Banking
Ecobank Nigeria Grows Agency Banking Locations to 50,000
By Modupe Gbadeyanka
Ecobank Nigeria now has over 50,000 agency banking locations across the country, helping the Central Bank of Nigeria (CBN) achieve its financial inclusion drive.
“Apart from driving financial inclusion of the unbanked and under-banked, we are improving neighbourhood banking with our 50,000 agent points across Nigeria.
“The vision of the Ecobank is to use the agency banking scheme to drive entrepreneurship, provide employment opportunities and support Micro, Small and Medium Enterprises (MSMEs) to contribute meaningfully to the development of nation’s economy.
“For us as a bank, agency banking is part of our efforts to help more Nigerians embrace entrepreneurship as the best strategy to tackle poverty and address growing unemployment.
“We are out to empower people to create wealth and enjoy financial freedom,” the Head of Agency Banking, Ecobank Nigeria, Mrs Olanike Kolawole, stated.
She said through the banking agents, customers can do simple deposit, withdrawal and transfers in their own neighbourhood rather than travel to a bank branch.
Further, she said the bank is happy with its agency banking services providers also known as our Xpress point agents, knowing they are playing a critical role in helping us reach out to the unbanked and underbanked in society.
“They are bringing more people to the banking space through their services. They carry out financial transactions on our behalf and earn commission on every transaction processed.
“Our services are available for sole proprietors, partnerships, co-operative societies, companies with large distribution networks – like petrol stations, FMCGs, telecommunication companies, super agents, aggregators and unregistered businesses such as petty traders, hair salon and others,” she added.
Meanwhile, the Shared Agent Network Expansion Facilities (SANEF) in its recent report said, Ecobank Nigeria which ranked fourth out of 23 listed banks in the country in terms of agents acquired in 2021, made an impressive showing in accounts opening at agency locations.
SANEF is an initiative of the CBN, supported by Deposit Money Banks (DMBs), Nigeria Inter-Bank Settlement Systems (NIBSS) and Licensed Mobile Money Operators/Shared Agents. Its major role is to deepen financial inclusion in Nigeria; drive financial literacy and campaign awareness on financial products and services.
According to the report, Nigerian banks in 2021 acquired over 441,470 agents across the regions of the country, which represents 101 per cent of Year to date achievement against the target set for 2021.
Four regions achieved over 70 per cent of target; Northeast had 67 per cent growth in agent acquisition despite security challenges in the region.
Similarly, Southeast recorded 131 per cent growth in agent acquisition, Abuja (42 per cent), Rivers (28 per cent) and Lagos (57 per cent) of the total agents deployed in North-central, South-south, and Southwest respectively.
The report revealed that 1.62 billion transactions valued at N30.5 trillion were carried out at agent locations, while 3.1million accounts/ wallets were opened at during the year.
By Aduragbemi Omiyale
The proposed acquisition of South African financial institution, Bidvest Bank by a Nigerian lender, Access Bank Plc, has hit a brick wall.
Access Holdings Plc, the parent company of the Nigerian bank, had announced on December 12, 2024, its intention to completely takeover Bidvest Bank.
Talks regarding the 100 per cent stake acquisition began between the two banks and January 26, 2026, was fixed as the long-stop date by which all conditions required for the completion of the deal.
However, the day has come and gone with the conclusion of the transaction still hanging, according to Access Bank in a statement on Tuesday, February 10, 2026.
The company disclosed that certain conditions, including regulatory requirements, were not fully met as of the expiration of the long-stop date.
While Access Bank thanked the board and management of Bidvest for their patience and support throughout this process, it noted that the brick wall experienced in the transaction “reflects the complexities and extended timelines associated with multi-jurisdictional regulatory and transactional processes.”
However, the chief executive of Access Bank, Mr Roosevelt Ogbonna, said the organisation remains “constructively engaged with stakeholders on this transaction towards finding a potential path to closure.”
