Banking
FY 2018: Unity Bank Returns to Profitability, Nets N1.3bn Profit
By Modupe Gbadeyanka
After being underwater for a while, Unity Bank Plc has bounced back to profitability, its result for the 2018 financial year have revealed.
On Friday, the lender released its audited financial statements for the year ended December 31, 2018 and the balance sheet grew by 50.8 percent during the year.
The bank’s balance sheet size increased from N156.51 billion in 2017 to N235.98 billion, culminating in gross earnings of N37.33 billion for the year.
Similarly, in the period under review, the bank grew its bottom-line by 109.9 percent as Profit Before Tax (PBT) moved in a positive trajectory to close at N1.41 billion, with the bank recording a Profit After Tax (PAT) of N1.27 billion, shaking off the negative position it posted in 2017FY.
The year’s performance is supported by noticeable fundamentals derived from the bank’s corporate action to clean up its book by eliminating all the legacy non-performing loans (NPLs) which resulted in full de-risking of its balance sheet and creating a new lease of life for the Bank
A cursory review of the bank’s performance showed significant growth across key financial metrics, with Net Operating Income for the year ended December 31, 2018 growing by 112 percent to N21.63 billion from N10.22 billion in the corresponding period of 2017, Non-Interest Income also increased to N6.3 billion from N1.61 billion recorded in 2017 and earnings per share (EPS) for the year 2018 stood at N13.03k, up from negative of 127 kobo recorded in 2017 FY.
The bank’s improved performance was attributable to the reinvigorated business transformation initiatives implemented during the year, in addition to strategic corporate actions taken by the management of the bank to prioritize customer service, product delivery as well as optimize its operations for operational efficiency, thus setting a stage for its sustainable business growth model.
The bank’s strong performance feat was achieved through composite strategic focus involving the complete revamp of its service delivery channels, products revamp and profiling as well as building structured and secured operating environment to protect customers’ businesses.
In this regard, the bank, not only aggressively pushed out its USSD platform (the newly introduced customer-centric platform for easy banking), but also launched its youth-focused UniFi app – a robust omni-channel app that goes beyond banking services but also offers lifestyle services including gamification for increased customer satisfaction.
These, along with aggressive transaction push led to a 290 percent increase in non-interest income (income from transactions, cards, mobile, ATMs, commissions & fees, FX etc.).
Furthermore, the bank also optimized its operations and services through process simplification and automation while promoting cost efficiency across the entire value-chain.
The bank rolled out its Central Processing Centre (CPC) for standardized operations and operational risks mitigation thus improving service delivery to customers in the bank.
In effect, these and several modest initiatives led to the huge 17.3 percent reduction in total operating expenses and a major improvement in the efficiency ratios.
Unity Bank also leveraged on its core competence and strategic advantage in deepening its reach in Agribusiness and attendant value-chain, driving the over 360 percent growth in loan portfolio in this segment of the market.
A major feat achieved without material increase in loan quality – with NPL ratio closing the year at 0.69 percent (the best in the industry).
On cost optimization, Unity Bank’s focus yielded positive results as the lender brought down its total operating expenses by 17.3 percent from N24.46 billion in 2017 to N20.22 billion in 2018FY. This reduction is primarily as a result of the management drive to build strong processes in its operations by leveraging on key business alliances that attract better efficiency in resource allocation and growing scales in the network.
Commenting on the result, the MD/CEO, Mrs Tomi Somefun said: “The most gratifying aspect of our 2018 performance is that the bank has made a dramatic turnaround from losses in the previous year to a promising profit position in 2018FY.
“This was made possible by growth in the business throughputs and transaction-based banking with its attendant strong non-interest income.
“We equally recorded significant growth in our customer acquisition through enhanced customer-centric products that we rolled out during the year riding on our rebranded channels and platforms which were well accepted by the youth.
“We leveraged on our exceptional competencies in agribusiness and rural economy niche market which contributed to substantial growth in loans through on-lending schemes to farmers in the last quarter of 2018, all of which buoyed our performance for the year under review”.
