Banking
CIBN Accredits Heritage Bank’s Training Institute
By Modupe Gbadeyanka
The training institute established by Heritage Bank Plc for new entrant staff, The Refinery, has been accredited by the governing council of the Chartered Institute of Bankers of Nigeria (CIBN).
President of CIBN, Mr Uche Olowo, commended Heritage Bank for changing the narratives of the banking system via the establishment of a credible training facility, The Refinery, which prepares trainees who are to be employees for a core professional banking experience.
The institution, supervised by the bank’s Human Capital Management Group, was accredited by CIBN after assessing and evaluating its syllabus, curriculum and structure by panel of technocrats and seasoned bankers set up by the institute, which according to the bankers’ group, aligns with the Competency Framework of the Central Bank of Nigeria (CBN) and the professional paper standard of CIBN.
Mr Olowo further applauded Heritage Bank for setting a high standard of learning facility which its structure and curriculum “is next to that of CBN’s training institute,” whilst stressing that the bank’s training school is the best in Nigerian banking industry and at par with international best standard.
Represented by the Registrar/CEO of CIBN, Mr Seye Awojobi, the CIBN chief said the institute would be grateful to Heritage Bank for the values it holds tenaciously for changing the narrative of the system not just supports to the Institute’s activities but in terms of human capital development and the nation’s economy.
The MD/CEO of the bank, Mr Ifie Sekibo, described Heritage Bank as a forward looking business whose strength lies in the ability to spot and mould talents into great professionals.
Mr Sekibo, represented by the Executive Director, Mr Jude Monye explained that the word “The Refinery” was chosen for the purpose of refining its employees to emerge as gold and harness the required skills to excel in their job functions.
He noted that the Refinery was established to train, nurture and arm young employees with the right skills needed to fast-track development and enable teams to flourish.
Mr Sekibo further explained that at the academy, “we hire young graduates who want to advance their skill levels, which will lead to a direct and indirect improvement of life for their families and communities that will culminate toward more productive, resourceful persons.”
However, during its assessment and evaluation of The Refinery in Port Harcourt, Saubana Ogunpola, member, Capacity Building and Certificate (CB&C) committee noted that one aspect of the accreditation is the exemption of successful trainees of the bank’s training programme from nine courses in the CIBN’s professional certification examination.
Meanwhile, 300 new intakes who are fresh from universities across and outside the country with diverse academic backgrounds and impressive academic records, are currently undergoing rigorous training in an intensive 12-week academic (practical and theoretical) programme with over 30 courses in Port Harcourt.
The Refinery is a tailored learning experience Institute with the perfect blend of technologies, techniques and methodologies to optimise training experiences, which will help employees succeed in ensuring that the bank’s business stays ahead of the curve with the banking sector along with Heritage Bank’s target goals.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
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.
