Banking
Heritage Bank: 7 Years of Creating Heritage Wealth for Nigerians
Today, one of the fastest growing financial service providers in Nigeria, Heritage Bank Plc, is celebrating 7 years of its existence.
Established with an excellent service culture hinged on partnering with customer to create wealth, the lender has continued to provide seamless banking experience, accurate and relevant information to its customers across Nigeria.
For Heritage Bank, it’s been seven years of creating, preserving and transferring wealth to its teeming customers across the country.
The Beginning
A story began on March 4, 2012; a story of hard-work and determination when IEI Investments Ltd acquired Societe Generale Bank of Nigeria license from the Central Bank of Nigeria (CBN) after meeting all requirements by Nigeria’s apex bank. Heritage Bank Plc was born and began its operations in Nigeria as a regional bank on March 14, 2013.
After acquiring the license and structure of the old Societe Generale Bank of Nigeria, which was closed down by the CBN for failing to meet the new capital requirements of N25 billion or $155 million for a national bank in January 2006, Heritage Bank returned 100 percent of existing SGBN account holders’ money which were frozen at the closure of the SGBN. This move brought a lot of smiles to the faces of former account holders with majority of them having confidence to continue to bank with Heritage. This was the beginning of a success story of a man bank that was dead for 10 years before it was resurrected by Mr Ifie Sekibo and his team.
After one year it began commercial operations, Heritage Bank became the centre of the biggest event in the Nigerian banking sector. In October 2014, the Assets Management Corporation of Nigeria (AMCON) announced that Heritage Bank had emerged winner of the bid for the acquisition of the defunct Enterprise Bank. Heritage Bank had successfully met all the terms and conditions set by the CBN and AMCON towards owning 100 percent shares in Enterprise Bank.
Heritage Bank, which entered the market just a year, defied all banking tenets and was able to withstand the might of top established players like Access Bank, Fidelity Bank, (then Skye Bank – now Polaris, Diamond Bank – Access) and others to win the bid for the acquisition of Enterprise Bank which also saw it inherit over 160 branches, over 177 ATMS, and 2000 POS terminals spread across major markets and commercial centres in the country. This move automatically transformed Heritage Bank from a regional bank to a national bank.
Still, as big a move as it was, it remained just one of the many strategic moves to change the banking industry and Heritage Bank has made a lot of them since it began operations in 2013.
With a management focused on innovation and a unique philosophy to create, preserve and transfer wealth to its customers, Heritage Bank found itself in a fiercely competitive banking environment but it remained guided by passion, resilience, innovation and a brand architecture that exuded quality service, performance and sheer excellence.
Heritage Bank introduced a zero Cost of Transaction to its customers in April 2013, implying that there would be no hidden charges as it continued its quest for 100 percent customer satisfaction.
Heritage Bank also set a standard when it launched its pilot ‘Corner Shop’ to cater for traders at the Gbagada Plank Market in Gbagada Estate, Lagos to ease banking. The ‘Corner Shop’ was widely received and appreciated by the Gbagada traders as it saved them the time and money to visit a bank branch kilometres away.
Heritage Bank was not done yet. The bank went further to prove its trend setting profile by introducing Nigeria’s first portable POS solution named ‘PortaPOS”. The Heritage PortaPOS, which is free to all Heritage Bank customers, can accept all EMV chip and PIN cards, MasterCard, Verve and Visa cards. It is portable and light as a regular mobile phone and has a long lasting and rechargeable battery. It also syncs to phones and printers via Bluetooth technology!
Heritage Bank has found its feet quickly on the floor of the Nigerian Banking sector and recorded over 200 percent increase in the number of customers since 2013. It remains committed to its customers and continues to search for new heights to attain in the Nigerian banking sector and that is why the bank is considered the fastest growing bank in Nigeria.
The Heritage Bank story is increasingly becoming a case study in corporate governance, leadership, vision and excellence.
Amid the bank’s audacity to dare and succeed, industry watchers have continued to ask; how are they doing it? The answers may not be far from the fact that this is one bank whose leadership team continues to exude the charismatic Midas touch of Mr Ifie Sekibo and his team that has proven repeatedly that whatever he touches turns into gold.
Creating Value Through Financial Services
Over the years, the Central Bank of Nigeria (CBN) had tried to encourage the profit-oriented banks to take financial services to the next level by reducing their focus on the oil and gas sector but rather focus on SMEs, agriculture and mineral resources among others that will drive the Nigerian economy.