“Also, the two-prong customer-centric banking approach being deployed to deliver quality banking services to emerging sectors in Retail/Small and Medium Enterprises and the Agricultural value chain are impacting positively on the bank’s bottom-line. In furtherance of our vision to be the Retail Bank of Choice, the bank revamped its digital strategy to provide convenient, simple and efficient platforms that are already attracting the next generation of Nigerians and expand the volume of loyal customers that have kept faith with us through the years. These are designed to guarantee double digits growth in both earnings and profits for the bank in the near future,” she stated.
The bank is aggressively and creatively pushing the frontiers of its business by creating robust platforms to support emerging digitalization of strategic businesses as well as corporate service units aimed at unlocking inherent potentials that will enable the bank effectively ride on economic headwinds and target opportunities in the markets.
Analysts are of the view that the full impact of the initiative on the account and shareholder’s value began to manifest at the fourth quarter of 2018 and early 2019, thereby gradually regaining investors’ confidence in the mid-tier lender after a period of uncertainty prevailed in the preceding year.
A statement from the bank further adds that the board of the bank expects that barring unforeseen circumstances, the trend of the results achieved in 2018 would be surpassed in 2019.
With the margins steadily looking up, the outlook for the future holds even brighter prospects for the bank even at this period that the bank closes its recapitalization programme and sets a new phase of its strategic pursuit.
The bank’s board further expects that barring unforeseen circumstances, the trend of the results achieved in 2018 would be surpassed in 2019.
By Aduragbemi Omiyale
More than $700 million was disbursed in loans to Micro, Small, and Medium-sized Enterprises (MSMEs) in 2025 by Moniepoint, the financial technology (fintech) firm said in its inaugural Impact Report titled Creating Financial Happiness.
The report also revealed that for three out of four borrowers, a loan from Moniepoint was the first formal business credit their enterprise had ever accessed because of the strategies deployed by the organisation to make financing more accessible to small business owners.
“Ten years ago, we began this journey with a simple but audacious goal — to build financial infrastructure that worked for everyone. Today, that goal has crystallised into our mission of creating a world where every African, everywhere, can experience financial happiness.
“This report shows how that vision is taking shape, through the lives and businesses that are improving because they now have access to the right financial tools.
“For 75 per cent of the businesses we lent to this year, ours was the first formal business loan they had ever received. We also significantly expanded lending to women-owned businesses because we know that when African women thrive, entire communities are uplifted,” the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, stated.
The report showed that Moniepoint now serves over 20 million businesses and individuals, processing over $250 billion in transaction value annually.
It also highlights the impact of expanded access to credit, banking, and business management tools for MSMEs in Nigeria, which face a funding gap of approximately $32.2 billion.
In addition, businesses that received credit recorded a 36 per cent increase in average transaction value, while enterprises banking with Moniepoint employed more than 8 million people in 2025.
Beyond access to credit, Moniepoint’s payments infrastructure is extending financial access to underserved communities, as customers without smartphones or reliable internet can use the company’s USSD service, which turns a basic feature phone into a banking tool.
It was observed that people without smartphones carried out over $170 million in transactions by dialling a simple code.
Across the country, Moniepoint’s POS terminals operate in all 774 local government areas and enable payments for 100 million people in 2025. These gains are showing up in how people experience their financial lives.
In surveys of Moniepoint users, 83 per cent reported that their quality of life has improved, and 85 per cent reported increased confidence in achieving their financial goals.
Beyond its commercial operations, the report also highlights Moniepoint’s broader contribution to economic and social development through investments in talent, education, entrepreneurship and community development.
Guided by the UN Sustainable Development Goals, the financial giant has expanded employment pathways through initiatives such as Women in Tech and DreamDevs engineering programmes, while supporting STEM education, financial literacy, women entrepreneurs and underserved children, collectively reaching tens of thousands of beneficiaries.
Through strategic delivery partnerships, Moniepoint has also supported large-scale government intervention programmes, enabling subsidised food distribution to more than 800,000 people in northern Nigeria.
By Aduragbemi Omiyale
It was a double honour for Zenith Bank Plc at the prestigious Euromoney Awards for Excellence 2026, clinching the biggest and most coveted national and continental awards in banking.
