Banking/Finance Archives - Page 3 of 53

The Alternative Bank Targets Women, Men, and Farmers with National Financial Inclusion, Entrepreneurship Drive

The Alternative Bank, one of Nigeria’s leading non-interest banks, has ramped up its efforts to promote economic empowerment and financial inclusion for market traders and smallholder farmers across the country. With a focus on improving access to banking services, the Bank is providing critical financial support to some of Nigeria’s most underserved communities.

The initiative, undertaken through an agreement between Sterling Financial Holdings Company and the Association of Market Women/Men and Farmers of Nigeria (AMWMF), aims to address the challenges faced by millions of market women, men, and farmers who have long been excluded from formal banking systems. According to the Central Bank of Nigeria, approximately 26% of Nigerian adults, or about 28.8 million people, remain financially excluded, with rural communities and informal sector workers being particularly affected. is working to change this by making essential financial services accessible to these groups, particularly women.

Through this new initiative, The Alternative Bank is opening access to formal financial services for over 16 million members of the AMWMF. The collaboration is designed to provide members with access to a range of banking services, including zero-fee accounts, microloans, and SME funding, aimed at fostering business growth and financial independence.

Korede Demola-Adeniyi, Executive Director at The Alternative Bank, shared her thoughts on the role of banks in supporting grassroots financial inclusion, saying, “To adequately bridge the financial inclusion gap, financial institutions must continue to devote resources towards removing the barriers that have historically hindered large segments of our population. For the unbanked and underbanked, the challenges go beyond the lack of physical infrastructure and extend to deeper issues of trust, financial illiteracy, and systemic exclusion from mainstream financial services.

“At The Alternative Bank, we are committed to breaking these barriers by offering tailored solutions and championing programs that empower people to take control of their financial futures. We believe that by simplifying access to financial services and addressing these long-standing obstacles, we can unlock the potential of millions of grassroots entrepreneurs and contribute to broader economic growth.”

Recognising education as a key factor in the country’s financial literacy gap, The Alternative Bank is offering the Association’s members access to financial literacy training and personalised business support, aimed at empowering them with the knowledge and skills to manage and grow their finances effectively. In addition, the Bank is also supporting business growth by offering no initial fees for point-of-sale (POS) terminals to vendors, making it easier for them to accept electronic payments.

The drive, which began in Oyo State, will extend to 15 other states across Nigeria’s geopolitical zones throughout the course of the year and has since received strong support from AMWMF’s leadership. Erelu Dr. Becky Olubukola, the National President of the Association, praised the collaboration as a crucial step towards realising the association’s vision of creating an environment where every member has the opportunity to thrive. She emphasised that, by working with financial institutions like The Alternative Bank, the association could vastly expand opportunities for its members and help drive local economic development.

In addition to banking services, The Alternative Bank is also exploring innovative solutions to meet the diverse and evolving needs of grassroots entrepreneurs. This includes the deployment of electric-powered tricycles for market vendors to help with the transportation of goods and the introduction of health and medical kiosks in underserved areas to improve access to basic healthcare. Furthermore, the Bank is committed to creating wealth for the Association’s members through initiatives like its waste-to-wealth program, which enables participants to convert waste materials into viable income-generating ventures.

Naira strengthens against dollar, closes week at N1,534.72

The Naira closed the week on a positive note, gaining 4.52 kobo against the U.S. dollar at the official market on Friday.

According to the latest figures from the Central Bank of Nigeria, the Naira traded at N1,534.72 per dollar.

The figure represents a modest gain of 0.05 per cent on Thursday, when it was valued at N1,534.79 to the dollar.

However, the Naira had experienced minimal losses earlier in the week, trading at N1,535.62 on Wednesday and N1,535.24 on Tuesday.

The trading week began with a minor decline of 20 kobo on Monday.

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First Holdco, FCMB, Fidelity Bank drive 75% of NGX’s N500bn weekly trade

Stock market investors traded 17.498 billion shares worth N500.762 billion in 142,082 transactions this week on the floor of the Nigerian Exchange.

