Banking
Deepening Merchant Trust in Financial Services – Here’s What You Need to Know
By Oluwayimika Debo-Carpenter
In the digital financial services ecosystem, the settlement process plays a vital role in ensuring that funds move securely and accurately from customers to businesses, and from one financial institution to another. It’s the critical final step that confirms the completion of a transaction, providing merchants with the assurance that payments made by their customers are properly credited to their accounts within agreed timelines.
For fintechs and payment processors, having reliable and transparent settlement processes isn’t just an operational necessity, it’s essential for building and maintaining trust with merchants. Any inconsistency, delay, or lack of clarity around settlement can erode confidence and damage long-term relationships.
In the fast-paced world of financial services, settlement operations may not always be in the spotlight, but they are the heartbeat of merchant trust. As someone who has navigated the evolving landscape of settlement operations for almost six years, I’ve come to understand that transparency isn’t just a good practice – it’s a necessity for deepening trust in the entire financial services value chain.
So, follow me as I walk you through how to build transparent settlement processes.
Transparency Starts With Process Clarity
Transparency begins with how well we define and communicate settlement processes. Since merchants are aware of when they will receive settlements (as per the settlement cycle config agreed upon) on successfully processed transactions, where unexpected delays may occur, they need to be made aware of the reason for the delay and how those exceptions are handled. Ambiguity leads to anxiety; process clarity builds confidence. For example, we’ve dealt with cases which led to unprocessed settlements. Rather than leaving merchants in the dark, we documented the issue, shared expected timelines, and provided regular updates. That alone eased tension.
Communicate Like a Partner, Not a Processor
A delayed settlement becomes less frustrating when it’s paired with honest, timely communication. One of the turning points in my journey was learning how to communicate setbacks without triggering panic. In one situation, we experienced a provider glitch that impacted multiple accounts. By being upfront, acknowledging the issue, and explaining the steps being taken, we turned a potential crisis into a collaborative resolution.
Own Your Errors (And Your Providers’)
It’s easy to shift blame when something goes wrong upstream, but accountability strengthens trust. Even when the fault lies with a provider, our merchants expect answers from us. That’s why we always lead with ownership and follow with action. Whether it’s an erroneous credit or a delay in settlement posting, being the first to acknowledge and act is what matters most and sets settlement processes apart in the industry.
Build Recovery and Reconciliation Into the Process
No matter how robust your systems are, errors happen. What counts is how quickly and transparently you recover. Here at Moniepoint, we have instituted workflows that allow us to trace, reverse, and reconcile erroneous transactions swiftly. Having a dedicated recovery process means that when something goes wrong, there’s already a roadmap to resolution – and merchants appreciate that a lot.
Tools and Automation Help, But People Seal the Trust
Dashboards, alerts, and automated reconciliation tools are invaluable, but they can’t replace human reassurance. Make it a priority to have someone on your team walk merchants through the data, interpret results, and offer real-time support. That human touch often makes the difference between a good experience and a great one.
Finally, Trust Is a Daily Settlement
Ultimately, trust isn’t built in a day—it’s built in every settlement cycle, every reconciliation, and every support ticket. It’s about being consistent, communicative, and committed to doing right by the merchant.
In my journey, I’ve found that transparency transforms a transactional relationship into a trusted partnership. So the next time a settlement issue arises, remember: settle funds, but more importantly, earn trust.
Oluwayimika Debo-Carpenter is Lead, Merchant Settlement at Africa’s fastest growing financial institution, Moniepoint Inc
By Aduragbemi Omiyale
Sterling Financial Holdings Company Plc has allotted shares from its public offer of 2025 to investors with valid applications.
The allotment follows the earlier receipt of final approval from the Central Bank of Nigeria (CBN) and the recent clearance by the Securities and Exchange Commission (SEC).
In September 2025, the financial institution offered for sale about 12,581,000,000 ordinary shares of 50 kobo each at N7.00 per share in public offer.
However, the exercise received wide participation from the investing public, with the company getting 18,280 applications for 16,839,524,401 ordinary shares valued at approximately N117.88 billion.
Following a thorough verification process, valid applications were received from 18,276 shareholders for a total of 13,812,239,000 ordinary shares, representing a subscription level of 109.79 per cent and reflecting sustained confidence in Sterling Holdco’s strategic direction, governance, and long-term growth prospects.
The firm approached the capital market for additional funds for the recapitalisation of its two flagship subsidiaries, Sterling Bank and The Alternative Bank.
The capital injection will support the commencement of full operations and contribute to the group’s revenue diversification objectives.
