Banking
The New Power of Social Media; Even Banks Can No Longer Ignore
Millennials – the generation born between 1980 and 2000 — are unlike previous generations in so many ways. They are highly opinionated, educated and are digitally native. They have a reputation for being tech-savvy, collaborative, optimistic, achievement-oriented and socially conscious. Brands that are keen on reaching them must go to places where they can meet them. In view of this, many brands have become very active on social media, where millennials spend at least 6 hours per week. In 2017, 71 percent of internet users were social network users and these figures are expected to grow. These statistics show where every brand that wants to remain relevant in future needs to be.
Already, social media has started transforming banking relationships in very significant ways. Customers have relied on popular social media platforms to easily reach out to banks in a bid to seek quicker resolution to their complaints. Banks have also used these platforms to improve customer service by prompt response to queries and provision of useful information to customers. This trend is expected to continue, as we are beginning to see Fintechs use social media data to help people get access to credit. There is even a school of thought with the belief that social media platforms may be the banks of the future. No matter what you think of the possibilities social media bring, one thing is certain, any brand that wants to remain relevant in the future must take social media seriously.
Last year, Femi Oguntamu of Penzaarville, a Lagos-based digital marketing startup debuted Handle It Africa, a social media conference themed Social Media: Language of Expression. The conference was made possible by the support of organisations like Wema Bank, whose interest in constantly looking for innovative ways to engage customers has led to its growing interest in social media. The innovative Bank which launched ALAT, Africa’s first fully digital bank in 2017, is supporting Handle It Africa again this year in keeping with its commitment to supporting small businesses that continuously implement innovative ideas for growth. This year’s theme Social Media: Expanding Influence, Broadening Thoughts, will see discussions about the influence of social media taken further.
Businesses are increasingly seeing the need to be more active on social media, with key events like product launches now taken online to actively target the important market segment that spend more than 6 hours online every week. Even banks now see social media as a very useful tool in customer service, community building, product research and marketing.
The growing influence of social media in brand enhancement and marketability of products have encouraged brands to increasingly engage the services of viral-ready comedians who offer attractive instant visibility extending over 150,000 viewers, given their huge following online. ALAT, for example, engaged the services of Maraji, a social media sensation, to promote its Virtual Dollar Card. A single post by the female comedian was viewed by over 200,000 people on Instagram alone. Such is the power of social media today!
Discussions that happen in conferences like Handle It Africa reinforce the importance of social media and ends with fresh ideas that can help individuals and businesses further exploit the opportunities presented by the different available social media platforms.
Wema Bank has over the last one year increased its use of social media to engage its customers, as it continues to roll out digital banking solutions tailored to people’s needs.
ALAT, Wema’s digital bank has over the last one year, won 8 awards, both locally and internationally.
Funmilayo Falola, who heads Brand and Marketing Communications at Wema Bank reiterates the importance of social media to brands. “If 75% of the global workforce in the next seven years are millennials and millennials spend more than 6 hours on social media every week, any brand that is serious about the future needs to be on social media,” she says.
“That said, brands need to be strategic about the platforms they use. You do not need to be on all social media platforms as a brand. Look for the platforms unique to your target audience and come up with an effective strategy that will ensure you achieve your set objectives,” Falola adds.
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.
