Banking
The Real Arguments for Nigeria’s Digital Banks

If you live in Nigeria, you’ve probably heard some stories about how difficult it is to get anything done at a government agency. Those stories are so popular that they have made their way into popular culture through “oga is not on seat” jokes.
When you’re going to a government agency, you brace yourself for the reality that no matter how small the task you want to accomplish, it could take all day. It’s not unusual for simple processes to be complicated by ridiculous demands.
It’s the sort of thing we’ve come to expect from Nigeria’s public sector. Yet, in the private sector,
Nigeria’s legacy banks will give any government institution a run for their money. A few weeks ago, I read this interesting rant by a Nigerian in the UK Guardian on how it took him 15 trips to the banking hall to withdraw money.
We all have these experiences. The Nigerian banking system throws up the kind of processes that can test the patience of the Pope. Sometimes, you apply to get a debit card and you wait for weeks to get it. Then you begin another process to get the PIN for the same debit card.
Some other issues that rankle are the unending debts for card maintenance, SMS alerts, the list is endless. Yet, these would be such small trade-offs if Nigerian banks actually provide services that work and are reliable. Bank transfers in Nigeria are like Russian roulette.
Sometimes, you can transfer money without hassles, the next time, you may get debited thrice for a failed transaction.
Frankly, I’m not sure which I would rather visit: a banking hall or a government parastatal. If banking is this difficult for me, what’s it like for a lot of the people in the informal sector?
I got the clearest answer last week when my friend shared an article about how many of the artisans who work for him often do not have bank accounts. It’s hard to fault them because banks and banking have come to represent stressors for the average person.
Digital banks are promising freedom
This is why the digital alternative to banking is interesting. The counterbalance to the wahala of legacy banking is a bank that exists almost entirely in your phone.
They have no physical branches so you don’t have to spend hours in a banking hall trying to explain to a frazzled customer rep that you can no longer reproduce your signature from when you first opened the account seven years ago.
But beyond the branchless structure of digital banks, one of the things digital banks like VBank say that works for me is their promise of banking without a ton of bank charges. I can be free from those pesky little card maintenance charges from that second-generation bank.
I can make a request for a debit card from an app and get the card delivered to my address in one week.
It’s not often that a bank says all the right things. Yet, there are lingering questions like, “can I put my money in a bank that doesn’t have a branch that I know?”, “Whose shirt will I hold when they debit my account wrongly?”
There are also big questions like; many of the promises of ease the digital banks make will appeal to the carpenter down your street who still doesn’t have a bank account. How will digital banks reach people like this?
Can the segment of the population who find these promises of freedom attractive- young millennials – form the basis for a sustainable business?
These are questions that remain up in the air, but here’s what I know; VBank makes really good promises, but the real argument for them is time. Will they still send my debit card in 4 business days in 2027? Will my free transfers still go through and will their customer reps still be as attentive?
I don’t have a crystal ball, but it doesn’t hurt to live in the moment and enjoy all these perks right away.
Banking
Trade Finance: FCMB, Union Systems Renew Partnership

By Modupe Gbadeyanka
The partnership between First City Monument Bank (FCMB) Limited and Union Systems Limited (USL) designed to further strengthen Nigeria’s trade finance sector has been renewed.
Both parties decided to extend the deal because of the positive impact the collaboration has had on the financial services landscape.
FCMB contracted USL to use its innovative trade finance software, Kachasi, a fully automated, end-to-end platform providing comprehensive local and international trade finance solutions.
This aligns with FCMB’s purpose of fostering inclusive and sustainable growth by building a supportive ecosystem that connects people, capital, and markets.
Kachasi was created to meet the unique needs of financial institutions. The platform facilitates convenient, prompt, and secure trade transactions while ensuring compliance with local and international regulations.
Additionally, it enables businesses engaged in import and export trade to operate more efficiently and access opportunities in the global market.
Kachasi’s configurable architecture ensures seamless integration with existing systems while adapting to FCMB’s specific operational requirements.
The software’s robust reporting capabilities provide actionable insights, empowering the bank to make data-driven decisions that enhance trade strategies and customer offerings.
“The continued partnership between Union Systems and FCMB affirms the transformative impact of Kachasi on our trade finance operations.
“The software has become an indispensable tool for our trade finance operations by automating processes, enhancing compliance, and providing insightful analytics.
“This renewal represents more than just a software agreement; it signifies a shared commitment to innovation, excellence, and the future of trade finance in Nigeria,” the Group Head of International Trade Service at FCMB, Mr Taiwo Shekoni stated.
Also commenting, the Divisional Head of Sales at USL, Seun Adeleye, said, “At USL, the continuous success of our partners is a priority to us, and we pride ourselves in ensuring we provide the top-notch support they require to succeed. FCMB’s decision to renew its partnership with us reflects our commitment to exceptional customer service.
“Our team of experts works closely with FCMB to ensure Kachasi consistently delivers value, addressing any challenges promptly and effectively.
“This collaborative approach has strengthened our relationship with FCMB and highlighted the value we bring as a trusted technology partner.”
FCMB is committed to driving sustainable economic growth in Nigeria. Between January and June 2024, the lender facilitated over $900 million in export trade flows, supporting the government’s economic diversification efforts.
Banking
CBN Allays Fears of Keystone Bank Customers Over Safety of Funds

