Banking
Diamond Bank Partners FG On Start-Ups Incubation
By Modupe Gbadeyanka
Diamond Bank has thrown its weight behind the Federal Government in a renewed drive to unlock the huge creative potential of technology Start-Ups in Nigeria and stimulate massive growth and development in the information technology sector.
Business Post learnt that the project is part of the Bank’s commitment to drive and develop capacity in the IT segment of the economy, and help stimulate creative solutions amongst young IT entrepreneurs in the country.
The initiative, tagged ‘Aso Villa Demo Day’ is aimed at encouraging economic diversification, celebrating creativity and innovation by young Nigerians.
It climaxed with the unveiling of thirty world-class IT start-ups at the Presidential Villa, Abuja.
The event was attended by a host of eminent personalities including the Vice President, Professor Yemi Osinbajo SAN, the Chairman of Diamond Bank Plc, Dr. Chris Ogbechie, the Founder of Facebook, Mark Zuckerberg and Minister of Communication, Adebayo Shittu.
In his address, the Vice President lauded the Bank and other supporters, stating that the Federal Government is discussing the possibility of a partnership with Facebook in a bid to improve the Information Communication Technology connectivity in Africa.
According to him, the federal government has resolved to anchor Nigeria’s development around energy, innovation and creativity of its young people.
Three of the 30 start-up businesses earlier shortlisted in Lagos, Port-Harcourt and Abuja were eventually selected and given a cash prize of N3 million each.
Addressing the IT start ups, the Facebook founder, Mark Zuckerberg said it was inspiring to see what Nigerian youths have been able to do with technology.
“This has really blown me away by the talent of the entrepreneurs and young developers in this country, particularly by the focus to build something that’s going to make a difference and bring change. This is not going to be better for Nigeria and Africa alone, but the whole world. I am blown away by what you are doing. I believe in you. I’m looking forward to seeing what you do”, Zuckerberg stated.
Reiterating the Vice President, Diamond Bank Chairman, Dr. Ogbechie pointed that the Bank is very passionate about the development of IT capacity in the country, adding that strong IT backbone will guarantee sustainable economic growth and development.
According to him, any country that downplays the value and place of information technology in economic development will soon become irrelevant in the comity of nations.
The Presidency created the “Aso Villa Demo Day” as a platform to spur youths in the country to seek creative solutions to challenges and boost technology growth and development.
Three of the 30 Nigerian IT Start-ups among the hundreds that pitched at three different events in Lagos, Abuja and Port-Harcourt in June were selected and honoured at the event.
The top three winners received N3 million each as grant to develop and grow their ideas. The start-ups include Tracology, a patented smart payment system for utility companies; RecyclePoints, a waste recycling and social benefit venture for sustainable development and Shuttlers, a multi-staff bus service created to assist commuters resolve daily transport challenges in big cities.
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.
