Banking
Stanbic IBTC Takes Mobile ATM to Ibadan School to Deepen Financial Knowledge
By Modupe Gbadeyanka
One of the leading lenders in the country, Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc, has raised the bar in financial literacy education while commemorating this year’s Financial Literacy Day 2018 as part of activities lined up to mark the Global Money Week 12 – 18 March, 2018.
The bank moved the full apparatus of its mobile ATM van from Lagos to Ibadan Grammar School, one of the 31 allocated schools across the country where senior executives of the bank including its chief executive made presentations to students on financial literacy.
Chief Executive of Stanbic IBTC Bank, Dr Demola Sogunle, while making a presentation entitled ‘Money Matters, Matter’ at Ibadan Grammar School, Molete, Ibadan, Oyo State, stated that exhibiting exemplary financial discipline and independence as adults can only be possible if students and young adults inculcate the indispensable fundamentals in financial knowledge while still in the mouldable stage of life.
He said the importance of financial literacy cannot be overemphasised and went further to advise the students on the need to have a good understanding of basic money management skills such as living within a budget and to always define and differentiate their needs and their wants, which undoubtedly will put them in good stead for better management of finances and future success.
The session touched on topics like how to start saving, benefits of saving, knowledge and planning skills. Some of the students who answered questions correctly during the question and answer session were presented with different ranges of prizes.
Amongst them were 10 lucky students who received Automated Teller Machine (ATM) enabled Stanbic IBTC Gift Cards preloaded with cash and who experienced first-hand financial service offered by the bank through the instant activation of their cards and made cash withdrawals on Stanbic IBTC Bank mobile ATM van.
“This initiative is meant to positively impact the lives of these students as what you experience and feel for yourself as compared to what you are told often stay with you for a lifetime and you tend to continue to relive those moments.
“Many of these children see bank ATMs located across the city but have never operated one, so the mobile ATM van here on ground gives them a rare opportunity to experience financial service.
“More importantly, we recognise that practical knowledge always outweighs theoretical knowledge,” he stated, adding, “Our intention is to equip these students to be able to make smarter, more informed decisions than the generations before them. The knowledge that we have impacted in them today will surely place them ahead in the learning curve.”
In his remarks, principal of the senior school, Mr Oyeade Francis Ajani, commended Stanbic IBTC for going far and above the basic requirements for the Financial Literacy Day in organising what he described as the best the school has hosted, describing it as a priceless gesture.
“We need more corporate organizations to follow the lead of Stanbic IBTC Bank and if possible raise the standard set by the bank. We are optimistic that the knowledge impacted today will stay with the students through their lives,” he said.
The Financial Literacy Day is an initiative of the Central Bank of Nigeria (CBN) aimed at encouraging children and young adults in junior and senior secondary schools understand quite early in life the rudiments of money and its uses.
Stanbic IBTC Bank is a subsidiary of Stanbic IBTC Holdings Plc, a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.
Standard Bank Group, to which Stanbic IBTC Holdings belongs, is the largest African bank by assets and market capitalization. It is rooted in Africa with strategic representation in 20 countries on the African continent, including South Africa.
Standard Bank has been in operation for over 154 years and is focused on building first-class, on-the-ground financial services organizations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.
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.
