Banking
Winners Grab N4.5m in Union Bank Centenary Innovation Challenge
By Dipo Olowookere
A total of N4.5 million has been won by three young entrepreneurs in the Union Bank Centenary Innovation Challenge created in partnership with Co-Creation Hub.
The challenge was put in place to socially impact Nigeria by unearthing and supporting innovative ideas that address the Sustainable Development Goals (SDGs).
At the pitch event, which took place on Thursday, July 27, 2017 at the Heritage Place, Lugard Avenue, Ikoyi, Lagos, Ized Uanikheli of Locitrax group, who produces Biodegradable Plastic Bags, emerged the overall winner, going home with the sum of N2 million.
Uanikheli expressed her joy saying it will serve as encouragement for her to do more.
“I am glad that my dreams are coming to reality and I wish to express my sincere gratitude to Union Bank for giving us this platform to showcase our innovative idea.
“For me, everyone here is a winner for participating; it is a privilege to be identified with a brand like Union Bank. I believe this will encourage other SMEs and innovators to believe in their ability to create great things and make life better for everyone,” Uanikheli said.
The first runners-up, Abuyaziz Musaddiq and Mohammed Mustapha Ilyas, who built Agartech, a device for the preservation of fruits and leaf vegetables using solar empowered drier, received N1.5 million.
The second runner-up, “Mbele” by Peter Ayeni got N1 million for producing learning gamification, an educational approach to learning by using video game design and game elements.
During the event last Thursday, nine ideas were pitched at the event to a panel of judges made up of Union Bank’s Senior Executives and Executives from Fate Foundation and Co-Creation Hub.
The Centenary Innovation Challenge provided a platform for entrepreneurs and tech innovators to pitch their ideas and attract financial and mentorship support from Union Bank and Nigeria’s leading social innovation hub, Co-Creation Hub.
Speaking at the event, Union Bank CEO, Mr Emeka Emuwa stated that, “Earlier in the year, as part of our Centenary Anniversary celebrations, we launched the Innovation Challenge; placing a call for young Nigerians with innovative ideas which address the Sustainable Development Goals to send in their entries.
“Today, we have delivered on the promise we made to support these innovators as they seek to address the goals through entrepreneurial ideas. As a bank, we remain committed to contributing our quota towards the achievement of these ambitious Sustainable Development Goals.”
Aligned with three strategic pillars identified by Union Bank, the Centenary Innovation Challenge focuses on addressing the SDGs particularly related to Agriculture, Education and Financial Inclusion.
A gaming session can run seamlessly until you hit that cashout button — that is precisely when payout speed, bank reliability, and account security instantly take center stage. For players in Malaysia, selecting the right payout channel makes all the difference between receiving funds rapidly and suffering through unnecessary delays. The financial gateways hosted on xe8.net offer players versatile options to handle their funds, yet each mechanism operates under unique timelines and verification procedures. Equipping yourself with these essential insights ensures smart choices, smooth financial transactions, and ultimate peace of mind whenever you claim your hard-earned winnings.
Supported Fast Payment Channels for Mobile Players
Mobile players on XE8 benefit from several widely used Malaysian payment options designed for speed and convenience. Full withdrawal guidance is available at xe8.net/guide/how-to-withdraw/. These channels prioritize real-time or rapid processing while fitting naturally into local banking and e-wallet routines.
DuitNow QR Code Instant Transfers
DuitNow QR enables real-time fund transfers across participating Malaysian banks and e-wallets. Players can move winnings quickly using QR or account identifiers, with processing that often completes in minutes once approved. It supports 24/7 transfers and works well for both deposits and withdrawals on mobile devices.
FPX Online Banking Clearing Systems
FPX connects major Malaysian banks for secure online transfers. It routes payments through established clearing networks, offering reliable processing for players who prefer direct bank links. While slightly slower than pure real-time rails in some cases, it remains a trusted option with clear settlement paths suited to mobile banking apps.
Touch n Go eWallet Deposits
Touch ’n Go eWallet supports fast deposits and withdrawals through its established mobile infrastructure. Funds move between the wallet and the platform with minimal delay after confirmation, making it a convenient choice for frequent mobile users who already rely on the app for daily transactions and tolls.
Steps to Guarantee Smooth and Rapid Cashouts
A few consistent habits dramatically improve the chance of fast, trouble-free withdrawals. Preparing your accounts and details in advance removes the most common obstacles.
- Complete KYC identity verification early — submit clear MyKad photos and any required selfies so the account is approved before your first cashout request.