“This initial outcome does not diminish our confidence in South Africa’s financial ecosystem,” he declared, pointing out that the lender remains “focused on building Africa’s most respected financial institution, strengthening our trade finance capabilities and delivering long-term value to customers, partners and communities across all our markets.”
By Adedapo Adesanya
The Bank of Industry (BoI) has secured regulatory approval from the Central Bank of Nigeria (CBN) to offer Non-Interest Banking (NIB) services, marking a major expansion of its financing framework.
The approval was disclosed in a statement by the BoI Managing Director, Mr Olasupo Olusi, on Sunday, February 8, 2026.
The move is expected to strengthen the bank’s role in promoting sustainable industrial development and improving access to finance for underserved and high-impact business segments across Nigeria.
With the approval, BoI is authorised to commence non-interest banking operations, providing ethical, asset-backed financing options that prohibit interest and promote risk-sharing.
The initiative aligns with growing demand for alternative financing structures that support inclusive growth and social development objectives.
Mr Olusi described the approval as a significant milestone in the bank’s growth and long-term development agenda, adding that it positions BoI to deepen its contribution to Nigeria’s industrialisation drive through tailored financial solutions.
“This development marks a significant milestone in the Bank of Industry’s growth and long-term development agenda,” Olusi said.
“It positions the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.”
“Under this framework, BoI will be able to finance assets and raw materials for customers using approved non-interest banking products,” he added.
Mr Olusi noted that the approval underscores the CBN’s confidence in BoI’s governance and commitment to responsible financing.
He said the licence would allow the bank to scale its operations, introduce innovative financing solutions, deepen support for Micro, Small and Medium Enterprises (MSMEs), and reach a new category of borrowers who were previously unable to access BoI’s funding.
Reconstructed in 2001 from the former Nigerian Industrial Development Bank (NIDB) Limited, BoI was originally incorporated in 1959 to transform the country’s industrial sector by providing long-term, low-interest financing and advisory support to various enterprises.
The introduction of a non-interest banking window is expected to broaden BoI’s financing toolkit and attract new pools of ethical and faith-based capital.
By Modupe Gbadeyanka
The Group Chief Economist and Managing Director for Research and Trade Intelligence at the African Export-Import Bank (Afreximbank), Mr Yemi Kale, has been pencilled down to deliver the keynote address at the second Ecobank Customer Forum.
The programme, themed Strengthening Regional Integration for Economic Transformation, will take place at the Ecobank Pan-African Centre (EPAC) in Lagos.
The forum, organised by the bank’s Fixed Income, Currencies and Commodities (FICC) Business (Treasury), is designed to examine critical issues shaping Nigeria’s and Africa’s economic outlook in 2026, with particular focus on trade, financial markets, foreign exchange liquidity and regional integration, especially as the African Continental Free Trade Area (AfCFTA) agreement enters a strategic phase of implementation.
The Regional Treasurer for Ecobank Nigeria Limited, Mr Olumide Adebayo, said the one-day programme reinforces the lender’s role as a trusted financial partner and customer-focused institution, with the intention to foster dialogue, support informed decision-making, and deeper regional economic integration across Africa.
According to him, the seminar will open with welcome remarks by the Managing Director/Regional Executive of Ecobank Nigeria, Mr Bolaji Lawal, who will underscore the bank’s commitment to supporting customers and driving inclusive growth through strategic dialogue, innovation and pan-African collaboration.
The keynote address, titled The Future of Trade in Africa: Harnessing the AfCFTA for Economic Transformation, will be delivered by Mr Kale and will provide insights into Africa’s trade prospects and the transformative potential of the AfCFTA.
The forum will feature two high-level panel discussions: Balancing the Risk between Interest Rate and Exchange Rate: Business Expectations and Outlook in 2026, and Export Proceeds, Oil Receipts and Remittances in 2026: Exploring Options that Best Support FX Liquidity and Flows in Nigeria.
The event would be moderated by Messrs. Aruoture Oddiri, Host and Producer of Global Business Report on Arise News and Barnabas Vajeh of Ecobank Nigeria Limited.
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