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
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.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
