Banking
Why Small Businesses are Thriving Better With Wema Bank
For decades, support to start-ups and small businesses (grouped under the acronym MSMEs) in Nigeria has been less than required, owing to a lack of proper bankable business structure, deficient collateral requirement, and low margins needed to attract funding from commercial banks. Wema Bank, however, seems intent on shaping a new reality for small businesses in Nigeria.
Wema Bank, the innovative lender behind Africa’s first fully digital bank ALAT, has over the years been passionate about supporting micro, small and medium sized businesses in Nigeria. But over the last six months, it has reviewed the way it backs MSMEs by delivering sustainable and value-adding support that impacts positively on business growth and profitability.
One of these offerings, the My Business Account Suite, was recently reviewed to improve cost effectiveness and deliver maximum convenience. It is a current account product with a concessionary transaction fee and ‘Zero Account Maintenance Fee’ for Startups and medium-sized businesses. Businesses can also earn interest on funds domiciled in this current account.
The Bank is also bringing businesses together for capacity building programmes, designed to enhance structuring and spur growth. In July, the Bank sponsored several small and medium scale businesses to a session on building sustainable wealth, organized by PwC in Lagos. The training featured experts from key growth sectors as well as business managers and successful entrepreneurs. Discussions and insights were shared, and these experts touched on critical aspects of business building including bookkeeping and accounting to tax efficiency, raising funds for business and much more.
Though these trainings and product offerings help, funding remains critical to growth, particularly for MSMEs. Access to cheap funding continues to limit the ability of small businesses in Nigeria to scale adequately. This narrative can be changed with the new partnerships Wema Bank has entered.
The Bank recently entered into partnerships with Development Bank of Nigeria (DBN) to improve access to cheaper funds for small businesses. DBN is a licensed wholesale Development Financial Institution(DFI) set up by the Federal Government of Nigeria in collaboration with other international development partners to alleviate the financing constraints of the Micro Small and Medium Scale Enterprises (MSMEs) in Nigeria.
DBN will fund MSMEs through Participating Financial Institutions(PFIs). Wema is one of those selected. Through this partnership, MSMEs and Commercial businesses of all business segments can be availed up to N153million and N610million respectively. As a bank that prioritizes support for smaller businesses, Wema Bank was the first commercial bank to disburse this loan. The DBN offering is available to both new and existing business customers. New customers can visit any Wema nearest branch for enquiries and loan processing.
A similar arrangement exists with the Bank of Industry BOI to further enhance funding to micro-businesses in the service sector, manufacturing, Agric value chain and to Traders of locally made goods at an affordable rate. Wema Bank also recently secured $35 million from the African Development Bank and ICD to fund small businesses across the country.
While access to cheap funds is great, access to new markets offers even more promise. Expanding into new markets via traditional means requires substantial capital outlay, which most smaller businesses lack. To ensure MSMEs can scale efficiently, Wema Bank has unveiled a simple, self-onboarding payment gateway platform for merchants to receive payments on their website seamlessly. This ensures small businesses can market their products and services to a wider community of potential customers, digitally, without having to incur additional cost on setting up new offices and managing operations from several locations.
The Nigerian economy is driven, significantly, by a vast number of SMEs and as a financial institution committed to wealth creation, the Bank seems keen on changing the prospects of these businesses and appears unrelenting its pursuit to build the smaller businesses of today into reputable multinationals of tomorrow.
By Modupe Gbadeyanka
In recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises (SMEs), Union Bank of Nigeria Plc has been honoured by the Association of Small Business Owners of Nigeria (ASBON).
The lender was rewarded by the group for its suite of solutions designed to enable business expansion and long-term value creation.
At the Nigeria National SME Business Awards, held recently in Lagos, Union Bank was given the Best SME Growth Banking Initiatives Award for 2025.
The ceremony was organised by ASBON in partnership with the Lagos State government through the Ministry of Commerce, Cooperatives, Trade and Investment.
The event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Receiving the award on behalf of the bank, its Head of SME Segment, Mr Ayokunnumi Abraham, described the recognition as a strong endorsement of the organisation’s commitment to supporting small and medium-sized businesses.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible.
“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.
“These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he stated.
By Modupe Gbadeyanka
The stellar contributions of Polaris Bank Limited to youth employment, talent development, and workforce empowerment across Nigeria have not gone unnoticed, as the company was recently recognised at an event in Lagos.
At the 2026 Jobberman Partners’ Convening, the financial institution was bestowed with the Private Sector Champion Award.
The award recognises private sector organisations that have demonstrated exceptional commitment and leadership in advancing youth employability through impactful recruitment initiatives, graduate trainee programmes, executive hiring support, candidate assessment programmes, and strategic partnerships that create sustainable career opportunities for young Nigerians.
Themed From Impact to Action: Collectively Designing the Future of Youth Employment in Nigeria, the convening focused on fostering collaboration between the private sector and other stakeholders to expand access to meaningful employment opportunities and equip young Nigerians with the skills and opportunities required to succeed in an evolving economy.
On the recognition, Jobberman commended Polaris Bank for consistently going beyond transactional partnerships to deliver measurable impact within Nigeria’s employment ecosystem. The renowned recruitment firm described Polaris Bank as a credible and purpose-driven institution committed to advancing youth employability and supporting the future of work in Nigeria.
The Head of Talent Management at Polaris Bank, Ms Cynthia Sanyaolu, reaffirmed the lender’s commitment to empowering young Nigerians and strengthening the nation’s workforce through strategic people-focused initiatives designed to create long-term economic and social impact.
“This recognition reflects Polaris Bank’s unwavering belief in the potential of the Nigerian youths and our commitment to building platforms that enable them to thrive professionally and economically.
“At Polaris Bank, we see talent development and youth empowerment as critical drivers of national growth and sustainable development,” she stated.
Over the years, Polaris Bank has continued to invest in initiatives that promote learning, career growth, workforce inclusion, and economic empowerment.
Through strategic Graduate Trainee recruitment programmes via its flagship Polaris Graduate Intensive Training (PGIT) and Polaris Tech Ignite Training (TechIGNITE), among other talent development initiatives, and collaborative partnerships, the bank remains committed to supporting the next generation of Nigerian professionals while contributing to national development.
By Aduragbemi Omiyale
Plans are underway by Ecobank Transnational Incorporated (ETI) to approach the international debt market for a capital raise.
The parent company of the Ecobank Group intends to use proceeds from the proposed exercise to refinance “the concurrent any-and-all tender offer of the ETI $350 million 8.750 per cent tier 2 notes due June 2031.”
However, the issuance of the notes is subject to prevailing market conditions and the conclusion of the necessary transaction documentation, a statement signed by the organisation’s chief financial officer, Mr Ayo Adepoju, stressed.
After issuance, the debt instrument may be listed on the London Stock Exchange, with the expectation that the bonds will be traded on its regulated market.
Ecobank noted that it would allocate an amount equivalent to the full net proceeds of the issue of the notes to finance or refinance, in part or in full, new and/or existing eligible assets as described in its Green Bond Framework (Ecobank-Sustainability), as amended and supplemented from time to time.
Ecobank, which has banking operations in 34 countries in Africa, is listed on the Nigerian Exchange (NGX) Limited, the Ghana Stock Exchange and the Bourse Régionale des Valeurs Mobilières (Stock Exchanges).
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