Banking
Traders, Business Owners Laud Stanbic IBTC SME Collab Market Storm
By Modupe Gbadeyanka
Stanbic IBTC Bank Plc has been applauded by traders, business owners and others for its SME Collab Market Storm initiative across major markets of the country.
From July 12 to August 14, 2023, the bank was at different markets to engage over 5,000 individuals, including entrepreneurs and local businesses, on some basic techniques to support their businesses.
Business Post gathered that the financial institution took this scheme, which is part of its comprehensive strategy to support entrepreneurs, to Ibadan, Abuja, Port Harcourt, and Onitsha.
Participants benefited from numerous activities like free FIRS tax registration, account opening, digital onboarding, and loan access education.
According to the lender, such support services will directly address the specific needs of businesses in these markets and help them access financial resources and opportunities.
The chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, explained that the programme was initiated because the bank recognised the immense potential of the enterprise market and has remained committed to supporting its customers, ensuring that its financial needs are met at every stage of their entrepreneurial journey.
“Our range of financial solutions, combined with our unparalleled expertise and tailored support, will enable these enterprises to overcome obstacles and maximise their growth potential.
“We expanded our digital solutions to ensure seamless banking experiences for entrepreneurs.
“Our enhanced Stanbic IBTC Enterprise Online platform provides entrepreneurs access to various banking services, empowering them to manage their finances efficiently from the comfort of their shops, offices or homes,” Mr Adeniyi stated.
He added that the Stanbic IBTC Enterprise Academy Workshop Series offered training and mentoring programmes, equipping entrepreneurs with the knowledge and tools necessary to navigate and excel in today’s market landscape.
Commenting on the initiative, the Chairman of Zone 1 Gbagi Market, Mr Sarumi Fatai, said, “We are pleased and grateful to Stanbic IBTC Bank for bringing this market storm initiative to our market.
“They have shown us that they care about our welfare and our businesses. They have given us access to loans, savings, insurance, and other financial services to help us grow and prosper. We thank them for their generosity and support.”
On his part, his counterpart at Kubwa Village Market in Abuja, Mr Casimir Obilor, noted that the lender “educated us on how to manage our finances, how to protect our assets, how to access credit and how to plan for the future.
“They have also rewarded us with gifts and prizes for opening accounts with them. We appreciate their kindness and partnership.”
As for the Chairman of Mile 3 Market in Port Harcourt, Rivers State, Mr Collins Owhonda Junior, Stanbic IBTC Bank brought a lot of value and opportunities that will make a difference in the lives and businesses of every market woman.
“They have provided us with solutions enabling us to save, borrow, invest, and insure our businesses,” he enthused.
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.
