Banking
Digital Banking – A Catalyst for Economic Growth and Financial Empowerment
By Lamin Manjang
Think back to a time when the word ‘Bank’ came to mind. It conjures images of long queues, tally numbers, paperwork to complete, pressure to process transactions within working hours, awaiting physical approvals on transactions.
Fast forward to more recent times with the impact of technology and financial literacy, the word ‘Bank’ connotes different reactions to many people. Personalized financial growth, opportunities for business collaborations, access to foreign investment opportunities, transferable generational wealth and financial security all on one’s terms are some of the prevailing thoughts for customers.
Customers now have access to information around the clock at the touch of their fingers and as such can determine what financial needs they want their financial partners to meet. The union of innovation, digital literacy and collaborative opportunities to provide financial services, gives us the solution that is Digital Banking.
Digital banking in Nigeria has evolved significantly over the last five years to become an important part of our daily activities, driving e-commerce, wealth creation, payment solutions, financial empowerment, and improved standards of living.
In a world of digital banking and with innovation and technology positioning itself as the future of payments and wealth creation, there are several opportunities for financial institutions to tackle some of the country’s biggest challenges around job creation, economic empowerment and financial inclusion for youths while being a catalyst for efficiency within the sector.
As with any endeavour towards automation, curiosity with heightened caution is expected primarily around the impact on employment opportunities and business sustainability. However, the reality is that with digitization comes immense opportunities for employees in any organisation to acquire new skills that position them for the future working environment which will be predominantly digital.
Digitization fosters efficiency. For example, it broadens and extends a bank’s ability to reach existing and new customers, previously unreachable due to the limitations of the physical brick and mortar branches. Digitisations simplifies manual processes through automation; reduces delays encountered by end-users; creates new job opportunities, thereby creating multiple opportunities for reskilling, upskilling, and redeploying of employees into new roles.
At Standard Chartered, we are a listening and customer-centric financial institution. We are focussed on understanding how our customers want to transact; how we can improve on the products and services that are important to them while ensuring a smooth delivery method to these solutions.
A growing number of our customers are telling us that they want financial solutions that they can access and utilize anytime and anywhere from the convenience of their own mobile devices.
They want to be able to access investment opportunities 24/7 on the go at their fingertips and equally connect with our customer care specialists who can support them whenever they have any queries. Continuous optimization of our digital banking solutions enables us to meet these financial needs.
In December 2021, as part of the digitization journey we embarked on a few years ago towards enhancing our processes, we closed down 10 of our branches in Lagos and Abuja and made significant investments towards optimizing our operating channels, products and service solutions to suit the demands of our clients.
The decision, with the approval of the regulator, was also driven in response to changes in customer transaction behaviour. We have witnessed significant adoption of our digital banking services by customers as most of them continue to prioritize convenient banking over the need to visit any of our physical locations to access our products and services.
In addition to our customer-centric digital strategy, we pride ourselves in the implementation of a forward-looking People Strategy where we proactively plan our workforce needs to fulfil our Business Strategy.
The banking landscape is very dynamic with rapidly changing customer needs. This year, in response to this, we continue to strategically prepare our employees for the future working environment which will be primarily digital. We continue to upskill, equip, and redeploy employees especially those impacted by the closure of the branches in Lagos and Abuja to ensure career growth and stability for our employees this year.
But digitization is not just for the advantage of our customers and employees only. Digitisation provides an opportunity to positively impact the communities too.
The importance of quick access to finance for example cannot be undervalued and with financial exclusion still being a barrier in some parts of Nigeria – digital innovation in banking can influence positive transformation within the sector.
Recently the bank launched its Agency Banking service as part of its Digital Banking proposition to clients across Lagos. This builds on the launch of our world-class digital bank in December 2019. SC Mobile, the Bank’s mobile app has practically put the bank in the palms of the client as clients are able to open new accounts end to end, transfer funds, effect static data changes, get cards delivered to their doorstep, invest in real-time etc.
