Banking
From Possibility to Prosperity: How Stanbic IBTC Powers Trade Dreams of Nigerian Businesses
It started with a simple question: “How do they grow beyond borders?” For many Nigerian businesses, the answer isn’t just about ambition—it’s about access. Access to capital, to markets, to partners who understand the terrain. And for countless entrepreneurs and enterprises, Stanbic IBTC Bank has become that gateway.
The journey begins
Imagine a local manufacturer in Lagos, producing high-quality textiles with dreams of exporting to Europe. Or a distributor in Kano, needing to import machinery to scale operations. Their goals are clear, but the path is filled with hurdles: foreign exchange volatility, complex regulations, delayed payments, and tight cash flows.
This is where Stanbic IBTC steps in—not just with products, but with partnership.
Turning challenges into opportunities
Through its import finance solutions, Stanbic IBTC helps businesses secure the raw materials they need, offering the guarantees and FX support that keep supply chains moving. For exporters, the bank provides the financial backbone to navigate international trade, ensuring Nigerian goods reach global shelves with confidence.
But trade isn’t just about buying and selling. It’s about timing, trust, and liquidity.
That’s why Stanbic IBTC offers tools like:
- Letter of Credit (LC): A secure payment method where the bank helps a buyer to guarantee payment to the supplier upon presentation of compliant shipping documents.
- Bills for Collection (Documentary Collection): The bank acts as an intermediary to facilitate payment after verifying documents from the supplier’s bank.
- Advance Payment (TT – Telegraphic Transfer): Direct payment to the supplier before shipment, usually based on mutual agreement between the importer and the exporter.
- Export & Import Financing: Working capital to grow global trade operations.
- Standby Letter of Credit (SBLC) / Bank Guarantees: A contingent payment instrument issued on behalf of a client, guaranteeing payment to a beneficiary in a contractual obligation.
- Invoice Discounting: Turning unpaid invoices into instant working capital.
- Purchase Order Discounting: Unlocking funds to fulfil large orders without delay.
- Distribution Supply Chain Finance: Supporting manufacturers and distributors with flexible loans to keep inventory flowing and networks thriving.
- Competitive FX Rates: Offering of competitive foreign exchange rates to facilitate international payments.
- Expertise Advisory Team: A well-experienced resource team to help customers navigate international trade hurdles.
Each solution is crafted with one goal: to keep business moving.
Connected to the world
Stanbic IBTC’s strength doesn’t stop at Nigeria’s borders. As a member of the Standard Bank Group, it connects clients to a vast international network, making cross-border transactions smoother, safer, and smarter.
So, whether a business is a startup with export dreams or an established player looking to scale, Stanbic IBTC is ready to walk the journey with them. Follow this link to get started with trade solutions by Stanbic IBTC.
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.
