Banking
Ecobank’s Single Market Trade Hub Good for SMEs in Nigeria—Adeleke
By Aduragbemi Omiyale
The Executive Director for Commercial Banking at Ecobank Nigeria, Mr Kola Adeleke, has tasked Small and Medium Enterprises (SMEs) in the country to embrace the bank’s single market trade hub, describing it as a game changer for the sector, which contributes significantly to the nation’s gross domestic product (GDP).
Ecobank recently launched the hub, a cutting-edge digital platform that serves as an exchange and information repository designed to respond to the evolving trading needs of SMEs and corporates within Africa’s single market.
The platform connects traders across Africa within the 1.4 billion-people single-market framework of the African Continental Free Trade Area (AfCFTA).
It unlocks a wide array of opportunities with its unique online match-making feature, which facilitates easy connection between importers and exporters who have created their company profiles and are ready to exhibit their goods and services, making it seamless for traders to link up with buyers and suppliers across Africa.
The hub also provides businesses with access to a valuable repository of vital information and knowledge of the AfCFTA, helping SMEs with critical resources to expand their trade into new markets in Africa and evolve into sustainable and scalable enterprises.
Speaking on the inherent benefits of the digital trade platform to Nigerian businesses, Mr Adeleke said the platform would promote intra-African trade and empower SMEs in Nigeria to explore AfCFTA opportunities, adding that it would equally help importers to connect with exporters and vice-versa within Africa’s single market and also create easy access to trading partners on the continent.
“This hub is in line with our vision of powering one African market. As such, it has been designed to offer a whole lot of benefits to businesses in Nigeria and beyond.
“Both customers and non-customers of the bank are eligible to sign up on the platform as it is also a gateway into Ecobank’s full range of products and digital solutions, including trade finance and services, cash management solutions (including RapidCollect), domestic and cross-border payments, investment banking, Capex financing and more,” the banker said.
He maintained that Ecobank remains the go–to bank for pan-African trade and payments, noting that “our medium-term objective is to become the leading gateway for pan-African trade facilitation in the emergent AFCFTA era, leveraging our position as a major payment bank in Nigeria.”
According to estimates by the World Bank, the AfCFTA will increase Africa’s income by $450 billion, increase intra-African exports by more than 81 per cent and boost the continent’s GDP by 7 per cent by 2035.
The single market trade agreement, which became operational at the beginning of 2021, aims to lift most tariffs on goods and services in Africa among member countries while enabling the free movement of traders and investments.
It will also enable the African economy to reach the $29 trillion mark by 2050, according to estimates from the United Nations Commission for Africa.
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.