As a bank that knows its onions, Heritage Bank Plc in partnership with African Export-Import Bank and Zamfara State Government signed a Memorandum of Understanding, (MoU) worth $1 billion aimed at exploring the enormous resources in the state’s which includes mining and agriculture, a development which is a fundamental shift from the Nigerian banking services.
Perhaps, the $1 billion MoU is the largest deal any state and a financial service provider has ever entered in Nigeria. So, it is considered an audacious initiative which Heritage Bank, a relatively new but highly innovative and daring bank is part of. The MoU is addressing the missing link in making a big deal out of the massive opportunities in the Zamfara mining and agriculture.
Speaking during the signing of the MoU in Abuja, the Managing Director/Chief Executive Officer, Heritage Bank, Mr Ifie Sekibo, said the collaboration among the institutions would promote and fast-track activities that would help Zamfara explore its untapped resources for the benefit of its people and the nation’s economy.
The initiative, he added, would help unlock massive opportunities inherent in solid minerals and support efforts on local content promotion, facilitate industrial development and export development.
Mr Sekibo, explaining Heritage Bank’s involvement in the partnership, said, “It is a game-changer that will drive formidable economic growth for the state government and will serve as a backbone to the economy through job creation.”
Support for ICT Hub in Africa
As part of its efforts to support Nigeria’s aspiration and roadmap to become a leading Information Communication Technology (ICT) Hub in Africa, Heritage Bank doled out the sum of $40,000 grants to winners of the maiden edition of HB Innovative Lab.
The maiden edition of Heritage Bank Innovation Lab Accelerator programme (HB-LAB) tagged, ‘Demo Day,’ is a 12-week programme, expected to provide technology start-ups seeking additional investments to progress and accelerate market introduction/adoption of their solutions with co-working and internet resources, guidance and mentorship with finch start-ups founder and seed funding.
However, the bank’s commitment is to create enabling environment, resources and support required to innovate and accelerate impactful solutions with the potential to radically improve financial Inclusion/Intermediation, health, automobile, agriculture, and other related problems affecting critical sectors of the economy.
At the grand finale of the programme, Trep Labs-Real Drip emerged the winner with the most compelling solution won the N10 million, whilst Ladipomarket.com.ng won the sum of N5 million prize, as the first runner-up, which is equivalent of $40,000.
Speaking at the event, the MD/CEO of the bank, Mr Ifie Sekibo, said the bank knew it was in the best interest of the country to pay attention to the development of technology and industrial sector as the future of the country lies in the hands of its youth.
He noted that although in Nigeria, technology startups still account for a relatively small share of all businesses, but they have an outsized impact on economic growth, because they provide better-paying, longer-lasting jobs than other start-ups, and they contribute more to innovation, productivity, and competitiveness.
By Adedapo Adesanya
Nigerian-born payments company, Paystack, has announced its entry into the banking sector with the launch of Paystack Microfinance Bank (Paystack MFB) after the acquisition of Ladder Microfinance Bank.
The bank continues Paystack’s push into consumer products and adds a banking layer to its business-focused payment product, coming ten years after the company was founded with the goal of simplifying payments for businesses using modern technology.
In Nigeria alone, the company says its systems process trillions of Naira every month, supporting more than 300,000 businesses and millions of customers. According to Paystack, this growth highlighted a broader need beyond payments, prompting the decision to build a more comprehensive financial offering.
Paystack MFB will begin lending to businesses before expanding to consumers. It will also offer banking-as-a-service (BaaS) products to companies building financial products and treasury management products.
The company explained that while payments are a critical part of the financial journey, businesses and individuals increasingly require a full financial operating system. This includes the ability to store money securely, move funds easily, gain clarity from financial data, and access tools that support long-term growth. Developers, Paystack added, also need reliable, secure, and compliant infrastructure to build new financial solutions efficiently.
To address these needs, Paystack said it has established Paystack Microfinance Bank as a separate and independent entity from Paystack Payments Limited.
The new microfinance bank operates with its own license, governance structure, and product roadmap, although it will work closely with its sister company.
“By adding Paystack MFB to our family of brands, we’re finding the right balance through combining the rapid innovation of a tech-first platform with the stability of traditional banking,” said Ms Amandine Lobelle, Paystack’s chief operating officer.
Last year, it launched its controversial consumer payments app Zap, and now it is taking a step further with the company securing regulatory backing to become a deposit-taking institution. According to a statement, the bank will be guided by the same principles that shaped Paystack’s early success, including reliability, simplicity, transparency, and trust.
