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African Banks Strong Despite Meltdown- Pera
Emilio Pera, banking and Capital Markets director at Ernst & Young has said that banks across sub-Saharan Africa, with the possible exception of Nigeria, have not faced collapse on a major scale in spite of global economic meltdown.
He noted that while they have felt the effects of slowing revenue growth and reduced trading income, “this has not led to the collapse of any of the major banking institutions.”
“There are a number of lessons the banks have learnt from the recent crisis. First and foremost, banks have had to acknowledge that liquidity risk is a crucial risk area that has to be given more attention. An area the G20 also committed to modify in the Basel II Capital Framework. Prior to the outbreak of the financial liquidity crisis, banks tended to concentrate on three major risk categories, namely credit, operational and market risk. This is increasingly going to be complemented by a fourth risk category, namely liquidity risk. Major banks, including some South African institutions, have incurred losses from proprietary trading positions, which proved difficult to unwind in an illiquid market,” he added.
“Indeed, some major Nigerian banks had to be rescued by central bank intervention due to those banks building up significant portfolios of credit with direct exposure to equity markets. This meant that those banks had taken on significant market positions, knowingly or unknowingly, even if the banks were not themselves directly exposed to stock-exchange equities.”
This according to Pera raises two concerns, “On the one hand, there was undoubtedly a credit risk issue in that too much credit was extended to equities, resulting in concentration risk. But in addition to that, liquidity risk was in all likelihood overlooked, or at the very least under acknowledged. Having concentrated risk in one or two market segments is already a major risk in its own right. But having major exposure to capital markets is another matter, and one that banks (and other financial services companies) across the globe have been grappling with.”
Currently, the Nigerian stock exchange index is 38% off its levels of 12 months ago, indicating why creditors that borrowed funds to purchase shares have struggled to repay loans.
Ernst & Young reports that many sub-Saharan banks have not incurred losses as a result of the banking crisis. “Rather profits have slowed dramatically in the last reporting periods. This is true for banks in all of the major hubs, including East and Southern Africa, and with the exception of Nigeria, the western hub too,” Pera said.
In this environment of slowing revenue growth, banks have been forced to re-examine their cost structures. But, he points out: “It’s about more than just cost-cutting. Whilst cost cutting is essential to getting financial services companies through a short-term crisis, firms need to take a longer-term view of their core business. This in turn, will help them determine what business processes need improvement and refinement.”
“In addition, financial services companies may need to re-examine their core versus non-core business, and decide what should best be divested from, and where to concentrate resources for future growth. In reality, some costs may need to be increased in the short-term as longer-term efficiencies are sought.”
“Information Technology is one area where if anything, financial services companies understand they may need to increase their spending in order to benefit over the longer term. IT is critical to ensuring enhanced data quality, finance and risk integration, and greater client insight. All of these components have become critical in light of the recent crisis,” he added.
Union Bank of Nigeria has secured certification under the Payment Card Industry Data Security Standard (PCI DSS) version 4.0.1, a global standard for protecting payment card data.
The certification took effect on August 11, 2026, confirming that the bank’s systems for storing, processing and transmitting customers’ credit and debit card information meet stringent international security requirements.
PCI DSS certification is designed to reduce the risk of payment card data breaches and financial fraud while strengthening customer confidence in electronic payment systems.
The assessment covered key areas of Union Bank’s operations, including network infrastructure, card issuance, ATM and POS transactions, payment processing, reconciliation, settlement, chargebacks, dispute resolution and retail banking.
Union Bank was assessed and certified under the Service Provider category.
The certification process lasted a full year and involved quarterly assessments, with support from departmental, business and functional heads across the bank. Digital security firm Digital Encode supported the process, while the final independent audit was conducted by CyberCube, an accredited Qualified Security Assessor.
Yetunde B. Oni, Managing Director and Chief Executive Officer of Union Bank, said the certification demonstrates the bank’s commitment to protecting customer information.
