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 Aduragbemi Omiyale
In 2025, Access Holdings Plc lowered its operational emissions by 28.47 per cent by growing its green asset portfolio to N92.15 billion, though still far from its N475 billion target.
Details of its 2025 Sustainability Report showed that operational emissions fell to 49,352 tonnes of carbon dioxide equivalent from 57,176 tonnes in 2024, supported primarily by branch solarisation across 263 locations and the deployment of 323 solar-powered ATMs, largely across Access Bank in Nigeria.
The organisation applies the operational-control approach under the Greenhouse Gas Protocol, accounting for emissions across its African footprint, with Access Bank representing the largest share.
The report reinforces its strategic shift from scale to value by showing how sustainability is being embedded in capital allocation, risk management, product development and operations.
During the year, Access Holdings deployed N72.3 billion under its Sustainable Finance Framework to eligible environmentally beneficial projects and grew its cumulative sustainability-focused loan book to $1.269 billion.
Beyond environmental outcomes, the report highlights the group’s contribution to inclusive economic participation.
In 2025, Access Holdings extended access to finance to 2,528,117 low-income individuals and onboarded 78,438 new MSMEs onto its financing platform.
Across the institution, 2.8 billion transactions were processed during the year, underscoring its role as core financial infrastructure for Africa’s real
economy. Gender-lens lending also progressed, with 354,156 loans extended to women and women-owned businesses, totalling N67.4 billion, equivalent to 24 per cent of the relevant loan portfolio.
Its Corporate Social Investment programmes reached 2,439,480 beneficiaries across education, health, entrepreneurship and the environment, delivered with partners, including UNICEF, HACEY Health Initiative and the Kenya Forest Service.
Employees recorded 359,500 volunteer hours with 100 per cent participation, while more than 50,000 trees were planted. The group notes that 2025 community figures follow a board-mandated tightening of its impact-measurement methodology and are not directly comparable with prior years. Women represent 49 per cent of the workforce, and the Access Holdings board comprised nine directors with 44.4 per cent female representation. Employee satisfaction rose to 87 per cent against an 80 per cent target, while attrition eased from about 13 per cent to about 11 per cent.
For the second straight year, Access Holdings reported zero material regulatory penalties relating to sustainability and zero cybersecurity breaches.
It mobilised $185.38 million, equivalent to N266.83 billion, in concessional funding from development finance institutions during the year and allocated a sustainability budget of N4.8 billion from profit before tax.
Sales-facing staff in the banking subsidiary carry green-portfolio targets within their individual performance measures, linking strategic sustainability goals to day-to-day execution across governance, strategy, risk management, capital allocation, products and operations.
To strengthen credibility and comparability, the report was prepared using the IFRS Sustainability Disclosure Standards, specifically IFRS S1 and IFRS S2, as the primary framework, with the GRI Standards (2021) and the SASB Standards applied as complementary references.
“Our 2025 Sustainability Report reflects the discipline with which we are converting scale into value. We reduced operational emissions by 28.47 per cent,
grew our green asset portfolio to N92.14 billion and extended financial access to about 2.5 million low-income individuals.
“These outcomes show that sustainability is not separate from our business; it is central to how we create value, manage risk and support inclusive growth across Africa,” the chief executive of Access Holdings, Mr Innocent Ike, stated.
Looking ahead, the company promised to deepen the measurable impact of its sustainability agenda, accelerate the transition of its portfolio towards low-carbon and climate-resilient assets, and grow the green asset portfolio towards the N475 billion target.
By Adedapo Adesanya
The Nigeria Deposit Insurance Corporation (NDIC) says it has paid the insured deposits of about 700,000 customers of the defunct Heritage Bank and has commenced the reimbursement of depositors of 46 microfinance banks (MFBs) whose operating licences were recently revoked by the Central Bank of Nigeria (CBN).
The chief executive of NDIC, Mr Oludare Sunday, made this known on Wednesday during a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos.
He said the corporation immediately began settling the insured deposits of customers after the CBN revoked the licences of the 46 microfinance banks and appointed the NDIC as their provisional liquidator.
“We are working on those. The CBN revoked the licences, and we were appointed as the provisional liquidator. We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said.
Mr Sunday explained that the NDIC’s responsibility extends beyond paying insured deposits to recovering outstanding loans owed to the failed institutions and disposing of their assets to generate funds for the settlement of uninsured depositors.
