Banking
Nigeria Can Attract High FX Inflows With Transparent Exchange Rate
By Modupe Gbadeyanka
If Nigeria is to attract high inflow and volume of diaspora remittances which can be compared with such countries like India, Israel, Indonesia and others, there must be proper engagement and a transparent exchange rate.
This was the unanimous view of speakers at a virtual summit organised by Ecobank Nigeria as part of its Ecobank Digital Series. The event was themed Financial Services & Remittance Solutions for Nigerians in Diaspora: Leveraging Ecobank’s Pan-African offering as the Nation Celebrates 60.
Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, in his opening speech, noted that there was growing evidence that diaspora remittances were impacting positively on the economies of various countries of the world.
He put the total annual remittances to Nigeria at about $20 billion which he said, contributes hugely to the country’s foreign exchange earnings.
According to him, apart from constant engagement with Nigerians in the diaspora, the bank is leveraging its digital technology through its Rapidtransfer App and Ecobank mobile App to make it easy and affordable for Nigerians abroad to remit money to their home country.
“Our dedicated Rapidtransfer, mobile remittance app is a game-changer for the market. It enables Africans and indeed Nigerians wherever they are to easily and instantly send money to bank accounts, mobile wallets and cash collection in – and across – 33 African countries.
“Historically, the cost of sending cross-border remittances to Africa has been far too high at about 6%-7%. Similarly, the process to send funds has long been inefficient and burdensome, with customers typically needing to go physically to an agent sometimes late in the night or in poor weather with attendant discomfort and risks.
“The Rapidtransfer app remittance solution is a quick, easy and reliable digital solution that removes all of these issues. It is indeed a game-changer for Nigerians and all Africans with its sustainable and standout affordability,” he said.
The Ecobank Managing Director further explained that the transaction cost is affordable with the charge from zero to about 3% as compared to 6 – 7 per cent elsewhere, and with instant transfer speed, adding that exchange rate is transparent and compares favourably with others. He added that Ecobank also offers mortgages, treasury bills, capital market instruments and others.
He submitted that Ecobank was privileged to work closely with the Nigerians in Diaspora Commission, (NIDCOM) and will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries and two affiliates where the bank operates on the continent.
Chairman/CEO of NIDCOM, Mrs Abike Dabiri-Erewa, who was the keynote speaker commended Ecobank for organizing the webinar which she said was very timely and appropriate.
She acknowledged that COVID-19 has affected remittances, but a lot could still be done to encourage more inflow in spite of the pandemic.
The former broadcaster challenged Ecobank to lead other Nigerian banks to provide products and services that would encourage Nigerians in the Diaspora to increase their remittances home.
The bank, she said should blaze the trail in engaging with Nigerians in the diaspora, ensuring proper documentation of remittances, as well as in providing easier and more affordable cost of remitting money to Nigeria.
She regretted that there was currently no proper documentation of remittances inflow into Nigeria from the officially estimated 17 million Nigerians in the diaspora who send money home to take care of their families’ education, health and other needs.
On the ease of doing business in Nigeria, Mrs Dabiri-Erewa said it was getting better, disclosing that the country’s diaspora policy was being put together and also working on a Diaspora Trust Fund.
“We also plan to organize a Diaspora Investment Summit very soon and the commission is currently working with the Federal Mortgage Bank of Nigeria to set up Diaspora Mortgages for interested Nigerians,” she said.
One of the panellists, former Vice Chairman, Board of Trustees Nigerians in Diaspora Organisation Europe (NIDOE), Dr Bashir Obasekola, said Nigeria in the Diaspora would be encouraged to send money home through the formal channel if the rate is competitive, low charges, transparent exchange rate and the government creating the right investment environment.
He commended Ecobank for the webinar, noting that, most Nigerians abroad are now enlightened on the ease and affordable means of remitting funds home.
Head, Consumer Banking, Ecobank Nigeria, Mrs Korede Demola-Adeniyi, listed the objectives of the webinar to include providing the attendees with access to information on opening accounts online in Naira and other international currencies, information on Ecobank’s bouquet of money transfer services that make it quick and simple for those in the Diaspora to send money to family and loved ones back home in Nigeria.
“This includes the bank’s safe, secure and easy-to-use proprietary solution, Rapidtransfer and the Rapidtransfer App. Other benefits include financial advisory, investment options, financial planning and access to information on BVN Registration,” she said.
She urged Nigerian in the Diaspora to download the Ecobank Rapidtransfer App from Google Play and App Store and follow the simple instructions to activate, disclosing that the bank currently offers zero-fee on transfers till October 31 this year.
Other speakers at the virtual conference included: President, All Nigerian Nationals in Togo, Dabor Amos Mzahan; President, Nigerians in Diaspora Organisation (NIDO), New Jersey, Dr Kazeem Bello; Business Manager, Remittance Distribution, Ecobank Nigeria, Mr Linus Adaba and Sales Manager, Diaspora Banking, Ecobank Nigeria, Miss Adebukola Ademiluyi.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) is considering the recapitalisation and restructuring of Development Finance Institutions (DFIs) to address the significant financing gap facing micro, small, and medium-sized enterprises (MSMEs).