We equally launched our Unstructured Supplementary Service Data (USSD) service, *977# which caters to clients who may not have access to internet service and wish to transact. These are just some of the initiatives we continue to drive in support of CBN’s financial inclusion agenda to empower Nigerians.
We have taken a ‘Capturing the Digital Initiative’ approach that ensures that over 70 per cent of the most common service requests can be handled by our digital bank with distinct benefits such as a zero charge on all interbank transactions, zero charges on SMS notifications and free delivery of cards to customers regardless of location. We remain forward-thinking on how best we can continue to simplify and improve our customers experience with the bank.
From the 2020 NIBBS report, customers between 25 and 34 years old carried out 36% of all interbank instant payments. With an estimated 60% of the Nigerian population setting the tone for adopting innovative technology, it is essential to welcome the latter while also firmly holding the former by striking a balance in responding to customer-specific needs.
Digital banking is no longer a series of financial transactions and services. It is an innovative solution towards providing empowerment and creating sustainable prosperity for our clients, colleagues and the community. This is the future and we are all encouraged to adopt and maximize these changes for the benefit of all.
Lamin Manjang is the CEO of Standard Chartered Bank Nigeria.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Julius Omodayo-Owotuga to the board of First Bank of Nigeria Limited as an executive director.
A statement from the company said the appointment of Mr Omodayo-Owotuga became effective on Wednesday, May 13, 2026.
He was appointed to the board of the subsidiary of First Holdco Plc to further strengthen its leadership capacity across strategic finance, governance, risk management, and institutional transformation.
Before now, he served on the board of First Holdco as a non-executive director between 2021 and 2026.
The appointee brings to the board 24 years of experience spanning banking and financial services, infrastructure finance, power, oil & gas, and audit and consulting.
His appointment, according to the notice to the Nigerian Exchange (NGX) Limited, reflects the Bank’s continued commitment to strong governance, disciplined execution, financial resilience, and sustainable long-term growth.
He most recently served as deputy chief executive of Geregu Power Plc, Nigeria’s first listed power generation company, where he played a pivotal role in institutional transformation, governance strengthening, capital market positioning, operational optimisation, and major financing initiatives, including the company’s landmark listing on NGX.
Mr Omodayo-Owotuga previously served as group executive director, Finance & Risk Management at Forte Oil Plc (now Ardova Plc), where he was instrumental in the company’s financial and operational transformation, leading strategic restructuring, capital raising, treasury optimisation, enterprise risk management, and governance improvement initiatives that strengthened long-term shareholder value.
His professional career also includes roles at Africa Finance Corporation, Standard Chartered Bank, KPMG Professional Services and MBC International Bank (Now First Bank Nigeria Limited), providing him with deep experience in institutional finance, treasury management, financial controls, regulatory engagement, and corporate advisory.
Mr Omodayo-Owotuga is a CFA Charter Holder, KPMG-trained Accountant, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN), and the Institute of Credit Administration. He is also a member of the Institute of Directors (IoD) Nigeria and a Certified Management Accountant.
He holds a Doctorate in Business Administration, a Master’s in Business Administration and a Bachelor’s degree in Accounting. He is an alumnus of Saïd Business School, University of Oxford, IE Business School, Geneva Business School, and the University of Lagos.
By Modupe Gbadeyanka
In recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises (SMEs), Union Bank of Nigeria Plc has been honoured by the Association of Small Business Owners of Nigeria (ASBON).
The lender was rewarded by the group for its suite of solutions designed to enable business expansion and long-term value creation.
At the Nigeria National SME Business Awards, held recently in Lagos, Union Bank was given the Best SME Growth Banking Initiatives Award for 2025.
The ceremony was organised by ASBON in partnership with the Lagos State government through the Ministry of Commerce, Cooperatives, Trade and Investment.
The event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Receiving the award on behalf of the bank, its Head of SME Segment, Mr Ayokunnumi Abraham, described the recognition as a strong endorsement of the organisation’s commitment to supporting small and medium-sized businesses.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible.
“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.
“These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he stated.
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