Telecom
Unity Bank Disburses N500m Loan Facility to Support Small Traders
Unity Bank Plc says it has disbursed over N500 million through its Shop Collateralised Facility (SHOCOF) to support small-scale traders and shop owners across Nigeria.
Unity Bank
The bank said the initiative was part of its efforts to promote Small and Medium Enterprises (SMEs) and strengthen support for operators in the informal sector.
In a statement, Unity Bank described SHOCOF as an innovative loan product designed to improve access to finance and drive financial inclusion among underserved business owners.
According to the bank, the facility was initially introduced as a targeted intervention for traders in Southeast Nigeria before expanding nationwide following strong acceptance and demand.
Under the initiative, eligible customers are allowed to use their shops as collateral to access credit, eliminating the stringent collateral requirements associated with conventional lending models.
The bank said the product leverages the commercial value and relative stability of fixed business locations to simplify access to financing for traders.
It added that the facility provides working capital support to enable beneficiaries restock goods, increase inventory turnover, improve cash flow, and respond more efficiently to market demands.
Speaking on the impact of the product, Group Head, Risk Management, Unity Bank, Mr Olusegun Oladipo, said the bank developed SHOCOF to address financing challenges faced by businesses in the informal sector.
“SHOCOF was created to address a critical gap within the small business ecosystem by providing access to credit through a structure that traders can satisfactorily meet without much ado.
“By recognising the value and stability embedded in their businesses, we have been able to support traders with the capital required to sustain and grow their operations,” he said.
Also speaking, Divisional Head, SME and Retail Banking, Unity Bank, Mrs Adenike Abimbola, said the expansion of the initiative nationwide reflected the bank’s commitment to providing practical financial solutions for small business owners.
“What started as a targeted intervention in the Southeast quickly gained momentum because the product directly addressed the realities of everyday traders,” she said.
The bank noted that more than 80 per cent of small businesses in Nigeria operate informally, with many relying on personal savings and informal borrowing due to limited access to bank credit.
It said SHOCOF was designed to bridge this financing gap by offering a lending model tailored to the operational realities of market traders and shop owners.
Unity Bank reaffirmed its commitment to supporting entrepreneurs through targeted financial products, including its Yanga account package developed for female entrepreneurs.
The bank said expanding access to capital for underserved business segments remains critical to boosting trade, strengthening local economies and driving sustainable economic growth.
Nigeria has exactly 156,662 active fixed wired internet subscriptions as of mid-2026.
This is a tiny fraction compared to mobile GSM networks, which dominate the market with over 154 million subscribers.
The fixed wired market primarily consists of homes and offices using direct physical cables like fiber optics.
Fixed wired services use physical cables, like glass fiber or copper wire, to bring internet directly into a building.
It is like a dedicated, private water pipe for your home. It provides very fast speeds, unlimited data, and is reliable.
In contrast, mobile GSM uses radio waves transmitted from tall towers to phones, acting more like a sprinkler that sprays a signal across an entire neighborhood.
Because laying physical cables across cities is expensive and hard to do, these subscriptions are very rare.
However, the market has seen recent growth, driven largely by Fiber-to-the-Home (FTTH) services.
The top players are: MTN FibreX with 110,564 subscribers, which is roughly 88.7 per cent of the entire market.
SWIFTNG accounts for about 13,945 connections.
The others are ipNX and 21st Century Technologies which make up the number.
Nigerian Communications Commission (NCC) says it is intensifying efforts to implement Nigeria’s planned 112 national emergency number following its approval by the National Economic Council (NEC).
NCC
The commission disclosed this during a meeting between Vice President Kashim Shettima and an NCC delegation led by the Chairman of its Governing Board, Chief Idris Ibikunle Olorunnimbe, at the Presidential Villa, Abuja.
Briefing the Vice President, Olorunnimbe said the NCC had already established about 35 Emergency Communications Centres (ECCs) across the country to support a unified national emergency response system.
He said the next phase of implementation would focus on closer collaboration with state governments and emergency response agencies to ensure the effective rollout of the initiative.
The development follows the recent approval by the NEC, chaired by the Vice President, for the adoption of 112 as Nigeria’s single national emergency number across all tiers of government and emergency response agencies.
The council also approved the establishment of a multi-agency implementation committee to be jointly coordinated by the Office of the Vice President and the NCC.
Olorunnimbe stressed that the success of the initiative would depend on the commitment of state governments to support and maintain emergency communications infrastructure, as well as the readiness of response agencies to promptly attend to distress calls.
