Banking
Ecobank Assures Young Entrepreneurs Access to Funds, Markets
By Modupe Gbadeyanka
Young entrepreneurs have been assured of access to funds and markets across Africa so as to take their businesses higher.
This assurance was given by the Managing Director/Regional Executive of Ecobank Nigeria, Mr Patrick Akinwuntan, when he had a Brunch With Entrepreneurs in Lagos.
The entrepreneurs were those who pitched their business ideas on the TV reality show, Lions’ Den Season one program, sponsored by Ecobank.
“This interaction is a continuation of our journey of building Pan African multinationals by hosting these young entrepreneurs that have debuted on Lions’ Den program, the reality show being produced by our partner, Ultima productions.
“Lions’ Den is a program that exposes promising entrepreneurs to potential investors who are called Lions. The Lions are businessmen and women who have pedigree, who know what it takes to make a success of a business.
“They are bringing their wealth of experience and capital to the stage to assist people with brilliant and creative ideas. I mean young Nigerians, females, and males, willing to take up the challenge of future Pan African entrepreneurs,” Mr Akinwuntan stated.
He disclosed that the bank is offering its platform, Pan African network, digital offerings, and all necessary support to make the young entrepreneurs achieve their dream.
“Ecobank Nigeria is an affiliate of Ecobank Transnational Incorporated (ETI). We are present in 35 countries in Africa and global presence in Dubai, London, Paris, and Beijing. We provide unique opportunities and platforms to access finance, access to markets across Africa, skills, and resources.
“This is for all the young entrepreneurs that presented business ideas at the reality show, whether the Lion’s invested in their business or not. The fact that they have reached the level to pitch for equity or venture capital, they are qualified as entrepreneurs in the making.
“We will support them with our various digital payments and collections such as Omnilite; SME academy, appropriate financial package, and mentorship to enable them to achieve their dreams and become world leaders,” he added.
Advising the young entrepreneurs on how to pitch and get investors, one of the Lions, Mr Dan Ngerem, Chairman of Hensen Group, urged them to maintain the originality of their business idea and remain focused in their presentation.
“The keyword here is to be original. Ensure you think through your project from conception, stick with the originality. Do not cannibalize your idea. Don’t oversell yourself or the project to impress, remain focused, sharpen your presentation skill, do not be scared while presenting and take notes,” he said.
He thanked Ecobank for offering its platform for budding entrepreneurs to explore and achieve their dream.
Chief Executive Officer, Ultima Studio, Femi Ayeni, applauded Ecobank’ decision to also assist the young entrepreneurs whose business idea could not get investors in the reality program, explaining that the partnership with Ecobank on the project is borne out of a passion to assist young entrepreneurs to achieve their dream.
Cross-sections of the young entrepreneurs were full of praises for Ecobank and partners for giving them the platform to realize their dream.
According to Idorenyin Akpabio, founder/Creative Director, Aideeology, a company that conceptualize and create interactive and intellectually stimulating tabletop games for the education and recreation of kids, teens and even adults, the meeting with Ecobank management was insightful, stressing that the engagement has added a lot more value to him and to his digital rolodex.
“We had an audience with the Ecobank MD and his amazing team. We had insightful discussions on Entrepreneurship Development, Start-up Funding, FinTech, the Pan-African Market etc.
“He took time to explain Ecobank’s vision and plans for Entrepreneurs, and candidly answered all questions we posed to him. It was worthwhile chatting and networking with these financial heavyweights. This has added a lot more value to me and to my digital rolodex. Behold, a pregnant future beckon,” he stated.
Obukovwo Etudoh, Chief Executive Officer, ClassiClicks Limited, a firm that manages primary and secondary schools in using Games like Chess, Scrabble, Monopoly, Coding, said her appearance on the reality show is a dream come through. She said though her business was not selected, she is optimistic that she could still achieve her goals through Ecobank.
Lion’s Den is a reality show produced by Ultima Studios and sponsored by Ecobank. It provides budding entrepreneurs investment opportunities through successful pitches.
The reality show airs every Sunday at 7 pm on AfricaMagic Family, Channels 154 on DSTV and GOTV Channel 2; with repeat broadcasts on Wednesdays at 3 pm and on Fridays at 5 pm on Africa Magic Urban, DSTV Channel 153.
By Aduragbemi Omiyale
Children and teens interested in participating in becoming the chief executive of Wema Bank for one day have till Wednesday, May 20, 2026, to submit their entries.
The One-Day MD/CEO initiative was introduced by Wema Bank in 2025 to commemorate Children’s Day in a uniquely unprecedented manner.
The winner of the maiden edition was a 12-year-old Chiderije Mbah, inspiring children across the country to put in the work towards a successful future.
Inspired by the bank’s 80th anniversary theme, 80 Years of Impact, A Future of Possibilities, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.
For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of the chief executive of the bank, Mr Moruf Oseni, for a day.
The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.
To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve. This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges as the winner, and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day, with parents and teens encouraged to hurry and make their submissions before the deadline.
By Adedapo Adesanya
Nigerian tier-1 lender, First Bank, has announced the introduction of its Naira Visa Debit Card in partnership with the global payments giant to extend accessible, reliable electronic payment capabilities to a broader segment of the Nigerian population.
The card is targeted at everyday consumers who require a dependable payment instrument for routine domestic and international transactions. Accepted across POS terminals, ATMs, and online platforms through Visa’s payments network, the Naira Visa Debit Card is designed to reduce friction for customers transitioning from cash to electronic payments across retail, utilities, and digital commerce.
According to the bank, the partnership aligns with Nigeria’s ongoing drive toward a cashless economy, a policy direction that has gained significant momentum following successive Central Bank of Nigeria directives encouraging the adoption of electronic payment channels, adding that the card is intended to serve customers across the country’s diverse economic segments.
The Naira Visa Debit Card is available to all eligible FirstBank account holders through any of the bank’s branches nationwide.
Speaking on the launch, Mr Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “Everyday transactions should be simple, secure, and rewarding. The Naira Visa Debit Card is designed to make life easier for our customers, whether they are paying for groceries, settling utility bills, or shopping online.
“By extending reliable electronic payment access across Nigeria, we are helping more people transition confidently from cash to digital payments, supporting the nation’s cashless policy and empowering communities with greater financial inclusion.”
Commenting on the strategic importance of the partnership, Mr Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “A strong payments ecosystem works for everyone. The Naira Visa Debit Card extends reliable electronic payment access to everyday Nigerian consumers, and this in addition to the cards in our portfolio, continues to demonstrate what a truly comprehensive card portfolio looks like for the Nigerian market. Visa is proud to power this offering with FirstBank.”
The launch of the Naira Visa Debit Card broadens Visa’s card portfolio at FirstBank, which already includes products spanning credit cards and High-end premium lifestyle spending cards. The addition completes its offering across customer segments, ensuring that cardholders at every income level have access to a product suited to their needs.
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.
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