“The security of our customers’ information is central to everything we do at Union Bank. This certification reaffirms that our payment systems and processes meet a rigorous global standard, and it reflects the discipline of colleagues across the Bank who work every day to keep customer data safe.”
The renewal also ensures that Union Bank maintains continuous PCI DSS certification, in line with the Central Bank of Nigeria’s requirement for banks to sustain compliance without interruption.
New data from CFA Society Nigeria is reshaping how the country’s financial sector thinks about talent development, with Access emerging as the single largest source of CFA candidates in Nigeria, distinction industry watchers say signals a deeper shift in how leading institutions are building investment expertise from within.
In its Where Nigeria’s Finance Professionals Work series, published in a national daily, CFA Society Nigeria placed Access first among employers of CFA candidates nationwide, with 82 candidates enrolled in the programme, more than double the 38 recorded at the next-placed institution and well ahead of every other bank or financial services firm on the list.
Access also ranked second among employers of CFA charterholders, with 11 professionals who have completed all three levels of the Programme and met its experience and ethics requirements.
For an industry that has long measured itself by balance sheet size and branch count, the rankings point to a different kind of competition: one over who is building the deepest bench of certified, globally credentialed talent.
CFA Society Nigeria compiled the data from its Salesforce Membership Database as at June 2026, and described the exercise as a way of recognising employers whose people “bring rigour, integrity and global best practices into the workplace every day.”
Analysts following the sector say the outcome is notable less for the ranking itself than for what it suggests about talent strategy across Africa’s financial services industry. A single institution developing more aspiring charterholders than the rest of the market combined raises the floor for professional standards nationally, not just within one balance sheet.
Every candidate who advances through the CFA Programme adds to a shared pool of ethics-trained, analytically rigorous professionals that Nigeria’s capital markets, pension funds and asset managers all eventually draw from.
Access Holdings Group Chief Executive Officer Innocent C. Ike, commenting on the rankings, framed the achievement in terms of institution-building rather than recruitment: “Every candidate on that list represents our commitment to building institutions and professionals that endure.”
The remark echoes a broader thesis increasingly voiced by market observers, that talent depth, not scale alone, is what will determine which African financial institutions earn lasting global credibility.
That distinction sits at the centre of Access’s stated ambition to become the World’s Most Respected African Financial Services Group. If the CFA numbers are any indication, the Group’s route to that goal runs less through square metres of branch network and more through the calibre of the people sitting inside it, a bet that Nigeria’s finance professionals, and the institutions that will one day hire them, are already placing alongside Access.
Nigeria Civil Aviation Authority (NCAA) has announced plans to introduce Radio Frequency Identification (RFID) baggage tracking technology across domestic and international airport terminals to tackle the growing problem of delayed, misrouted and missing luggages
Michael Achimugu, director, Public Affairs and Consumer Protection, NCAA, disclosed this at a stakeholder engagement forum in Lagos.
Achimugu said the RFID-enabled system would replace the traditional barcode-based baggage tracking framework and provide airlines and passengers with real-time visibility of checked luggage from check-in to final collection.
According to him, the technology would improve baggage traceability, reduce mishandling and strengthen accountability across the baggage-handling chain.
Unlike conventional barcode systems, RFID technology allows baggage to be automatically scanned at multiple points without requiring direct line of sight, enabling real-time tracking of luggage throughout its journey.
Achimugu said issues involving short-landed, missing, lost or damaged baggage had remained among the major complaints from air travellers, alongside flight delays.
He said the introduction of RFID technology was therefore aimed at improving baggage-handling standards and restoring passenger confidence in the aviation sector.
The NCAA said the initiative also aligns with IATA Resolution 753, which requires airlines to track baggage at key points during the passenger journey.
The authority expects the technology to provide more accurate information on the location of luggage, facilitate quicker resolution of baggage-related complaints and improve the overall passenger experience.
The NCAA said the initiative would also strengthen accountability among airlines and other stakeholders involved in baggage handling at Nigerian airports.
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