Banking
Jaiz Bank Rolls Out Expansion Initiatives, to Deepen Financial Inclusion
By Adedapo Adesanya
The management of Jaiz Bank Plc led by its Managing Director/Chief Executive Officer, Mr Hassan Usman, has said the major player in the non-interest banking sector plans to expand its operations across the country.
At a parley with the media on Tuesday in Lagos, Mr Usman said efforts would be made to sensitize Nigerians on the need to embrace products of the financial institution, saying they were open to everyone irrespective of creed or personal beliefs.
According to him, Jaiz Bank, which is an Islamic bank, operates like the conventional financial institution despite its peculiarities in terms of operations.
Making a distinction between the two types of banking system, Mr Usman said conventional banks were known for their loan contracts through current accounts and terms with the promise of interests, but on the part of an Islamic bank, it does something similar (taking deposits on current accounts) without request for additional returns.
However, he said if a customer seeks remuneration from Jaiz Bank for deposits, a different contract would be established where the deposit is exposed to look like an equity, with the bank acting like an agent to trade the money, sharing proceeds from the investment between both parties.
“We have already started pilot financial inclusion drive. We are also going to use agency banking to reach those people in places where we are not physically present,” he said, adding that despite the absence of physical presence in some parts of the country, the bank was still serving the needs of many through mobile and Internet banking.
“We are also intervening to provide finance to women group,” he added.
Speaking on challenges faced by the lender in its emerging years, the bank chief said one of them was the lack of investment instruments such as treasury bills and bonds.
However, he said in the last 18 months, the financial institution has been able to get over this with the issuance of the first and second tranches of Sukuk by the Central Bank of Nigeria (CBN).
Speaking on intervention funds, Mr Usman said the bank had been able to work with the central bank and the Bank of Industry (BoI) to support critical sectors of the economy.
According to him, the BoI provided a N3 billion financing facility for the development of the Micro, Small and Medium Enterprises sector of the economy, which he said would go a long way to make things better.
Mr Usman assured that Jaiz Bank would continuously redefine standards in all it does, stating that the company was poised to creating a responsible business that better meets its customers’ needs and a culture where its employees put customers first.
The Jaiz Bank boss added that the bank aims to hold its role as a leader in the ethical banking sector in Sub-Saharan Africa and also strive to be the best financial service provider for customers to bank, for employees to pursue careers and for shareholders to invest.
Business Post reports that in its third quarter earnings, Jaiz Bank grew its profit before tax by 509.47 percent to N1.47 billion from N241.3 million in the corresponding period of last year, while the profit after tax increased by 673.21 percent to N1.25 billion from N161.7 million, with the total assets rising by 40 percent from N108.46 billion to N152 billion.
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.
