Banking
Why Banks are Reluctant to Lend to Advertising Players—Heritage Bank
By Modupe Gbadeyanka
The Executive Director, Heritage Bank, Mr Jude Monye, has said deposit money banks (DMBs) would have loved to lend to advertising players but some issues are making them be reluctant to do so.
Speaking at the 2021 Out-of-Home Advertising Conference and Exhibition organised by the Lagos State Signage and Advertisement Agency (LASAA), Mr Monye described these obstacles as “unstructured issues” which he said if addressed, would make the sector attractive to banks.
“I think lots of unstructured issues that we face and most of the banks that you see on digital media outside is not borne out of the need to advertise because it has not appealed to them, or engaging to their audience, but some of them just pay back for the loan that they have given,” he stated.
However, he expressed optimism that if the issues are looked into, the banks would play big in the industry through the provision of funds, which will, in turn, boost the sector.
He also disclosed that one of the ways the out-of-home advertising industry can attain massive growth was via the adoption of the public-private partnership (PPP) model to ensure its sustainability.
“If you have deposit money bank, that is the commercial bank coming in with huge portfolio, you will see massive growth in this industry and to crown it all for me, the governor said what I didn’t know of, all the things that the government is doing with the fibre optic projects which are towards the smart city that LASAA has also shown to us.
“With that alone, the PPP model, the banks are going to key into funding this so that the industry can grow,” the bank executive said at the event held in partnership with Heritage Bank.
Mr Monye commended the Governor of Lagos State, Mr Babajide Sanwo-Olu, for his administration’s implementation of the smart city plan with the rollout of 6,000km metro fibre optics, which is the requisite infrastructure for the smart city project.
He emphasised that the move by the Lagos State government for the adoption of digital technology would lead to increased patronage and rev banks’ participation.
Mr Sanwo-Olu, while speaking at the programme through his deputy, Mr Obafemi Hamzat, stated that the state was making appreciable progress in the ongoing laying of the metropolitan optic fibre, as well as the installation of smart cameras in strategic locations across the State, affirmed that the technology would help enhance and support the growth of advertising in the Lagos.
The Governor, who spoke on the Road map for the Growth of Signage and Out-of-Home Advertisement post-COVID-19 in Lagos, said his administration would continue to leverage technology to transform the state’s economy while easing impediments for businesses to flourish.
On his part, the MD/CEO of LASAA, Mr Adedamola Docemo, said the agency would be rolling out policies and programmes that would improve sectoral investment, drive sustainable growth, encourage regular engagement and development of the State.
He stated that with Lagos being the leading state in Out-of-Home advertising investment in Nigeria, the industry has evolved and has consistently contributed its quota over time to the growth and development of Lagos state.
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.
