Banking
Stakeholders Want Sound Corporate Governance in Fintech Ecosystem to Attract Investors
By Modupe Gbadeyanka
If the financial technology (fintech) industry intends to attract investors, then the sector must endeavour to put in place sound corporate governance principles.
This was the submission of participants at the second edition of the Ecobank Fintech Breakfast Series held recently at Ecobank Pan African Centre (EPAC) in Lagos.
One of the speakers at the event themed Strengthening the Ecosystem, a Partner at Aluko & Oyebode, Ms Tosin Iyayi, stated that to entrench sound corporate governance, an organization must put in place a well-constituted board of directors who will oversee and perform the roles of strategic planning and keeping oversight of the company’s affairs.
“The board will ensure an organization that is well run in line with laid down ethics, rules and regulations. It should be able to add value to the organisation, review the operations at every given point and offer helpful advice on the growth of such an organization.
“Members should have sound business acumen; they must have experience in running a successful business and be able to steer the direction of the company. There should be gender diversity in constituting the board.
“Members should have good knowledge of environmental, social, and corporate governance (ESG), which refers to a set of standards for a company’s behaviour used by socially conscious investors to screen potential investments,” she said.
Others also agreed with Ms Iyayi, stressing that sound corporate governance strengthens organisations, while good value proposition and structure determine and attract potential investors.
The Managing Director of Mzuri Solutions Limited, Mr Chinedu Onuoha, while speaking on Fintech and Fundraisers: What fintechs need to know about securing investments, advised fintech startups to have a clear insight on the need and purpose for raising funds, stressing that they should ensure such funds are deployed for the purpose.
“Fintech startups should raise funds they actually need. Sometimes you don’t need funds but goodwill. Know when to raise funds and when not to, and where not to raise funds.
“You should have a clear insight on what you need the funds for and meet your payment schedule to avoid a breach of corporate governance and your ethics. Don’t outrun yourself in order not to lose control, thereby questioning your ability to drive the business,” he stated.
Also speaking, the co-founder of Rising Tide Africa, Ms Yemi Keri, who spoke on how to secure funds, stated that investors look at the product, passion and structure of organizations.
“Investors are looking for good deals. You can get investors from networking events such as this breakfast meeting. Visit platforms such as LinkedIn. Check out profiles. There are genuine investors out there looking out for profitable businesses they can invest in,” adding that “on our part, we look at your product, your passion, motivation. We also look at how you will leverage technology for ease of operation and meet the needs of the customers. We look at your team, scalability, value proposition and structure to ensure business continuity.”
Earlier, the Group Head of Consumer Payments at Ecobank, Mr Osahon Akpata, stated that the pan-African bank pays a high premium on the growth of African fintechs, stating that the fintech space is attractive.
He said Ecobank was providing a platform for banks and fintechs to explore areas of mutual interests and opportunities with a view to building a stronger ecosystem.
Other speakers at the event included Lexi Novitske, General Partner, Norrsken22 and Yele Oyekola, co-founder & CEO of Duplo, amongst several others.
The Ecobank Fintech Breakfast Series, which holds in partnership with Tech Cabal, a digital media and publishing firm based in Nigeria, is designed to hold quarterly and aims to gather fintech leaders across the continent to share business insights, as well as discuss pertinent topics in the fintech ecosystem such as regulatory guidelines, funding, and other topics of interest to support both established and fintech startups at different stages of their journey.
Ecobank Nigeria Limited is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing, and Dubai).
Ecobank Nigeria is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small, and micro businesses, and individuals.
Ecobank is a major player in the distribution of financial services in Nigeria, leveraging digital platforms including Ecobank Mobile App and USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POSs and an extensive distribution network of over 250 branches and over 50,000 agency banking locations.
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.
