Banking
Heritage Bank Trains Children in Financial Literacy
By Modupe Gbadeyanka
Pupils from Hilltop Grade International School, Lekki, Lagos were recently trained in financial literacy by Heritage Bank as part of activities to mark the bank’s Children Banking Month tagged ‘My Day as a Banker.’
The lecture took place at the corporate headquarters of the bank in Lagos. It was also organised in a bid to expose the citizenry to financial literacy at a very early age in life and participants were from the age bracket of five and seven years.
The kids were put through the different services in the banking sector, from the Reception to the Customer Service, Foreign exchange, Corporate Banking and Human Resources.
The pupils were visible attending to customers who were amazed at the skills the kids exhibited in addressing their banking needs after the initial short induction given to them.
Speaking with journalists on the occasion, Mrs Tomi Oyesola, Group Head, Retail Banking and SME, Heritage Bank, Lagos Island, said the training programme was part of the financial literacy programmes of the Central Bank of Nigeria (CBN).
She said it was very important for children to know what financial literacy was and what banking was all about at a very early age of their lives, adding that the children will be exposed to how prepaid card transactions work and how to use ATM cards to deposit and withdraw money among others.
She said the programme had been on since the inception of the bank, adding that the bank usually trains children in primary and secondary schools in financial literacy every year.
Mrs Oyesola said for children in secondary school, the bank exposed them to treasury operations, financial control, sales and credit control among others, adding that about 90 percent of the children that had been exposed to the programme had opened accounts with the bank.
She said for children in primary schools, the bank accommodates between eight to 10 children from different schools at different times to expose them to financial literacy for about an hour.
The financial literacy programme for children is part of the Central Bank of Nigeria’s cashless policy which is aimed at equipping them with basic tools in order to enhance their financial freedom and it is part of activities of commemoration of May 27 to mark Children Banking Month, with the theme, “Early Positioning for Glocal Relevance.”
The Heritage Children Banking Month directly impacts about 350 primary and secondary schools across the country in recognition of the pivotal role children play as the leaders of tomorrow.
On the whole at the end of this year’s programme, Heritage Bank would have imparted financial education on over 1,000 schools across the country since commencing this programme two years ago, as part of its social corporate responsibility.
Speaking on the importance of the celebration, the Managing Director of the bank, Mr Ifie Sekibo stressed that it was important to teach children wealth creation early in life for the positioning of children for global and local relevance. He further stressed that there was need for parents to teach them on how to prioritize savings over spending, which is a valuable life lesson and one that takes time to learn.
According to him, opening a savings account for a child is one of the best ways to introduce them to that concept at an early age.
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.
