Banking
Reps Call for Urgent Overhaul of Electronic Banking Platforms
By Adedapo Adesanya
The House of Representatives has asked the Central Bank of Nigeria (CBN) to direct commercial banks to urgently overhaul their online and electronic banking platforms.
At Thursday’s plenary, the green chamber said this would ease the electronic banking operations that the banks were implementing in line with the cashless/Naira redesign policy of the apex bank and reduce the pains of Nigerians.
The resolution came off a motion on notice moved by a lawmaker from Edo State, Mr Sergius Ose-Ogun, in the lower house.
“The House notes that Section 88 (1) and (2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly (like the Central Bank of Nigeria);
“Aware that the Central Bank of Nigeria is established under Section 1 of the Central Bank of Nigeria Act, Cap. C4, Laws of the Federation of Nigeria, 2004 to issue legal tender currencies in Nigeria;
“Also aware that Section 2 of the Central Bank of Nigeria Act saddles the Central Bank of Nigeria with the duty of promoting a sound financial system in Nigeria;
“Acknowledges that in the wake of the recent naira redesign and cash withdrawal limit policy of the Central Bank of Nigeria, there has been an increase in the use of online and electronic banking services to carry out monetary transactions across the country;
“Also acknowledges that the use of online or internet banking services by Nigerians in the past three months or thereabout has been characterized by varying degrees of hitches ranging from unsuccessful electronic bank transfers, point of sale (POS) service failure and a host of others;
“Disturbed that the ineffectiveness or difficulty in using internet banking services across the online banking platforms of most commercial banks in Nigeria has brought untold hardship, suffering and difficulties on Nigerians in the past three months.
“Worried that if nothing is done by the Central Bank of Nigeria and the commercial banks to address these difficulties or ineffectiveness, Nigerians will continue to suffer untold hardships and loss of monies to unsuccessful electronic bank transactions.
“Resolves to urge the Central Bank of Nigeria (CBN) to direct all commercial banks in the country to immediately overhaul their existing online/electronic banking platforms for efficiency and ease of conducting electronic banking operations,” the motion read.
The House Committee on Banking and Currency was mandated to monitor and ensure compliance with the resolution within four weeks.
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.
