Banking
Ecobank Provides N100bn Funding Package for MSMEs
By Aduragbemi Omiyale
The sum of N100 billion has been set aside by Ecobank Nigeria to fund Micro, Small and Medium Enterprises (MSMEs) in the country.
The Managing Director of the bank, Mr Patrick Akinwuntan, confirmed this when he spoke at the Ecobank/Vanguard virtual summit for MSMEs in Nigeria.
He explained that the N100 billion funding package for MSMEs will enable small business owners to contribute more meaningfully to the growth of the nation’s economy.
Mr Akinwuntan reiterated that apart from closing the funding gap, the lender will upskill and avail them of its state-of-the-art digital platforms to promote their products.
The virtual summit with the theme Unlocking Credit Growth in a Changing MSME Lending Landscape is to promote and encourage lending to small businesses in the face of changing operating environment in the country.
“We can see clearly that in terms of moving the majority of Nigerians from the realm of poverty to financial inclusion and wealth creation, it is important that we pay attention and explore the potentials of MSMEs.
“Given the focus of Ecobank to contribute positively to the financial integration and economic advancement of Africa, it is critical that we focus on this segment and ensure it is given the empowerment to play its rightful role in the development of our economy,” he said.
Mr Akinwuntan pointed out that feedback from a survey embarked upon by the bank indicated that the MSMEs were basically faced with several constraints including access to market, inadequate skill set, infrastructure deficits and inability to track cash flow among others. He noted that the bank had put measures in place to address the challenges.
“Given this market feedback, we have aligned at Ecobank to provide the MSMEs with some capacity-building support. This is about up-skilling their competencies to fulfil the potentials.
“We are doing this in partnership with the African Union through the AUDA-NEPAD academy. This is a digital academy where MSMEs are able to access skills in inventory management, accounting record, market analysis, market penetration and access to finance.
“Secondly, we are actively involved in conjunction with the Central Bank of Nigeria (CBN) to open up easier access to funding, be it in the agriculture segment, through the agric loan; the creative industry for various talents in our economy and the healthcare industry amongst others. In each of these areas, Ecobank has been playing a leading role.
“In terms of access to market, we do have an e-commerce club for the MSMEs, we also have the Emerald Business Club, Google my business e–solution that enables MSMEs to build a simple website and be able to promote their products particular across Africa,” the banker further said.
He disclosed that, “There are opportunities for MSMEs to promote their products through digital platforms including the capability to receive payments from nearly all other foreign currencies into their naira accounts seamlessly using our NQR based Ecobank pay collections platform. This is one of the key advantages we have in Ecobank Nigeria.
“We also have agency banking services currently at about 26000 locations across the country. We have our digital banking solutions called Omnilite, we also have *326# USSD code for transactions, mobile app and lots more to support the small businesses.”
In her goodwill message, the Minister of State for Industry, Trade & Investment, Ms Mariam Yelwaji Katagum, commended Ecobank Nigeria for complementing the efforts of the federal government at developing the MSME segment of the economy.
She urged the financial sector as a whole to continue to provide the much-needed support for federal government initiatives by facilitating and granting accessible financing for small businesses at a single digit.
“There is no doubt that MSMEs are regarded as the driving force behind structural changes and sustainable growth and development particularly with their contributions to job and wealth creation.
“These enterprises play a big role in the economy and are crucial drivers for innovation and competition in many sectors of the economy.
“As you are all well aware, the federal government has over time provided a platform to improve access to finance for the MSMEs in order to boost production, increase the value of trade, enhance the investment climate, and foster innovation and entrepreneurship,” she stated.
Also speaking, Special Adviser to the President on Ease of Doing Business, Ms Jumoke Oduwole, opined that access to finance for small businesses has become more imperative against the backdrop of the ravaging effects of the COVID-19 pandemic.
While commending Ecobank’s various initiatives at supporting the growth of MSMEs, she urged the financial sector to complement the efforts of the federal government’s N2.3 trillion economic sustainability plan.
By Adedapo Adesanya
The Senate has demanded detailed explanation from the Central Bank of Nigeria (CBN) over the alleged non-remittance of N1.44 trillion in operating surplus.
The Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Mr Tokunbo Abiru, opened its statutory briefing with a firm call for transparency at the apex bank, noting that the Auditor-General’s query on the unremitted funds required a full, clear and documented response, insisting that public trust in monetary governance depended on strict accountability.
While acknowledging the CBN’s achievements in stabilising the foreign exchange market and reducing inflation, Mr Abiru underscored that such progress must be accompanied by institutional responsibility.
He stated the Senate expected the CBN to explain the circumstances surrounding the query, outline corrective steps taken and reveal safeguards against future lapses.
This came as the Governor of the central bank, Mr Yemi Cardoso, appeared before the senate committee and offered an extensive review of economic conditions, asserting that Nigeria was experiencing renewed macroeconomic stability across major indicators.
Mr Cardoso attributed the progress to bold monetary reforms, foreign-exchange liberalisation and disciplined liquidity management implemented since mid-2025.
According to him, headline inflation had declined for seven consecutive months, from 34.6 per cent in November 2024 to 16.05 per cent in October 2025, marking the steepest and longest disinflation trend in over a decade.
Food inflation accruing to him also slowed to 13.12 per cent, supported by improved supply conditions and exchange-rate predictability.
The CBN governor described the foreign-exchange market as fundamentally transformed, adding that speculative attacks and arbitrage opportunities had largely disappeared.
According to him, the premium between the official and parallel markets had fallen to below two per cent, compared to over 60 per cent a year earlier. As of November 26, the naira traded at N1,442.92 per dollar at the Nigerian Foreign Exchange Market, stronger than the N1,551 average recorded in the first half of 2025.
He also announced a sharp rise in external reserves to $46.7 billion, the highest in nearly seven years and sufficient to cover over ten months of imports.
Diaspora remittances, he noted, had tripled to about $600 million monthly, while foreign capital inflows reached $20.98 billion in the first ten months of 2025, 70 per cent higher than in 2024 and more than four times the 2023 figure.
Cardoso further confirmed that the CBN had fully cleared the $7 billion verified FX backlog, restoring investor confidence and strengthening Nigeria’s balance-of-payments position.
On banking-sector stability, he reported that recapitalisation efforts were progressing smoothly. Twenty-seven banks had already raised new capital, with sixteen meeting or surpassing the new regulatory thresholds ahead of the March 31, 2026 deadline, highlighting improvements in ATM cash availability, digital-payments oversight and cybersecurity compliance.
Despite the positive indicators, the Senate sought clarity on several policy decisions.
Mr Abiru pressed for explanations on the sustained 45 per cent Cash Reserve Ratio (CRR), the 75 per cent CRR applied to non-Treasury Single Account public-sector deposits, FX forward settlements, mutilated naira notes in circulation, excessive bank charges, failed electronic transactions and the compliance of CBN subsidiaries with parliamentary oversight.
He also requested an update on the activities of the Financial Services Regulatory Coordinating Committee, arguing that stronger inter-agency cooperation was necessary to maintain public confidence.
The session later moved into a closed-door meeting.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
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