Banking
Keystone Bank Introduces Incubator Scheme for Startups
By Modupe Gbadeyanka
A specialised incubator scheme with offerings to address the needs of startup businesses has been introduced by Keystone Bank Limited, a fast-growing financial services provider.
The initiative tagged The Keystone Startup Advantage Programme (KSA Programme), will provide the necessary support for Micro, Small and Medium Enterprises (MSMEs) and startups in Nigeria.
This is in line with the vision of President Muhammadu Buhari for the growth of the SMEs sector and aligns with the United Nations Envision #2030 Sustainable Development Goal (UN SDG) 8 – to promote sustained, inclusive and sustainable economic growth, full and productive employment, and decent work for all.
“Recent reports reveal an increasing attraction of foreign Venture Capital investment into the African startup ecosystem, with Nigeria boasting of the largest number of startups in Africa.
“In 2019, Africa’s venture capital investments rose to an all-time high. According to Partech, 234 African tech companies raised $2.02 billion in 250 equity rounds. This indicated a 74% increase from 2018’s figure of $1.16 billion raised by 146 startups in 164 rounds.
“2021 witnessed increased venture capital funding in African startups between $2.25 billion and $2.8 billion. As of August 2021, a national newspaper published a report that Nigerian startups raised $276.5m within seven months,” a statement issued on Monday by the bank stated.
“There is a growing interest from several foreign investors who are keen on investing in Nigeria’s digital economy given the nation’s ranking as one of the leading startup ecosystems in Africa.
“These recent trends have led to the passing of Nigeria’s Startup Bill (NSB), set to leverage ICT platforms to create jobs while ensuring that the diversification of the economy creates more support to other emerging sectors,” the financial institution added.
In his comments, the Divisional Head, Retail, SME & Value Chain Division, Keystone Bank, Mr Anayo Nwosu, said capacity building remains key for the growth and development of SMEs, adding that SMEs in every part of the world are the livewire of the economy.
“Like in every economy of the world, SMEs are the lifelines. They contribute significantly to the economy’s GDP, creation of jobs and wealth, economic prosperity, and of course, all these details to economic growth and development,” he explained.
“There are so many challenges associated with birthing a business in the country but by plugging into the ideas and experiences shared by experts in the industry at this training and also the grants, the sky is their starting point.
“Through the programme, it is our vision as a bank to impact 100 startups annually and up to 1,000 startups in the next five to ten years,” he said further.
Mr Nwosu further disclosed that the KSA programme, a three to four-month Investor Readiness scheme, will adopt a blended approach, as it will offer a hybrid option with virtual and physical sessions.
He also added that three successful SMEs/startups from the programme will win a N3 million grant each to support their business operations.
“The modules will be both tutor-led, and self-study modules within a friendly e-learning platform. It will be an intensive programme designed to have groups as well as one-on-one mentoring and coaching sessions during the period.
“The programme will serve as a platform to connect innovative SMEs and tech startups with potential investors.
“Startups will also be able to get the knowledge and skills needed to fast track their business to the next growth phase.
“The programme will be premiered on January 24 and 25, 2022, with an Open Day webinar tagged Building Sustainable Startups. Applications will open on January 31 for interested and eligible tech startups & SMEs with innovative ideas, solutions and business methods to submit entries.
“All the information needed to learn more about the programme, its opening webinar and how to apply are available on the bank’s website,” he concluded.
Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.
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.