This contrasts with 5.390 billion shares valued at N107.811 billion traded last week across 134,390 transactions.

As a result, the transaction value on the Exchange surged by 78.48 per cent.

The market opened for four days, as Tuesday was declared a public holiday to honour the late President Muhammadu Buhari.

The Financial Services Industry led the activity chart with 15.771 billion shares worth N437.763 billion in 66,725 transactions.

This represented 90.13 per cent and 87.42 per cent of the total equity turnover volume and value respectively.

The ICT Industry followed, trading 325.134 million shares valued at N3.492 billion in 9,028 deals.

In third place was the Consumer Goods Industry, with 313.424 million shares worth N20.162 billion across 14,917 transactions.

First Holdco Plc, FCMB Group Plc and Fidelity Bank Plc accounted for 13.229 billion shares worth N367.498 billion.

These three equities represented 75.60 per cent of the turnover volume and 73.39 per cent of the value.

The NGX All-Share Index rose by 4.31 per cent to close at 131,585.66, while market capitalisation reached N83.241 trillion.

All other indices ended higher, except NGX Insurance, NGX ASeM, NGX Oil & Gas, NGX Growth and NGX Sovereign Bond.

These declined by 3.65 per cent, 9.56 per cent, 0.76 per cent, 4.80 per cent and 0.57 per cent, respectively.

Forty-nine equities recorded price gains during the week, lower than the 90 recorded the previous week.

Fifty-four equities lost value, up from 16 recorded last week, while 44 remained unchanged, compared to 41 previously.

Top gainers were Eunisell Interlinked Plc, BUA Cement, Associated Bus Company, Industrial and Medical Gases, and Secure Electronic Technology.

They gained N4.40, N29.40, N1.25, N8.45 and 21k respectively, representing increases of 32.59, 31.28, 28.41, 24.85 and 21.00 per cent.

Top losers included Academy Press, RT Briscoe, Cutix Plc, Caverton Offshore, and Champion Breweries Plc.

They lost N2.25, N1.00, 90k, N1.54 and N2.61 respectively during the week.

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Wema Bank’s Digital Bank, ALAT, Emerges Nigeria’s Best Digital Bank at Euromoney Awards 2025

Wema Bank’s Digital Bank, ALAT, Emerges Nigeria’s Best Digital Bank at Euromoney Awards 202

In recognition of its position as a digital pioneer in the African banking landscape, Africa’s first fully digital bank, ALAT, a trailblazing digital platform pioneered by Nigeria’s oldest indigenous and most innovative bank, Wema Bank, has been awarded Nigeria’s Best Digital Bank at the Euromoney Awards 2025.

Euromoney is a leading provider of competitive intelligence and benchmarking insight for the global banking and finance industry, trusted for over 50 years to deliver data-led analysis that informs strategy, validates performance, and supports decision-making at the executive level. The Euromoney Awards, pioneered by Euromoney, are regarded as the ultimate accolade in banking; the industry-leading stamp of approval that banks across the globe work yearlong to achieve. Recognised as Nigeria’s leading financial institution in digital innovation, Wema Bank’s revolutionary digital bank, ALAT, was awarded Nigeria’s Best Digital Bank at the Euromoney Awards 2025 held at The Peninsula London Hotel in London on Thursday, 17th July, 2025.

Since its launch on May 2nd 2017, ALAT has bridged the gaps in delivery of financial services to Nigerians within Nigeria and globally, evolving remarkably into a holistic hub of lifestyle and financial solutions for Nigerian adults of all ages and from all walks of life. From simply being the first fully digital bank in Africa, ALAT has evolved remarkably into a digital platform with an ecosystem of dynamic financial solutions tailored to provide seamless, reliable, and convenient service for all. With ALAT, basic financial services like transfers, airtime & data purchases, bill payments and loans are placed at the fingertips of users, in addition to a wide range of advanced financial services and solutions that merge banking with lifestyle.

