Banking
Sterling Bank Vows to Deliver Superior Returns to Shareholders
By Modupe Gbadeyanka
The management of Sterling Bank Plc, a mid-tier financial institution in Nigeria, has promised to deliver superior returns to its shareholders.
The lender explained that it hopes to achieve this goal by managing its risk, balance sheet and capital.
Speaking at the Sterling Bank Facts Behind the Figures on Tuesday at the Nigerian Stock Exchange (NSE) in Lagos, the bank’s Executive Director in charge of Operations and Services, Mr Yemi Odubiyi, said parts of the strategic initiatives to be deployed include creating a learning organisation to optimise productivity as well as operations and technology to drive better control, manage costs, complexity and risk.
According to him, these are expected to enable the bank to deliver excellent customer service and drive efficiency and sales through robust digital and payments capability.
He further disclosed that Sterling Bank intends to become a consumer banking franchise of choice for Nigerians through the provision of customer-centric and disruptive solutions such as Farepay, Specta, Switch, Snapcash, Social Lender, Saf Retail and i-invest, among other products that are changing the ways they access financial services.
He noted that the bank of the future must understand the consumer of the future and address their needs, adding that the bank will adopt agile methodology and journey thinking to improve speed to market and the customer’s experience.
On his part, the chief executive of Sterling Bank, Mr Abubakar Suleiman, stated that the financial institution plans to be a global brand in the financial sector.
He said with the 2017-2021 mid-term strategy, the bank plans to grow market share of deposits to five percent, diversify its retail funding base, record non-performing loans below its peer group average as well as Return on Average Equity (ROAE) above peer group average.
He added that the bank is also looking to achieve diversified income streams with top quartile position in all its operating areas, double digit revenue growth on yearly basis and reduce cost of funds to less than five percent.
According to him, Sterling Bank will focus on five key sectors to tap revenue from. These sector, he said, are health, education, agriculture, renewable energy and transportation.
Mr Suleiman also reiterated the bank’s commitment to its primary role of financial intermediation through intervention in sectors that will create jobs, improve living standard and bring about economic growth for the country.
He assured that the bank would continue to operate a fully sustainable business model with institutionalized processes that would outlive the stewardship of current owners and managers.
In the 2017 financial year, Sterling Bank recorded considerable growths in key performance indices as well as in the first quarter of 2018.
Key extracts of the audited report and accounts for the year ended December 31, 2017 showed that Sterling Bank reported a profit after tax of N8.5 billion in 2017 as against N5.2 billion in 2016, representing an increase of 65 per cent. Gross earnings increased by 19.8 per cent to N133.5 billion in 2017 compared with N111.4 billion in 2016. The bank sustained the upwardly performance with 65.2 per cent growth in profit in the first quarter ended March 31, 2018.
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.
