Banking
FINCA Microfinance Bank Plans New High Breed Digital Business Model
By Dipo Olowookere
The management of FINCA Microfinance Bank Plans, Tanzania, has expressed its intention to roll out a new high breed digital business model.
Speaking on the 20th anniversary of the lender in Tanzania, FINCA’s Board Chairman, Mr Mike Gama-Lobo, explained that the company was changing its old model with a view to ensuring the new one bring banking services to customers throughout the country reaching the underserved and rural communities.
“We are living in challenging times that provides opportunities for disruptions across the board. Our business model needed to change.
“We will be rolling out our new high breed digital business model that will bring banking services to customers throughout the country reaching the underserved and rural communities,” the Chairman said.
He thanked fellow board members and the top management of the bank for their exemplary efforts that had led to the meteoric rise of FINCA, achieving incredible milestones in the otherwise challenging business environment.
Mr Gama Lobo highlighted that, “Digital technologies have spread rapidly in Africa and FINCA is at the forefront in leveraging these technologies in order to provide financial services to more people and support the continent’s financial inclusion drive.”
On his part, President and CEO of FINCA Impact Finance, Mr Andree Simon, congratulated FINCA Tanzania for its eventful journey that has culminated to 20-years of progress and transformation, enabling the institution to morph from a humble background as a micro-lender to the Microfinance bank that it is today.
“FINCA’s shareholders are committed towards providing responsible financial services to low-income individuals and their communities, helping people to build assets, create jobs and raise their standard of living,” said Mr Simon.
“Their investment has helped expand FINCA’s lending to clients and has supported the ongoing transformation of FINCA’s microfinance subsidiaries into licensed financial institutions that can offer a full range of essential financial services.
“Our aim is to put financial power in the hands of or around the corner from our customers, no matter where they live,” he added.
Furthermore, the Chief Executive Officer of FINCA Microfinance Bank Tanzania, Issa Ngwegwe, stated that, “This 20-year breakthrough is a testimony of FINCA’s motivation to provide secure, impactful monetary services to empower the deserving small entrepreneurs in Tanzania.”
Explaining on FINCA’s credit portfolio, Ngwegwe added “Since FINCA’s inception in 1998, we have provided over billions in credit to millions of clients including micro entrepreneurs, growing their businesses, creating jobs and improving living standards. In the coming years, we will continue to play a major role in improving access to financial services for SMEs which are the cornerstone of our country’s micro-economy”.
He further said that FINCA is committed to its mission of alleviating poverty through lasting solutions that help people build their assets, create jobs and raise their standards of living.
Speaking at the event, Deputy Governor, Bank of Tanzania, Financial Stability and Deepening, Dr. Bernard Kibesse underscored the important contribution made by FINCA in driving financial inclusion in Tanzania.
He further said “the government of Tanzania continues to strengthen policies and the regulatory framework aimed at promoting inclusion and responsible banking services.”
FINCA Micro-Finance Bank, a leading financial institution in Tanzania established in 1998 as a microfinance institution providing loans to SMEs and entrepreneurs and has now evolved into a full-fledged bank that offers innovative products and services.
The event to mark the anniversary was attended by over 300 guests who included FINCA Board of Directors, management, staff and the top management from FINCA global network.
The programme kicked off with a colourful Dinner Gala at the Dar es Salaam’s Serena Hotel where FINCA re-affirmed its commitment to continue being a leading force in driving financial inclusion in the country.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
By Aduragbemi Omiyale
The deputy managing director of First Bank of Nigeria (FBN) Limited, Mr Ini Ebong, has offloaded some shares of FBN Holdings Plc, the parent firm of the banking institution.
A regulatory notice from the Nigerian Exchange (NGX) Limited confirmed the development on Thursday.
It was disclosed that the transaction occurred on Friday, December 12, 2025, on the floor of the stock exchange.
The sale involved about 11.8 million shares, precisely 11,783,333 units traded at N31.14 per share, amounting to about N366.9 million.
Mr Ebong, who studied Architecture from University of Ife and obtained Bachelor and Master of Science degrees, became the DMD of First Bank in June 2024. Prior to this appointment, he was Executive Director, Treasury and International Banking since January 2022.
He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s Treasurer from 2011 to 2016.
Before joining First Bank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital. He also worked with Citigroup for 14 years as Country Treasurer and Sales and Trading Business Head.
He has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.
He has worked closely with regulatory bodies such as the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) in assisting with the development of fresh monetary and foreign exchange policies, to broaden and deepen markets and open them up to international practices.
At various times he has facilitated and delivered courses and seminars on a wide variety of subjects covering Money Markets, Securities and Foreign exchange trading and market risk management subjects to regulators, corporate customers, banks and market participants.
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