From in-app local and international flight bookings to tailored personal and group savings options, investments and stocks, movie and event tickets, deals and discounts on a limitless pool of products and services, 24/7 health consultation, and a suite of customised loan options for salary earners and non-salary earners; ALAT changed the game, redefining banking and financial services in a world where digital has become the future. In view of ALAT’s groundbreaking role in blazing the trail for FinTechs in Africa and its intentionally-curated wealth of features and offerings designed to meet the needs of Nigerians in Nigeria and the diaspora, it is evident that the Bank is undeniably deserving of the recognition and accolade.

Underscoring Wema Bank’s commitment in shaping the future of banking through impactful innovations like ALAT, Wema Bank’s MD/CEO, Moruf Oseni, expressed appreciation to the Euromoney Awards for recognising the Bank’s impact on the proliferation of digital innovation in Africa, reiterating the Bank’s commitment to its sustainability vision of developing digital solutions for societal impact. Receiving the award, Oseni commented, “The world is moving fast and so is the permeation of ‘digital’ into the most critical aspects of our lives. 80 years ago when Wema Bank was established, typewriters were the extent of banking technology. Today, we have pioneered a fully digital bank, and possess technology advanced enough to power over 150 FinTechs. In ten years, one can only imagine what this fast-paced digital economy will bring. One thing is clear, any business, venture or institution that will remain relevant by the end of the next decade, must leverage digital technology today. This is why Wema Bank is so driven when it comes to digital. Innovation and empowerment”.

“As a Bank, our stance is clear. Wema Bank will never relent in empowering lives through innovation and developing digital solutions for societal impact. We will continue to pioneer innovation, empower innovators and bridge the gap between traditional and digital, leveraging the opportunities of the digital world to generate meaningful impact on lives and businesses in Nigeria, Africa and across the world. We have remained resilient in this commitment since 1945 and this award tells us that the world is feeling our impact. We are honoured by this recognition, and I take this opportunity to extend our sincerest gratitude to the Euromoney Awards. We take this as a challenge to keep up the good work, go harder, and continue going above and beyond in shaping the future of banking through digital innovation. Here’s to 80 years of impact and a future of limitless possibilities with Wema Bank”. Oseni concluded.

Wema Bank continues to raise the bar in financial services, placing Nigeria on the global map for banking and digital innovation. Since 1945, the Bank has spearheaded a positive transformation in Africa’s banking and financial landscape, proving that Nigerian-owned businesses have the capacity to last and stand the test of time. As the Bank celebrated its 80th anniversary on May 2nd 2025, its futuristic digital platform, ALAT simultaneously clocked 8, marking 8 years of digital transformation.

The world continues to watch in anticipation as Wema Bank leads the movement in digital innovation, shaping the future of banking in Africa.

ABOUT WEMA BANK

Established on May 2nd, 1945, Wema Bank is Nigeria’s oldest indigenous bank, most innovative, and pioneer of Africa’s first fully digital bank, ALAT. Commemorating a remarkable 80 years of impact and a future of possibilities, Wema Bank celebrated its 80th anniversary on May 2nd 2025 alongside the 8th anniversary of ALAT by Wema.

The publicly quoted Nigerian company has successfully built a legacy of trust, resilience and banking excellence that has won it the loyalty of its customers for 8 decades and counting. The Bank has remained innovative in delivering value to its stakeholders, constantly introducing products and services tailored to the needs of its customers at every stage of their lives.

Wema Bank is a proud partner to more than one million individuals, families, and businesses across Nigeria, helping them achieve their personal and financial goals.

Since its establishment in 1945, Wema Bank has built a legacy of pioneering innovation and empowering innovation to thrive, connecting traditional with digital and introducing several digital gamechangers and industry-firsts that have redefined standards across various industries and verticals.

From launching Africa’s first fully digital bank, ALAT, in 2017, Wema Bank went on to launch the ALAT For Business App, a business-focused version of ALAT; CoopHub App, a-first-of-its-kind digital solution designed to empower cooperatives for optimal productivity; Wema Phygital, a self-service implementation adding a digital touch to the physical experience in Wema Bank’s branches; ALATPay, an end-to-end payment gateway that provides instant settlement for business transactions; and the ALAT Xplore App, Nigeria’s first fully licensed banking app for teenagers, among others.

