Banking
Heritage Bank Backs WATIF Conference on Sub-Regional Integration
By Dipo Olowookere
One of the lenders in Nigeria, Heritage Bank Limited, has thrown its weight behind the first edition of West Africa Trade and Investment Forum: Conference and Exhibition on sub-regional integration of economies of West African countries in the areas of agriculture, education and skills, manufacturing and information communication technology (ICT).
According to the Group Head, Agric and Exports of Heritage Bank, Mr Olugbenga Awe, the financial institution supported the conference because “it speaks to its commitment to the development of Nigeria and its commitment to Small and Medium Scale Enterprises (SMEs) as well as its commitment to agriculture.”
He said the bank’s partnership with the organisers of WATIF “is just a continuation of a process it started as part of its commitment to SMEs which are the bedrock of the economy, because they (SMEs) employ labour and in terms of contribution to the Gross Domestic Product (GDP) they are the future of the economy.”
Besides this, Mr Awe was also a keynote speaker in a roundtable discussion on agriculture which recommended soil quality and seed quality for improved agricultural output, mechanised farming and cluster blocks to enhance value in terms of pricing of agricultural commodities.
Other recommendations include the use of technology, creation of market hubs, setting up of website for farmers to upload information about their products and standardisation of products across the sub-region among others.
Earlier in her address of welcome, Mrs Michele Branco-Aiyegbusi, Director of WATIF, stated that, “WATIF 2018, themed “Enhancing Collaboration for Regional and Economic Impact” could not have come at a more auspicious time, as it comes right on the heels of the African Continental Free Trade Agreement signed a few days by 44 African countries in Kigali, Rwanda.
She expressed the hope that they were optimistic that genuine efforts towards integration and economic collaboration would not only bring about a boost in the economic standing of Africa globally, but indeed opportunities for growth and development of the sub-region.
She remarked that with the focus of the maiden edition of WATIF on four sectors, the forum has been able to pool into the discourse industrialists and key drivers from these sectors who they hoped would be open minded in addressing the issues and barriers to trade and development in the sub-region.
The director added that the industrialists would collectively agree on proffering solutions and strategies that would be implementable first within the sectors and hopefully by policy makers.
Also speaking, Mrs Bukunola David, director special projects, noted that “West Africa agro ecological potential is massively lower than its current output and so are its food requirements, adding that while more than one quarter of the world’s arable land lies in the African continent, it generates only 10 percent of global agricultural output.”
In the area of manufacturing, Mrs David noted that while multinational consumer companies were thriving in West Africa while 95 percent of its population and 71 percent of their income remain at the base of the pyramid.
The special project director also observed in education and skills development that despite the abundant work opportunities, competent and skilled workers remain scarce across Nigeria, West Africa and Africa as a whole with companies bringing the gap in industries by using a mix of local and international employees.
Mrs David also noted that information and communication technology is the cybernetic generation and transformation of information through the use of man-made gadgets, remarking that the generation of accurate and useful information and its proper and real dissemination have always been of great importance to humans from time immemorial.
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.
