Banking
Ecobank, TRACE Celebrate African Culture as President Macron Visits Nigeria
By Dipo Olowookere
On Tuesday, July 3, 2018, President of France, Mr Emmanuel Macron, will make an official visit to Lagos, during which he will announce the launch of the Season of African Cultures 2020, a French celebration of Africa’s rich and diverse cultures, as part of a cultural event organised by TRACE and sponsored by Ecobank, Africa’s leading pan-African bank.
TRACE Event, the event department of global broadcast and digital Afro-urban media group TRACE, was chosen to host and organise the high-profile meeting between representatives of Africa’s creative industries and the President of France, thanks to its strong track record of producing large scale entertainment events on the continent.
The media group also has a long-standing role as a cultural bridge between France, Africa and the rest of the world. Entitled ‘A Celebration of African Culture,’ the event will take place at the New Afrika Shrine, the home of the legendary Nigerian musician Fela Kuti.
Co-founder and Executive Chairman of TRACE, Olivier Laouchez, explained that “TRACE’s mission is to support, nurture, cherish and celebrate Afro-urban music and cultures and to bring them to the world, because we believe that the world can only benefit from a better understanding of the richness and the diversity of these cultures, which have long been undervalued.
“It is for this reason that we have organised this momentous event, to launch the Season of African Cultures 2020 in France. One of the objectives of this season is to change the French perception of the African continent through the promotion of contemporary African creation, and this is what TRACE strives to do every day,” he said.
Over a thousand VIP guests, including representatives from the African creative and arts sectors have been invited to attend the multicultural event, with music provided by an almost exclusively female line-up featuring pan-African queen of Afro-pop Yemi Alade, Franco-Nigerian singer Asa, and Cameroon’s Charlotte Dipanda.
They will be joined by leading performer Femi Kuti, son of Fela Kuti and the New Afrika Shrine’s patron. The evening is set to be a celebration of Africa’s diverse and rich cultural heritage and will honour young creators from the worlds of art, design, fashion, and African cinema, with a Nollywood scene being filmed live on the night by renowned Nigerian film director, Mr Kunle Afolayan.
Commenting on the sponsorship, Managing Director of Ecobank Nigeria, Mr Charles Kie, said Ecobank was proud to support such a noteworthy event that perfectly synchronises with the bank’s ongoing and strategic intent to support and develop economic growth and financial integration in Africa.
“Ecobank is delighted to be sponsoring this showcasing and celebration of the growing universal impact of African culture,” he said.
“Sustainable economic growth is essential to increase our continent’s global competitiveness thereby improving standards of living and prosperity for all Africans. It is fantastic to see that Africa’s burgeoning creative industries are playing their full part in doing this by entertaining and attracting the global audiences that will in turn help increase both international interest and investment in African nations and businesses to the benefit of all,” he added.
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.