A’Ibom gov approves N20,000 allowance for NYSC members 8th July 2025

The students of Omololu Olunloyo Polytechnic are currently protesting at the main gate of the institution, located on Sango/Eleyele Road in Ibadan, Oyo State.

PUNCH Online had reported that the State Governor, Seyi Makinde, had renamed The Polytechnic, Ibadan, in honour of the late former governor of the state, Omololu Olunloyo, who died at the age of 89.

Despite the earlier warning by the institution’s management that the students should shelve their planned protest, a large number of students came out to express their grievances, calling on the governor to rescind his earlier decision.

Academic and other activities in the institution are now put on hold, while the Sango en route Eleyele axis is temporarily blocked.

Details later…

Ortom demands transparency in Benue LG allocations

The immediate past governor of Benue State, Samuel Ortom, has called on his successor, Governor Hyacinth Alia, to account for the state and local government funds.

The former governor was reacting to the statement attributed to a faction of the All Progressives Congress, which he suspects is affiliated with the governor, an excerpt of which Kula Tersoo, media aide to Governor Alia, posted online recently.

This statement read that the governor “has increased local government security votes from the one million naira paid by his predecessor to ten million naira monthly…”

However, Ortom in a statement issued by his media aide, Terver Akase, and made available to journalists in Makurdi on Tuesday, took a swipe at his successor, requesting that he declares how much his administration is receiving as monthly local government allocations from the federation’s account before announcing how much he is giving the councils as security votes.

Ortom equally demanded that Governor Alia should go a step further and explain why he is still the one providing the third tier of government funds, despite the Supreme Court judgment granting full financial autonomy to local governments.

“The fact that none of the 23 local governments under him has constructed even a single culvert shows how they have been starved of their own funds,” the former governor said.

The former governor decried the situation that his successor, who is in his third year in office had never responded to calls for transparency and accountability regarding the huge resources accruing to the state following the removal of fuel subsidy.

“He has suddenly decided to celebrate a claim that he has increased security votes for local governments in the state.

“The starting point should be for Governor Alia to declare how much he is receiving as monthly local government allocations from the federation’s account before announcing how much he is giving the councils as security votes.

“The question to ask Governor Alia is, given reports that the Federal Government is now sending 500% increased allocations to the local governments in Benue State, which automatically makes a council such as Gboko receive a monthly allocation of N624,447,191.53.

“Why is Gboko only receiving a mere N10 million out of over N624 million as security vote? Where is the rest of the money going?

“When the Benue State governor is done accounting for how much the 23 local governments are receiving from the federation’s account in the subsidy removal era.

“He should extend the accountability to the state coffers and tell the people how much his government is receiving and what is being done with the funds.

“This explanation should include the over N3 billion he is reported to be taking every month as security vote in the face of frequent attacks and killing of hundreds of Benue people by Fulani terrorists.

While Alia denied that under his watch, only N1 million was being released to local governments in the state as security vote, Ortom claimed that he granted autonomy to the local governments.

He said that was the reason all of the councils were actively executing projects and tackling insecurity in their respective domains.

Alia, through his Chief Press Secretary, Kula Tersoo, on Sunday, responding to a similar request made by a group known as Benue Advocacy Network, directed those interested in knowing the financial obligations to the state to approach the Budget Office in the state.

Rivers debunks Julius Berger’s withdrawal claims

The Rivers State Government has debunked reports that Julius Berger Nigeria Plc has withdrawn from its project sites in the state, describing the claims as false and misleading.

The denial follows a viral publication that alleged that the construction firm had begun pulling out of Rivers State due to unpaid contract fees by the state government.

In a statement signed by the Senior Special Adviser – Media, Rivers State Government, Hector Igbikiowubo, and made available to newsmen on Friday, the state government dismissed the publication as “malicious” and “a deliberate misrepresentation of facts.”

The statement read, “The Rivers State Government, under the leadership of His Excellency, Vice Admiral (Rtd), Ibok-Ete Ekwe Ibas, strongly condemns the misleading and malicious publication titled ‘Julius Berger withdraws from Rivers’ project sites.

