Banking
Heritage Bank Customers in Panic Over Bank’s True State

By Dipo Olowookere
If a poll is conducted on which bank customers in Nigeria are in confused and panic mode at the moment, the result might show those with Heritage Bank in the lead.
News reports hitting the cyber space lately concerning the financial institution have not been very palatable to the ears. Even the deaf and the blind are getting worried too.
In the past months, Heritage Bank has had to run to the roof tops to allay the fears of its numerous customers that it is not in distress as being reported in some quarters.
Also, the Central Bank of Nigeria (CBN) has had to join in the ‘town crying’ that Heritage Bank is healthy and not heading to the rocks.
Some weeks ago, it was reported that Heritage Bank Plc was unable to meet customers’ immediate withdrawal requests and also wiped out all foreign currency domiciliary accounts.
It was further alleged in the report that senior management staff of the bank plunged it to crisis through embezzlement carried out by award of bogus contracts to relatives.
According to a latest report, it was alleged that Heritage Bank is presently like a ghost its management is desperately trying to give the appearance of a virile financial institution.
It was also alleged that Heritage Bank sold one of its properties on Femi Pearse Street, Victoria Island, Lagos, to attain a measure of liquidity and used the proceeds to pay the rent of the bank’s offices at Ajose Adeogun and Moshood Olugbani Streets, both on Victoria Island, Lagos.
Furthermore, the report further alleged that the bank’s management has been borrowing money to pay salaries since September 2016 and has also embarked on sacking its workers in batches so as to lessen its workforce due to its present state.
In all these, customers of the bank do not know what step to take at the moment; whether to quickly withdraw all their hard-earned money or leave it with the bank or if to believe assurances from the bank and the CBN or to reports warning them of imminent danger.
What has fuelled the dilemma more is the fact that in Nigeria, it is normal for management of banks to make things look very good until bubble bursts. Cases of banks looking very vibrant on the outside in the late 2000s, which were later sold, quickly come to mind.
It is now being feared if Heritage Bank customers won’t turn out to be like participants of MMM Nigeria, who were being assured of safety of their money by operators despite warnings from government agencies, but only to wake up this week to learn that they have been barred from withdrawing their money until 2017, dashing their hopes of a vibrant Christmas.
But in all, Heritage Bank has continued to assure its customers that it is still very healthy and that their money is in safe hands.
Banking
PalmPay, Carbon Issue Verve Cards to Customers for Seamless Transactions

By Aduragbemi Omiyale
Top financial technology (fintech) companies in Nigeria, PalmPay and Carbon, have commenced the issuance of Verve cards to their customers.
This allows millions of Carbon and PalmPay customers access to Verve’s extensive payment network, bringing digital payment solutions to previously underserved populations.
They began issuance of the cards following the approval of the Central Bank of Nigeria (CBN), underscoring the apex bank’s commitment to empowering fintech companies and advancing financial inclusion across the country.
The issuance of Verve cards by these firms will bring digital payment solutions to previously underserved populations.
Industry observers note that the decision by both fintech companies to align with Verve stems from the payment card’s network-wide reach and a robust infrastructure across Nigeria and beyond.
Last year, Verve marked its 15th anniversary characterized by its outstanding quality, innovativeness and vast array of options; it also announced that it has issued over 70 million cards, establishing itself as a dominant player in Nigeria’s payment ecosystem.
The domestic card scheme’s impressive penetration makes it a natural choice for fintech platforms seeking to rapidly expand their payment offerings while supporting the CBN’s financial inclusion goals.
Other fintech companies that have previously followed this line in issuing Verve cards include Opay and Moniepoint.
As a homegrown card scheme, Verve has continued to innovate its service offerings to compete effectively with international payment networks.
The company has integrated advanced features, including contactless payment technology and enhanced security measures, such as biometric authentication through other sophisticated recognition systems such as fingerprints.
Through collaborations like this, Nigeria’s journey toward a more inclusive financial ecosystem will be shortened, providing more Nigerians with access to modern banking and payment services through the combined technological capabilities of these financial service providers.
Banking
FG Sees Moniepoint as Testament to Strength of Nigeria’s Fintech Ecosystem

