E-Financial
Nigerians in the US to Establish Bank in Nigeria
Nigerian community in the United States has put measures in place to establish a community bank.
The proposed bank would serve the interests of the Nigerian community in that country and those at home.
The News Agency of Nigeria reports that the proposed bank – Nigeria Federal Credit Union – is being promoted by the Nigeria National Association, a non-profit organisation in the U.S.
The credit union, when fully established, would be a full-fledged financial, banking, and investment initiative, in service for all, especially Nigerians resident in the U.S., including members of the Nigerian diplomatic corps.
NAN reports that Credit unions provide banking services nationwide, loans, mortgages, credit cards, checking, mobile banking and more, and many have broader eligibility requirements that include individuals from a location or other broad-ranging characteristics.
The steering committee of the proposed bank was inaugurated in April by a former governor of the Central Bank of Nigeria and Emir of Kano, Muhammadu Sanusi, during the U.S.-Nigeria Investment Summit in Washington DC.
The steering committee of the proposed bank, at a meeting at the Nigerian Embassy in Washington, DC, had said the initiative would advance the credibility of Nigerians in the U.S.
Dr. Kazeem Bello, chairman of the committee, said a community could not realise its full potential without access to banking services and capital at a favourable interest rate.
According to him, it is the prerequisite for economic emancipation through home ownership and business financing among others.
Bello said: “What we are attempting to do is to create a platform for all Nigerians, young and old, men and women, businesses and every Nigerian resident and non-resident in the U.S. to have an opportunity to have a community-based bank that will be tended to our needs.
“We’ve been in a society where opportunities abound all over the place but you only accrue those opportunities when you are a direct member of that community.
“Sometimes, a lot of us (Nigerians) have gone through the pains and hassles of being able to just open a bank account.
“So, the project that we are unveiling today is called Federal Credit Union, and by the grace of God, it has been tagged as a proposed Nigerian Federal Credit Union.
“This is a banking and financial institution that we are putting together to be fully chartered and the members are you and I who are Nigerians.
“Nobody is owning this bank; the bank is membership-owned.
“Nigerians own this bank. We call on all Nigerians across the four corners of the United States territory to join in this efforts to bring this bank to fruition.”
Bello said a bank for Nigerians, the largest group of African immigrants in the U.S., was long overdue.
According to him, the Kenyan community in the U.S., among others was already at an advanced stage of establishing its own Kenyan community bank while Turkish community has had a bank since 1948 in addition to Poland.
A member of the committee, Felix Obi, said Nigerians could not have economic growth and emancipation if they did not have financial independence and access to capital at a competitive rate that reflects their creditworthiness.
“As you know by law, anybody can go to any bank and open an account or apply for credit yet statistics tell us that minority communities, especially immigrants, are disproportionately pushed into bad financing – high-interest rate financing.
“This would explain why when the federal housing crisis happened, more minorities have their property foreclosed than non-minorities.
“These numbers can be even more challenging when it comes to immigrant populations,” he said.
Mr Bayo Idowu, Minister, Economic, Trade and Investment at the Nigerian Embassy, said the establishment of a Nigerian-based bank had been nursed previously.
He said taking the critical step of moving forward and making it work had, however, been always challenging.
Idowu said Sanusi, a respected community leader and an accomplished banker, in launching the steering committee had worked to energise the members to ensure that the vision of a Nigerian-based community bank succeeds.
“It is important to the Nigerian community in the U.S. for identity, for economic empowerment and for investment in the Nigerian economy because we would have established a direct link with banks at home through this credit union,” he said.
Mrs Remi Duyile, a seasoned financial professional in the U.S., said owning a federal credit union by Nigerians in the Diaspora was a phenomenon.
“I am on the board of this committee that is working tirelessly to ensure that we birth something great, just like other nationalities have done, and this is our time; let’s do it,” Duyile said.
Earlier, the Nigerian Ambassador to the U.S., retired Justice Sylvanus Nsofor had pledged his support to the steering committee to ensure that the establishment of a Nigerian-based community bank becomes a reality.
Nigeria’s Bank Verification Number (BVN) database expanded to 69.55 million as of July 5 2026 from 69.32 million in June 2026, according to latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
BVN is an 11-digit biometric identification system introduced by the Central Bank of Nigeria and managed by the Nigeria Inter-Bank Settlement System (NIBSS) to secure customer accounts and reduce fraud.
This means that BVN enrolments increased by 228,947 between June and July 5 this year.
With the BVN database standing at 67.8 million as of December 31, 2025, it also means that the database grew by 1.75 million between the end of last year and July 5, 2026.