- Use the same payment method for your initial withdrawal as your first deposit to satisfy standard compliance rules.
- Double-check that the destination e-wallet or bank details match your registered information exactly before confirming.
- Ensure any active bonus wagering requirements are fully met so the request is not held.
- Submit the withdrawal during regular hours when possible and keep the reference number provided after confirmation.
- Maintain sufficient balance above the minimum and avoid stacking multiple simultaneous requests that can trigger extra checks.
Following these steps turns the process into a routine rather than a source of delay.
Transaction Limits and Clearance Speed Comparison
Every payment method balances speed against transaction size differently, and knowing the numbers ahead of time avoids surprises at cashout. The table below breaks down what to expect from each option on XE8.
| Payment Method | Deposit Clearance | Cashout Processing | Min / Max Per Transaction |
| DuitNow QR | Instant | Within 1 hour | Deposit: RM 20 — No limited
Withdrawal: RM 10 — RM 15,000 |
| FPX Online Banking | Instant | Within 1 hour | Deposit: RM 20 — No limited
Withdrawal: RM 10 — RM 15,000 |
| Touch ‘n Go eWallet | Instant | Within 1 hour | Deposit: RM 20 — No limited
Withdrawal: RM 10 — RM 15,000 |
| Bank Transfer | Instant | Within 1 hour | Deposit: RM 20 — No limited
Withdrawal: RM 10 — RM 15,000 |
These figures reflect platform-supported ranges; actual e-wallet or bank limits may apply on top. Most local methods clear deposits immediately and process approved withdrawals in under an hour under normal conditions, with no platform fees.
How Automated Wallet Security Protects User Balance
XE8 uses layered automated systems that continuously monitor every transaction in real time, instantly flagging unusual activity before funds can be moved. Strong 256-bit SSL encryption shields all data moving between your device and the platform, while player balances are kept in fully segregated accounts separate from operational funds. Identity verification combined with same-method withdrawal rules further blocks unauthorized access, giving you reliable protection without needing constant manual checks.
- Account and transaction verification: Every withdrawal request is automatically cross-checked against your verified identity and registered payment details before any funds leave the platform.
- Secure payment processing: All transfers run through encrypted, direct connections with Malaysian e-wallets and banks, so sensitive details never sit exposed on XE8 servers.
- Monitoring for unusual transaction activity: Real-time systems scan for irregular patterns such as sudden large requests or mismatched accounts and can pause processing until the activity is confirmed as legitimate.
Common Banking Delays and Security Tips Avoid Them
Most withdrawal delays on XE8 stem from simple, preventable issues rather than the payment systems themselves. A few careful checks before you submit a request can keep your cashouts moving smoothly and on time.
- Pending verification: Complete your KYC identity check early on XE8 with clear MyKad photos so the first withdrawal is not held up waiting for approval.
- Incorrect payment details: Always double-check that the e-wallet or bank account number exactly matches the one registered on your XE8 profile before confirming the request.
- Bank processing delays: Choose real-time options such as DuitNow or Touch ’n Go on XE8 and avoid submitting during major public holidays when all commercial banks may slow down.
- Withdrawal limit issues: Stay within XE8s per-transaction maximum, and also check your own e-wallet or bank daily limits so the request is not rejected.
- Multiple withdrawal requests: Submit only one clear withdrawal at a time on XE8 and wait for it to process instead of creating overlapping claims that trigger extra reviews.
Conclusion
Safe and fast withdrawals on XE8 come down to matching the right local payment channel with a prepared account. DuitNow, Touch ’n Go, FPX, and related safe banking options give Malaysian players reliable routes that fit everyday mobile banking habits. By completing verification early, using consistent methods, and double-checking details, you turn cashouts into a straightforward final step rather than a source of friction. The result is quicker access to winnings and greater confidence every time you decide to withdraw. Explore the available options, follow the practical security tips, create strong & unique passwords, and keep control of your funds with the methods designed for speed and security.
FAQ
Why did my DuitNow transaction show pending status?
It usually means the request is still under initial verification or waiting for the e-wallet provider’s final confirmation, which typically clears within the standard processing window.
Is there a maximum daily withdrawal limit for new profiles?
New accounts follow the same per-transaction maximum of around RM 15,000, though the first withdrawal may take slightly longer due to verification and must use the same method as the initial deposit.
Can I withdraw money into a friend’s bank account?
No, withdrawals must go to an account or e-wallet registered in your own verified name to meet security and compliance requirements.
