Banking
FINCA Deepens Financial Inclusion in Tanzania via FinTech
By Dipo Olowookere
FINCA Microfinance Bank, as part of efforts to deepen financial inclusion in Tanzania, has commenced an awareness campaign showcasing the importance of saving and educating customers on how the new technology works.
FINCA said it hopes that with this service, customers can open a savings account from their mobile phones in less than five minutes without leaving their homes. With their free accounts, customers can set savings targets – like paying for their children’s education – and earn free mobile airtime as they achieve their goals.
“We recently launched HaloYako, an innovative mobile savings account that is easy to use, convenient to access, free from fees and tailored for low-income business owners for their future investments.
“It took FINCA 20 years to reach 900,000 clients evolving from a micro finance to a fully-fledged commercial bank. In two weeks of launching the HaloYako platform, 30,000 people have opened accounts. This goes to show how FinTech plays a critical role in lowering transaction costs and expanding access to financial services,” Managing Director of FINCA Tanzania, Issa Ngwegwe, stated.
According to the 2014–2016 Tanzania National Financial Inclusion Framework, the level of formal financial access in the rural areas of Tanzania is 8.5 percent compared to 23 percent in the urban areas and totally excluded rural population is 60 percent compared to 45 percent in urban areas.
Also, the ninth edition of the Tanzania Economic Update highlighted the country’s extraordinary progress in bringing financial services to 62 percent of its population today compared to 11 percent in 2006, making it a regional leader in the use of digital financial services and putting it on a solid footing to achieve Universal Financial Access by 2020
Hundreds of thousands of low-income people have gained access to financial products including credit, savings and money transfers through leveraging of technology to bring financial services closer to the unbanked.
Despite these significant developments, full financial sector integration continues to elude Tanzania, and the argument is that to promote and sustain financial inclusion growth there must be mobilization of savings to allocate them to households, businesses, and government for productive investments.
FINCA Microfinance Bank says it believes that for markets to work well and correctly, every customer is entitled to fairly priced and transparent financial products—along with information to empower them to make educated decision for their financial future.
“FINCA’S 30 year-old global mission has been to improve our customer’s standard of living with products that serve their best interests. Technology is enabling hundreds of new entrants into banking — and many bring sorely needed innovation and fresh ideas,” said Ngwegwe. “But there remains a risk that in the drive for profits, financial services can lose sight that we exist to serve our customers.” This makes commitments to social responsibility for corporates more important now than ever.
FINCA says it believes that listening to people is the best way to understand the needs of a community and that the best solutions to our continent’s most pressing challenges come when local entrepreneurs are empowered to become change agents for their communities.
“We connect communities to entrepreneurs and support access to affordable life-improving products through FINCA loans. By doing so, FINCA is at the center of coining solutions for some of the most challenging development issues of our continent,” explained Ngwegwe.
There is still a lot of work to be done. Access to financial services in developing countries would offer more of the world’s poor the opportunity to feed themselves and increase their potential income. “FINCA is proud to be an essential partner in the financial inclusion revolution,” the bank chief added.
Universal Financial Inclusion has been a goal of responsible financial service providers for decades. With an innovative technology product like HaloYako, FINCA is closer to a day where every Tanzanian, no matter where they live or how much they earn, not only has financial power, but it is accessible at the palm of their hands.
By Modupe Gbadeyanka
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