By Modupe Gbadeyanka
A leading player in the digital financial services sector, Moniepoint Incorporated, has been described by the federal government as a testament to the strength of Nigeria’s financial technology (fintech) landscape.
The Minister of Foreign Affairs, Mr Yusuf Tuggar, during a visit to the United Kingdom headquarters of the company, also said the firm reflects a true Nigerian success story.
He acknowledged the significant backing Moniepoint has received from global investors, including Google’s Africa Investment Fund, Visa, and BII, further validating its position as a leader in the fintech space.
Mr Tuggar stressed that a thriving fintech sector directly translates to more jobs, increased financial inclusion, and a stronger economy for Nigeria.
The Minister highlighted the organisation’s impressive growth, citing its 2000+ employees, thousands of sales personnel, and its empowerment of millions of businesses through enhanced financial inclusion.
“Nigeria is at a vantage position in the fintech and financial services sector. With banks and fintechs operating across Africa, we must continue to instill confidence in Nigerian businesses as they expand globally. Moniepoint is a testament to the strength of Nigeria’s fintech ecosystem,” he said during the visit aimed at strengthening diplomatic ties and fostering strategic cooperation between Nigeria and the UK.
In his remarks, the chief executive of Moniepoint, Mr Tosin Eniolorunda, reiterated the company’s commitment to powering the dreams of millions of business owners while engineering financial happiness for all Africans.
He noted that the dynamic digital landscape in Nigeria presents unique opportunities to harness technology to drive real change, and Moniepoint is excited to be at the forefront of this transformation.
“By empowering individuals and businesses with financial tools that are innovative and efficient, we believe that technology can be a powerful catalyst for economic growth and social development.
“This visit by the Minister signposts the importance of cross-border collaboration and the strengthening of Nigeria’s global partnerships. We recognize the critical role that international cooperation plays in advancing innovation, especially within the fintech sector.
“As a country, Nigeria has immense potential, and through strategic alliances with global stakeholders, we can unlock new opportunities that benefit both local and international communities.
“At Moniepoint, we are deeply aligned with the Nigerian government’s vision to enhance strategic cooperation in areas like trade, investment, and technology.
“We are eager to continue contributing to the development of our country’s digital economy while fostering meaningful collaborations that will leave a lasting legacy for generations to come,” he stated.
Formerly known as TeamApt Incorporated, Moniepoint, founded in Lagos in 2015 by Mr Eniolorunda and Felix Ike, has rapidly grown into a comprehensive digital financial services provider.
Offering payments, banking, credit, business management tools, and cross-border payment solutions, Moniepoint serves over 10 million businesses and individuals across Nigeria and Africa.
Banking
Stanbic IBTC Bank Reintroduces Private Banking Offerings

By Modupe Gbadeyanka
To help Nigerians secure their financial futures and build lasting legacies, Stanbic IBTC Bank has reintroduced its private banking offerings.
With a focus on personalised financial solutions, portfolio management, investment strategies, and estate management, Stanbic IBTC Bank empowers individuals and families to achieve their long-term goals of building lasting legacies for future generations.
By equipping families and individuals with the knowledge and tools to manage their wealth effectively, the subsidiary of Stanbic IBTC Holdings is fostering a legacy of financial resilience and prosperity.
Stanbic IBTC Bank’s private banking offerings include personalised financial planning to help clients achieve their short and long-term financial goals, investment management to enable clients access a wide range of investment opportunities, (including equities, fixed income, and alternative assets), estate and trust services through expert guidance on estate planning, wills, and trusts to ensure smooth wealth transfer, retirement planning through solutions that help clients build a secure and comfortable retirement, insurance and risk management through comprehensive protection against unforeseen events that could impact financial stability.
In a world where financial security and intergenerational wealth transfer is becoming increasingly critical, Stanbic IBTC Bank’s comprehensive suite of private banking solutions provides clients with the tools and expertise needed to navigate the complex financial landscapes.
Stanbic IBTC Bank leverages its deep market knowledge and global expertise to deliver solutions that align with clients’ unique aspirations.
“At Stanbic IBTC Bank, we understand that building a legacy goes beyond accumulating wealth; it is about creating a sustainable financial foundation that benefits future generations.
“Our innovative solutions are designed to help families protect, grow, and transfer their wealth seamlessly, ensuring their values and aspirations endure over time,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.
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