“The report, which falsely claims that Julius Berger Nigeria PLC has begun withdrawing its services from project sites in Rivers State due to alleged shortfalls in payments by the government, is a deliberate misrepresentation of facts and a calculated attempt to tarnish the reputation of the administration”.

Continuing it said, “Nothing could be farther from the truth. The Rivers State Government has consistently and dutifully met all its contractual obligations to contractors, including Julius Berger Nigeria PLC, which has received all payments due since the declaration of Emergency Rule in the state.”

Addressing the variation request, the statement revealed that Julius Berger had demanded an additional ₦171.76 bn an 87.77 per cent increase on top of the original ₦195.7 bn contract sum for the Ring Road project and if granted, would push the total cost to ₦367.45 bn

“The real motive behind misinformation, this baseless report is nothing more than a campaign of calumny orchestrated after failed attempts to pressure the Rivers State Government into approving an exorbitant and unjustified variation request for the ongoing Ring Road project.

“The facts are as follows: the original contract sum for the Ring Road project was N195,695,980,239.61 bn

“Julius Berger submitted a variation request demanding an additional N171,755,448,105.05 billion, representing an 87.77 per cent increase in project cost. If approved, this would raise the total project cost to a staggering N367,451,428,344.66 bn

“It is important to note that in an attempt to forestall such unreasonable claims and protect the State from such arbitrary variation requests, the Rivers State Government at the commencement of the project took a facility from a bank and paid a 77 per cent advance payment in the sum of N150,000,000,000.00 to Julius Berger”, the statement added.

Heirs Insurance offers N10m in essay contest 30th May 20

The Heirs Insurance Group has announced the opening of applications for the fourth edition of its annual Heirs Insurance Essay Championship, targeted at junior secondary school students nationwide.

In a statement on Wednesday, it was indicated that N10.5m worth of prizes will be up for grabs in this year’s edition features N10.5m worth of prizes.

The winning student will receive an N5 m scholarship along with an N1m education grant for their school. The first and second runners-up will receive N2m and N1m scholarships, respectively. In addition, insurance-focused themes and quizzes have been embedded into the application process for students, ensuring early engagement with the concept of insurance.

To participate, students must submit original essays of not more than 500 words on the topic ‘The Role of Insurance in Keeping Families Safe and Secure’ via its website. Submissions are open from May 27 to July 8, 2025.

In a significant expansion of the initiative, the 2025 edition introduces the Teachers’ Insurance Awareness Prize, a new category designed to recognise and reward teachers who actively promote insurance education within schools and communities.

For the Teachers’ Insurance Awareness Prize, the top teacher will receive a N1m cash prize, with an additional N500,000 grant awarded to their school. To qualify, teachers must implement an insurance awareness project and provide evidence of their initiative and its impact.

Commenting on this year’s competition, Chief Marketing Officer, Heirs Insurance Group, Ifesinachi Okpagu, said, “We are excited to return with an even bigger edition of the Heirs Insurance Essay Championship. This year, we are not only empowering students and their schools but also shining a light on the critical role teachers play in shaping financially aware communities. Across our businesses, we see education as a powerful tool to build a more secure future, and we are proud to drive that vision forward.”

The Heirs Insurance Essay Championship remains a flagship Corporate Social Responsibility initiative of Heirs Insurance Group, aimed at improving education outcomes and deepening insurance awareness among the younger generation. Winners of the programme will be announced at a Grand Finale event in August 2025.

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.

I’ll borrow when absolutely necessary – Otti

Abia State Governor, Alex Otti, has said that his administration will only borrow money to run the state when it is absolutely necessary.

The governor made the vow in Umuahia on Wednesday during a lecture series to mark his two years in office.

Otti, while responding to some of the issues raised by the lecturer, Dr Idika Kalu, a one-time Finance Minister, said borrowing was not to be done recklessly, adding that he would only borrow when necessary.

The governor said he had to inculcate financial discipline and responsibility in the system to get the state to a greater level.

He said he had been paying workers and pensioners, having found that it made more economic sense to pay than to keep the money at the bank.

