Banking
How Stanbic IBTC is Uplifting Nigeria’s Education, Health Sectors
In furtherance of its avowed commitment to enrich lives in various Nigerian communities, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has continued to raise the Corporate Social Investment (CSI) bar in Nigeria.
The latest CSI project commissioned by the organisation was the renovation of a set of classrooms at Ladipo Primary School, Mushin, Lagos, by the Business Development Unit of Stanbic IBTC Pension Managers Ltd., a subsidiary of Stanbic IBTC.
In his welcome remarks at the official handover of the facility, Eric Fajemisin, Chief Executive, Stanbic IBTC Pension Managers Limited, identified the Stanbic IBTC Group’s CSI pillars as education, health and economic empowerment.
He revealed that Stanbic IBTC employees voluntarily fund CSI initiatives while the organisation complements the amount they have raised through matching funds.
He added: “We chose to renovate these classrooms because of our love for education, these young students as well as this community. We believe that we cannot make much progress as a country without a well-educated workforce.”
In a message of appreciation to Stanbic IBTC, Olayiwola Olawale, a member of the Lagos State House of Assembly, representing the Mushin Constituency said that he was glad to see a corporate body like Stanbic IBTC contributing towards the growth of education in his constituency.
He said: “What Stanbic IBTC has done here is to make the learning environment more conducive for our pupils. I’m also using this opportunity to call on the staff of other corporate bodies to come to the aid of the students. Government alone cannot foot the bill of education.”
In a related development, the company earlier renovated and furnished both the Ayantuga Primary Health Care Centre, Mushin, and the Ajaebo Primary Healthcare Centre, Idi-Araba, with life-saving medical facilities, to enable the provision of better healthcare services to the communities.
While the employees of Stanbic IBTC Insurance Brokers Ltd were responsible for the CSI initiative at Ayantuga Primary Health Care Centre, the Risk Management Department of Stanbic IBTC Bank PLC took care of the intervention at Ajaebo Primary Healthcare Centre.
At Ayantuga, Anselem Igbo, Chief Executive, Stanbic IBTC Insurance Brokers explained: “We chose this hospital because we believe a greater number of people will benefit from this CSI project. We believe in the need to have a good environment for patients undergoing various forms of treatment so that they can recuperate faster.”
In response, Dr. Onasanya Oluwatosin, Medical Officer, Ayantuga Primary Health Care Centre said: “We are thankful to God and we are thankful to Stanbic IBTC, who have deemed it fit to partner with us in renovating this facility for the use by the community and the local government”
During the handover of the facility at Ajeabo Primary Healthcare Centre, Mr. Kayode Agbetoye, Head, Physical Channels Investigations, Stanbic IBTC, pointed out that the facility was refurbished to cater to the health needs of the people living within the community. He said: “Giving back to the society is part of our DNA at Stanbic IBTC and we are happy doing that. We are happy positively affecting lives and touching people.”
Expressing his gratitude to the management of Stanbic IBTC Holdings PLC, Hon. Olanrewaju Emmanuel Bamigboye, Chairman, Mushin Local Government Area, LGA, thanked the company for taking cognizance of the health of Nigerians and providing healthcare facilities to treat and prevent diseases in the society.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
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.
