Banking

Heritage Bank Raises Octopus Transaction Limits to N200,000

Published

7 years ago

11/01/2019

Modupe Gbadeyanka

**Deepens Full Steam Retail Banking

By Modupe Gbadeyanka

The transaction limits on the new advanced intelligent digital platform of Heritage Bank known as Octopus have been increased by the financial institution.

In a statement, the lender said the new daily transaction limit on the Octopus platform is N200,000 for Heritage Bank registered users.

Explaining the reason for this upward review, Heritage Bank stressed that it was part of its strategies to meet customers’ needs and revolutionalise the banking sector.

The bank explained further that other banks registered users will be able to transact on the platform within limits assigned their debit cards by their respective financial institutions.

To give a voice to this, MD/CEO of Heritage Bank, Mr Ifie Sekibo, described Octopus as “the best opportunity to experience a true, out-of-this world digital experience available across major platforms. Understand that this new adventure does everything differently!”

According to him, the platform is an intelligent digital experience that combines digital transactions and a community lifestyle that empowers customers with the power to build their world and perform digital transactions how they want.

However, on deepening its retail banking structure, he further explained that the bank has continued to set standard in the launching of ‘Corner Shop’ to cater for the need of traders and artisans at different locations across the country.

According to him, the shop is aimed at giving the unbanked, especially in the rural areas the opportunity to enjoy financial services without the risk and stress of walking kilometres in order to visit a bank branch.

Mr Sekibo however, remarked that the bank was committed to deploying its resources towards the delivery of innovative banking solutions to its customers as well as create and transfer wealth to all its stakeholders.

Meanwhile, Heritage Bank has restated commitment through its growth strategy to deepen its full stream retail banking franchise to match the rapidly changing needs of its customer, as well give the unbanked, especially in the rural areas the opportunity to enjoy seamless financial services.

Mr Sekibo said the bank will continue to grow by appealing to key client segments especially in the retail space and also focus on under-penetrated banking segments while building loyalty amongst the bank’s existing customer base.

According to Mr Sekibo, one of the ambitions of the institution in the 2019 financial year is to emerge as a systemic important bank in the Nigerian banking industry, which remains its underlying corporate growth strategy.

The bank’s helmsman said Heritage Bank was committed to building an enduring and resilient banking franchise in the country, affirming that the bank was on a growth track and was not unmindful of the headwinds facing the political and economic environments.

Mr Sekibo stressed that the bank will continue to pursue its strategic aspiration of not only being stable but also being sustainable in earnings and profitability in its growth plan. “We are very optimistic that the Heritage Brand will continue to soar over the current economic tide through its collective efforts to remain an enduring institution,” he stated.

Banking

FCMB Concludes Fund Raising for Recapitalisation

Published

11 hours ago

09/03/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The capital raise programme of FCMB Group Plc for the recapitalisation of its banking subsidiary, First City Monument Bank Limited, and its pension business, FCMB Pensions Limited, has been concluded.

The financial services group confirmed this development in a statement filed with the Nigerian Exchange (NGX) Limited on Monday.

In the notice signed by the chief executive of the organisation, Mr Ladi Balogun, it was disclosed that the requisite approvals have been received from the relevant regulatory authorities.

These regulators include the Central Bank of Nigeria (CBN), the National Pension Commission (PenCom), and the Securities and Exchange Commission (SEC).

The banking segment of FCMB Group operates with an international licence and is required to have a capital base of N500 billion.

In the disclosure today, FCMB said it has met this minimum capital requirement of the central bank after getting N231.8 billion through a public offer in 2025.

It stressed that as of December 31, 2025, the lender, based on verified eligible capital (paid-up share capital and share premium), had N266.5 billion.

The company further disclosed that it raised an additional N11.0 billion from the minority divestment of approximately 10 per cent of the issued share capital of FCMB Pensions Limited.

“Together, the public offer and minority divestment provide sufficient capital for the bank to meet the revised N500 billion minimum capital requirements for an international banking licence. This is based on verified eligible capital (paid-up share capital and share premium) of N266.5 billion as at December 31, 2025.

“FCMB Group expresses its sincere appreciation to the regulatory authorities, investors, and other stakeholders for their continued support in achieving this important milestone,” parts of the statement read.

Banking

Nigeria’s Money Supply Falls to N123.36trn in January as Liquidity Tightens

Published

17 hours ago

09/03/2026

Adedapo Adesanya

By Adedapo Adesanya

Nigeria’s broad money supply (M3) dropped to N123.36 trillion in January 2026, from N124.4 trillion in December 2025, signalling a modest contraction in system liquidity amid intensified tightening measures by the Central Bank of Nigeria (CBN).

