Banking
CBN Awards Skye Bank for Fight Against Electronic Fraud
By Dipo Olowookere
Skye Bank Plc has emerged ‘The Most Committed Watch Listing Bank in Nigeria’ out of four corporate awards that were up for grabs at the Nigeria Electronic Fraud Forum (NeFF) Annual Dinner and Awards which held in Lagos recently.
This was confirmed in an industry-wide survey administered by Central Bank of Nigeria (CBN) in conjunction with NIBBS.
The prestigious award, which is in recognition of efforts of the banking industry in the fight against electronic fraud, is presented to the institution “with the most efficient and robust system for tracking all forms of electronic fraud and arresting perpetrators for prosecution.”
The challenge of securing the Nigerian Payments System will always be a daunting task as with the ease of payment, comes greater adoption, and with increased adoption, the lure of cybercriminals who seek to convert either digital asset or resources or both to their own, becomes even greater.
Speaking at the event which held in Lagos at Colonnades Ikoyi, the NeFF Chairman, Mr Dipo Fatokun, who is also the Director, Banking and Payment System in CBN, explained that, “an effective fight against fraud is not without robust awareness program; not only for members of the public, but also for staff of organizations that operate within the Payment Space.”
He further stressed the importance of starting the awareness program in 2017, “as this would help the industry reduce cost of fraud through increased vigilance and detection abilities.”
On the credibility of the process that led to the emergence of Skye Bank as the winner of the award, “the Central Bank of Nigeria in collaboration with NIBBS carried out a survey to rate the performance of all banks in the fight against electronic fraud.”
According to him, “most banks, in their response, acknowledged Skye Bank as the most committed bank when it comes to tracking fraud and arresting perpetrators”.
Skye Bank runs its core banking ICT applications on one of the most advanced, and highly secured and scalable technology software, adjudged by cyber practitioners as consistent with what obtains with other financial giants in most advanced economies of the world.
Receiving the award on behalf of the bank, the Executive Director, Lagos Commercial Banking Directorate, Mrs Markie Idowu, thanked the organizers of the award and used the opportunity to canvass for collaboration amongst stakeholders, noting that this remains the only way to effectively tackle the spate of electronic fraud in the industry.
The Nigeria Electronic Fraud Forum (NeFF) is a forum where financial services stakeholders – banks and other organizations within the financial and payment systems – meet on a quarterly basis to deliberate on issues of electronic fraud and its prevention.
The forum is organized and supervised by Central Bank of Nigeria.
Skye Bank, a Systematically Important Bank (SIB), with strong market share and relative interconnectedness, occupies a sensitive role in the financial industry in Nigeria and West Africa.
The other NeFF awards are: the best fraud desk personality of the year; the most responsive fraud desk and the overall best fraud desk.
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.
