Banking
Heritage Bank Reaffirms Commitment to Growth of Banking Profession
By Dipo Olowookere
Heritage Bank Plc has again demonstrated its commitment to the growth and progress of the banking profession by partnering with the Lagos branch of the Chartered Institute of Bankers (CIBN) to host the 2018 Lagos Bankers & Stakeholders’ Nite.
General Manager and Chief Compliance Officer of Heritage Bank, Mr Wumi Adeniyi, who disclosed this in a statement yesterday, said the bank decided to support the Lagos Bankers’ Nite initiative because the event will foster a robust engagement among professionals in the sector as well as customers of banks.
“We take very significant recognition of the fact that we are a bank which must interface with our colleagues and customers at a time like this. It is a significant event in the calendar of the banking community in Nigeria and Heritage Bank, being a member of that community, must participate in it and we have supported the initiative over the years.”
Guest speaker of the event,, Mr Austin Okere, Founder/ Executive Vice Chairman of CWG Plc, in his paper entitled, ‘Big data, Fintech and the future of banking,’ noted that the evolving technology which goes beyond financial application is expected to disrupt global supply chain by boosting transaction schemes across borders and improving the transparency of the process.
He said the technology uses the blockchain technology which has created the backbone of a new type of internet which was originally devised for the digital currency, remarking that it is this technology that Fintechs are leveraging to disrupt traditional banks.
He noted that the most disruptive application of the blockchain technology would be in the financial sector as consistent complaints about banks have reached a crescendo in recent times.
According to him, after centuries of receiving deposits and making loans, two customer groups have emerged, and both are calling for a change. The first group comprises of under-banked adults while the second comprises of members of the elite who believe that the relationship is absolutely skewed in favour of the banks.
He said the biggest threat to banks is the perception that they can always make profits even in times of economic downturn when the real sector of the economy suffered the most.
Mr Okere contended that this has led many banks to believe that they are invincible, that is now characterised by loss of touch with customers.
He said the way forward for the banking industry is to collaborate with Fintech companies to deliver financial services because Fintechs have taken over financial services up to a third percentage of the population in volume and in value in countries like Kenya and China.
Also speaking, the chairman of the occasion, Mrs Foluke Abdul-Rasaq, a director with United Bank for Africa (UBA), observed that a strong banking system is imperative to the economic growth of any country. She stressed that the strength of the sector will depend on the confidence of its practitioners.
Earlier in his address of welcome, Mr Kola Abdul, Chairman, CIBN Lagos State Branch, reminded the audience that Bill Gates, the world’s richest man, once said in the mid-90s that banking is necessary, but banks are not.
Mr Abdul said this sentiment has deepened among the population over the last decade with public opinion turning against banks. According to him, technology has begun to open a range of options in financial management following the financial crisis of 2008.
He said Apple Pay’s Stripe is one of the companies revolutionising the way people pay for services in the world while digital currency and peer to peer lenders are opening new funding avenues for start-ups and SMEs.
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.
