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 Adedapo Adesanya
The Nigeria Inter-Bank Settlement System (NIBSS) has disclosed that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025 from 63.5 million in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
The growth can largely be attributed to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024. The policy compelled many customers to regularise their biometric records to retain access to banking services.
Another major driver was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country. The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
It explained that this is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
Business Post reports that BVN, launched in 2014, was introduced to establish a single, unique identity for every bank customer in Nigeria and to strengthen the overall financial system. By linking each customer’s biometric data to one verified number, it helps to curb financial fraud, identity theft, and impersonation, while improving customer identification and eliminating the practice of operating multiple bank accounts under different identities.
Beyond security, BVN improves oversight, reduces loan defaults, protects customers, and supports financial inclusion.
By Aduragbemi Omiyale
The N500 billion minimum capital requirement of the Central Bank of Nigeria (CBN) for financial institutions with international banking licence has been met by Fidelity Bank Plc ahead of the March 2026 deadline.
The local lender met and surpassed the new capital base after raising about N259 billion from private placement, a notice on the Nigerian Exchange (NGX) Limited revealed.
Before the latest injection of funds, Fidelity Bank raised N175.85 billion through a public offer and rights issue in 2024, bringing its eligible capital to N305.5 billion and leaving a margin of N194.5 billion to meet the new regulatory capital requirement of N500 billion for commercial banks with international authorisation.
Giving an update on its recapitalisation exercise, Fidelity Bank said it got the fresh N259 billion from the private placement after approvals from the central bank and the Securities and Exchange Commission (SEC).
It was disclosed that “it successfully opened and closed a private placement of ordinary shares on December 31, 2025.”
“The private placement was conducted pursuant to the authorisation received from the bank’s shareholders at the Extraordinary General Meeting (EGM) of February 6, 2025, to issue up to 20 billion ordinary shares by way of private placement,” a part of the disclosure said.
A few days ago, First Bank of Nigeria also met the N500 billion capital base after injections of funds from one of its main shareholders, Mr Femi Otedola, who sold his stake in Geregu Power Plc for the purpose.
By Modupe Gbadeyanka
More than N270 million have been won in grants by about 608 young Nigerian entrepreneurs in the Unity Bank Corpreneurship Challenge since its inception in 2019.
The business grants were mainly won by graduates undergoing the mandatory one-year National Youth Service Corps (NYSC).
It is part of the lender’s Youth Entrepreneurship Development Initiative designed to equip fresh graduates with the funding, confidence, and support required to launch and scale viable businesses.
The Corpreneurship Challenge provides a competitive platform where corps members pitch business ideas, assessed on originality, feasibility, market demand, scalability, and job-creation potential. Successful participants receive financial grants to kick-start or expand their ventures, alongside exposure to business guidance and mentorship.
Unity Bank implemented the scheme through the Skill Acquisition and Entrepreneurship Development (SAED) programme of the NYSC.
In the most recent edition of the Corpreneurship Challenge, held between November 18 and December 9, 2025, across 10 NYSC orientation camps nationwide, 30 youth corps members emerged as winners during the Batch C, Stream I, 2025 exercise of the programme.
They were selected from orientation camps in Lagos, Delta, Kaduna, Jigawa, Kwara, Enugu, Abia, the Federal Capital Territory (FCT), Akwa Ibom, and Plateau (Jos), after pitching innovative business ideas across diverse sectors of the economy.
Unity Bank’s cumulative investment in the Corpreneurship Challenge underscores its long-standing commitment to youth empowerment, MSME development, and job creation in Nigeria.
Speaking on the continued impact of the initiative, Unity Bank’s Divisional Head for Retail and SME, Mrs Adenike Abimbola, reaffirmed the financial institution’s belief in entrepreneurship as a catalyst for economic transformation.
“At Unity Bank, we recognise that entrepreneurship remains one of the most effective tools for tackling youth unemployment and driving inclusive economic growth.
“Through the Corpreneurship Challenge, we are not only providing financial support, but also instilling confidence in young graduates to transform viable ideas into sustainable businesses.
“Reaching over 600 beneficiaries since inception reinforces our belief in the immense potential of Nigeria’s youth,” she said.
Mrs Abimbola further emphasised the programme’s role in strengthening Nigeria’s MSME ecosystem and creating long-term economic value.
“Small and medium-scale enterprises are the backbone of any resilient economy. By supporting corps members at the earliest stage of their entrepreneurial journey, we are helping to build businesses that can create jobs, stimulate local economies, and contribute meaningfully to national development. Our focus is on impact that goes beyond grants, impact that translates into lasting livelihoods,” she added.
Since its launch, the initiative has supported youth-led businesses across value chains, including fashion, agribusiness, food processing, creative services, manufacturing, and retail. Over the years, it has become an integral part of the NYSC experience, attracting thousands of applications annually and earning national recognition for its contribution to youth empowerment.
By sustaining and expanding the Corpreneurship Challenge, Unity Bank continues to reinforce its role as a strategic partner in Nigeria’s entrepreneurial and MSME development landscape.
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