Business Information
Name: Xe8
Website: https://xe8.net/
Address: No 168, Wisma Pantai, Jln 4/83A, Off Jln Pantai Baharu, 59200 Kuala Lumpur, Malaysia
Phone: +601115041337
By Modupe Gbadeyanka
Two suspects have been brought before Justice Frida Nkemakonam Ogazi of the Federal High Court sitting in Ikoyi, Lagos, on an eight-count charge bordering on the unlawful supply of access credentials to the database of a commercial bank in Nigeria, FCMB.
The defendants, Mr Gideon Bakpa Aghogho and Mr Oscar Ebere Chukwuebuka, were arraigned on Wednesday, August 19, 2026, by the Economic and Financial Crimes Commission (EFCC) alongside one Scott, who is currently at large.
According to the EFCC, the alleged offences are contrary to Sections 27 and 28(1)(b) of the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015, as amended in 2024.
Mr Aghogho was said to have between April and May 2025 in Lagos, knowingly and without authority, disclosed access credentials, including the bank’s server IP and domain credentials, to gain access to FCMB’s database in exchange for $15,000.
“That you, Gideon Bakpa Aghogho, Oscar Ebere Chukwuebuka, along with an individual identified as Scott (at large), conspired unlawfully between July 24 and 26, 2026, in Lagos, within the jurisdiction of this court, by supplying for use the access code of Gideon Bakpa Aghogho to the FCMB system using the local Administrative Credential (ITSD), which is capable of allowing access to the FCMB Virtual Center Platform, with the intention of committing an offence, and you thereby committed an offence contrary to Sections 27 and 28(1)(b) of the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015, as amended in 2024, and punishable under Section 28(2) of the same Act,” one of the charges read.
After the charges were read, the first defendant pleaded not guilty, while the second defendant pleaded guilty.
Following the first defendant’s plea, prosecution counsel, Ms Bilkisu Buhari, asked the court for a date to commence trial and prayed that he be remanded in a correctional facility.
In respect of the second defendant, the prosecution sought to review the facts of the case against him following his guilty plea.
Justice Ogazi subsequently adjourned the matter until August 27, 2026, for a review of the facts and other proceedings, and ordered that the defendants be remanded in a correctional centre.
By Aduragbemi Omiyale
A seminar to bring together leading policymakers, regulators, exporters, manufacturers, investors and other key stakeholders to explore practical strategies for unlocking value and accelerating growth in Nigeria’s non-oil export sector will be held on Tuesday, August 25, 2026.
The event is the brainchild of Zenith Bank Plc. It is themed Unlocking Value and Harnessing Growth in Non-Oil Export.
Speakers will examine how Nigeria can move beyond exporting raw commodities to build globally competitive value chains, expand market access, strengthen trade infrastructure and financing, and deepen the contribution of non-oil exports to sustainable economic growth.
Expected at the forum are the Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene; the chief executive of Plot Enterprise Ghana Limited, Mrs Patricia Poku-Diaby; and the immediate past President of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah.
A statement from the lender disclosed that the International Trade Seminar on Non-Oil Export will have two panel discussions designed to offer practical perspectives on trade facilitation, export financing, customs and port efficiency, regulation, market access, and the competitiveness of Nigerian businesses in regional and global markets.
The first panel will feature the chief executive of the Nigerian Export-Import Bank (NEXIM Bank), Mr Abba Bello; the Comptroller-General of the Nigeria Customs Service (NCS), Mr Adewale Adeniyi; the Director of the Trade and Exchange Department of the Central Bank of Nigeria (CBN), Ms Aderinola Shonekan; the chief executive of the Nigerian Investment Promotion Commission (NIPC), Mrs Aisha Rimi; and her counterpart at the Nigerian Export Promotion Council (NEPC), Mrs Nonye Ayeni.
The second panel will have the chief executive of Starlink Global & Ideal Limited, Mr Adeniji Adeyemi; an executive director at Dangote Group, Mr Sada Ladan-Baki; the Senior Consultant at 3T Impex Trade Centre, Mr Bamidele Ayemibo; the Managing Director of Terra Aqua Environmental Consultancy Nigeria Limited, Mr Mobolaji Salako; the chief executive of RMM Global, Mr Ramzi Taher; and the chief executive of Lelook Nigeria Limited, Mrs Chinwe Ezenwa.
For those unable to be at the venue of the programme, they can participate virtually via Zoom, YouTube, Instagram, Facebook, X, and TikTok,