“Our function as liquidator involves the payment of guaranteed sums. Thereafter, we go after those who owe the institutions and have not paid. We also ensure that we sell the available assets and realise their investments towards paying the uninsured portion of the deposits. So, we have started paying the guaranteed deposits. What we are doing now is also realising the assets of those institutions,” he stated.
Although he declined to disclose the exact number of depositors of the failed microfinance banks who had been reimbursed, Sunday said the Corporation was working with the Nigerian Interbank Settlement System (NIBSS) to identify depositors through their Bank Verification Numbers (BVN) to ensure seamless payments.
“So, the more accounts we discover, the more payments we make,” he added.
Providing an update on the liquidation of Heritage Bank, the NDIC chief said about 700,000 depositors had already received their insured deposits, while efforts were ongoing to trace other customers whose identities could not be verified from available records.
He attributed the challenge to legacy accounts created before the introduction of the BVN system, as well as incomplete customer records inherited from banks that were later merged into Heritage Bank.
“If you know Heritage Bank, you know it is an amalgamation of several banks, including the acquisition of Enterprise Bank in 2014. So, if you think of banks like Guardian Express and Spring Bank, they are all part of Heritage Bank.
“There are depositors we have not been able to trace, and this is an opportunity for them to come forward. I am sure many of us did the National Youth Service Corps (NYSC) and may have left some money in an account, but there was no BVN then.
“Even the addresses we had were sometimes things like ‘opposite filling station.’ How do you trace such a person? Once they come forward, and for those we have been able to identify from the institution’s database, we have been paying them,” he explained.
Mr Sunday added that the Corporation would continue to recover outstanding loans and dispose of Heritage Bank’s assets to generate funds for the payment of liquidation dividends to depositors whose balances exceeded the insured limit.
Earlier in his remarks, he described the NDIC as a critical pillar of Nigeria’s financial safety net, stressing the need for stronger collaboration between regulators and the National Assembly as the banking sector responds to recapitalisation efforts and rapid financial technology developments.
According to him, while the ongoing banking recapitalisation programme has strengthened the resilience of financial institutions, it must be complemented by sound corporate governance, effective risk management, strict regulatory compliance and robust supervision to safeguard long-term financial system stability.
He also disclosed that more than 98 per cent of depositors, representing over 281 million accounts across insured financial institutions, are fully protected under the NDIC’s deposit insurance scheme.
By Adedapo Adesanya
Zenith Bank Plc is investigating an incident involving unauthorised access to customers’ data, noting that the breach does not involve financial information and has not compromised its banking services or digital channels.
In an email sent to customers on Wednesday, the bank stated that the incident was part of a broader global cyberattack affecting multiple international organisations across various sectors.
The lender stated that it immediately activated its incident response protocols and intensified its cybersecurity and remediation efforts upon discovering the incident.
“This incident is part of a broader, global cyber-attack targeting multiple international organisations across various sectors. Upon discovery, we promptly activated our incident response protocols, cybersecurity actions and remediation efforts,” the bank said.
The bank reassured customers that its banking services and digital channels remain secure and fully operational.
As a precautionary measure, Zenith Bank advised customers to remain alert to potential phishing attempts and other forms of social engineering.
“As a precaution, we encourage our customers to remain vigilant against phishing emails, text messages, or phone calls, and never to disclose their password, PIN, One-Time Password (OTP), or other security credentials to anyone,” the bank said.
The incident is the latest in a series of cybersecurity challenges facing Nigerian financial institutions, with banks in recent months suspending their social media operations over impersonation and other fraudulent activities.
Earlier in April, the Nigeria Data Protection Commission (NDPC) said it was investigating alleged data breaches involving Sterling Bank, Remita and the Corporate Affairs Commission (CAC).
Nigerian banks have long been prime targets for cybercriminals because of the vast amounts of customer data and financial transactions they handle every day.
While many attacks have traditionally sought to steal funds, cybercriminals are increasingly targeting personal information, which can be used for identity theft, phishing schemes, account takeovers and other forms of financial fraud.
Cybersecurity threats have increasingly targeted Nigerian banks in recent years. In 2025, Union Bank of Nigeria warned customers about fraudulent websites and phishing campaigns designed to steal login credentials and personal information by impersonating the bank.
In August 2024, Guaranty Trust Bank experienced a domain-related security incident that temporarily disrupted access to its official website, although the lender assured customers that their deposits and banking services remained secure while it resolved the issue.
