Banking
Wema Bank Targets Eastern Commercial Hubs, Opens Aba Branch
By Dipo Olowookere
As part of its mission to spread its tentacles to the commercial hubs in the eastern part of Nigeria, Wema Bank, the pioneer of Nigeria’s first fully digital bank ALAT, has opened a new branch in Aba, Abia State.
The new branch is located at 103 Azikiwe Road, Aba, Abia State and is now open to customers for banking services.
Recall that in 2015, the apex regulatory agency in the banking sector in the country, Central Bank of Nigeria (CBN), granted a national licence to Wema Bank Plc.
Since then, the lender has worked tirelessly to strategically expand to the nooks and crannies of the nation.
Aba is the commercial capital of Abia State and one of the leading industrial cities in Eastern Nigeria and it plays host to a large number of international and local traders as well as lucrative small businesses and manufacturing establishments and sits strategically in the middle of the Eastern region.
The new branch will look to attract a significant share of this market segment as well as individuals and businesses from neighbouring cities within the region by offering a comprehensive range of banking services including deposits and loans, trade services, and payment, as well as cash management solutions. The branch also promises to offer customers the latest in banking technology through alternative channels offered by Wema Bank.
Wema Bank has also provided alternative channels to ensure those who are too busy to walk into the new branch can still bank with Wema using their electronic devices.
“Aba offers Wema Bank a strategic platform on which to grow our business in East,” Mr Wole Akinleye, an Executive Director, South Bank at Wema Bank said during the official opening ceremony. “We are committed to building a robust business offers the right mix of branch networks and digital channels which caters to all demographics within our target markets.”
One of these digital offerings is ALAT, the first fully digital bank in Nigeria. ALAT is a branchless, paperless bank which provides financial services through its Android, iOS and web applications. It was designed in response to the growing needs of Nigerians for a financial institution that understands their needs, responds quickly to them and helps them save money. It allows customers to open a fully-functional account, including completing KYC requirements directly from a mobile phone.
Once signed up, customers can request for their ALAT debit card, which will be delivered for free to a location of choice. ALAT offers customers 10% interest on their savings and allows them save together as a group, mimicking the local Esusu and AjỌ schemes. International purchase can also be done without a physical debit card using the ALAT virtual dollar card.
ALAT has been well-received since its launch in May 2017, with over 200,000 accounts opened and over N1.1 billion in deposits as at February 2018.
Beyond ALAT, the bank continues to champion innovation and leverage technology in breaking barriers plaguing conventional banking. It pioneered the use of card control in Nigeria, an in-app tool that allows customers lock their payment cards from a mobile device.
It also formed part of the pilot banks to successfully deploy M-cash, a mobile service that allows merchants receive payments by dialing a simply code. The Bank continues to improve on its *945# USSD Banking service and enhance its online and mobile banking apps to ensure it offers a seamless service across all its banking channels.
“ALAT is available for download on Google Play Store and Apple Store, while *945# works on all kinds of mobile phones,” said Funmilayo Falola, the Head of Brand and Marketing Communications at Wema Bank.
By Modupe Gbadeyanka
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
