Banking
Heritage Bank Advocates Early Cashless Lessons for Children
By Modupe Gbadeyanka
One of the lenders in the country, Heritage Bank, has called for early lessons on cashless policy of the Central Bank of Nigeria (CBN) for children to also prepare them towards performing basic banking tasks, to subsequently give them financial freedom.
This advice comes on the heels of the commemoration of the May 27 to mark Children Banking Month, with the theme, ‘Early Positioning for Glocal Relevance,’ which is part of Heritage Bank’s children financial literacy initiative.
In a statement made available to Business Post on Monday, the financial institution stressed the need to educate children on the cashless policy by showing them how prepaid card transactions work and how to use ATM cards to deposit and withdraw.
The Heritage Children Banking Month, which activities will directly impact a minimum of 350 primary and secondary schools nationwide this year, is in recognition of the pivotal role children play as the leaders of tomorrow.
Altogether Heritage bank at the end of the month would have imparted financial education on over 1,000 schools across the country since commencing this programme two year ago, an initiative that the vibrant and dynamic financial institution also considers as a corporate social responsibility.
Managing Director of Heritage Bank, Mr Ifie Sekibo, speaking on the importance of the celebration, stressed that for early positioning of your children for global and local relevance, there was need for parents to teach children on prioritize saving over spending, which is a valuable life lesson, one that takes time to learn.
According to him, opening a savings account for your child is one of the best ways to introduce that concept at an early age.
“Walking into a branch office is a good way to help your child become familiar with routine transactions involving his or her account. Your child’s online habits, even financial, can be important, too, so check for features such as monthly statements and controls on payments and transfers from savings accounts. You can teach money management and internet safety together,” Mr Sekibo said.
He noted the need for parents to develop series of simple games to teach children about money with good saving habits, which becomes part of their normal development, saving for the future is likely to become a habit.
Meanwhile, the high points of the commemoration will be the selection of 10 students between the ages of 5 to16 years from the six geo-political regions who would be invited to assume various banking roles for the day.
Children who are account holders of ‘Bud Account,’ as well as prospective account holders from each of the regions will be allowed to participate in a competition to produce 60seconds video showcasing how “Glocal you are,” which would elicit social media votes.
Best 3 videos to be used on all social media platforms on the week of children’s day would be presented a tablet each as a special prize.
The MD added: “The project is part of Heritage Bank’s contribution towards transforming the nation in paying more attention to the bud stage. This underscores our belief that if we get it right with the children, then the future of the nation is guaranteed. At Heritage Bank we believe in creating, preserving and transferring wealth.”
Whilst advising parents on opening Bud Account, Mr Sekibo noted, “when your child receives birthday money, or cash from chores, have them put some into the bank to save for bigger ticket items.”
Hundreds of exercise books, pencils, water bottles, umbrellas will be won by pupils, parents and wards in the course of the month through various engaging activities.
By Modupe Gbadeyanka
The Nigerian banking industry has been praised for its strength, capacity and resilience, following its compliance with the March 31, 2026, recapitalisation deadline.
In March 2024, the Central Bank of Nigeria (CBN) gave financial institutions operating in the country a March 2026 deadline to jack up their capital base from N25 billion.
Banks with an international licence were asked to have at least N500 billion, while national lenders were told to raise the capital base to N200 billion, with regional banks pegged at N50 billion.
Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital.
The banking reform was to prepare operators for the $1 trillion economy target for 2030 set by the federal government.
Data showed that almost all the Nigerian banks have shored up their capital ahead of the CBN recapitalisation deadline.
According to the CBN Governor, Mr Yemi Cardoso, 32 banks have already met the new capital requirements under the ongoing recapitalisation programme.
“The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements.
“This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1 trillion economy,” he said.
One group that is over the moon over this development is the Association of Corporate and Marketing Professionals in Banks (ACAMB), which applauded the disciplined execution of the exercise by all financial institutions and extended special praise to the regulator for its regulatory oversight.
The president of ACAMB, Mr Jide Sipe, said, “The Nigerian banking industry has once again demonstrated its innate strength and resilience.
“Achieving over 96 per cent compliance ahead of the recapitalisation deadline is no small feat; it is an indication of the capacity of our financial institutions to adapt and overcome.
