By Adedapo Adesanya

Summit Bank Limited has announced meeting the new minimum capital requirement set by the Central Bank of Nigeria (CBN), ahead of the March 2026 deadline.

In a press statement, the bank disclosed that it was licensed by the regulator as a regional non-interest bank with a minimum capital requirement of N10 billion. However, as of May 21, 2025, the apex bank had confirmed Summit Bank’s regulatory capital at N15.3 billion, placing it comfortably above the stipulated threshold.

The lender disclosed that the achievement reflects the strong confidence of its shareholders, as well as the effective leadership provided by its Board of Directors and management team, alongside the sustained loyalty of its customers.

According to the statement, attaining full compliance ahead of schedule positions Summit Bank to deepen its role in supporting economic development, expanding financial inclusion, and delivering innovative, ethical financial solutions in line with non-interest banking principles.

Summit Bank added that its strengthened capital base would further reinforce its long-term commitment to operational excellence, financial stability, and customer-focused service delivery across its regional operations.

In late 2023, the CBN updated capital requirements for banks, mandating international banks to N500 billion, national commercial banks to N200 billion, regional commercial banks to N50 billion, and non-interest banks to N20 billion (national) or N10 billion (regional), with a deadline of March 31, 2026.

The policy was to enhance financial stability, leading many banks to raise capital through equity or mergers.

Business Post reports that with two months until the deadline is reached, a number of financial banks are yet to meet their required baseline, raising worries about mergers or even the possibility of an extension by the apex bank.

By Aduragbemi Omiyale

The financial subsidiary of MTN Nigeria, MoMo Payment Service Bank (MoMo PSB), has strengthened its inbound remittance capabilities from the United Kingdom, United States, Canada, and Europe.

The company has also expanded its cross-border transfer service, allowing customers to send funds from Nigeria to other African markets like Kenya, South Sudan, Ghana, Benin Republic, Rwanda, Togo, Cameroon, DR Congo, Congo Brazzaville, The Gambia, Côte d’Ivoire, Liberia, Malawi, Zambia, Sierra Leone, and Uganda.

The enhanced service offering reflects MoMo PSB’s ongoing commitment to advancing financial inclusion by simplifying the process of moving money across borders.

Customers benefit from swift transaction processing, competitive exchange rates, secure transfers, and the ease of receiving funds directly into their MoMo wallets, removing many of the delays and frictions traditionally associated with cross-border remittances.

The expansion is driven by strategic partnerships with Brij, Lightway Finance, and Thunes, leveraging their global payments infrastructure to deliver reliable, efficient, and compliant cross-border transfer experiences.

By widening both its sending and receiving corridors, MoMo PSB continues to deepen access to financial services and strengthen Nigeria’s connection to the global economy—making international payments more accessible, affordable, and seamless for individuals and businesses alike.

“Through our partnerships with Lightway Finance and Thunes, we have strengthened our international payments infrastructure to support both outbound and inbound remittances across key corridors.

“This expansion reflects our commitment to building secure, scalable, and inclusive financial solutions that meet the evolving needs of our customers,” the Executive Director for Strategy and Stakeholder Management at MoMo PSB, Usoro Usoro, said.

By Adedapo Adesanya

One of the leading fintech giants, PalmPay, capped off a historic 2025 with massive financial returns for its users and significant institutional expansion.

The company’s year-end review highlighted a surge in user wealth-building, headlined by a standout success story: a single PalmPay customer earning over N11 million in interest through the platform’s savings products.

This N11 million interest milestone underscores a broader shift in how Nigerians are interacting with digital banking, moving beyond simple transactions toward long-term wealth management.

PalmPay was one of the three top-beneficiaries of the recent shift in retail digital transactions in Nigeria alongside OPay and Moniepoint, both of whom are unicorns.

In an email to customers on Wednesday, the Managing Director of PalmPay Limited, Mr Chika Nwosu, noted that 2025 was a year where money was more than just a figure on a screen, but a reflection of “hustle, growth, and community.”

This internal growth has been mirrored by external accolades. In 2025, PalmPay solidified its status on the global stage, earning several prestigious rankings, including being named the Fastest-Growing Company in Africa by the Financial Times, a spot on CNBC’s Top 300 Fintech Companies globally, and a top-three ranking for customer experience by KPMG.

PalmPay also played a pivotal role in the nation’s financial infrastructure this year. It became the only fintech selected to launch the NIBSS New Payment Stack, a critical development aimed at stabilizing and modernizing the Nigerian inter-bank payment system. This technical achievement was paired with the physical rollout of PalmPay cards, offering users a tangible extension of their digital wallets and greater financial freedom.

“We were also trusted as the only fintech to launch the NIBSS New Payment Stack, helping shape the future of payments in Nigeria,” Mr Nwosu added.

Beyond the balance sheets, the company expanded its corporate social responsibility through the Purple Woman Initiative 2.0. The programme focused on creating career paths for women in tech, culminating in the full absorption of all program interns into PalmPay’s national workforce.

The company’s reach also extended to the grassroots level, where it trained over 7,000 National Youth Service Corps (NYSC) members and supported national empowerment initiatives impacting over one million Nigerians.

Mr Nwosu noted that 2026 holds a lot of promises with PalmPay’s momentum showing no signs of slowing, with a focus on “building bigger and smarter.”

The company aims to leverage its new payment infrastructure to provide even more competitive savings yields and seamless transaction experiences. “Thank you for being part of the Purple family,” Nwosu stated. “Here’s to building bigger and smarter together in 2026.”