Banking
EcobankPay Zone Enters South East Market in Grand Style
Ecobank Nigeria has taken its digital product, EcobankPay Zone to the South East market with a launch at the popular Ariaria Market, Aba.
Managing Director, Ecobank Nigeria, Patrick Akinwuntan while launching the product at the market said it will facilitate easy, secure and convenient transactions for merchants within Ariaria and other surrounding markets. The EcobankPay Zone is a digital payment hub enabling businesses within a location adopt Ecobank’s wide range of digital products for ease of payments for goods and services.
“It is our determination to create ease of payment and boost economic activities most especially in a town like Aba, renowned for indigenous production of shoes and textiles. Our digital offering will be an opportunity for both buyers and sellers to increase their sales in an enhanced and secured way and without fear.
“The EcobankPay digital hub makes it easy for the seller to be paid instantly and buyers pay with ease and also have rest of mind associated with doing business without carrying cash around. Our Xpress point is also around for you to transact with ease, in as much as you have your phone you can bank with Ecobank.
“The initiative of the Ecobankpay zone is to deepen financial inclusion in the communities and specifically aid business transactions between merchants and clients. EcobankPay’s unique offering is that anyone from any bank in Nigeria can pay with MasterPass, mVISA and mCASH with any phone by scanning QR code or using USSD”.
“If the person that wishes to buy goods from you is coming from a bank that has mVisa and wishes to pay, the same QRcode would accept an mVisa payment and vice versa. That creates synergy between us and the other banks and convenience for the merchants. And as you know, the QRcode is much cheaper than having a point of sale (PoS),” he said.
Mr Akinwuntan made an example of how the EcobankPay works by buying a pair of shoes from one of the Aba traders and make payment through QR scan and the seller received alert instantly.
EcobankPay is a fresh innovative payment solution that enhances transactions between merchants and their customers by eliminating risk of payment rejection and also delivers same day value and sales transparency for merchants. This is unlike the traditional ways that payments are made using cards on PoS where merchant, the small business person, the trader, the supermarket owner, the distributor that is holding a POS needs to wait for at least one day to get the value of the payment. EcobankPay enables the merchant receive credit instantly. This is very important for working capital particularly for small businesses.
Ecobankpay enables easy tracking of customers business profiling for quick access to credit, save faster, reduces the risk of security in terms of exposure to cash or exposure to pilfering of merchant’s credentials. The beauty of the Ecobankpay is in the cost of setting up as the shop owner simply print the QR code on a paper and can stick it anywhere and do not run any risks”.
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.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
