Banking
Access Bank Declares 6-Month Net Profit of N63bn
By Dipo Olowookere
The board of Access Bank Plc on Thursday released the financial statements of the company for the first six months of the year ended June 30, 2019.
During the time, the lender recorded double digits growth in both the topline and bottomline, solidifying the confidence investors have in the company.
A brief analysis of the results done by Business Post showed that the gross earnings of the financial institution in H1 2019 appreciated by 28.2 percent to N324.4 billion versus N253.0 billion achieved in H1 2018.
The net interest income improved 82.0 percent to N155.2 billion from N85.3 billion, while the interest expense rose to N117.8 billion from N101.4 billion, with the net impairment charge dropping to N4.9 billion from N7.3 billion and the net interest income after impairment charges growing to N150.3 billion from N78.0 billion.
Furthermore, the fee and commission income jumped to N41.9 billion from N30.3 billion, while the fee and commission expense skyrocketed to N4.3 billion from N217.9 million.
Access Bank said in the first six months of 2019, its net gains on investment securities significantly reduced to N4.2 billion from N59.6 billion, while the net foreign exchange loss stood at N18.9 billion in H1 2019 in contrast to N33.8 billion in H1 2018.
Also, the lender netted N24.4 billion from other operating income in the period under review, higher than the N10.3 billion made in the corresponding period of last year.
In addition, a total of N31.3 billion was used by the company on personnel expenses in the considered time, higher than N26.1 billion in the same period of 2018, while rent expenses reduced to N822.2 million from N2.2 billion, with the other operating expenses gulping N79.8 billion in H1 2019 compared with N61.9 billion in H1 2018.
A look the bottom line showed that the profit before tax of Access Bank in the first half of this year stood at N74.1 billion against N45.8 billion in the first half of last year, while the profit after tax closed at N63.0 billion as at June 30, 2019 versus N39.6 billion as at June 30, 2018, representing an improvement by 59.1 percent.
In the period under review, the earnings per share (EPS) of Access Bank increased by 39.9 percent to N1.93k from N1.38k
Business Post observed that in the first six months of this year, customer deposits broadly rose to N4.2 trillion from N2.7 trillion in the 2018 financial year as a result of the merger with the defunct Diamond Bank, while loans and advances to customers went up to N2.7 trillion from N2.0 trillion.
The total assets of Access Bank as at June 30, 2019 stood at N6.489 trillion from N4.954 trillion as at December 31,2018, while the total liabilities stood at N5.905 trillion from N4.464 trillion.
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.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
