Banking
Ecobank Highlights Benefits of Single Market Trade Hub
By Aduragbemi Omiyale
Nigerian entrepreneurs have been advised to connect their businesses to others within Africa through the Ecobank Single Market Trade Hub.
The Ecobank Single Market Trade Hub is a cutting-edge digital platform designed to respond to the evolving trading needs of SMEs and corporates within Africa’s single market.
The hub, which is live, connects traders across Africa, within the 1.4 billion-people single-market framework of the African Continental Free Trade Area (AfCFTA). It also serves as an exchange and information repository for cross-border commerce.
The financial institution disclosed that over 4,000 businesses, especially those in the Small and Medium Enterprises (SMEs) sector in 33 countries, are already connected and are benefiting from the synergies that the hub provides.
The Executive Director for Commercial Banking at Ecobank Nigeria, Mr Kola Adeleke, the platform provides a gateway to explore and access continental trade opportunities across Africa, and that the bank has invested in making the platform more convenient to use through digital customer onboarding and more cost-effective through access to better pricing.
“AfCFTA has created an immense opportunity for African businesses, and as the pan-African bank with the most extensive coverage of Africa, Ecobank is perfectly placed to provide trade, information and payment solutions to support SMEs and corporates seeking to capitalise on the single market,” he said in Lagos.
On the specific benefits of the trade hub, Mr Adeleke noted that it provides Trade and Payment Solutions, as a gateway into Ecobank’s full range of digital products, including trade finance services, cash management solutions, domestic and cross-border payments and collections, investment banking, Capex financing, and more.
Beyond that, it also functions as an online match-making platform, enabling importers and exporters to create their company profiles, showcase their goods and services, source suppliers and connect with buyers and suppliers across Africa, he added.
He further said Ecobank, being an AfCFTA expert, uses the hub as a valuable repository of knowledge and information on AfCFTA to help SMEs and corporates familiarise themselves with the single market and ways to expand their trade into new African markets.
Mr Adeleke reiterated that only recently Ecobank Nigeria hosted the Adire Lagos Experience with over 100 Adire vendors, where the bank committed to profile the merchants on the trade hub and position them so that they will be able to export their products to other countries in Africa and beyond.
He noted that this would not only boost the export potential of the locally produced textile, leveraging AfCFTA but also support the merchants to build capacity, help them improve the quality of whatever they are producing for export purposes and ultimately ensure that Adire becomes an African brand with global acclaim.
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.
