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 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.