Paystack MFB has begun operations with a small group of early members and plans a gradual rollout to more businesses and individuals. The company also announced the opening of a waitlist for interested users and confirmed it is recruiting a dedicated team to help build its long-term banking infrastructure.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has helped First Bank of Nigeria to recover the sum of N802.4 million from a suspect, Mr Kingsley Eghosa Ojo, who unlawfully took possession of over N1.3 billion belonging to the bank.
The funds were handed over the financial institution by the Benin Zonal Directorate of the anti-money laundering agency on Monday, January 12, 2026, a statement on Tuesday confirmed.
First Bank approached the EFCC for the recovery of the money through a petition, claiming that the suspect received the money into his account after system glitches.
The commission in its investigation; discovered that the suspect, upon the receipt of the money, transferred a good measure of it to the bank accounts of his mother, Mrs Itohan Ojo and that of his sister, Ms Edith Okoro Osaretin, and committed part of the money to completion of his building project and the funding of a new flamboyant lifestyle.
With the recovery of the money from the identified bank accounts, the EFCC handed it over in drafts to First Bank.
While handing over the lender, the acting Director for the Directorate, Mr Sa’ad Hanafi Sa’ad, stressed his organisation would continue to discharge its mandate effectively in the overall interests of society.
“The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute the victim. In this case, First Bank was the victim and that is exactly what we have done.
“We will continue to discharge our duties to ensure that fraudsters do not benefit from fraud and that economic and financial crimes are nipped in the bud,” he said.
In his response, the Business Manager for First Bank in Benin City, Mr Olalere Sunday Ajayi, who received the drafts on behalf of the bank, commended the EFCC for the swiftness and the professionalism it brought to bear in the handling of the matter and expressed the bank’s gratitude to the commission.
He described the EFCC as one of Nigeria’s most effective and reliable institutions.
Meanwhile, Mr Kingsley and all other suspects in the matter have been charged to court for stealing by the EFCC.
By Henry Obiekea
Nigeria is at a defining moment in 2026. After several years of bold macroeconomic adjustments, including foreign exchange unification and structural reforms, the country is moving from stabilization into expansion. With the Central Bank of Nigeria restoring confidence in the Naira and foreign reserves reaching a five-year high of over 45 billion dollars, the next phase of growth will be shaped by how effectively Nigerians can participate in the formal financial system.
Technology-enabled banking is playing a critical role in this transition. Commercial banks remain the backbone of the system, providing balance sheet strength, regulatory depth, and long-term capital essential for national development. Yet in a country of over 220 million people, physical access alone cannot deliver financial inclusion at scale.
Mobile-first and digitally delivered financial services are bridging this gap. By extending regulated banking beyond physical locations into everyday devices, licensed microfinance banks and other regulated institutions are bringing millions of Nigerians into the formal economy. This approach helped push formal financial inclusion to over 64 percent in 2025, ensuring the last mile is no longer excluded.
Achieving the Federal Government’s target of a one trillion dollar GDP by 2036 requires efficient capital flow. In the first quarter of 2025 alone, Nigeria recorded over 295 trillion naira in electronic payment transactions. Faster, secure financial infrastructure supports modern commerce, strengthens trade, and improves overall economic productivity.
Micro, small, and medium-scale enterprises, which contribute nearly 48 percent of GDP, are central to this growth. Technology-driven banking models are helping to close long-standing credit gaps. By responsibly using alternative data to assess risk, small-ticket working capital loans provide the “pocket capital” businesses need to grow. This builds a pipeline of enterprises that can mature into larger corporate clients within the broader banking ecosystem.
Digitally delivered financial services also strengthen public revenue mobilisation. Increased transaction transparency supports a broader tax net and contributes directly to government revenues through stamp duty, reinforcing fiscal sustainability.
This evolution is supported by a maturing regulatory environment. The Central Bank of Nigeria’s Open Banking framework, rolling out in phases from early 2026, ensures that all regulated institutions operate under consistent oversight. Secure data sharing standards mean customers’ financial histories can move with them across institutions, strengthening trust and accountability.
At FairMoney Microfinance Bank, we see this framework as a social contract. Knowing that deposits are protected by NDIC insurance and supported by clear dispute resolution mechanisms gives customers the confidence to participate actively in the economy.
The future of Nigerian banking is defined by structural harmony. Traditional banks provide depth and stability, while technology-enabled institutions provide reach, speed, and accessibility. Together, they turn financial access into economic resilience.
By working in alignment, we can ensure every Nigerian, from the Lagos professional to the rural trader, is equipped to contribute meaningfully to our shared one trillion dollar future.
Henry Obiekea is the Managing Director of FairMoney Microfinance Bank
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn