By Aduragbemi Omiyale

President Bola Tinubu has showered praises on Wema Bank Plc for standing strong in the financial services industry in Nigeria at 80.

On Friday, May 2, 2025, the lender rolled out drums to celebrate its eight decades of existence, having been established in 1945 Agbonmagbe Bank Limited to pave the way for indigenous banking to thrive in Nigeria, challenging colonial monopoly of the banking industry to become a provider of financial services tailored to the needs of indigenous Nigerians and businesses.

In his message, Mr Tinubu commended Wema Bank for its unwavering resilience and technological innovations, which have set it apart among Nigeria’s banks.

“Over the last eight decades, the bank has focused on the vision of its founding fathers to support Nigerian businesses across all the key economic sectors with strategic business advisory and financial support, which are vital for sustainable growth,” he remarked.

Further commending the bank’s leadership for staying the course and steering the ship in the right direction, the President underscored the company’s 80 years of impact in the Nigerian financial services sector, expressing his confidence in the lender’s brighter future.

Also, the Governors of Ogun, Oyo, and Ondo States, Mr Dapo Abiodun, Mr Seyi Makind, and Mr Lucky Aitedatiwa, respectively, lauded the financial institution for remaining strong in the industry after 80 years.

In his remarks, the chief executive of Wema Bank, Mr Moruf Oseni, pledged the continued commitment of the firm to digital innovation, inclusive banking, and customer-focused service.

He thanked the government, as well as the bank’s partners, customers, shareholders, employees and other stakeholders, for their support and contributions to Wema Bank’s 80-year journey of transformation.

“Corporate longevity in Nigeria is not very common. Many banks, institutions and household names from the 1900s are no longer in existence, and now only live in our memories and industry folklore.

“Against this bleak backdrop, Wema Bank’s story shines. The fact that this great bank is even older than our beloved nation and is still thriving at 80, is a thing of pride and worthy of celebration,” he stated.

“Wema Bank is 80 years strong—and still driven by purpose, innovation and people. We have a big and bold vision for the bank.

“The most imminent milestone is our return to the top tier of banking in Nigeria, and as we look to the future of possibilities ahead, we will remain committed to the time-tested principles that have brought us this far—creativity, innovation and an incurable obsession with our customers,” Mr Oseni said.

By Aduragbemi Omiyale

This news will surely excite small business owners in Lagos State as the state government has concluded plans to sign a Memorandum of Understanding (MoU) with the Bank of Industry (BOI) and Sterling Bank to enable them have access to funds to scale up their ventures.

It was learned that the deal would be signed on Wednesday, May 7, 2025, at the Adeyemi Bero Hall in Alausa, Ikeja, Lagos, as part of activities for the launch of a new initiative tagged Lagos State Access to Finance for SMEs through Co-operatives (LASMECO).

The Commissioner for Commerce, Cooperatives, Trade and Investment in Lagos, Ms Folashade Ambrose, described LASMECO as a first-of-its-kind public-private financing platform that aims to deliver low-interest, risk-mitigated loans to Small and Medium Enterprises (SMEs) across strategic sectors, including healthcare, agriculture, creative industries, manufacturing, and circular economy clusters.

She noted that the Access to Finance for SMEs initiative, which is to be launched by Governor Babajide Sanwo-Olu at the event, would be witnessed by key stakeholders in both public and private sectors, including the Managing Director of BoI, Mr Olasupo Olusi; his counterpart at Sterling Bank, Mr Abubakar Suleiman; the president of the Manufacturers Association of Nigeria (MAN), Mr Francis Meshioye; and the president of the Lagos Chambers of Commerce and Industry (LCCI), Mr Gabriel Idahosa, among others.

The Commissioner stated that this initiative is a game changer that will accelerate access to finance for SME business owners in the state by providing a loan of up to N10 million at a 9 per cent interest rate for two to three years without a collateral, with 50 per cent guaranteed by Sterling Bank.

By Modupe Gbadeyanka

A gamified banking platform known as GenFi, coined from Generation Finance, has been launched by Unity Bank Plc to bridge the financial literacy gap among children from 8 and 18 years old.

The new digital banking platform will empower kids and teenagers by teaching them how to manage money effectively, aggregate and track allowances or income, set and achieve savings goals, and develop smart spending habits with parental guidance.

Unity Bank in a statement explained that it introduced this app following a report by the Central Bank of Nigeria (CBN), which found that only 38 per cent of Nigerian adults are financially literate.

The acting chief executive of Unity Bank, Mr Ebenezer Kolawola, while speaking at the official launch event in Lagos, said Genfi was inspired by the desire to nurture a financially savvy generation, and empower them to make smarter financial choices.

He stated that Genfi App represents a significant milestone since Unity Bank’s foray into retail banking started several years ago, adding that “as the bank continues to evolve, the institution is constantly innovating with technology to enable us drive more financial inclusiveness in different segments of the market.”

“With this app, the bank is pioneering solution designed to empower children, teenagers, particularly Gen Z and Gen Alpha, with essential financial literacy skills and a personal finance management solution.

“GenFi is a market proposition that helps us address a critical knowledge gap among our kids and teens as it also connects with the strong passion of parents desirous to empower their wards with financial literacy,” Mr Kolawole added.

Similarly, the Divisional Head of Retail and SME Banking at Unity Bank, Mrs Adenike Abimbola, described GenFi as a financial product that goes beyond banking: hence a financial literacy ecosystem designed to inculcate financial literacy skills amongst Nigerian children through an engaging and gamified platform.

“Financial literacy is not a luxury. It’s a life skill. And like most life skills, the best time to learn is from childhood. That’s why we created GenFi, not just as a banking app, but as an interactive experience that nurtures discipline, planning, and financial independence from an early age,” Mrs Abimbola explained.

The Genfi platform leverages behavioural science and gamification to make financial learning fun and practical. Parents can monitor transactions, guide financial behaviours, and initiate real-life conversations around money management, thereby promoting not just financial skills, but also stronger family bonds.

“Imagine a 12-year-old setting a goal to save for a bicycle, not only are they learning to save, but they are also learning patience, discipline, and the value of delayed gratification. That’s the GenFi advantage,” Mrs Abimbola added.

Speaking after the launch, one of the students who attended the launch event, Master Ajayi Favour of Victoria Island Junior Secondary School, described Genfi as an “innovative banking solution that will equip children and teenagers with financial intelligence, management, and independence.”

Also, a guest at the launch and school proprietor, Sylvia Ezeora, described the Genfi app as “user-friendly, educational, and motivational for children”. She noted that beyond teaching financial literacy, “the app empowers parents to reinforce positive behaviour through rewards for completed tasks and promotes responsibility”.

Another guest and parent, Genevieve Adindu, commended Unity Bank for the innovative solution, tailored for children aged 8 to 18, and noted that Genfi “provides a modern, engaging approach to instilling saving habits early in life, replacing traditional methods like the kolo with a more effective digital tool, thereby becoming a powerful companion for children’s financial education”.