Banking
Unity Bank Begins Season 2 Unity Verve for Value Promo
By Modupe Gbadeyanka
One of the leading drivers in e-payment system, Unity Bank Plc, has flagged off the Season 2 of its Unity Verve for Value Promo, which offers to give out cash prizes and other material rewards to customers and verve card holders of the bank.
The Season 2 offer is a set of incentives that have been packaged as a reward scheme for deserving customers and active users of the verve debit card on electronic platforms such as POS and WEB.
A statement from the bank quoted the Managing Director/CEO of Unity Bank Plc, Mrs Tomi Somefun, as saying that the Season 2 promo offer is aimed at spreading out the benefits of the scheme to bring more verve card holders into the reward net. She stated that from July to December, 2018 scheduled for the duration of the promo, as much as 300 Unity Bank verve cards holders (ie 50 winners monthly) will receive cash gifts while 3,000 customers (ie 500 card holders monthly) will receive airtime top-up.
To qualify for the promo, Verve Card holders are required to transact on POS and Web channels to accumulate transaction counts, volume and value. At the end of every month, 50 customers with highest number of transactions will enjoy reward of N5, 000 worth of cash, while another 500 will be rewarded with airtime top up.
Also speaking on the promo, the General Manager, Product and Channels, Unity Bank Plc, Mr Bonaventure Okhaimo, urged customers, old and new, to take advantage of the offer and participate actively, adding that the Season 2 Unity Verve for Value Promo is well thought out to promote consumer lifestyle and e-commerce experience by encouraging customers’ uptake to transact more on the POS and Web channels.
He said that “apart from the Season 2 reward promo, the bank is interested in the customers accessing wide-ranging electronic solutions that will give them control, convenience and product experience as more and more Verve card holders make purchases on PoS and Web”.
According to him, Unity Bank is committed to ensuring ease, convenience and security in banking transactions for all its customers and its Verve Card holders which is accepted for payment for goods and services.
Mr Okhaimo said that the promo gives Verve Card holders the benefits of using their cards and getting rewarded for their commitment and patronage.
He further assured Cards holders that Verve Cards are very secure as cardholders are protected against fraud by providing two-factor authentication platform to help guard them across channels.
The Season 1 Unity Verve for Value Promo produced two star prize winners: Mr Ofurum Oscar Chidiebube (Owerri branch) and Mr Ojo Gbenga Oluwafemi (Ado Ekiti branch) who were rewarded with an all-expense paid trip to Ghana.
Verve is a Naira denominated card linked to customer’s savings, current or corporate account and used to settle purchases within Nigeria. It is a Chip and PIN secured debit Cards that offers customers with 24-hour access to funds on ATMs, POS, and WEB within Nigeria thereby reducing the risk and the inconvenience of carrying cash.
By Adedapo Adesanya
First Holdco Plc has commenced a public offer to raise about N1.4 trillion (approximately $1 billion) after securing approval from the Central Bank of Nigeria (CBN).
The offer, which opened on Monday, involves the sale of 10.4 billion ordinary shares, according to the chief executive of its banking subsidiary, First Bank of Nigeria Limited, Mr Olusegun Alebiosu.
The capital raise follows the company’s earlier plan to transfer about a quarter of its shares to RC Investment Management Ltd., which served as a bridge holder after Barbican Capital Limited exited its investment in the lender amid a prolonged ownership and leadership dispute.
First Holdco had previously indicated that the shares would eventually be offered to the investing public once the necessary regulatory approvals were obtained.
Speaking in an interview with Bloomberg, Mr Alebiosu said proceeds from the offer would strengthen the capital base of First Bank and support the holding company’s expansion strategy.
According to him, the group intends to diversify beyond banking by establishing an insurance underwriting business and a fintech services company.
“The sale is starting today — the reality here is that I am not sure it will stay more than one week based on the pressure we are getting,” Mr Alebiosu said, expressing confidence in strong investor demand.
Investors appeared to respond positively to the announcement, with First HoldCo’s shares climbing as much as 5.9 per cent to a record high during trading on Monday before easing to a 3.1 per cent gain at N133.60 by early afternoon in Lagos.
The lender has been one of the best-performing banking stocks on the Nigerian Exchange (NGX) Limited over the past year, with its share price rising more than fourfold since July 2025, when Barbican Capital’s stake was transferred to RC Investment Management.
The fresh capital injection comes as its largest shareholder, Mr Femi Otedola, continues to strengthen his stake in Nigeria’s oldest bank. With the billionaire holding around a 26 per cent stake in the company, analysts say he has his eyes set on full control once his equity crosses the 30 per cent mark.
