Banking
Keystone Bank: Emerging Whiz-kid on the Banking Block
By Felix Onajite
Since the financial crisis that enveloped the global market a decade ago, the profitability and reputation of banks has been under tremendous pressure worldwide, Nigeria inclusive. Whilst the banking industry is now regaining its health, the entrant of fintechs and neo-banks in the industry is posing a new threat. This digital disruption is changing the traditional way through which customers obtain financial services, hence putting more pressure on banks’ profitability.
However, a bank in Nigeria, Keystone Bank Ltd, is challenging the status quo by making transformation and profitability appear like a mere walk over as revealed in its achievements within a short time span.
From the perspective of the results on ground, it appears to be a great time for Keystone Bank. In just one year of AMCON’s divestment, the bank has changed its narrative from “one of those banks” to a financial institution to be reckoned with and as a result is experiencing an influx of business minded customers.
Keystone Bank’s ambitious and holistic transformations have taken industry watchers by surprise, and the industry itself by storm.
Besides the revamping of its branches across the nation and bolstering its workforce, it has invested substantially in technology and developed fully integrated service models that enable its customers enjoy banking services through a wide range of channels.
The bank’s journey to reckoning had been long and winding, which necessitated a takeover by the Asset Management Company of Nigeria (AMCON) in 2011.
However, its acquisition by Sigma Golf – Riverbank consortium seemed to trigger a turnaround as it precipitated a change in the management team to the one that holds the magic wand for the positive outlook it has been experiencing to date
On taking over, the new management team led by its Group Managing Director/CEO, Mr Obeahon Ohiwerei, drew up a holistic and integrated approach to business modernization which elevated the bank to deliver a superior customer-centric experience. The impact of this change reflected positive results in its Q1 report card, which, from all indications, is a restoration of customers’ trust in its system.
The bank, for the half-year ended June 30, 2018, recorded a profit before tax of N5.83 billion, compared to a loss of N6.78 billion over the same period in 2017. Deposit grew by 51 percent, from N206 billion to N312 billion between June 2017 and June 2018.
From evolving technologies to changing customer expectations to new regulatory demands – it has never been more important for banks to come up with the right strategies for digital transformation and innovation; the Mr Ohiwerei team nonetheless made this a reality at Keystone Bank. This entailed initiating partnership processes with foremost technology-enabled concerns to drive its digital revolution.
Its partnership with CeLD Innovations Limited to launch a ground-breaking loyalty reward initiative which involves the gifting of ‘CashToken’, is one of such moves. This innovative gift commodity, Cash Token, which was formally launched in Lagos on Thursday April 19, 2018 at a conference tagged “500 Top CEOs Conference – Unleashing – The Age of Hyper Consumer Centricity, is an electronic reward and celebratory gift commodity which costs only N30.
The initiative, according to CeLD, creates a chance for every customer in Nigeria to win life-changing cash rewards every Friday night on the National CashToken draws which is monitored by Alexander Forbes and audited by Deloitte. This initiative is designed to optimize customer loyalty investment for business, celebratory gift value optimization and public emotional equity for government.
The bank has also launched its revamped mobile banking application upgraded with new and exciting user-friendly features for a more convenient banking experience. Customers can now enjoy many benefits & access self-service options, such as, easy account opening, convenient self- booking and liquidation of fixed deposits, an expanded list of bill-payment options and easy activation of standing instructions & recurrent future payments.
Other notable features of the mobile App are, a “Switch Card ON/OFF option” which allows users to disable their cards temporarily if missing & re-enable at the click of a button, the “Hide Balance Feature” safeguards against third-party viewing and the “Meet Your Relationship Manager Option” allows users to call or email their account officers right within the app.
In addition, the Bank was the first in the sector to introduce the Chat-bot feature called OXYGEN which enables banking on Telegram and Facebook. It guides users through a whole range of desired transactions step-by-step.
Another first from the Bank is the Zero Data Banking feature that enable customers transact on their phones without data. Keystone Bank has remained the only Bank with this feature on its Banking App.
And for the first time in its operations, Keystone Bank also introduced a new SMART number for customer support, this eliminates the need for customers to remember multiple numbers while removing the uncertainty as to which of the lines are actively engaged.
These and many other moves leveraging technology and building a culture of innovation is fast repositioning the bank as a new whiz kid on the banking block, which, according to its Group Managing Director, Mr Obeahon Ohiwerei is a proof of the hard work and resilience of the board, management and staff of the bank.
Today, Keystone Bank’s branches are fast becoming a hub for transactional activities witnessing a huge footfall of customers trooping in to carry out transactions, open bank accounts and experience the innovative trends that the bank has introduced to its business. This overall experience has also been boosted by the enhancement of staff morale which inherently drives the commitment to serve their customers better.
From the look of unfolding events at Keystone Bank, it’s clear to see that, it’s just a matter of time before the bank starts operating in the first tier again.
Felix Onajite, a financial analyst, writes from Lagos, Nigeria.
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.
