Banking
Jubilation as EcobankPay Zone Berths in Ikorodu
As part of plans to create ease of payment and boost economic activities in major market clusters across the country, Ecobank Nigeria has taken its innovative digital payment solution, EcobankPay to the ancient town of Ikorodu, a Lagos suburb.
This, the bank said is in its plan to create ease of payment and boost economic activities in major market clusters across the country. The bank designated the popular Bale market, Ikorodu as an EcobankPay zone
Speaking at the launch, Executive Director, Commercial Banking, Carol Oyedeji restated the determination of the bank to ensure Nigerians get quality banking transactions and good business dealings, stressing that the digital payment zone will further boost easy and convenient transactions in the market place.
The initiative, according to her, would deepen financial inclusion in the community and specifically aid business transactions between merchants and clients. She reiterated that the EcobankPay’s unique offering is that anyone from any bank in Nigeria can pay with MasterPass, mVISA and mCASH with any phone by scanning QR code or using USSD.
She called on the traders and other people living around the market to embrace the innovative pay zone. She explained that customers and non-customers of the bank who patronize the market will now have quick access to the bank’s digital payment offerings, as it would remove the stress and boredom associated with delays in paying for goods in the market.
“Today, we bring good news to traders in this popular market and others that live in this vicinity. EcobankPay will make transaction simple and easy. It will create payment convenience for good and services and growing various businesses across the country. You do not need to be a customer of Ecobank. If the person that wishes to buy goods is coming from a bank that has mVisa and wishes to pay, the same QR Code would accept mVisa payment and vice versa. That creates convenience for the merchants. The QR Code is much cheaper than having a point of sale (PoS).” she noted.
In her comment, the head of the Market Women, (Iya oja, Bale market), Alhaja Kehinde Abiola appreciated the bank for keeping its promise to bring easy banking to the market. In her words “this is part of market development we crave for; this will reduce the large quantity of cash in our market, meaning more secured way to do our business. We encourage all traders to adopt the products introduced by Ecobank for ease of business for us all and our future generation”.
In their testimonials, Ecobank Xpresspoint agents and EcobankPay merchants alluded to the benefits of the services, urging traders in the market and people living in the community to embrace the EcobankPay zone and other products of the bank. Specifically, an agent, Odufuwa Olusegun, commended Ecobank for bringing banking services closer to the people. According to him, “Life has become easy for the people in my local community since I started the Xpress point services. Customers daily troop to my shop to do small financial transactions without any stress and whenever, there is hitch, the bank gives us quick attention.”
EcobankPay is free to set up as the shop owner only needs his/her QR code and phone for notifications to start receiving quick and easy payments. EcobankPay, a special merchant QR Code product of the Pan African Bank, enables customers make seamless payment for goods and services across the three major payment platforms without the use of plastic cards.”
For the merchants, the beauty of the EcobankPay is in the cost of setting up, as the shop owner simply prints the QR Code on a paper and can stick it anywhere and do not run any risks.
It would be recalled that the Bank had launched similar pay zones in Alaba International market and Amu market, Mushin.
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.
