Banking
Heritage Bank Commits to Nature Protection
By Modupe Gbadeyanka
Heritage Bank Plc has promised to continue to put sustainability at the heart of its decision-making as a part of its sustainability drive in the corporate social responsibility space in order to achieve a healthy planet, which it said is “the backbone of nearly every industry on earth.”
The financial institution made this pledge at an event organised by the Lagos State government to commemorate the 2022 World Environment Day Celebrations.
The bank, for its contribution and support towards Environmental Sustainability, especially, in Lagos, was given the 2022 Environmental Sustainability Award.
Speaking at the event specifically put together by the Lagos State Ministry of Environment and Water Resources, the MD/CEO of Heritage Bank, Mr Ifie Sekibo, commended the state government for the efforts exuded during environmental sustainability to protect ecosystems in supporting health and wellbeing of all creatures.
Mr Sekibo, who was represented by the Chief Risk Officer, Heritage Bank, Mr Kehinde Olugbemi, said: “as this year’s World Environmental Day Celebration theme implies, we have ‘Only One Earth,’ and truly, only one earth to protect.
“The fact is that human well-being is closely linked to the health of the environment. And our planet is reaching a breaking point. We are beginning to see the consequences of global warming on ecosystems and communities.”
Today, he said, industrialisation, though positive for human well-being on the flip side, has raked lots of havoc on human existence.
Quoting the World Health Organisation (WHO), he said, 24% of deaths can be traced back to avoidable environmental factors, adding that, Heritage Bank Plc has continued to prioritise and make huge commitments to environmentally sustainable practices to help build thriving communities and secure future growth potential.
“We realized that our people and other dwellers need clean air to breathe, fresh water to drink, and places to live that are free of toxic substances and hazards.
“So, as a part of our sustainability drive in the Corporate social responsibility space, we have continued to put sustainability at the heart of our decision-making for the sake of humanity and the bank’s own bottom line because a healthy planet is the backbone of nearly every industry on Earth,” he pointed out.
Earlier at the event, Lagos state governor, Mr Babajide Sanwo-Olu stated that there is an urgent need for everyone to focus on the need to live sustainably with nature for the benefit of mankind, adding that, this has become necessary to shift to a greener lifestyle through both policies and individual choices.
He added that sustainability of the environment is among the most pressing issues in the world today out of which the Earth faces triple planetary emergencies namely, Climate change, loss of biodiversity and Environmental Pollution.
The governor, who was represented by the Permanent Secretary, Office of Environmental Services, Dr Omolaji Gaji, added that the impact of the challenges has negatively made the achievements of Sustainable Development Goals (SDGs) less successful.
“With nature in emergency mode, the #OnlyOneEarth campaign for World Environment Day 2022, wants us to celebrate the planet through collective environmental action”, he said.
The governor commended corporate organisations, such as Heritage Bank for ensuring that the persistent drive of the State’s policy towards entrusting the legacy of greening and restoration of indigenous trees to the citizen is sustained.
Similarly, the Commissioner for the Environment and Water Resources, Mr Tunji Bello said, the government through the ministry of the Environment & Water Resources has implemented several programmes to mitigate these challenges through Tree planting, a climate change summit, Environmental bees’ clubs in schools, waste to wealth and ban on open defecation.
Speaking through the Director of Sanitation Services Department, Dr Hassan Sanuth, the PS added that, the government keyed into this call in 2021 by commencing the greening of Abraham Adesanya setback, together with restoration of some historical plants in specific locations like Agege, Idi-Mangoro where Mango trees were planted, Idi-Agbon in Ifako-Ijaiye where coconut trees were planted and in Lagos Island where breadfruit trees were planted at St. Paul Anglican Primary School, Breadfruit Lagos as part of this year’s celebration.
The guest lecturer, Dr Ayo Tella while delivering his paper, noted that anthropogenic effects caused by human activities such as the felling of trees have altered the earth’s natural systems and the survival of many species.
Heritage Bank had earlier donated plastic bins to Navy Town Secondary School, Ojo, Lagos, to mark World Earth Day even as it has embarked on a project to address the water crisis, whilst contributing towards making clean and potable water accessible to all.
Similarly, a global open-source movement known as Liter of Light Nigeria partnered with Heritage Bank Plc to provide sustainable solar electricity for the Itomaro community in Lagos State while the bank, in 2020, had been on the move to distribute over 10, 000 mosquito nets to rural dwellers.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
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.