“We shall commit the remaining two years of this term to institutionalising the reforms that have been initiated.

“Collectively, we shall make Abia the hub of transformational ideas; we shall not be tired of listening to new ideas, for that is the path to continuous growth and progress,” Otti stated.

The governor thanked Kalu for accepting the invitation to deliver his administration’s second anniversary lecture.

Otti said the state put the lecture together to “talk to ourselves honestly and evaluate how far we have come, what we have done right, and what we can do better.”

In his lecture, the former Minister of Finance urged the governor to borrow to expand projects that would create value for the state.

The octogenarian maintained that such borrowing was not bad once it was done in the interest of the state.

The lecture was titled, “Two years of transformation; Sustaining the momentum.”

Kalu also urged Otti to use the media in major roles in his development efforts because of its power to cause change.

“The media can help this nation get back to life so don’t give them minor roles but give them key roles,” Kalu said.

Kalu commended Otti for his numerous projects some of which he said he had seen delivered while some are still ongoing.

He urged the government to always abide by the rule of law and to show examples of how things should be done rightly and uprightly.

Kalu harped on the need to punish errant persons who instilled impunity in the society, noting that a society where impunity reigned was not modernised.

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Chiderije Mbah Wins One Day MD/CEO Of Wema Bank PLC

Chiderije Mbah Wins One Day MD/CEO Of Wema Bank PL

… Set To Run The Bank’s Affairs For 24 Hours In An Unforgettable Children’s Day Experience

In a heartfelt celebration of 2025 Children’s Day, Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has unveiled 12-year-old Chiderije Mbah as its One-Day Managing Director/CEO for May 27, 2025, as part of a special initiative aimed at nurturing the next generation of Nigerian leaders. The memorable experience, which took place today, at the bank’s headquarters in Lagos, Marina, spotlighted Wema Bank’s ongoing commitment to investing in the future even as it marks 80 remarkable years of legacy and impact.

Chiderije Mbah became the winner of the One-Day Wema Bank MD/CEO initiative launched in May 2025, to mark this year’s Children’s Day celebration. He was chosen after sharing a spirited video explaining his dream of leading a bank and his vision for making finance more fun and accessible for children. His entry, submitted through a social media challenge, stood out among dozens who applied to be in the position.

The One-Day Wema Bank MD/CEO was the high point of a broader Children’s Day initiative by Wema Bank, which invited children across the country to participate in an online challenge. To qualify, children were asked to post a short video dressed in Wema colours and share the banking role they aspired to, while either holding or opening a Royal Kiddies Account (for ages 0–12) or an ALAT Xplore Wallet (for teenagers 13–17). The campaign blended fun with purpose, introducing thousands of young Nigerians to early financial education and the power of dreaming big.

On Tuesday, May 27, 2025, Chiderije stepped into the spotlight at Wema Bank’s Lagos Headquarters, receiving a purple-carpet welcome and taking his seat at the helm of the bank for a day packed with leadership, learning, and excitement. Enjoying a full day of activities; from a guided tour of the head office to holding his own executive briefing session in the boardroom, he will also be addressing senior executives of the bank.

“This is the best day of my life,” said Chiderije Mbah. “Wema Bank made me feel important. I am learning so much about being a leader and how banking works. I’ll tell all my friends to open a Wema Bank Royal Kiddies Account so they can also start learning how to save and maybe one day, they can be MD too!”

Speaking on the initiative, Wema Bank’s Managing Director/CEO, Moruf Oseni, said,

“Our 80th anniversary is a time to reflect on where we’ve been and where we’re going, knowing fully well that the future belongs to the young stars like Chiderije. Today’s activity is one of our ways of showing that we believe in the children, that we’re listening, and that we’re committed to helping them succeed financially, personally, and professionally all the way.”

This unforgettable experience reinforces Wema Bank’s vision of a future-ready Nigeria; one where financial inclusion starts early, and every child has access to tools, inspiration, and opportunities to thrive. As Wema bank celebrates eight decades of resilience and innovation, its gaze remains firmly fixed on the horizon, championing the dreams of tomorrow’s leaders, one child at a time.