Banking
Advans Microfinance Bank Opens Fourth Branch in Lagos
By Ahmed Rahma
A leading international microfinance institution, Advans La Fayette Microfinance Bank, has expanded its market in Nigeria with the opening of its fourth branch in Lagos.
The bank, which has 16 branches in Nigeria, including the new branch in Ikorodu, Lagos, and was licensed by the Central Bank of Nigeria (CBN), started full operations in the country in February 2013.
Since then, it has built a strong client base and strong financial services experience, being able to answer to all the financial needs of micro, small and medium scale businesses.
The Advans Group has banking services trusted by over a million clients in nine African and Asian countries (Cambodia, Cameroon, Ghana, Congo (DRC), Ivory Coast, Myanmar, Tunisia, Pakistan, and Nigeria).
Speaking on the bank’s expansion drive at the event in Lagos on Monday, March 22, 2021, the Managing Director/CEO, Mr Gaetan Debuchy, stated that “it is always a great pleasure to launch a new branch. Ikorodu branch is our 16th branch in Nigeria and the fourth in Lagos.
“As we continue our network expansion in 2021, we plan to open 9 new branches! Our objectives are to be closer to businesses, serve more clients effectively, and have a more positive impact on Nigerian businesses.
“I invite all business owners in and around Ikorodu to join us and experience our quality service,” he said.
Mr Debuchy further said customers are at the core of all their innovative solutions, such as affordable individual and group loans for up to N75 million with flexible collateral requirements, savings and term deposits with very high-interest rates, secure debit cards, a reliable mobile app, insurance, mobile tellers, cheques, and Agency banking services (in collaboration with over 200,000 Opay/Paga partner-agents across Nigeria).
Also at the event were the Advans Nigeria Board Chairman, Mr Grégoire Danel Fedou; the Deputy CEO, Mr Jean-Luc Nzoubou, as well as other members of the bank’s management committee.
Mr Nzoubou, quipped that: “We have an ongoing savings promo called the Yakataa savings promo where anyone who opens regular savings account between now and March 31, 2021, will earn a double interest of up to 12 per cent.
“There is also a VIP specialised service for High Networth Individuals across our major branches in Lagos, Kwara, Oyo and Ogun states.
“Our Client Relationship Officers are trained and trusted to provide you with a relevant financial advisory to take your business to the next level. Our branches and call centre are also open from Monday to Saturday every week to serve clients.”
“All loans come with no prior savings requirements, flexible collateral, affordable interest rates charged on a declining balance.
“We also offer moratorium and flexible repayment plans, full insurance cover on all loans, and a dedicated Client Officer, to monitor your business for growth in all stages of the loan cycle,” he added.
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.