By Adedapo Adesanya
One of Nigeria’s top digital banks, PalmPay, has appointed a former executive of the Nigeria Inter-Bank Settlement System (NIBSS), Mr Samuel Oluyemi, as its chief operating officer.
In his new role, Mr Oluyemi will oversee the financial technology company’s operations in Nigeria, where it offers a broad range of digital financial services to individuals and businesses.
Mr Oluyemi will also engage with regulators to ensure the company’s expansion aligns with Nigeria’s financial, digital and social inclusion objectives.
Prior to joining the company, Mr Oluyemi spent more than two decades at NIBSS, where he served as business development lead.
During his tenure, he drove the development of several critical payment infrastructure projects, including the digital validation of Nigerian international passports, e-Dividend Mandate Management System (e-DMMS), and the Electronic Pensions Contribution Collection System (EPCCOS).
Also, he played a key role in the introduction and early adoption of the NIBSS Instant Payment (NIP) platform, Nigeria’s first real-time interbank transfer system launched in 2011, and later supported its extension to other financial institutions.
Mr Oluyemi obtained a master’s degree in Monetary Economics from the University of Ibadan and has participated in several local and international professional training programmes.
Commenting on the appointment, Managing Director of PalmPay Nigeria, Mr Chika Nwosu, said that the company was strengthening its leadership team to support its longterm vision.
By Adedapo Adesanya
Africa’s most valuable fintech, Flutterwave, has signalled that its long-anticipated initial public offering (IPO) remains firmly on the back burner as the company intensifies efforts to transform itself into a licensed financial institution across the continent.
The firm’s chief executive, Mr Olugbenga Agboola, said the firm is focused on building sustainable profitability, diversifying its revenue streams and expanding its banking footprint before considering a stock market listing.
Speaking to The Africa Report, Mr Agboola described an IPO as a future financing milestone rather than an immediate strategic objective.
“An IPO is a financing event, not a strategy,” he said. “We are not holding any pressure to go public. This gives us the flexibility to be patient and ensure when we do list, we’re doing so from a position of strength.”
The comments come as Flutterwave embarks on an acquisition-led expansion strategy aimed at securing banking licences and deeper regulatory access across Africa.
Mr Agboola revealed that the company is currently in the process of acquiring a bank in East Africa, though he declined to disclose the institution or country involved.
The planned acquisition is expected to provide Flutterwave with an established customer base, existing banking infrastructure and regulatory approvals, significantly shortening the time required to enter new financial services markets.
According to Mr Agboola, the company’s expansion priorities include Kenya, Ghana, Rwanda, Tanzania, South Africa and Egypt, while the Democratic Republic of Congo and Ethiopia remain under consideration for future growth.
Rather than building banks from scratch in every market, Flutterwave intends to adopt a mix of acquisitions, licences and strategic partnerships depending on local regulatory conditions.
“The vision is not to form a bank in every country but to ensure that every African business has access to more than financial services,” Mr Agboola said in the interview.
The banking push follows recent regulatory and corporate developments, including the Central Bank of Nigeria’s approval of Flutterwave’s banking licence and the acquisition of open banking startup Mono.
Together, the moves underscore a broader strategy to expand beyond payments and establish new revenue streams in lending, liquidity management and business banking services.
Flutterwave plans to focus on institutional deposits from businesses already using its platform rather than competing aggressively for retail deposits.
The company intends to leverage transaction data from its payments network to provide short-term working capital, merchant financing, invoice discounting and trade finance products for small and medium-sized enterprises.
Mr Agboola disclosed that the bulk of the capital earmarked for banking operations will be directed toward credit support and liquidity buffers, with additional allocations for lending and banking infrastructure.
The strategy reflects a growing trend among African fintech firms seeking banking licences to reduce dependence on traditional financial institutions and gain greater control over settlement, liquidity management and product development.
Despite speculation about a near-term public listing, Mr Agboola maintained that Flutterwave’s immediate focus remains execution and growth.
He noted that the company will only consider an IPO after achieving stronger profitability and establishing scale across its payments, banking and remittance businesses.
In February 2025, he told Bloomberg that Flutterwave would only pursue a public offering after becoming profitable. He also stated in late 2024 that the company was “not in the IPO race.”
Founded in 2016, Flutterwave has processed more than one billion transactions valued at over $40 billion across 35 African countries. The company recently secured fresh funding that lifted its valuation to $3.3 billion, with American blockchain firm Ripple leading the investment round.
For now, however, Flutterwave appears more interested in building the foundations of a pan-African financial institution than rushing to the public markets, positioning banking expansion as the next phase of its growth story while keeping an eventual IPO firmly on the long-term horizon.