“We need commitment at every level of all response agencies—from top to bottom—including the Nigeria Police Force, ambulance services across the states and, at the national level, the National Emergency Management Agency (NEMA),” he said.
Responding, Shettima directed the NCC to develop a comprehensive roadmap for the nationwide implementation of the single emergency number in line with international best practices.
He also urged the commission to work closely with the National Emergency Management Agency (NEMA), citing the agency’s experience in disaster management, relief and rehabilitation.
The Vice President assured the commission of the Federal Government’s commitment to sustaining the initiative, saying funding would be mobilised through the National Economic Council and partnerships with the private sector.
He also called for greater dedication from all emergency response agencies to ensure the success of the programme.
The adoption of 112 is expected to harmonise emergency communications across Nigeria by providing a single number through which citizens can quickly access police, fire, ambulance and other emergency services.
The initiative is also expected to replace multiple emergency contact numbers currently in use and improve coordination and response during emergencies.
Nigerian Communications Commission (NCC) has said that it was strengthening collaboration with state governments and industry players to develop a transparent, cost-based pricing framework for sharing telecom ducts as part of efforts to speed up broadband expansion across Nigeria.
Ayuba Shuaibu, director of Policy, Competition and Economic Analysis, NCC, disclosed this at the Stakeholders’ Forum in Abuja.
Shuaibu said the initiative was designed to build consensus among all parties.
“The primary purpose of this forum is to ensure seamless synergy between the Commission and all stakeholders,” he said.
The director said the consultation was prompted by longstanding complaints over permits, levies and other charges imposed by different levels of government.
He said bringing together state commissioners, telecom operators, tower companies and representatives of the Nigeria Governors’ Forum had helped improve understanding of the issues.
“This engagement is a work in progress. We expect more input from stakeholders before presenting the outcome to the Nigeria Governors’ Forum,” he added.
Dr Helen Adeneye, commissioner for Innovation, Science and Technology, Kogi State. welcomed the consultation, saying Nigeria needs a harmonised policy that clearly defines the responsibilities of both the federal and state governments.
“We need a harmonised policy that allows states to collaborate better with telecom operators and creates a more business-friendly environment,” she said.
Dr Adeneye added that adopting the Dig-Once policy would establish a uniform pricing system and help resolve disputes over charges for telecom infrastructure deployment.
Chidi Ajuzie, chief executive officer, WTES Projects Limited, whose firm is conducting the consultancy study, said the proposed framework would introduce a common cost structure for duct sharing to support broadband investment and economic growth.
“The study is designed to create a uniform pricing model that will drive broadband growth, economic development and wider adoption across the country,” he said.
Ajuzie explained that the consultants had developed preliminary floor and ceiling prices to guide operators while allowing flexibility within the approved range.
He added that the recommendations remain open to industry input before the NCC finalises the framework.
The Dig-Once Policy is designed to reduce the cost and disruption of deploying broadband infrastructure by requiring fibre ducts to be installed whenever roads are constructed or rehabilitated.
The NCC is developing a cost-based pricing framework for sharing these ducts to promote fair pricing, reduce duplication of infrastructure and encourage investment.
The proposed model is expected to support the Federal Government’s broadband expansion targets while improving collaboration between telecom operators and state governments.
Court Adjourns Alleged Binance Tax Evasion Case over Settlement Talks
Fixed Wired Internet Market Lags as Mobile Gains Ground
Xenophobic Attacks: OYC Threatens to Picket MTN Nigeria Offices
New NIMC Act Strengthens Data Protection, Privacy – Director
BON Establishes Six Ad Hoc Committees to Modernize Broadcasting
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Mobile Internet Gender Gap Widest in Africa – GSMA
Nigeria Launches FreeTV Nationwide
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
News3 days agoNRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
News3 days agoNSITF Partners South African Insurer on Digital Transformation
E-Financial3 days agoFCT-IRS Unveils New Digital Platform, Taxporta
General News3 days agoKPMG Urges Africa’s Most Innovative Tech Entrepreneurs to Enter the Global Tech Innovator 2026 Competition
E-Business3 days agoFG Suspends New Internet Regulations to Prevent Overlapping Rules
E-Business3 days agoNIN Enrollment Hits over 136m as New ID Law Takes Effect
Telecom2 days agoNCC Seeks Cost-Based Pricing Framework for Ducts
E-Business3 days agoPlateau PCC Collects Nigerians’ Data without Privacy Policy – FIJ