT, the first fully digital bank in Africa, will deploy the line of credit towards bolstering funding for SMEs in Nigeria.
On his part, Acting CEO and General Manager of ICD, Mr Mohammed Al Ammari, confirmed his excitement about the partnership, stressing that it will further deepen its footprint in Africa, where a significant portion of its investment portfolio is domiciled.
“ICD’s line of investment portfolio has been heavily concentrated in Africa over the years, seeking opportunities to grow funding for SMEs and provide economic-stimulating investments within the region,” he said.
Wema Bank has continued to grow its capacity to provide solutions tailored to suit the lifestyle of its customers and built to deliver value to all stakeholders.
Last May, the lender launched ALAT, a digital bank that allows you open an fully-functional account without visiting a physical branch.
Wema Bank incentivizes savings by putting a 10 percent interest rate on savings goal. ALAT customers can also save together as a group in a model similar to the popular Ajo or Esusu.
In reaching out to the unbanked and underbanked, the Bank also introduced Agent Banking services in all regions of the country. Through agents signed on to the service, Wema Bank takes banking services to existing customers and prospects wherever they may be.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
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.