“We commend the CBN for its visionary leadership, particularly under Governor Cardoso, whose bold reforms are reshaping the financial landscape,” he said.
Mr Sipe also congratulated the CBN on its recent recognition as Central Bank of the Year 2026 by the London-based Central Banking Awards Committee, a prestigious honour bestowed at a global gathering of central banks.
According to ACAMB, Mr Cardoso’s stewardship continues to reposition the nation’s economy with clarity, discipline, and a transformational outlook, earning Nigeria increased respect on the global stage.
The association reiterated its commitment to supporting policies that promote transparency, stability, and sustainable growth in the Nigerian banking industry.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has reaffirmed Mr Kamaldeen Adekilekun as the substantive Chairman of Living Trust Mortgage Bank Plc, easing recent uncertainty about the bank’s leadership.
In an official letter dated March 27, 2026, addressed to the Osun State Government, the banking sector regulator stated that Mr Adekilekun’s appointment remains valid and binding.
The CBN explained that once board nominations and appointments are approved by the regulator, they are tenured and guided by the Code of Corporate Governance for Primary Mortgage Banks in Nigeria, adding that such appointments cannot be withdrawn arbitrarily without clear regulatory grounds.
The CBN noted that its earlier communication (reference number OFI/DOL/CON/PLI/001/213) highlighted that the appointment was tenured in line with Sections 2.4.5 and 2.4.6 of the Code.
The apex bank also stated that there was no regulatory breach of relevant provisions of BOFIA 2020 or any CBN regulation that would disqualify him or prevent him from completing his term.
Rejecting the request for his removal, the CBN directed that the current board structure be maintained, stating, “Based on the foregoing, we therefore decline your request to withdraw Dr Adekilekun’s appointment.”
The development followed an earlier request seeking the withdrawal of the chairman’s appointment. The CBN said it had previously communicated the same position in a letter dated January 19, 2026.
The development reaffirms the central bank’s commitment to regulatory discipline, corporate governance, and institutional stability in Nigeria’s financial sector.
The clarification is expected to bring confidence to stakeholders, investors, and customers of Living Trust Mortgage Bank as operations continue under the existing leadership.
Incorporated on March 9, 1993, the bank converted from a Private Limited Liability Company to a Public Limited Liability Company on January 25, 2013 and subsequently listed on the Nigerian Exchange (NGX) on December 11, 2013, where its shares are being publicly traded.
By Adedapo Adesanya
Nigerian business-banking unicorn, Moniepoint, is eyeing a considerable foothold in East Africa as it completed the acquisition of a 78 per cent stake in Kenya’s Sumac Microfinance Bank.
The deal was finalised on Thursday and provides Moniepoint with a deposit-taking licence, an essential requirement for its credit-led expansion strategy.
The acquisition of Sumac allows Moniepoint to bypass the Central Bank of Kenya’s (CBK) policy to halt new licences to new foreign players. It will also ease worries after its move to buy payments firm Kopo Kopo failed.
By securing a majority stake in the 20-year-old institution, Moniepoint gains the regulatory infrastructure needed to deploy its high-velocity lending model to Kenya’s small and medium -sized enterprises (SMEs).
Sumac is a tier-three lender, and with its existing branch network and regulatory standing, the lender offers Moniepoint one of the ways to scale in a region increasingly shaped by digital-first credit.
The move also signals the company’s ambition to build a cross-border ecosystem that captures the entire merchant value chain, rather than solely on transaction fees.
Moniepoint’s entry into Kenya follows its acquisition of Orda, a cloud-based restaurant software provider for an undisclosed sum earlier this week, in a push to tap into the billion-dollar restaurants’ economy.
The company plans to export its business-in-a-box strategy, which integrates inventory management, payroll, and working capital by combining Orda’s vertical Software as a Service (SaaS) capabilities with Sumac’s banking infrastructure.
Orda will be rebranded Moniebook for Restaurants and integrated into Moniebook, Moniepoint’s business management platform. Orda will continue to operate as a standalone business until the full integration is completed in the coming months.
Orda currently operates in Nigeria and Kenya, but the acquisition only covers its Nigerian operations. However, with its presence in Kenya, it may set the tone for the acquisition of that subsidiary.
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