Banking
Ecobank, Mastercard Score High in Innovative Banking
By Dipo Olowookere
For their drive in innovative banking in Africa, two leaders in their sectors, Ecobank Group and MasterCard, have been honoured at the 2017 African Banker Awards.
Both firms were announced as winners of the ‘Innovation in Banking’ award category for ground breaking partnership focused on reaching 100 million new customers in Africa with Masterpass QR by 2020.
Recall that the landmark deal between both organisations was signed in 2016 and focused on financially empowering 100 million new customers in Africa by 2020, through access to the Ecobank Mobile App supported by Masterpass QR.
The award ceremony was held on May 23 under the patronage of the African Development Bank, and is the continent’s banking and finance sector’s most prestigious event in recognising innovation and excellence in the industry.
Commenting on the development, the Group Executive in charge of Consumer Banking at Ecobank, Mr Patrick Akinwuntan, stated that, “Millions of Africans already hold the transformative power of technology in their hands with their mobile phones – and Ecobank is leveraging the mobile platform to introduce solutions that truly meet the financial, payments and collection needs of customers and owners of small and micro businesses in Africa.”
He noted that, “It is for that reason that we partnered with MasterCard to deliver a quick, convenient, secure and above all, affordable payments solution that we have integrated into our mobile banking platform to better serve our customers and deliver on financial inclusion in Africa. This win at the African Banker Awards is therefore a recognition that we are moving in the right direction.”
The introduction of pioneering solutions that meet the needs of all Africans and deliver higher levels of economic involvement is a core differentiator of leading financial solutions. MasterCard in partnership with Ecobank work to illustrate their continued commitment to facilitating financial inclusion and ensuring all Africans can meet their full potential.
Also commenting, the Vice President and Area Business Head, West Africa, MasterCard, Omokehinde Adebanjo, remarked that, “We are committed to delivering solutions that build inclusive ecosystems and ultimately foster the move to a cashless society.
“Our partnership with Ecobank has resulted in Masterpass QR being rolled out across Africa in 33 markets, delivering a more secure and convenient way for merchants to accept payments and for consumers to pay for goods and services.”
Masterpass QR is ground-breaking in that it lets customers pay for goods and services using their smart or feature mobile phones, while delivering efficient and cost effective digital payment solutions to micro, small and medium size enterprises on the continent.
These businesses are core to driving growth and development in Africa, and have traditionally been held back by the high installation and running costs of point-of-sale infrastructure.
The introduction of the Ecobank mobile banking app has resulted in more Africans gaining access to financial tools than ever before. Empowered with easier access to payment solutions such as Masterpass QR means that consumers and business owners alike are now able to transact more securely.
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.
