Banking
GTBank Wins 8 of 12 Banking Honours at CBN E-Payments Awards
By Modupe Gbadeyanka
Guaranty Trust Bank (GTBank) Plc maintained its dominance of Nigeria’s most qualitative digital financial service awards for the fourth year in a row, winning eight of the 12 honours available to banks in the 2019 edition of the Central Bank of Nigeria (CBN) Electronic Payment Incentive Scheme (EPIS) Efficiency Awards.
The foremost African financial institution, renowned for its innovative products and services, won awards for efficiency and excellent service delivery in virtually every E-payment channel.
The CBN EPIS Efficiency Awards is organized to celebrate financial institutions, merchants and other stakeholders at the forefront of driving electronic payment in Nigeria.
Now in its fourth year, the awards are based on objective analysis of all E-payments data collated by the Nigeria Inter-Bank Settlement System (NIBSS) over a full calendar year.
With eight awards, GTBank took home two more honours than the six awards the bank won the previous year and the highest number of awards presented to financial institutions, Fin-techs, merchants and other stakeholders in the Electronic Payment Incentive Scheme.
At the event, GTBank clinched the Best Customer Experience Award for having the highest level of overall customer satisfaction rating in the delivery of electronic payment services to customers in 2018.
It also went home with the Real-Time Payments Transaction Efficiency Award for achieving the lowest failure rate in the processing of Instant Payments transactions in 2018.
Furthermore, the lender was announced winner of the Cashless Driver, USSD Channel Champion Award category for achieving the highest number of instant payments transactions via the USSD channel in 2018.
In addition, GTBank was named Cashless Driver, Point of Sale (POS) Transactions Award winner for achieving the highest transaction count on Point of Sale (POS) terminals in 2018.
Furthermore, the financial institution won the Cashless Driver, Card Usage on Point of Sales (POS) Terminals Award for authorizing the highest card transaction count on the Point of Sale (POS) Central Terminal Management System in 2018.
Also, the bank picked the Direct Debit Driver Award for processing the highest volume of successful debit mandates across all Payment Service Provider platforms in 2018.
Another award grabbed by GTBank at the ceremony was the E-Reference Operations Efficiency Award for its outstanding performance in the processing of customers references received from other banks for account opening purposes on the industry E-reference Platform in 2018.
The last was the ID Services Driver Award for achieving the highest volume in the use of the BVN, e-Passport and NIN customer verification platforms in 2018.
Commenting on the Bank’s EPIS awards, Managing Director and Chief Executive Officer of GTBank, Mr Segun Agbaje, said; “We are proud to be recognised by the CBN EPIS Efficiency Awards for our efforts in driving excellence in electronic payments and providing customers with a superior banking experience across all digital touch points.
“These awards serve as extra motivation for us and we continue to find new and exciting ways to reduce our customers’ pain points and offer them benefits beyond banking.”
He further stated that; “At GTBank, we are passionate about building the bank of the future that connects our customers directly to all the everyday things that matter to them.
“That is why we are constantly leveraging the best of technology to, not only make financial services cheaper, more personal and readily accessible, but also to create amazing digital experiences in a way that adds real value to our customers’ lives.”
GTBank is a foremost African financial institution with total assets of N3.287 trillion and shareholders’ funds of N575.6 billion.
With banking operations across 10 African countries and the United Kingdom, GTBank is regarded by industry watchers as one of the best run financial institutions in the countries in which it operates and serves as a role model in Africa’s financial service industry due to its bias for world-class corporate governance standards, excellent service delivery, and innovation.
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.
