Banking
VFD Group Intensifies Pursuit of Commercial Banking Licence
By Adedapo Adesanya
A proprietary investment company, VFD Group Plc, is intensifying its quest to obtain a commercial banking licence from the Central Bank of Nigeria (CBN) before the end of 2023.
In addition, it said it is on the verge of establishing a global remittance business that would allow it to expand its offering within the foreign exchange and currency exchange business.
It also stated that it would refocus its VFD Microfinance Bank to a fully digital banking entity that would offer diverse innovative financial solutions to its esteemed customers.
These were disclosed on Monday by the Group Managing Director/Chief Executive Officer of the VFD Group, Mr Nonso Okpala, during the group’s fifth Annual General Meeting (AGM) held in Lagos.
Mr Okpala said: “While we are yet to conclude our plans of acquiring a commercial bank license and an insurance company, we are well placed to achieve these ahead of the timeframe of 2023.
“Our application for a commercial banking license remains in the works and at an advanced stage. We are in constant engagement with the regulatory authorities, and we would provide an update to all stakeholders as we make progress.
“Learning from the past 12 months, it is instructive that we refocus our customer-facing businesses to become dynamic, leveraging technology to create omni-channel experience that will meet our customers’ needs while allowing us to be lean and efficient.
“Hence, our micro-finance bank will begin the transition to a full digital entity offering diverse innovative financial solutions to our esteemed customers.”
He said the group was in talks with a remittance company in the United Kingdom, with discussions at an advanced stage and projected to conclude this year.
He said the group delivered on all key financial indicators in 2020 to validate its strategic direction.
Mr Okpala said the major factors that contributed to the performance were the group’s investment income from its Eurobond portfolio, interest income from lending activities, earnings from other subsidiaries and foreign exchange valuation gain.
He said: “We did quite well this year largely from our treasury activities as well as income from subsidiary companies. The dividend was our way of expressing appreciation to our shareholders for their support.”
The Chairman of the VFD Group Plc, Mr Olatunde Busari (SAN) declared that the group has set aside a dividend of N1.014 billion to reward its shareholders with the payment of a dividend of N8.51 per share for the 2020 financial year that ended on December 31, 2020, compared to N3.30 it paid in 2019.
Mr Busari said gross earnings grew by 97 per cent to N6.7 billion in 2020, as against the N3.4 billion earned in 2019, while the group’s profit before tax grew year-on-year by 173 per cent to close at N4.1 billion in 2020 compared to N1.5 billion it recorded in 2019.
He also said the group’s total asset grew by 85 per cent to close at N81.7 billion within the year under review, as against the N44.2 billion recorded in the preceding year.
Mr Busari, however, summed up the group’s business experience in 2020 as, “Navigating a very uncertain world,” saying that the group’s vision in 2021 was to become a commercially viable proprietary investment company with global influence by focusing on building positive and socially conscious ecosystem.
Mr Busari said: “We have delivered yet again other record levels of revenue and profit. The year 2020 has been a tough year but fortunately, we are able to wade through the tide as you know that we have multiple investments in the Nigerian financial sector and were able to declare a dividend of N8.51 per share. The shareholders are happy that the company did very well and I commend the management of my company.”
On his part, the VFD’s Group Financial Controller, Mr Folajimi Adeleye, attributed the success the group recorded in 2020 to activities that fetched its interest revenues.
“But we also did a lot of treasury activities. We maintain a positive outlook for 2021 even though we expect it to be tough and we are going to focus more on risk management,” he stated.
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.