In line with the guidelines set out in the offer prospectus, Sterling Holdco confirmed that all valid applications will be allotted in full. Every investor who complied with the terms of the offer will receive all the shares for which they applied.
A very small number of applications were not processed or were partially rejected due to non-compliance with the offer terms, including duplicate payments and failure to meet the minimum subscription requirement of 1,000 units or its multiples, as stipulated in the offer documents.
The group ensures a seamless post-offer process, with refunds for excess or rejected applications, along with applicable interest, to be remitted via Real Time Gross Settlement or NIBSS Electronic Funds Transfer directly to the bank accounts detailed in the application forms.
Simultaneously, the electronic allotment of shares has be credited to successful shareholders’ accounts with the Central Securities Clearing System (CSCS) on February 17, and for applicants who do not currently have CSCS accounts, their allotted shares will be temporarily held in a registrar-managed pool account pending the submission of their completed account opening documentation to Pace Registrars Limited, after which the shares will be transferred to their personal CSCS accounts.
By Modupe Gbadeyanka
To drive inclusive growth, strengthen financial stability, and deepen global financial integration across developing economies, there must be coordinated reforms in digital cross-border payments.
This was the submission of the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, at the G‑24 Technical Group Meetings in Abuja on Thursday, February 19, 2026.
According to him, high remittance costs, settlement delays, fragmented systems, and heavy compliance burdens still limit the participation of households and Micro, Small and Medium Enterprises (MSMEs) in global trade.
The central banker emphasised that efficient payment systems are essential for economic inclusion, highlighting that global remittance corridors still incur average costs above 6 per cent, with settlement delays of several days, excluding millions from modern economic activity.
Mr Cardoso cautioned that while digital payments present significant opportunities, they also carry risks such as currency substitution, weakened monetary transmission, increased FX volatility, capital-flow pressures, and regulatory fragmentation.
The G-24 TGM 2026, themed Mobilising finance for sustainable, inclusive, and job-rich transformation, convened global financial stakeholders to advance the modernisation of finance in support of emerging and developing economies.
The CBN chief reaffirmed Nigeria’s commitment to working with G-24 members, the IMF, the World Bank Group, and other partners to build a more inclusive, resilient, and development-oriented global financial architecture.
“We have strengthened our AML/CFT frameworks in line with FATF guidelines, requiring strict dual-screening of cross-border transactions to mitigate risks.
“To deepen regional integration, the CBN introduced simplified KYC/AML requirements for low-value cross-border transactions to encourage broader participation in PAPSS, easing processes for Nigerian SMEs and enabling faster intra-African trade payments.
“We have also embraced fintech innovation through our Regulatory Sandbox, allowing payment-focused fintechs to test secure, instant cross-border solutions under close CBN supervision,” he disclosed.
By Modupe Gbadeyanka
The merger and business combination between Unity Bank Plc and Providus Bank Limited remains firmly on course, a statement from one of the parties disclosed.
According to Unity Bank, there is no iota of truth in reports in certain sections of the media suggesting that the merger process had stalled, as the transaction remains firmly on track.
It was disclosed that the necessary regulatory steps have been completed, but only a few other steps to finalise the transaction, especially the final court sanction.
There had been speculations that both lenders may not meet the new minimum capital requirement of the Central Bank of Nigeria (CBN) before the March 31, 2026, deadline.
However, it was noted that the combined capital base of Unity Bank and Providus Bank exceeds N200 billion, which is the minimum requirement to retain a national banking licence under the CBN’s recapitalisation framework.
When completed, the Unity-Providus merger is expected to deliver a stronger, more competitive, and customer-centric financial institution — one with the scale, innovation, and reach to redefine the retail and SME banking landscape in Nigeria.
“The merger with Providus Bank significantly enhances our capital base, operational capacity, and strategic positioning.
“We are confident that the combined institution will be better equipped to support economic growth and deliver innovative financial solutions across Nigeria,” the chief executive of Unity Bank, Mr Ebenezer Kolawole, stated.
Recall that a few months ago, shareholders authorised the merger between the two entities at Court-Ordered Meetings. They also adopted the scheme of merger at their respective Extraordinary General Meetings (EGMs) in September 2025,
The central bank also backed the merger, with a pivotal financial accommodation to support the transaction. The merger also received a further boost with a “no objection” nod from the Securities and Exchange Commission (SEC).
The regulatory approvals form part of broader efforts to strengthen the resilience of Nigeria’s banking system, reinforce capital adequacy across the sector, and mitigate potential systemic risks.
The development positions the combined entity among the 21 banks that have satisfied the apex bank’s new capital threshold for national banking operations.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn