Banking
Uber Nigeria Partners First Bank On Used-Vehicle Loans
By Modupe Gbadeyanka
Uber Nigeria has announced that it was now making low-interest, used-vehicle loans available to its top-rated driver-partners.
The pioneering move is the result of partnerships entered into between Uber Nigeria and First Bank of Nigeria Limited, as well as smaller financiers.
This means that, for the first time, Uber driver-partners in Nigeria will be able to apply for finance for used vehicles based on their driver performance records.
According to the General Manager for Uber in Nigeria, Ms Ebi Atawodi, the used vehicle finance offering is the first of its kind to be made available to Uber driver-partners in the country and this is in keeping with Uber’s stated commitment to constantly develop forward-thinking partnerships that benefit its driver-partners.
“We are absolutely committed to making it as easy as possible for our driver-partners to start and maintain their own successful and profitable businesses,” Atawodi explains, “and these used vehicle finance options make it possible for those with a demonstrable performance commitment to build sustainable businesses without incurring the high costs often associated with new vehicle purchases.”
The move is set to create significant business growth opportunities for driver-partners by allowing them to access used-car finance from First Bank of Nigeria Limited at a very competitive interest rate of just 20% per annum over a 24 month repayment period. Alternative offers for used-vehicle finance on the Uber Vehicle Solutions Programme will attract 22% per annum, with a maximum repayment term of 36 months.
According to MD/CEO, First Bank of Nigeria Limited and Subsidiaries, Adesola Adeduntan, the Bank is committed to supporting entrepreneurs to build sustainable businesses which are pivotal in stimulating economic development. “It remains our business to foster the growth and development of small and medium scale businesses in Nigeria as the No1 SME Bank. This is the reason why we have partnered with Uber by empowering operators to own vehicles and build profitable businesses,” he further stated.
In order to qualify for this preferential used-vehicle finance from First Bank of Nigeria Limited, Uber driver-partners will need to be able to demonstrate an average driver performance rating of higher than 4.5 and have earned more than N2,400,000 in the preceding 6 months.
Ms Atawodi was quick to emphasise that Uber’s commitment to helping its driver-partners build their businesses extends far beyond just making innovative vehicle finance available to them. Rather, these offerings come on the back of Uber’s existing range of innovative business-building solutions, including Uber Marketplace, which is a one-stop national vehicle access solution designed to connect driver-partners and investors to suitable vehicles at discounted rates. Uber Nigeria also recently launched its well-received UberMomentum Partner Rewards Programme that delivers localised discounts, preferential deals and rewards exclusively to driver-partners and small business owners.
“The growing suite of vehicle finance, business and lifestyle solutions that Uber Nigeria is making available to driver-partners and other business investors reaffirms our commitment to supporting and partnering with them to ensure their success,” Ms Atawodi explains, “not just in terms of helping them to increase their income and profits, but more importantly by affording them every opportunity to truly transform their lives by establishing and expanding viable and sustainable businesses of their own.”
“By linking these solutions to the performance of our driver-partners, we further increase their chances of long-term business success, while at the same time building a network of transport professionals that Nigerians know they can trust to get them to their destinations safely and comfortably,” she concludes.
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.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
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