Banking
Standard Bank for 3rd China International Import Expo
By Modupe Gbadeyanka
One of the leading financial institutions in Nigeria, Standard Bank, has declared its intension to participate in the third edition of the China International Import Expo (CIIE).
The exhibition is slated for November 5 to 10 in Shanghai. it is one of the few international conferences to physically take place this year following the outbreak of COVID-19.
Standard Bank explained that it is taking part for the programme this year because the platform has exposed African client businesses to opportunities in the world’s largest consumer markets.
“This sends a strong signal that China’s recovery is underway and reaffirms its position of open trade, which benefits the African continent, and is critical at a time when geopolitical uncertainty and pandemic disruption are impacting global trade,” said Philip Myburgh, Head of Africa China Banking at Standard Bank.
China is Africa’s largest trading partner, and the facilitation of trade between the two in the post-pandemic world is key to bringing investment into African economies, and to help them recover and grow. Shifts in preference among Chinese consumers too are spurring new demand for products from Africa.
The Standard Bank exhibition stand in the Food and Agriculture Hall will allow clients from African countries to showcase and promote their products to Chinese buyers. This year, the stand is heavily focused on exhibiting agricultural products and commodities such as wines, fruits, nuts, seafood, coffee, tea, frozen avocado, timber and cotton.
Standard Bank clients in the wine industry will benefit from this year’s collaboration with the Wines of South Africa (WSA) China office In China. South African wines are becoming increasingly popular among consumers.
Standard Bank is also working closely with the International Trade Centre (ITC) at the 2020 CIIE. The ITC is linked to the United Nations and focuses on helping clients in markets like Kenya and Mozambique with agri-processing and accessing new markets for export.
The bank’s clients will participate in a face-to-face matchmaking event within the CIIE venue facilitated by Standard Bank’s strategic partner, the Industrial and Commercial Bank of China (ICBC) and will get to interact with potential Chinese buyers with an interest in their products.
A wider customer cohort will attend Standard Bank and ICBC’s virtual matchmaking sessions, allowing for the same interaction with potential Chinese importers but without having to travel to China. This year, Standard Bank clients from across the continent are participating in this customized virtual event, partnering with selected ICBC clients via the digital introduction and with the assistance of a translator.
“Our efforts at the CIIE are bolstered by our strategic partnership with the Industrial Commercial Bank of China (ICBC), which is aimed at expanding the import and export value chains between Africa and China. Together with the ICBC, we have been building an effective trade corridor between China and Africa over 10 years,” says Mr Myburgh
He adds that Standard Bank’s participation in the CIIE over the past three years demonstrates the group’s strong commitment to China as a trade partner. “China remains a crucial trade partner for African economies, and its trade ties with the region have increased significantly in recent years. We want to continue to unlock the growth of this economic corridor and that is why we have participated in the CIIE since its inception.
“As Africa’s largest financial services company, we have a responsibility to play a leading role in facilitating trade and capital flows between Africa and the wider world, and in particular with China. The CIIE provides an invaluable platform to strengthen ties, deepen connections and form mutually beneficial agreements that encourage trade flow and economic growth.”
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
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.
