Category: Business

Vice President Senator Kashim Shettima has called on the African Union (AU), African Development Bank (AfDB), and Afreximbank to support the efforts of the Chartered Risk Management Institute of Nigeria (CRMI) in tackling the growing wave of global risks confronting Africa. Speaking at the 24th International Conference of CRMI in Lagos, the Vice President, represented by the Technical Adviser to the President on Economic and Financial Inclusion, Dr. Nurudeen Zauro, emphasized the need for strengthened continental collaboration in addressing risks ranging from climate change and cybersecurity to pandemics, terrorism, and…

First Bank, Nigeria’s leading financial institution and provider of financial inclusion services in West Africa, has launched the FirstMonie Merchant Solution, a new digital platform aimed at strengthening payment systems and driving financial inclusion across the country. The product is designed to help merchants and businesses of all sizes seamlessly accept digital payments, offering features such as instant settlement, automated onboarding, integrated referral systems, and flexible pricing options. It also provides pre-configured POS terminals, a network dashboard for real-time monitoring, and tools for dispute resolution and complaint management. Speaking at…

      Number one Best Workplace in Banking in Nigeria and recognised as Africa’s most agile company, Sterling Bank Limited celebrated the first anniversary of SeaBaas, the revolutionary core banking system designed and built in Africa. In just twelve months since its go-live, SeaBaas has processed over 2 billion transactions, reduced processing times by about 60%, and driven a 66% surge in customer adoption, setting new benchmarks for scale, efficiency, and reliability in financial technology. Since launch, the platform has powered Sterling’s digital ecosystem, OneBank, SterlingPro, Switch, Specta, and more,…

Global food and beverage giant, Nestlé, has sacked its Chief Executive Officer, Laurent Freixe, after an internal probe confirmed he failed to disclose a romantic relationship with a subordinate. The company’s board announced the decision on Monday, describing the conduct as a “serious breach” of Nestlé’s Code of Business Conduct. “The board has concluded that Mr. Freixe’s failure to disclose this relationship represented a clear lapse in judgment and violated our governance standards. Effective immediately, he is relieved of his duties,” Nestlé said in a statement. Freixe, 62, had been…

Union Bank of Nigeria, one of the nation’s longest-standing financial institutions, today announced the successful completion of its merger with Titan Trust Bank Limited, following final approval from the Central Bank of Nigeria (CBN). This milestone concludes a process that began with the signing of a Share Sale Agreement in 2021 and positions Union Bank as an even stronger force within Nigeria’s financial services sector. Under the terms of the merger, Union Bank has fully absorbed Titan Trust Bank’s operations and assets. The combined institution will continue to operate under…

For decades, Nigeria’s credit system posed significant challenges for small businesses and low-income earners, who often struggled to qualify for loans. Traditional banks demanded collaterals, guarantors, and endless paperwork, effectively shutting out a large portion of the population working in the informal economy. FirstBank’s digital lending model flipped the script. With the launch of its digital lending model, the bank eliminated collateral requirements and slashed approval times from weeks to under five minutes. Loans now flow through multiple channels including *894# (the Bank’s USSD service), FirstMobile, LitApp, and the FirstMonie…