Banking
Wema Bank Assures Northern Customers Value-Driven Relationship
By Modupe Gbadeyanka
Wema Bank Plc., the innovative bank which recently launched ALAT, Nigeria’s first fully digital bank has assured customers in Minna of its commitment to working with them to ensure they achieve their financial and personal goals.
Some management staff of the Bank led by the Managing Director and Chief Executive Officer, Mr Segun Oloketuyi were in Minna on Tuesday at a Customer Forum event, where they reiterated the Bank’s resolve to nurture a long-lasting value-driven relationship with the customers.
“At Wema Bank, we value relationships, and so we have taken note of what the people of Minna want,” Mr Oloketuyi said following a Question and Answer session involving customers of the Bank. “Our strength is in relationships built with customers over decades. We will continue this. Do not forget that Wema Bank was founded by Nigerians to cater to the needs of Nigerians. We are your Bank. And like we have always promised; we will be with you all the way,” Mr Oloketuyi added.
The bank aims at long-term customer engagement that helps not only to encourage customer loyalty but also turn customers to passionate promoters of the Wema brand, which will lead to easier on-boarding of new customers, who will all enjoy tailor-made solutions from the bank.
Wema Bank reopened the Minna branch in September 2016, almost ten years after it closed the branch due to the scaling down of operations to the South West and South South region. With the bank now expanding with purpose, the new Wema Bank is reengineered to serve customers better with innovative solutions. To ensure it achieves this aim, the Bank has committed to listening more to customers.
Speaking further at the event attended by the Chairman of Morris Fertilizer, Hassan Shiroro and the Executive Director of the State Investment Company (NSIC) Ahmed Kure, Mr Oloketuyi emphasized that Wema Bank’s resolve is shown in the kind of products and services the Bank offer. “We think about the value our customers would enjoy from our offerings before introducing them to the market,” he said.
The bank’s products and services were also discussed at the Customer Forum. According to officials of the Bank who spoke to journalists at the event, the Bank’s flagship offering ALAT, though targeted at the young, upwardly mobile generation, can be used by anyone who craves the easiest way of banking.
With ALAT, account opening/sign-up can be done in 5 minutes from a mobile phone or personal computer. Holders of the account can also enjoy a simple automated savings plan that will see them earn 10% annual interest – about three times the standard bank rate. Debit cards are delivered to an account holder’s address in two business days, anywhere in Nigeria, at no cost. Also, after activating a debit card, an account holder can lock it, unlock it and choose where it works. All these can be done from a mobile phone.
ALAT is available for download on Google’s operating system Android and Apple’s iOS.
Wema Bank officials also introduced *945#, one of the first bank-owned USSD banking codes in Nigeria, to customers and other residents of Niger State who are yet to know about the service. Customers can start banking with Wema just by dialling *945*1# to open an account.
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.
