Banking
Financial Inclusion: Heritage Bank Targets 1,000 Agent Banking Partners
By Modupe Gbadeyanka
In 2008, a research conducted by an international agency, Enhancing Financial Innovation & Access (EFINA) showed that about 74 percent of Nigeria’s rural community was unbanked.
Against this backdrop, the Central Bank of Nigeria (CBN) initiated a policy aimed to reduce the figure by 20 percent by 2020 to ensure greater participation in the nation’s financial sector, thereby offering financial services to the nooks and crannies of Nigerian communities; providing access to underserved markets.
One of the lenders in the country, Heritage Bank Plc, as part of efforts at meeting this target, took an aggressive approach with the introduction of agent banking partners.
Over the weekend, during the signing up of two agents’ corner shops, the bank disclosed that it would bring on board 1,000 agent partners by the ending of 2017.
The two corner shops opened over the weekend at High Rise Business Centre in Simawa community behind Redeemed Convention Camp and Layeni Folayemi Enterprises in Omu Ijebu, both in Ogun State.
As at June 2017, the agent base had grown at an average rate of 50 new agent sign ups monthly bringing the total number of active agents to about 450 and growing.
This lends credibility to the consistency of the service and how it is changing lives and empowering Nigerians across the country.
At this steady growth rate of approximately 17.5 percent new agent per month on can say that hitting the long term vision of 100,000 active agents in five years is well within reach.
However, to this effect, the MD/CEO of Heritage Bank, Mr Ifie Sekibo, explained that the bank has continued to set standard in the launching of ‘Corner Shop’ to cater for the need of traders and artisans at different locations across the country.
Speaking at the commissioning of the agent, Zonal Business Coordinator, South-West, South-South, Agent Banking, Heritage Bank, Oluwakemi Adewunmi, noted that there was indeed a gap in the community without any financial institution to service the need of the people.
Adewunmi assured that with the new development, accessing banking services in Omu Ijebu and Simawa areas have become easier for all the people in the community.
Her words: “It does not matter whether you have your bank account with Heritage Bank or otherwise, the mobile POS deployed by the agent will make banking at the people’s doorstep so easy and stress-free.
The latest however came with a peculiarity as a community leader and politician, Olatunde Rotimi Paseda, an indigene of Omu Ijebu released a property to the bank for the purpose of financial inclusion.
Paseda, a Governorship aspirant under the Unity Party of Nigeria (UPN) in 2015 general elections, released the building to the bank in order to cushion the stress the indigenes of the locality faced anytime they wanted to transact banking business.
Before now, the people living in the neighbourhood and its environs used to travel to Ijebu Ode where banks have their branches located before they could carry out even the basic banking obligation.
Mrs Layeni Folayemi, promoter of Layeni Folayemi Enterprises, Corner Shop who made the disclosure at the launch of the agent outlet on Thursday, acknowledged that the presence of Heritage Bank in Omu Ijebu would greatly help to alleviate the pains the people hitherto experienced in accessing bank for financial transactions.
Managing Director of High Rise Business Centre, Corner Shop, Ogundayini Godwin said he set up the facility in a bid to save cost and energy for the residents of the community, adding that before the advent of the agency arrangement; people in the community used to spend about N600 to be able to withdraw any amount of money from the ATM in Redeemed Convention Camp.
He said there is high liquidity in the community with some people coming to make deposits while others come to make withdrawals.
Some of the customers were very enthusiastic with the programme and commended the bank for the bold and laudable policy.
By Aduragbemi Omiyale
The N3.97 billion commercial paper issuance of AG Mortgage Bank Plc will close on Thursday, June 18, 2026.
The sale of the debt instrument by the real estate lender commenced on Wednesday, June 10, 2026.
It is under the N5 billion commercial paper issuance programme of the lending firm aimed to support its short-term working capital and funding requirements.
The company is selling the papers in two series, with Series 2 offered at a discounted rate of 19.2895 per cent for 270 days, and Series 3 at a discounted rate of 19.3651 per cent for 364 days.
The minimum subscription is N5 million, and subsequent additions of N1 million.
AG Mortgage Bank is a leading primary mortgage bank in Nigeria with over two decades of experience in providing affordable mortgage financing and housing finance solutions.
The bank has grown its asset base to over N33 billion and remains a key participant in major housing intervention programmes, including the National Housing Fund Scheme and other government-backed mortgage initiatives.
Supported by a diversified product offering, strong institutional credibility, and an experienced management team, AG Mortgage Bank continues to deliver solid financial performance.
For FY 2025, interest income increased by 28.1 per cent to N3.65 billion, while profit after tax rose by 130.0 per cent to N1.05 billion, reflecting strong earnings growth, operational efficiency, and prudent risk management.
By Aduragbemi Omiyale
The chairman of Access Holdings Plc, Mr Aigboje Aig-Imoukhuede, has reaffirmed the organisation’s long-term commitment to shareholders, expressing confidence in the company’s strategic positioning, which he said is underpinned by disciplined execution, a diversified business model, a strengthened capital base, and a clear focus on sustainable value creation.
Speaking at the 4th Annual General Meeting (AGM) of the firm on Wednesday, he explained that the temporary suspension of dividend distributions was a consequence of regulatory compliance requirements rather than any deterioration in the group’s financial performance.
Mr Aig-Imoukhuede reaffirmed that the financial institution’s earnings capacity remains strong and that the board’s position reflects adherence to supervisory expectations and prudent capital management principles.
He assured shareholders of the board’s commitment to resuming dividend payments as soon as the relevant regulatory conditions are satisfied, noting that, “Our approach is clear: capital retained today must translate into greater value tomorrow and sustainable returns for our shareholders.”
The Chairman reiterated the strategic imperative underpinning the company’s next phase of growth, saying, “Our strategy, From Scale to Value, reflects the natural evolution of our journey. Scale created opportunity; value creation is how we fully realise it.”
He noted that while the organisation continues to generate strong returns, ensuring that earnings per share consistently exceed the cost of capital remains central to unlocking sustainable shareholder value.
The retired banker also acknowledged the significant unrealised value embedded within the firm’s international subsidiaries and reiterated management’s focus on improving market recognition of that intrinsic value over time.
Commenting on the financial performance of the group in 2025, he said Access Holdings accelerated provisions on legacy and regulatory forbearance credit exposures, resulting in elevated impairment charges.
He explained that the group consciously prioritised balance sheet strength and long-term resilience over short-term earnings optimisation.
“Periods of economic uncertainty often reveal more about an institution than periods of uninterrupted growth. Our focus remains on building a business that is not only growing, but improving in the quality, resilience, and sustainability of its earnings,” he stated.
Last year, the financial services organisation delivered pre-tax profit of N1.007 trillion, underscoring the strength of its diversified platform and expanding earnings base across key markets. Total assets increased to N51.56 trillion, while customer deposits grew strongly, reflecting sustained franchise momentum and deepening customer trust.
By Modupe Gbadeyanka
A new report highlighting the transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers has been launched by HabariPay Limited.
The report, known as the HabariPay Impact Report 2025, provides stakeholders with a comprehensive evolution, innovation journey, business performance, and impact of the fintech subsidiary of Guaranty Trust Holding Company (GTCO) Plc on the digital payments landscape.
The company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions were also captured in the piece.
The HabariPay Impact Report 2025 also highlights the organisation’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions.
The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.
It showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.
“As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators.
“The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy,” the Managing Director of HabariPay, Ms Eduofon Japhet, said.
“The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders.
“As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive,” she added.
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