Banking
Idanre Market Women Jubilate Over Ecobank’s Low-Interest Loans
By Dipo Olowookere
Market women in Idanre, Ondo State could not hide their joy over the disbursement of low-interest loans to them by Ecobank Nigeria Limited as the credit facility will boost their businesses.
Business Post gathered that the beneficiaries will receive N50,000 to improve their petty trades. The Ecobank’s low-interest loans are expected to be repaid in six months at a monthly instalment of N8,500, representing an interest rate of one per cent.
It was learned that the easy and low-interest loans were disbursed to the market women through Ecobank Female Entrepreneurship Initiative (EFEI).
Unveiling the scheme at Owa’s Palace, Idanre, Head of Classic Banking at Ecobank Nigeria, Mr Femi Ogundairo, said the initiative was specially designed by the bank to financially empower female business owners and entrepreneurs in the country.
According to him, it was a further demonstration of the importance the bank attaches to the role of women in sustainable development and contribution to the society and nation’s economy.
“The beneficiaries, who are expected to be women, will be given the sum of N50,000, which will be repaid in six months at a monthly instalment of N8,500, which represents a 1% interest rate.
“There are no hidden charges for the loans and beneficiaries who pay back regularly and on time may be rewarded and given higher loan facilities,” Mr Ogundairo stated.
He added that under EFEI, “the bank will also organize regular free training programmes for the women on how to do their businesses better and manage their money and loans well.”
Mr Ogundairo also used the opportunity to introduce the bank’s agency banking also known as Xpress Point to the people, saying they offer on behalf of the bank some services such as account opening, cash deposit and withdrawal, loan disbursement, fund transfer, bills payment, airtime recharge among others.
According to him, the agency banking would give the teeming unemployed Idanre youths employment opportunities which could subsequently make them not only gainfully employed but ultimately employers of labour.
Speaking at the event, Owa of Idanre Kingdom and Paramount ruler of Idanre Land, Dr Frederick Adegunle Aroloye, Arubiefin IV, lauded the decision of the lender to assist market women in the town, stressing that “since the bank’s mission’s borders on development and progress of the people, the palace will be ready to give it available and necessary supports to ensure it succeeds in Idanre Land.”
In her remarks, the Iyaloja General of Idanre Land and Vice President of Iyalojas and Babalojas of Nigeria, Princess Nike Aroloye Akingboye, thanked the financial institution for offering assistance to the market women in Idanre town to develop their trading business, assuring that “Idanre market women are credible people who would utilize the loans well and perform all necessary roles expected from the bank promptly.”
Many potential beneficiaries have started applying for the loan facility, commending Ecobank for the assistance, stating that it will help them improve their businesses.
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.
