Banking
COVID-19: Keystone Bank Trains SMEs for Better Sales
By Dipo Olowookere
The need for Micro Small and Medium Enterprises (MSMEs) in the country to increase online presence and grow sales using digital tools has been highlighted by Keystone Bank Limited.
At a 5-day workshop held for small business owners, the lender stressed that the current global health crisis caused by COVID-19 has made it necessary to change the way things are done.
“The widespread outbreak of the novel Coronavirus (COVID-19) has impacted the world economy negatively and has led to a significant shift in customer needs and behaviour as well as a total overhaul of operating models of businesses.
“In the face of this current socio-economic reality, the need to increase online presence and grow sales using digital tools has become a burning concern for a lot of small businesses.
“It is in the wake of this rising need that Keystone Bank partnered with Rabbington Media to host the Boost with Facebook Digital Marketing Webinar Series, a 5-day session which ran from July 1 to 7, 2020, with two sessions per day.
“The topics covered ranged from Using Facebook Ads to reach your target audience, Using WhatsApp to scale your business, Finding new customers using Instagram and more.
“It was a packed series of 10 episodes of exciting training with over 2,000 attendees participating in the sessions,” the bank said.
Also, the Head of MSME at Keystone Bank, Ms Helen Nwelle, noted that, “The COVID-19 pandemic has affected a large number of SMEs who can no longer operate through physical stores and outlets and as such, the need to have an active online presence cannot be over-emphasized.
“Hence, the sessions provided a lot of learning to enable businesses to take advantage of the digital tools available on Facebook, WhatsApp and Instagram etc to reach new customers and grow their businesses.
According to Okemini Otum, the Chief Executive Officer of Rabbington Media, the sessions were very impactful and engaging, with an ever-ready and keen audience for each session.
“The turnout was far beyond our expectations, and we want to be able to reach many more SMEs through more partnerships like these. We commend the passion and commitment from Keystone Bank in seeing to the success of the project.
“The numerous testimonials from participants at the webinar proved how timely the training was and the needs it addressed in their various businesses and participants took away learnings which a lot of them immediately began to apply into building an online presence for their businesses,” Otum added.
Keystone Bank, a technology and service-driven bank offering convenient and reliable solutions to its customers, with a full-fledged Retail Banking Division which over the years, has developed various capacity building events focused on empowering entrepreneurs in the country.
The bank recently launched an online MSME Academy and the next Webinar. which is scheduled for July 17, 2020, will build on the takeaways from the Facebook Digital Marketing series and is tagged Maintaining a thriving SME brand in the face of COVID-19.
Keystone Bank explained that it’s organising these events as part of its Corporate Social Responsibility (CSR) initiatives.
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.
