Banking
Infinity Trust Mortgage Bank to Raise Fresh Capital
By Adedapo Adesanya
The management of Infinity Trust Mortgage Bank Plc (ITMB) has hinted that it could generate more funds for the company by offering its shares to interested investors.
This hint was dropped on Monday by Managing Director/CEO of Infinity Trust Mortgage Bank, Mr Onabanjo Obalaye, during the bank’s Facts Behind The Figures at the Nigerian Stock Exchange (NSE).
The company, which had the honour of beating the closing gong yesterday, was at the exchange to give explanation on its audited full year ended December 31, 2018, and the unaudited results for the seven months ended July 31, 2019.
Business Post reports that during the presentation, Mr Obalaye rolled out the bank’s expectations, results of operations, business prospects and opportunities considering the challenging operating environment, which he described as “very tough.”
According to Mr Obalaye, “Rising insurgency and terrorist activities in the North East and spreading South is affecting every business not only mortgage business.
“Concerns about safety and security of persons and goods is taking its toll on business operations.
“Also, lengthy court processes, absence of unified foreclosure law and government right to land.
“The policy initiative of government equally needs to be addressed if home ownership in Nigeria needs to be redeemed.”
Also looking at regulations, he noted that many regulators failed to understand the dynamics of the business environment leading to poor policy implementation.
Looking at the rising cost, Mr Obalaye said, “The drive of government to generate revenue without knowing if it kills businesses or not is equally adding to the cost of operating businesses in this environment.”
He, however, noted that despite the unfriendly factors, Infinity Trust Mortgage Bank has been able to move its total assets to N11 billion from was N7.39 billion in 2013 when it was listed on the exchange.
Mr Obalaye also disclosed that the Shareholders Funds has moved to N6 billion while its loans and advances is currently at N5.5 billion.
Looking at what the company has achieved when it became a public company in January 2013 to date, Mr Obalaye said, “We have moved our shareholders from 150 to 500 and we became a national mortgage bank.”
He said in recognition of the support of its shareholders, the bank has declared and paid dividends every year.
Analyzing the bank’s financials based on its Key Performance Indicators (KPIs) from 2013 to the full year of 2018 and inclusive of its seven months performance in 2019, the Managing Director said, ‘Total Assets in 2013 was N7.39 billion which moved to N10.35 billion in 2018 and is currently at N11.23 billion. Loan and Advances in its first year as a public company was at N1.31 billion which moved up to N3.8 billion in 2018 and is now at N5.05 billion so far, with investments rowing to N2 billion as at the period calculated in 2019.’
Speaking on the issued share capital, which has remained at N2.085 billion since 2013, Mr Obaleye said, “We are working on how we are going to increase this”, disclosing that the bank was working with its investment partners, Cordros Capital.
Remarking on the performance, Obalaye noted that the growth was due to strong brand presence, improved customer confidence, efficient corporate governance, public and private housing initiatives among other drivers.
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.
