Banking
Standard Chartered Lauds Employees for Impressive HY Performance
By Ashemiriogwa Emmanuel
The first six months of this year was positive for Standard Chartered Plc as the multinational banking and financial services company recorded its highest half-yearly operating profit over the last five years.
In the financial statements released by the group, profit before tax increased by 37 per cent year-on-year (YoY), which was supported by improved loan impairments, strong underlying business momentum and significant improvement across the bank’s strategic priorities.
The bank reported tremendous performance in Africa and the Middle East region as underlying income grew by 8 per cent and reflected on the growth in Wealth Management Income and healthy pipeline conversions.
Amid the impact of rate cuts and currency devaluation, the bank’s income remained flat YoY and saw a one per cent increase on a constant currency basis.
According to the report, a total of $476 million was recorded on Healthy Operating Profit of USD as against the previous year’s $91 million. This was mainly achieved by reduced credit impairments, wealth growth, productivity actions, and a strong pipeline.
Another major highlight that contributed to the bank’s impressive performance was how well the company was able to use investment funds to generate earnings growth as there was a significant improvement in the region’s Return on Tangible Equity (ROTE) ratio.
The financial results further showed a 6 per cent income growth in Africa on a constant currency basis which was supported by the digital banking momentum in Consumer, Private, and Business Banking (CPBB) segment.
Commenting on the results, the Regional CEO, Africa, and the Middle East, Mr Sunil Kaushal expressed delight over the performance, pointing out that it was the best ever half-year outcome in over five years.
He also disclosed the bank’s plan to promote trade, investment, and capital flows in support of the as they penetrate their network into the Kingdom of Saudi Arabia.
According to him, “I’m extremely proud of our best ever first-half performance in over five years. This is the result of all the hard work the team has put in over the years and the execution of some tough decisions we made to drive efficiencies and reduce risk.
“This has happened during a period when the backdrop while improving remains uncertain and challenging and is a true testament to the resilience of our underlying business.
“We have remained focused on clients and people and have made very good progress on our priorities. We are excited about the recent expansion of our network into the Kingdom of Saudi Arabia. We will leverage our presence in the Kingdom to promote trade, investment, and capital flows in support of the Saudi Vision 2030.”
Mr Kaushal further revealed that the havoc wrecked by the COVID-19 pandemic was a catalyst for growth as it increased their customer base by over half a million across the nine key African markets.
“The digital banking platforms we have launched across nine key African markets – Cote d’Ivoire, Uganda, Tanzania, Ghana, Kenya, Botswana, Zambia, Zimbabwe, and Nigeria – have transformed the way we do business and connect with our clients.
“The pandemic, rather than becoming a stumbling block, has accelerated our growth by increasing our customer base by over half a million, which is 50 per cent higher than our legacy base.
“As we move forward, the region is focused on executing swiftly against the strategy to drive growth and we are determined to support our clients achieve prosperity whilst being the most responsible and sustainable bank,” he said.
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.
