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 Adedapo Adesanya
The Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Julius Omodayo-Owotuga to the board of First Bank of Nigeria Limited as an executive director.
A statement from the company said the appointment of Mr Omodayo-Owotuga became effective on Wednesday, May 13, 2026.
He was appointed to the board of the subsidiary of First Holdco Plc to further strengthen its leadership capacity across strategic finance, governance, risk management, and institutional transformation.
Before now, he served on the board of First Holdco as a non-executive director between 2021 and 2026.
The appointee brings to the board 24 years of experience spanning banking and financial services, infrastructure finance, power, oil & gas, and audit and consulting.
His appointment, according to the notice to the Nigerian Exchange (NGX) Limited, reflects the Bank’s continued commitment to strong governance, disciplined execution, financial resilience, and sustainable long-term growth.
He most recently served as deputy chief executive of Geregu Power Plc, Nigeria’s first listed power generation company, where he played a pivotal role in institutional transformation, governance strengthening, capital market positioning, operational optimisation, and major financing initiatives, including the company’s landmark listing on NGX.
Mr Omodayo-Owotuga previously served as group executive director, Finance & Risk Management at Forte Oil Plc (now Ardova Plc), where he was instrumental in the company’s financial and operational transformation, leading strategic restructuring, capital raising, treasury optimisation, enterprise risk management, and governance improvement initiatives that strengthened long-term shareholder value.
His professional career also includes roles at Africa Finance Corporation, Standard Chartered Bank, KPMG Professional Services and MBC International Bank (Now First Bank Nigeria Limited), providing him with deep experience in institutional finance, treasury management, financial controls, regulatory engagement, and corporate advisory.
Mr Omodayo-Owotuga is a CFA Charter Holder, KPMG-trained Accountant, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN), and the Institute of Credit Administration. He is also a member of the Institute of Directors (IoD) Nigeria and a Certified Management Accountant.
He holds a Doctorate in Business Administration, a Master’s in Business Administration and a Bachelor’s degree in Accounting. He is an alumnus of Saïd Business School, University of Oxford, IE Business School, Geneva Business School, and the University of Lagos.
By Modupe Gbadeyanka
In recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises (SMEs), Union Bank of Nigeria Plc has been honoured by the Association of Small Business Owners of Nigeria (ASBON).
The lender was rewarded by the group for its suite of solutions designed to enable business expansion and long-term value creation.
At the Nigeria National SME Business Awards, held recently in Lagos, Union Bank was given the Best SME Growth Banking Initiatives Award for 2025.
The ceremony was organised by ASBON in partnership with the Lagos State government through the Ministry of Commerce, Cooperatives, Trade and Investment.
The event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Receiving the award on behalf of the bank, its Head of SME Segment, Mr Ayokunnumi Abraham, described the recognition as a strong endorsement of the organisation’s commitment to supporting small and medium-sized businesses.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible.
“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.
“These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he stated.
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