Banking
Ecobank Deepens Financial Inclusion via Tech
One of the lenders making efforts to reach the unbanked and under-banked in the country is Ecobank Nigeria. The company has been pushing the frontiers of financial inclusion by leveraging on technology with the introduction EcobankPay, Xpress Agency Points and other digital platforms into the market space.
These products have provided key solutions to address the rapid shift to mobile payment and the adoption of digital channels across the country.
Confirming this was the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, who spoke at the Vanguard Economic Forum series on mobile money market and Fintech, with the theme Leveraging Fintech Innovation for Unlocking Growth and Competitiveness in Nigeria’s Mobile & Payment Ecosystem.
During the event held in Lagos, Mr Akinwuntan pointed out that Nigeria, which has improved financial inclusion from 47 percent to 63 percent in the last decade, remains a dynamic market with a lot of opportunities for digital financial expansion.
He stated that Ecobank has built an ecosystem that leverages digital technology to bring affordable, easy and convenient financial services to the people and businesses.
He described EcobankPay as “a lifestyle scan and pay digital payment and collection service which accepts payments from other platforms – mVisa, Masterpass and mCash.
“Payment can be made with any phone by scanning the QR code or using USSD at merchant locations,” he explained, adding that, “It’s unique offering, is its interoperability, that is, all bank customers in Nigeria can pay through their accounts in other banks.
“It is free to set up, as the shop owner only needs his/her QR code and phone for notifications to start receiving quick and easy payments. Merchant QR can also be set up via Facebook Messenger as well as USSD payment for low-income phone users.”
He noted that EcobankPay “is currently available at over 90,000 merchant locations across the country. This is in addition to over 6,000 Xpress point agent locations in the country.
“Also, we have over 8 million mobile banking subscribers across the Ecobank Group. Our Ecobank Mobile App is unique, as it is one universal app available in 33 countries where we operate in Africa.
“Furthermore, Ecobank has so far set up EcobankPay Zones in over 50 locations in different parts of the country. These are digital hubs enabling businesses within a location adopt Ecobank’s wide range of digital products for ease of payments for goods and services. The payment options at the zones include EcobankPay, Xpress points, Automated Teller Machines (ATMS) and Point of Sale (PoS)”.
Mr. Akinwuntan said also that the banks’ strategy includes collaboration with Fintechs to surmount the financial inclusion and adoption of financial services challenge.
Quoting the Efinafintech 2018 report, he noted that “there is an increased partnership with Fintechs as Nigeria is currently home to over 250 Fintechs and approximately 60 percent of them supporting payments and lending capabilities.”
“The cumulative Fintech funding by banks in Nigeria has surpassed $250 million in the past five years,” he pointed out.
“Ecobank hosts an annual Africa Fintech challenge and we are providing support infrastructure for Fintechs that excel at the challenge.
“At Ecobank our vision and mission focuses on providing Africans affordable and easy to access financial products and services. We believe innovation and technology could help remove barriers to 24/7 access to financial services through the use of self-service applications.”
He also noted that increasing mobile phone penetration has been a key enabler whilst the positive regulatory regime of the Central Bank is driving financial inclusion and seamless payment services initiatives in the country.
While commending Vanguard newspaper for organizing the event and choice of the theme and the Central Bank of Nigeria (CBN)’s various initiatives targeted at promoting and creating enabling environment for mobile banking to thrive in the country, he made case for collaboration of all stakeholders to achieve the desired result.
Deputy Director, Payment System Department, CBN, Musa Jimoh, in his goodwill message at the forum said: “Cost of service is one of the reasons why people refuse to use some banking services including mobile money.
“So, we came out with a guidelines to bank charges to make sure that we regulate the charges and we have also come out with some other initiatives under the cashless scheme to see how we can bring people to the digital channel and reduce the high cost of operations in the bank. “There are several initiatives that CBN is pushing to ensure the mobile money operators grow and help us deepen financial inclusion.”
Earlier in her presentation, Professor Olayinka David-West, Academic Director, Lagos Business School, LBS, explained that financial inclusion is the access to unleash affordable financial services to the huge population of the unbanked and the under-banked in the society. She stated: “Affordable financial service is important because not everybody can afford to pay for account maintenance of N500 a month. “To address financial inclusion, innovation is important because it will help us address the easy access to financial services. It has nothing to do with literacy; it is about how do we design it knowing the capabilities of the people we are trying to serve.”
Ecobank is a leading pan-African bank with an unrivalled platform in Africa. Its vision is to build a world class Pan African bank contributing to the socioeconomic development of Africa, while also providing customers convenient accessible and reliable financial products and services.
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.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
