Banking
ICA Honours Two Heritage Bank Senior Executives, Others
By Dipo Olowookere
Two senior management executives of Heritage Bank Plc were at the weekend conferred distinguished awards by the Institute of Credit Administration (ICA) at the Nigeria Credit Industry Awards and Postgraduate School of Credit and Financial Management (PSCFM) graduation ceremony.
The awardees were Mr Jude Monye, an executive director of the bank who was awarded Credit Management Director of the Year and Mrs Chinwe Ofulue, Regional Head who was recognised as Credit Relationship Director of the Year.
Besides this, Messrs Obioma Emenike, Group Head, Market Strategy, Heritage Bank; Imomoemi Ibisiki, Group Head, Legal Services, Heritage Bank were inducted as Fellows of ICA, Lilian Oyinlonye Agada, Head, Marketing/Team Lead, Commercial Banking, was inducted as Member, while Blaise Udunze, Media Relationship Officer of the bank, was inducted as an Associate of the institute.
Commenting on the honour bestowed on the team, Mr Monye, who also badged a Ph.D. in Credit Management, expressed gratitude for the recognition of the professional body of their commitment to efficient credit management in Heritage Bank.
According to him, the management at Heritage Bank does and will not go for anything less than premium service delivery for its teeming customers, who cut across different sectors of the aggregate economy.
Mr Monye stated that the quality of banking and financial services that customers of Heritage bank are enjoying is second to none when compared to what is available at any other bank in the country.
He therefore used the opportunity to encourage credit managers in different industries not to look anywhere else beyond Heritage Bank for quality and efficient financial services.
“In fact, what happened here today, is attestation to our professionalism and staff commitment to quality and efficient financial services,” he said.
In a keynote address titled, “Ministerial Review of Credit Management in the oil and gas industry in Nigeria;” the Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu said the importance of effective credit management goes beyond sectors to business and individuals.
The Minister, who was represented by the Chairman of ICA, Dr Adetunji Oyebanji, remarked that the 2008 financial crisis showed how improper credit management in nation’s housing sector, spilled into individual lives of citizens of multiple countries, adding that the credit management performance of the Nigeria’s oil and gas industry has been noteworthy, with numerous projects in the petroleum value chain attaining completion without incidents of liquidity issues.
Mr Kachikwu said the Federal Government has the responsibility of providing the empowering environment for Nigerian credit sources, adding that the focus areas of Short and Medium-Term Priorities to grow Nigeria’s oil and gas industry (tagged #7 BigWins) ranging from policy and regulation to business environment and investment drive to transparency and efficiency were aimed at providing suitable environment for these credit sources to develop.
He noted that it was imperative that credit providers carry out due diligence on prospective borrowers to minimize any credit defaulting issues that could arise further down the road.
Earlier in his address of welcome, the President of ICA, Dr Oyebanji, said the institute has in collaboration with Postgraduate School of Credit and Financial Management (PSCFM) been in the fore front of endeavours geared towards building an enduring credit management culture in Nigeria through professional and academic development programmes leading to the award of degrees and certificates by accredited foreign universities.
“In driving this vision, PSCFM has built alliances with credible foreign institutions such as the London Postgraduate Credit Management College (LPMC), a renowned ASIC accredited UK credit management institution for the award of foreign degrees up to PhD level in credit management,” Dr Oyebanji said.
He noted that a sound credit management advocacy remained one of the cardinal projects of ICA and called on conglomerates and blue-chip companies in the country to design policies that ensure quick payment of confirmed invoices from small and medium scale enterprises (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.
