Banking
Nigerian Banks Have 45,350 Contract Staff—Report
By Modupe Gbadeyanka
A report recently released by the National Bureau of Statistics (NBS) has showed that the number of contract staff in the Nigerian banking industry stood at 45,350 as at December 31, 2019.
According to the report, the number increased 5.03 percent from the figures realized in the third quarter of last year and marginally rose by 0.25 percent year-on-year.
Business Post gathered that in Q3 2019, the total number of contract staff in the sector stood at 43,180, and 45,238 in the fourth quarter of 2018.
In the period under review, according to the data released by the stats office last week, the total number of persons employed by banks in the country were 103,610.
Of these figures, 184 are in the executive cadre, 18,180 in the senior cadre, while 39,896 are in the junior cadre.
When Business Post put these categories of the workforce in percentage, it was discovered that contract staff accounted for 43.77 percent of the total employees in the nation’s banking sector, 38.51 percent accounted for the junior level, 17.55 percent accounted for the senior cadre, while 0.18 percent accounted for the executive category in Q4 2019.
In the preceding quarter, Q3 of 2019, the total workforce of the banking sector was 101,435, comprising 186 executive staff, 17,671 senior staff, 40,398 junior staff and 43,180 contract staff.
In the fourth quarter of 2018, the total workforce of the industry stood at 104,669 consisting of 201 in the executive level, 18,119 in the senior level, 41,111 in the junior level and 45,238 in the contract category.
Meanwhile, the NBS said in the last quarter of 2019, data on Electronic Payment Channels in the Nigeria banking space revealed that a total volume of 893,681,888 transactions valued at N48.54 trillion were recorded and it was discovered that NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded, pulling 342,636,006 valued at N29.69 trillion.
Cheques pulled 1,936,030 worth N1.111 trillion, ATM recorded 202,373,808 transactions worth N1.651 trillion, POS recorded 129,574,015 transactions valued at N964.3 billion, Web had 28,827,240 transactions valued at N133.7 billion, mobile payments had 159,423,943 transactions worth N1.687 trillion, REMITA recorded 13,757,571 transactions valued at N5.908 trillion, while Central Pay had 153,370 transactions worth N1.4 billion.
Also, in the report, it was stated that in terms of credit to private sector, the total value of credit allocated by the bank stood at N17.19 trillion as at Q4 2019.
A breakdown showed that Oil & Gas and Manufacturing sectors got credit allocation of N3.42 trillion and N2.62 trillion respectively to record the highest credit allocation as at the period under review.
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.