The lender was named Africa’s Best Bank and Nigeria’s Best Bank, the latter for the second consecutive year, at a ceremony held on Thursday, July 16, at The Peninsula London Hotel, London, England.
The Euromoney Awards for Excellence are among the most respected in the global financial industry, evaluating banks on criteria including strategy, profitability, risk management, digital transformation and impact on stakeholders. Victory at the awards is regarded as a mark of the highest distinction in global banking.
“We are deeply honoured by these recognitions from Euromoney. Being recognised as Africa’s Best Bank and Nigeria’s Best Bank reflects the trust of our customers, the dedication of our unicorn workforce, and our unwavering commitment to building a truly African global financial institution.
“These awards inspire us to do even more to deliver superior value, drive financial inclusion, and support the growth of businesses across Africa,” the chief executive of Zenith Bank, Ms Adaora Umeoji, said.
The dual recognition of Zenith Bank is a testament to its sustained excellence in financial performance, customer service, digital innovation, and its contribution to economic development across Nigeria and the wider African continent.
In this year’s edition, a record of over 770 entries were received from world-class financial institutions, including HSBC, Morgan Stanley, Citibank, Barclays, Standard Bank and DBS Bank of Singapore.
Zenith Bank has continued to deliver strong financial results while accelerating investments in technology, artificial intelligence, and digital banking solutions.
In the 2025 financial year, the bank grew gross earnings by six per cent year on year to N4.19 trillion and delivered profit after tax of N1.04 trillion, while reducing its non-performing loan ratio from 4.7 per cent to 3.8 per cent.
In keeping with its dividend policy, Zenith Bank rewarded its investors with a record-breaking total dividend of N10.00 per share (totalling N410.69 billion) for the 2025 financial year, representing a 100 per cent increase over N5.00 per share paid in 2024.
By Adedapo Adesanya
The Wireless Application Service Providers Association of Nigeria (WASPAN) has asked the Federal High Court in Lagos to suspend the enforcement of the Federal Competition and Consumer Protection Commission’s (FCCPC) Digital, Electronic, Online or Non-Traditional Consumer Lending (DEON) Regulations 2025 pending the determination of its appeal against an earlier judgment.
The application follows the dismissal of WASPAN’s substantive suit challenging the regulations, although the court made significant pronouncements on the regulatory responsibilities of the FCCPC and the Nigerian Communications Commission (NCC).
Justice Ambrose Lewis-Allagoa had ruled that the FCCPC possesses powers under Sections 104, 105, 106, and 163 of the Federal Competition and Consumer Protection Act to investigate anti-competitive conduct, protect consumers, and issue regulations.
The court also held that there was no conflict between the FCCPC Act and the Nigerian Communications Act, affirming that while the FCCPC oversees competition and consumer protection, the NCC remains the statutory regulator responsible for licensing telecommunications operators.
However, the judge clarified that “the FCCPC lacks the power to issue telecommunications licences,” adding that “nothing in the DEON Regulations creates a telecommunication licensing.”
Despite the ruling, WASPAN has filed a notice of appeal and is seeking an injunction to preserve the status quo pending the outcome of the appellate process.
In its Motion on Notice, the association asked the court for “an order of injunction restraining the Defendant whether by itself, officers, employees, agents or such other persons howsoever named from enforcing, implementing and/or otherwise giving effect to the enforcement and/or implementation of the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025” pending the hearing and determination of the appeal.
WASPAN also requested an order preventing the FCCPC from interfering with services provided by its members under the disputed regulations.
Specifically, it sought an order restraining the commission “from taking any steps towards interfering with or preventing the Plaintiff’s members from providing or continuing to provide or deploy any services or product governed by the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025.”
In addition, the association urged the court to restrain the FCCPC “from imposing any sanction, penalty, punishment or fines on the Plaintiff’s members” over any alleged non-compliance with the regulations while the appeal is pending.
According to WASPAN, the interim reliefs are necessary to preserve the subject matter of the appeal and prevent actions that could render the appellate proceedings ineffective.
Business Post reports that the latest application extends the legal battle over the FCCPC’s DEON Regulations and sets the stage for the Court of Appeal to further clarify the scope of the commission’s regulatory authority in Nigeria’s digital lending and telecommunications sectors.
