Banking
Heritage Bank to Begin Account Opening for SPW Participants
By Adedapo Adesanya
Heritage Bank Plc is set to commence the account opening for the 774,000 participants of the Special Public Work (SPW) Programme throughout the 774 Local Government Areas of the federation.
The participants are to be paid a monthly allowance of N20,000 as the programme is to kick off from November 1, 2020, and a total of 129 LGAs have been assigned to Heritage Bank Plc.
The SPW is a post-COVID-19 poverty alleviation initiative approved by President Muhammadu Buhari and the Federal Ministry of State for Labour and Employment to implement 774,000 jobs in all the 774 LGAs in Nigeria for a period of three months.
As part of the modalities of the programme, six participating banks, including Heritage Bank, have been mandated to open accounts for all the beneficiaries and capture BVN. Also, a special feature form has been provided by the federal government to capture participant’s bio-data for this exercise.
In a bid to align with the arrangements, the Divisional Head, Corporate Communications, Mr Fela Ibidapo, disclosed that Heritage Bank has prepared seamless process flow for the commencement of the BVN enrolment/account opening documentation of the assigned shortlisted beneficiaries.
He explained that the bank had made provisions for places that the bank had no physical presence so as to cater for the planned initiative.
He noted, “For locations that the Bank does not have a physical presence, the Agency Banking Team has engaged Super Agents to cover these areas and ensure smooth onboarding in such locations.”
He added that Heritage Bank would definitely adhere strictly to the beneficiary list forwarded to the bank from the federal government for account opening/BVN enrolment to avoid any infractions and work according to the rules set by the government and its agency, National Directorate of Employment (NDE).
Mr Ibidapo reiterated the bank’s success stories and legacies in similar exercises sustained through various entrepreneur schemes in the support for economic growth, which had always focused on dependable job-creating sectors, such as agricultural value chain (fish farming, poultry, snail farming), cottage industry, mining and solid minerals, creative industry (tourism, arts and crafts), and Information and Communications Technology (ICT).
Recall that 1,000 participants each were drawn from the 774 local government areas in Nigeria for the Special Public Works Programme.
In response to the nature of diversity and remoteness of some participants, the Minister of State for Labour and Productivity, Mr Festus Keyamo, allayed the fears of missing out from the registration by the beneficiaries.
He stated that it had gotten assurance from the banks that even in places where they have no physical presence or branch, registration centres would be provided; hence participants don’t need to travel far.
The minister said, ‘‘The banks assured us that even in LGAs where they don’t have branches, temporary registration centres would be opened in such LGAs so that the participants would not have to travel far to open their accounts”.
Explaining the core areas of the SPW programme, Mr Keyamo said, “Special Public Works department is one of the four (4) core focus of the NDE.
“It seeks to identify and optimize employment opportunities that abound in the public works sector by organizing the skilled, unskilled and semi-skilled persons that are unemployed to carry out utility, environmental, infrastructural development and sanitation works.”
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.