According to the latest money and credit statistics from the CBN, marginal declines were recorded in currency outside the banking system and total currency in circulation, reflecting easing cash demand after the year-end festive surge.

Currency held outside banks dropped 3.66 per cent to N5.21 trillion in January from N5.41 trillion the previous month. Total currency in circulation similarly moderated to N5.73 trillion from N5.732 trillion, underscoring stable but adjusting liquidity conditions at the year’s start.

These shifts highlight Nigeria’s persistent reliance on physical cash, especially in the informal sector, even as the CBN ramps up efforts to sterilise excess liquidity through Open Market Operations (OMO) and Treasury bill issuances. Broad money supply (M3)—encompassing currency in circulation, demand deposits, savings, time deposits, and foreign currency deposits—reflects these policy actions aimed at curbing inflation and stabilising the foreign exchange market.

A deeper look at components shows different outcomes. For instance, net foreign assets plunged to N29.6 trillion, driven by reduced foreign currency holdings, while net domestic assets rose to N93.76 trillion, buoyed by domestic credit growth.

The January dip follows a familiar seasonal trend. Cash outside banks spiked to N5.41 trillion in December 2025 from N4.91 trillion in November, mirroring the N5.13 trillion surge from November 2024’s N4.65 trillion amid festive spending and informal sector activity.

Earlier in 2025, the trend fluctuated but stayed elevated: N4.65 trillion in October, N4.46 trillion in August (after July’s N4.42 trillion), N4.49 trillion in June, N4.63 trillion in May, N4.57 trillion in April, N4.60 trillion in March, N4.51 trillion in February, and N4.74 trillion in January.

Total currency in circulation echoed this, climbing to N5.26 trillion in November 2025 from October’s N5.06 trillion, with relative stability in the third quarter (N4.95 trillion in September, N4.92 trillion in August and July) and second quarter (N4.92 trillion in June, N5.01 trillion in May).

First-quarter figures hovered around N5 trillion: N5.01 trillion in April, N5 trillion in March, N5.03 trillion in February, and N5.04 trillion in January.

Banking

UBA Business Series to Spotlight Africa’s New Generation of Women Leaders

Published

1 day ago

08/03/2026

Modupe Gbadeyanka

By Modupe Gbadeyanka

To celebrate women while also creating a platform where meaningful conversations around leadership, ambition and opportunity can take place, United Bank for Africa (UBA) Plc, will hold a special edition of its impactful quarterly UBA Business Series on Wednesday, March 12, 2026.

The event, themed gen w- ‘The Evolved Woman, will begin at 11 am at the UBA House, Lagos, and will be streamed live across all UBA digital platforms. Interested participants can register to attend virtually or in person via on.ubagroup.com/tfig.

The conversation will centre around women intensely forward, highlighting a new generation of women who are not simply seeking opportunities but confidently creating them. The discussion will explore how women today are shaping industries, leading businesses, and redefining success on their own terms.

A statement from the lender disclosed that this special UBA Business Series would bring together an array of accomplished female leaders and professionals who will share insights, experiences and practical strategies for navigating ambition, leadership and growth in today’s dynamic environment.

It will feature an inspiring line-up of speakers, including entrepreneur and founder of ORÍKÌ Group, Joycee Awosika; media personality & entrepreneur, Tomike Adeoye; entrepreneur and founder of Fine Funky, Olufunke Davies; and award-winning broadcaster, Ayo Mario-Ese. The conversation will be hosted by media personality and actor, Tobi Bakre.

Panellists will share their personal journeys and perspectives on navigating professional spaces, building resilient businesses, embracing authenticity and redefining leadership as women in a rapidly evolving global landscape.

“The modern African woman is evolving in remarkable ways. She is bold, visionary, and intentional about the spaces she occupies.

“Through this edition of the UBA Business Series, we want to celebrate women while also creating a platform where meaningful conversations around leadership, ambition and opportunity can take place,” the Group Head of Marketing and Corporate Communications for UBA, Ms Alero Ladipo, stated.

The quarterly UBA Business Series has become a key knowledge-sharing platform designed to equip entrepreneurs, professionals and business leaders with insights, tools and strategies needed to grow sustainable enterprises as well as navigate the evolving business landscape.

UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally.

Operating in 20 African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, the bank provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.