The Deputy Governor of the apex bank in charge of Economic Policy, Mr Muhammad Abdullahi, disclosed this during a panel session at the launch of the Nigeria Development Update by the World Bank in Abuja on Tuesday.
He explained that a recent review by the apex bank found that existing DFIs were too small to meet the credit needs of businesses.
DFIs are specialised, government-backed financial entities designed to promote economic growth by funding critical sectors like agriculture, infrastructure, and SMEs. Key institutions include the Bank of Industry (BOI), Development Bank of Nigeria (DBN), Nigeria Export Import Bank (NEXIM Bank), Bank of Agriculture (BOA), National Credit Guarantee Company Limited, and Nigerian Consumer Credit Corporation, among others.
“We conducted a review last year of the development finance space. Across all the DFIs in Nigeria, the total asset base is slightly above N8 trillion, whereas what is required in development finance for MSMEs is over N130 trillion,” he said.
He said that simply injecting capital would not solve the problem.
“The only way to address this is not only through public sector capital injections into these institutions, but also by making them bankable and investable,” he said.
Abdullahi said the CBN and the Ministry of Finance are reviewing DFI structures to improve their efficiency and risk appetite.
“We are reviewing the entire sector to ensure that we can correct the incentives, improve risk appetite, and also strengthen capital levels,” the deputy governor added.
He also said the reforms aim to introduce stronger market-based principles.
“We are looking at the structure to see how more market fundamentals can be incorporated, because the way it has been done in the past has not delivered the desired results,” Mr Abdullahi said.
On the persistent financing challenge for MSMEs, he said lending to the real sector has always been one of the structural challenges “Nigeria’s economy faces in terms of ensuring that credit reaches businesses that require it”.
Business Post reports that the CBN recently concluded the recapitalisation of the Nigerian banking sector, while the insurance sector is ongoing.
By Modupe Gbadeyanka
The women-focused initiative by Sterling Bank, OneWoman, is already yielding positive results, especially in promoting financial inclusion and empowering female-led enterprises in Nigeria.
Business Post reports that the programme was created to support women through three key pillars of capital, capacity, and community.
In 2025, according to the Head of the OneWoman Initiative, Ms Ezinne Nwokafor, the initiative gave out N43.9 billion loans to 2,450 female entrepreneurs, trained 6,000 of them, served about 380,000 women across three sectors of career women, women in business and freshers, and their vision 2030 is to give out N500 billion loans to one million women across their three sectors.
She noted that a significant majority of Nigerian women remain excluded from formal credit, with only a small percentage able to access structured financing. Despite improvements in financial inclusion, women continue to face systemic barriers that limit their ability to secure funding.
Ms Nwokafor pointed out that women account for a substantial share of micro, small, and medium enterprises and contribute meaningfully to the economy, yet face a financing gap estimated at $42 billion annually, according to the International Finance Corporation.
She also referenced data showing that more than half of women-led businesses identify access to finance as a major constraint, while rejection rates for loan applications remain significantly higher for women than for men.
According to her, these challenges are often linked to structural issues such as gaps in asset ownership, social norms, and limited access to financial data and visibility.
“Sterling’s OneWoman initiative is positioned to bridge this gap by combining financial solutions, mentorship, capacity building, and community support for women across different stages of their journey,” she said at the Funding Her Future Breakfast Dialogue in Lagos.
The session brought together voices from across sectors for a focused and necessary conversation on how to unlock more inclusive and effective financing pathways for women-led businesses in Nigeria.
On his part, the chief executive of Sterling Bank, Mr Abubakar Suleiman, said, “Women-led businesses need the right support systems, the right networks, and the right ecosystem to grow with confidence and scale with resilience.”
By Modupe Gbadeyanka
Alpha Morgan Bank has reaffirmed its commitment to supporting institutions that drive intellectual growth and national development.
The lender gave this reassurance at the commissioning of the Redeemer’s University Business School by Pastor (Mrs) Folu Adeboye, the wife of the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye.
Speaking at the event, the Managing Director of Alpha Morgan Bank, Mr Ade Buraimo, said the company was proud to be associated with the school, noting its commitment to education and institutional development.
As part of its broader focus on knowledge sharing and thought leadership, Alpha Morgan Bank will host its Economic Review Webinar in May 2026, bringing together experts to share insights on key economic trends and opportunities.
The commissioning of the business school was witnessed by distinguished guests, including the Pro-Chancellor and Chairman of the Governing Council of Redeemers University, Professor Oluwatoyin Ogundipe; the Vice Chancellor, Professor Shadrach Olufemi Akindele; Mrs Bola Obasanjo; and other notable dignitaries.
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