Specifically, with less than 1.8 million BVN enrolments so far recorded for this year, it is looking highly unlikely that BVN registrations at the end of 2026 will come close to the 4.3 million total registrations recorded in 2025.
Analysts note that while the expansion in the BVN database last year was largely driven by the introduction of the NonResident Bank Verification Number (NRBVN) initiative, which enables Nigerians in the diaspora to do their BVN enrolment remotely, thereby removing physical barriers and boosting cross-border financial engagement, the Central Bank of Nigeria (CBN) in March this year, announced a revised BVN regulatory framework, that saw it introducing stricter controls on suspected fraudulent transactions, BVN enrollment, and data access within the banking system.
According to the regulator, the amendments to the BVN framework, which came into effect on May 1, 2026, were aimed at strengthening fraud monitoring, improving identity management within the financial system and safeguarding the integrity of banking transactions, by strengthening identity verification and ensuring that BVN registration aligns with legally recognised age thresholds.
Thus, under the revised BVN framework, the apex bank introduced a stricter age requirement for BVN enrolment, limiting registration to 18-year-old individuals and above.
Also, under the new framework, customers will only be allowed to change the phone number associated with their BVN once. The CBN further stated: “Under the new guidelines, financial institutions are required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions reported within the banking system.
“A BVN may remain on this temporary Watch-list for a maximum period of twentyfour (24) hours, during which the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
Launched on February 14, 2014, by the CBN in collaboration with the Bankers’ Committee, the NIBSS, and the German firm Dermalog, the BVN scheme was designed to capture the biometrics of all bank customers and provide each with a unique 11-digit identification number that can be verified across the Nigerian banking industry.
Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, warning that its rejection by individuals, businesses and institutions violates the law.
The clarification follows reports that some members of the public have refused to accept the standard N100 note over concerns about its legal tender status following the introduction of the commemorative N100 banknote issued to mark Nigeria’s centenary.
In a statement signed by Mrs. Hakama Sidi-Ali, acting director of Corporate Communications, the apex bank stressed that “both the commemorative N100 banknote and the standard N100 banknote are valid legal tender and must be accepted for all transactions nationwide.”
The CBN explained that the commemorative N100 note was introduced to celebrate Nigeria’s centenary and did not replace the existing standard N100 banknote.
The CBN cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 note, noting that such action contravenes the provisions of the CBN Act and undermines public confidence in the national currency.
It warned that appropriate enforcement measures would be taken against any person or organisation found violating the law.
The apex bank reaffirmed its commitment to protecting the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring the smooth circulation of currency across the country.
The CBN also urged members of the public to continue accepting and transacting with all banknotes legally issued by the Bank and advised anyone seeking further clarification to use its official communication channels.
FCMB Asset Management Limited (FCMBAM), the asset management arm of FCMB Group Plc, has received an upgrade to its national scale long-term and short-term issuer ratings of A(NG) and A1(NG), from A-(NG) and A2(NG), by GCR Ratings, a leading pan-African credit rating agency.
The outlook on the ratings remains stable, said the rating agency.
The upgrade is anchored on FCMBAM’s competitive resilience and financial discipline, alongside the strengthened credit profile of FCMB Group.
GCR highlighted FCMBAM’s decade-long track record of strong performance, well-established brand franchise, diversified product suite and robust distribution network as key drivers of its standalone strength.
These are further supported by consistent earnings growth and a disciplined, unleveraged balance sheet, it said.
According to GCR, FCMBAM’s competitive position is supported by “its relatively long track record, strong brand franchise, established product and geographical distribution network and cross-selling opportunities,” with the rating agency noting that FCMBAM ranks among the top five asset managers in Nigeria, with an estimated five per cent share of a fragmented market as of 31 December.
The Company’s financial performance underpinned the upgrade, with revenue growing by 30 per cent and operating cash flow increasing by 13 per cent, enabling the business to be fully funded without recourse to debt.
Liquidity strengthened further, with liquidity sources versus uses improving to 5x as of December 2025, from 3.6x a year earlier, while the EBITDA margin edged up to over 58 per cent.
Commenting on the upgrade, the Chief Executive Officer of FCMB Asset Management, James Ilori, said: “This upgrade is an important external validation of a strategy we have pursued with discipline over many years: building an investment franchise that performs reliably, governs itself rigorously, and earns trust in every market cycle. It speaks to the strength of our membership of FCMB Group and to a culture that holds itself to local and global standards of risk management and capital stewardship.
“As Nigeria’s asset management industry enters a new era of higher capital thresholds and rising investor expectations, we intend to lead from the front – ahead of regulatory timelines, ahead in digital transformation and ahead in the outcomes we deliver for the clients who trust us to assist them in achieving their investment objectives.”
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