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 Aduragbemi Omiyale
The creative industry in Nigeria may have nothing to worry about with the likes of Stanbic IBTC Bank around the corner.
The financial institution, which has not hidden its love for the sector, has promised to continue with its strategic investment in the country’s designers and artists.
Speaking at an event, An Evening of Fashion, Art & Lifestyle, the Executive Director for Personal and Private Banking at Stanbic IBTC Bank, Mr Olu Delano, represented by the Head of its Private Banking Segment, Ms Layo Ilori-Olaogun, said the company was proud to be associated with the programme, which it also sponsored.
“At Stanbic IBTC, we recognise Nigeria’s creative sector as a vital driver of economic diversification, employment, and global cultural influence.
“We are proud to support the individuals behind these platforms that elevate African excellence and provide visionary talents the visibility that they deserve.
“Nights like this reaffirm our commitment to continued strategic investment in our artists and designers,” he stated.
The invitation-only ceremony, which was held at The Garden, Federal Palace Hotel, Victoria Island, Lagos, hosted by Africa’s leading luxury fashion house, 2207bytbally, in collaboration with the acclaimed art collective Torrista, brought together high-net-worth individuals, art collectors, designers, media personalities, and luxury brand executives for an unparalleled showcase of creativity and sophistication.
The evening opened with a breathtaking runway presentation featuring three signature segments from the Evolve collection by 2207bytbally: Denim, Ethnic, and 2207 Prints. Each piece exemplified the meticulous craftsmanship, bold innovation, and cultural storytelling that has established the brand as a standard-bearer in African luxury fashion.
Complementing the couture was a curated exhibition by Torrista, transforming the venue into an immersive gallery. Commissioned artworks exploring themes of culture, femininity, and evolution created a robust visual dialogue with the collections, demonstrating the seamless harmony that can result when fashion and fine art converge.
“This evening was about more than clothes or canvases; it was about showing the world that African creativity is limitless. When fashion and art share the same space, magic happens, and tonight, Lagos felt that magic,” the Creative Director of 2207bytbally, Tolu Bally, stated.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
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