Banking
Ecobank Wins at DBN Awards for Supporting MSMEs, Women Entrepreneurs
By Modupe Gbadeyanka
For supporting Micro, Small and Medium-scale Enterprises (MSMEs) with credit facilities, Ecobank Nigeria Limited has won big at the 2023 Development Bank of Nigeria (DBN) Annual Service Ambassador Awards ceremony held in Lagos.
The DBN Ambassadors Programme was designed to increase the sense of ownership among participating financial institutions, build capacity, increase on-lending small businesses and ultimately deepen financial inclusion in Nigeria.
Ecobank is a participating financial institution in partnership with DBN to provide credit facilities, credit guarantees and technical support to MSMEs.
It got an award for Platinum Service Ambassador; Bank with the Highest Impact on Women Issues, and Bank with the Highest Impact on MSMEs Accessing Credit for the first time.
Receiving the awards at the event, the Deputy Managing Director of Ecobank Nigeria, Mrs Carol Oyedeji, said the awards were a testament to the bank’s commitment to supporting and empowering women-owned businesses and assisting small businesses to access loans conveniently at cheaper interest rates for the development of the overall MSME subsector. Ecobank had the highest volume and value of transactions in these award categories.
She reiterated that Ecobank remains a women-friendly bank with many initiatives and innovative products targeted at empowering and sustaining female entrepreneurs in Africa such as Ellevate and Ecobank Female Entrepreneurs Initiative (EFEI), which are designed to empower and support female entrepreneurs.
Mrs Oyedeji noted that Ecobank recently signed a USD200 million risk-sharing agreement with the African Guarantee Fund (AGF), a specialized pan-African guarantee provider, stressing that it is aimed at catalysing economic growth and supporting entrepreneurial ventures – including women-owned SMEs on the continent.
“Through this partnership, both organisations are taking bold steps to enhance green financing and gender financing. It would eliminate the rigorous and restrictive requirements for collateral, particularly hindering women-focused businesses’ access to credit.”
“We have both financial and social empowerment initiatives for female entrepreneurs because we recognise women as the bedrock of most families and entrepreneurship in the society. We aim to eliminate the rigorous and restrictive requirements for collateral, hindering access to credit,” she noted.
In his welcome address, the Managing Director of DBN, Mr Tony Okpanachi, saluted the awardees, stating that their collaboration and commitment are impacting positively on the sustainable growth of the MSME sub-sector of the economy.
“Your unwavering commitment to forging a lasting impact on the MSMEs through our collaboration is a testament to your dedication to fuelling sustainable growth. The true essence of the DBN Awards shines through a celebration of sustainable triumph, where today’s aspirations evolve into tomorrow’s achievements.”
He explained that the DBN leverages its partnership with Participating Financial Institutions (PFI) to provide relatively cheaper loans as well as capacity-building initiatives to small businesses.
DBN was conceived by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing MSMEs in Nigeria.
Its objective is to alleviate financing constraints faced by MSMEs and small corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.
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.
