Banking
Stanbic IBTC Champions Gender Equality in Nigeria
As part of its commitment to gender equality, Stanbic IBTC, made a bold statement on International Women’s Day marked on March 8 by changing the colour of its logos which are predominantly blue, to magenta on most of its digital platforms. Magenta is the colour of the UN Women HeForShe brand.
This symbolism, according to Mr Yinka Sanni, Chief Executive of Stanbic IBTC Holdings PLC, “reconfirms our organization’s commitment to the ideals of the United Nations Women HeForShe initiative which encourages equality in the way and manner people are treated and the opportunities with which they are availed, regardless of gender or race.”
Stanbic IBTC Holdings, he adds, is championing this initiative alongside its parent group, Standard Bank which is the only Africa-headquartered corporate to become a thematic champion of this campaign.
“Achieving gender equity is not only a fundamental human right but a business imperative,” says Standard Bank Group Chief Executive Sim Tshabalala. “Women embody half the world’s talent, skill and energy and more than half its purchasing power.”
He adds that “business leaders, therefore, ought to be committed to achieving gender equity in their organizations and to helping to drive this cause in the societies in which they operate.”
Stanbic IBTC Holdings has always been distinguished by its deliberate and painstaking commitment to gender equality. In its 30 years of existence, it is one of a few publicly quoted Nigerian corporations to have had a female Chief Executive. In addition, women occupy many strategic roles in the Stanbic IBTC Group including functioning as Chief Executives of its subsidiary companies. According to Mr Sanni, “At Stanbic IBTC, we have long recognized that we have a duty to create an enabling environment that thrives on merit and ability, rather than gender, for our people to excel. In the years ahead, we pledge to remain steadfast in this commitment.”
The partnership between Stanbic IBTC’s holding company, Standard Bank Group and the HeForShe initiative was announced on September 26, 2018 at a UN Women’s event that ran parallel with the UN General Assembly in New York.
Standard Bank has since set itself the goals of increasing the representation of women in executive positions to 40 percent by 2021 in its South African operations and 2023 in the entire group.
Standard Bank also aims to enhance the representation of women on its board from 22 percent in 2018 to 33 percent by 2021 while doubling the number of female Chief Executives in its Rest of Africa operations from 10 percent in 2018 to 20 percent by 2021.
Stanbic IBTC, affirms Mr Sanni, “remains very committed to nurturing a great workplace that is founded on merit, a diverse workforce that thrives on equality of opportunity for all, regardless of gender, religion, tribe or race.” Doing so, he says, “enables us live up to our mission to provide end-to-end financial services solutions to our customers and drive the economic and development growth aspirations of the country.”
The organisation, he said supports the development of its women with several initiatives and programmes such as the Stanbic IBTC Blue Women Network, a platform established to, among other things, provide the women in Stanbic IBTC the opportunity to gain new insights that will enhance their professional skills as well as support their all-round growth through information sharing, best practice and mentorship to help develop their leadership skills and advance their career prospects.
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.
