Banking
Union Bank, NIRSAL Launch N10b Finance Package
By Modupe Gbadeyanka
A N10 billion financial scheme to assist farmers and agro-based companies in the country have access to funds to grow their businesses has been launched by Union Bank of Nigeria and the Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL).
At the launch of the scheme last Friday, Group Managing Director of Union Bank Plc, Mr Emeka Emuwa, explained that the participation of NIRSAL in the agriculture business was a soothing development because, in the past, lending to the sector was a tortuous experience since banks could not effectively monitor farmers’ investments and gauge the risks.
“You could not see what you were investing in and it made funding the greatest challenge of the agricultural sector in Nigeria.
“Banks were reluctant to invest in the sector. But now, NIRSAL has come to shine more light on it. Commercial banks and NIRSAL have roles in the agriculture value chain and that sector holds the highest percentage of Africa’s labour force at 65 percent.
“In Nigeria, agriculture holds 50 percent of the employment. It was responsible for 24 per cent of all contributions to our GDP in 2016.
“That means it’s a major plank of in the success of the Economic Recovery and Growth Plan (ERGP). To fully diversify our economy, agriculture must play a vital role.
“Our focus is market expansion and to help curb post-harvest losses. We also want to support small holder farmers to access needed markets. We’ve 180 million people in Nigeria. We have to create opportunities to feed ourselves,” Mr Emuwa explained.
On his part, Managing Director of NIRSAL, Mr Aliyu Abdulhameed, noted that the deal will create massive employment, guarantee food security and generate foreign exchange via exports.
He said various arms of agriculture provide excellent investment opportunities for the government, individuals and corporate bodies.
“There are several agriculture value chains that this N10 billion can make flourish. We can acquire 830 brand new tractors, generate 330,000 direct jobs and 1.5 million indirect jobs and cultivate 300,000 hectares of land.
“We have 10 categories of agriculture that includes have ruminants farming, export crops, plantations like cocoa and rubber, poultry, etc. We have 30 commodities in all.
“Our role in NIRSAL is to de-risk the entire transaction and ensure those enjoying the loan from Union Bank have the capacity to pay back. We look at various factors before giving out the loan.
“More financing will come and this launch is part of NIRSAL’s mandate to make banks put more money into agriculture. We have implemented risk management framework in the agriculture value chain.
“We have risk management tools and we keep our eyes on all the projects to ensure success. That is a huge off the backs of the banks.
“The Union Bank’s N10 billion loan will benefit agriculture mechanisation, primary production, input supply, logistics, processing, storage and post storage handling,” Mr Abdulhameed stated.
Managing Director of Development of Nigeria (DBN), Mr Tony Okpanachi, who was also at the event, described the deal as vital.
“When we say we are diversifying the economy, it simply means increasing the contributions of agriculture to the economy. And by that, it means increase the funding of agriculture. “DBN is a wholesale bank.
“We’ve been planning on how to impact the agricultural sector. We will work with NIRSAL and provide funding. We need to bring more financial institutions onboard,” Mr Okpanachi said.
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.
