Banking
NPF Microfinance Bank Plans Public Offering
By Dipo Olowookere
The board of Nigeria Police Force (NPF) Microfinance Bank Plc has expressed its intention to raise fresh capital through public offering.
This information was revealed at the lender’s 24th Annual General Meeting (AGM) held in Kano recently.
The bank said it intends to notify the capital market of its plan to do a public offer following due diligence on the financial landscape and bearing in mind the long tenor nature of capital market investment, while disclosing plans to navigate the effect of the challenging economy.
NPF Microfinance Bank Plc has grown its Profit After Tax, (PAT) by 14 per cent from N554.9 million in 2016 to N631.89 million in its financial year ended December 31, 2017.
Besides, the bank intends to notify the capital market of its plan to do a public offer following due diligence on the financial landscape and bearing in mind the long tenor nature of capital market investment, while disclosing plans to navigate the effect of the challenging economy.
Chairman of NPF Microfinance Bank, Mr Azubuko Udah, a retired Deputy Inspector General of Police (DIG), informed shareholders at the meeting that the bank’s non-performing loan ratio reduced to 2.7 percent in 2017 from 3.2 percent in 2016, which is below the regulatory threshold of five percent and the internal benchmark of three percent.
Also, Managing Director/Chief Executive Officer of the financil institution, Mr Akin Lawal, said that in spite of the recession that prevailed in the greater part of 2017, coupled with other unstable macroeconomic indices, the bank’s turnover improved by 25 percent from N2.925 billion to N3.655 billion in the year under review.
The bank’s operating expense increased by 32 percent from N1.9 billion in 2016 to N2.5 billion in 2017 due to increased inflationary costs, increased number of staff and branches and rising cost of asset maintenance due to usage.
Mr Lawal said that the bank’s profit before tax marginally increased from N803.4 million in 2016 to N819.8 million in 2017 as a result of the full cost of the 10 branches opened in 2016, adding that the management has put plans in place to curtail the rising costs and to optimise services.
The bank however, expended N187.9 billion on tax, a reduction of 24.39 percent and N248.5 million.
Key extracts from the audited report showed that assets improved from N12.4 billion in 2016 to N15.95 billion in 2017, representing a 29.04 percent, while shareholders fund increased from N4.5 billion in 2016 to N4.8 billion in 2017.
“As we entered 2017 in the midst of worst depression in the last 24 years of existence, rising inflationary trend and worsening exchange rate exacerbated with oil price crisis, vandalisation of our economic mainstay- oil pipelines and loads of reported ethnic clashes across the federation, but our bank’s management ensured that the three-year strategic plan in operation was carefully reviewed to reflect economic realities and to ensure economic fundamentals of the bank.
“This we did with good dexterity, tenacity of purpose and adequate cost management policies which at the end have put smiles on all our faces today.
“With the technical exit of the country from depression in the second quarter of 2017, the economic fundamentals of the bank steadily continue in a positive trend,” the CEO said.
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.