By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has assured customers of Keystone Bank Limited of the safety of their funds with the financial institution.
Recall that on Wednesday, February 12, 2025, the Lagos State Special Offences Court sitting in Ikeja ordered the forfeiture of the bank to the federal government.
The lender was taken from its shareholders, Sigma Golf Nigeria and Mr Umaru Modibbo, after its acquisition in 2017 was challenged by the Economic and Financial Crimes Commission (EFCC).
This action caused apprehension among some depositors of Keystone Bank because of safety of their deposits.
However, the central bank, which dissolved the management of the company in January 2024 and appointed the current team, has said customers have nothing to worry about.
“Following the court order that the shares of Keystone Bank Limited previously held by the shareholders be forfeited to the Federal Government of Nigeria, the Central Bank of Nigeria (CBN) wishes to reassure the public that Keystone Bank Limited remains safe, sound, and fully operational.
“We acknowledge that this development may have triggered customer concerns; however, we wish to underscore that the stability of the banking system and the safety of depositors’ funds remain our top priorities. Keystone Bank’s operations are entirely secure, and there is no reason for concern.
“For clarity, the Court Order merely reaffirmed the Central Bank of Nigeria’s prior decision to take over the management of Keystone Bank Limited in January 2024, following a change in its leadership.
“Since then, the CBN has closely monitored the bank’s operations to ensure they are in full compliance with regulatory standards, operational transparency, and the interests of depositors.
“As part of our commitment to safeguarding the financial system and building public trust, we shall continue to monitor the bank’s performance. We will take all necessary steps to protect the interests of depositors, staff, and stakeholders.
“Customers are also encouraged to contact Keystone Bank’s customer support or visit any Keystone Bank branch for inquiries or concerns,” a statement issued by the CBN on Friday by its acting Director for Corporate Commissions, Mrs Hakama Sidi Ali, said.
Banking
Stanbic IBTC Bank, IFC to Empower Women Entrepreneurs

By Aduragbemi Omiyale
Research has showed that apart from funding, some of the unique challenges faced by women entrepreneurs are lack of business acumen and mentorship.
To address these hurdles, Stanbic IBTC Bank and the International Finance Corporation (IFC) have come together to empower women entrepreneurs.
The partnership aims to create a pathway to success for women who seek to turn their dreams into realities.
They will do this through the Goldman Sachs 10,000 Women programme, which offers tailored support, comprehensive business education, mentorship opportunities, and a platform for networking with industry leaders and fellow entrepreneurs.
The Goldman Sachs 10,000 Women is a global initiative delivered through the University of Leeds to foster economic growth by providing women entrepreneurs around the world with practical education, interactive activities, and instruction by educators from top business schools reaching over 200,000 women.
The curriculum covered in the training includes financial literacy, strategic planning, marketing strategies, and leadership development.
“We believe that supporting women in business is not just a necessity, but also a celebration of their resilience and determination. This was the reason we created the Blue Blossom community to allow women to network, get mentorship, and connect them to financial opportunities with discounted offerings that enable their businesses to grow.
“Our partnership with IFC to enroll women in the Goldman Sachs 10,000 Women SME training embodies our admiration and respect for women entrepreneurs.
“It is part of our commitment to ensure members of the community continue to get the support they need to ensure their businesses thrive,” the Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, stated.
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