E-Financial
Heritage Bank To Disburse CBN’s N100bn Loan, Sell Forex To SMEs, Others

Heritage Bank is set to disburse the N100billion set aside by the Central Bank of Nigeria (CBN), as part of proactive measures to cushion the effect of the COVID-19 and revamp the nation’s dwindling economy.

This is in line with the apex bank’s policy to introduce another intervention scheme directed to the health sector, which is known as the NGN100 Billion Credit Support for the Healthcare sector (the Scheme).
Specifically, the scheme is to provide credit to indigenous pharmaceutical companies and other healthcare value chain players intending to build or expand capacity.
Also, the CBN resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay schools fees and small medium enterprises (SMEs) with plans to make essential imports needed to revamp economic activities across the country.
In particular, the CBN is resuming the provision of over US$100 million per week for both categories.
Meanwhile, Heritage Bank serves as a conduit which will assess and channel the profiles of interested applicants to the CBN while using its platforms to create awareness for the scheme.
The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.
To access the N100bn loans provided by the CBN for firms in the healthcare sector, a corporate entity must submit its application to a participating financial institution (PFI) which could be either a Deposit Money Bank or a Development Finance Institution of its choice with a bankable business plan.
It stated in its latest guidelines that the PFI must appraise and conduct due diligence on the application; and upon approval by the PFI’s credit committee, the application would be submitted to the apex bank with relevant documents attached.
The CBN would process and disburse funds to the PFI for onward release to the project, it added.
The CBN stated that the PFI must receive and review applications submitted by its customers; undertake due diligence based on normal business considerations, and bear the credit risk.
They must also issue offer letters and forward qualified applications to the CBN; disburse the released funds to successful applicants; monitor the project and recover the loans from the beneficiaries, and maintain adequate records of all beneficiaries and facilities.
It requires the PFIs to register all movable assets with the National Collateral Registry; forward periodic returns in the prescribed format on the scheme to the CBN; comply with the guidelines, and carry out any other duties as the CBN may prescribe from time to time.
According to the CBN, eligible participants under the scheme comprise healthcare product manufacturers – pharmaceutical drugs and medical equipment; and healthcare service providers/medical facilities – hospitals/clinics, diagnostic centres/laboratories, fitness and wellness centres, rehabilitation centres, dialysis centres and blood banks, among others.
Others include pharmaceutical/medical products distribution and logistics services; and other human healthcare service providers as may be determined by the CBN from time to time.
Eligible activities under the scheme would include manufacturing of pharmaceutical drugs and medical equipment; establishment/expansion/upgrade of basic and specialised healthcare facilities; and medical/pharmaceutical supplies.
Others are medical/pharmaceutical research and development; distribution of medical/pharmaceutical drugs and supplies; Manufacturing of medical/pharmaceutical drugs distribution technology; and any other healthcare value chain activity as may be prescribed by the CBN.
The CBN said the term loan had a maximum of N2billion per obligor; and the interest rate under the intervention would not be more than five per cent per annum up until February 28, 2021; and that interest on the facility would revert to nine per cent as from March 2021.
E-Financial
Union Bank Assures Safety of Deposits Post-Cardoso MPC Remarks

Union Bank of Nigeria has reaffirmed its status as a going concern with stable operations, responding to media queries sparked by Central Bank Governor Olayemi Cardoso’s remarks at the 304th Monetary Policy Committee (MPC) briefing.

Union Bank
Cardoso clarified that banks under regulatory intervention face unique recapitalisation timelines due to their circumstances, distinct from others with more preparation time.
Union Bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko, said the Governor’s comments align with the bank’s messaging.
“The Governor’s remarks reinforce what has consistently been our position. Union Bank remains under strong regulatory oversight with a resilient franchise, stable operations, and uninterrupted service delivery,” Aluko stated.
She stressed that all customer deposits remain safe and secure, with the bank operating transparently within the regulatory framework and collaborating with the CBN on recapitalisation.
Union Bank pledged updates as engagements progress, prioritising customer protection, financial stability, and service continuity amid the system-wide strengthening programme.
E-Financial
Flutterwave Rises from Lagos Startup to Africa’s Fintech Powerhouse

Flutterwave has transformed from a modest Lagos venture into one of Africa’s most valuable fintech firms, processing billions in transactions yearly across 30+ countries and 150+ currencies.

Flutterwave
Founded in 2016 by Iyinoluwa Aboyeji, Olugbenga “GB” Agboola, and Adeleke Adekoya, it tackled Africa’s fragmented payments—siloed banks, mobile money gaps, and unreliable cross-border flows—with a unified API for seamless collections, payouts, and settlements.
Founding Vision
The trio spotted the pain: Aboyeji’s Andela faced border delays; Agboola drew from PayPal/Google; Adekoya handled compliance. Early wins included Uber Nigeria payouts from a Lekki co-working space, proving scalability amid lean ops.
Growth Milestones
2017–2020: $10M seed/Series A fueled West Africa push; Agboola took CEO helm post-Aboyeji; COVID boosted e-commerce volumes.
2021–2022: Unicorn at $1B+ (Series C, $170M); $3B+ valuation (Series D, $250M); partnerships with Microsoft, Uber; Send App for US diaspora.
2025–2026: Profitability focus yields better margins; 34 US licenses; Mono acquisition ($25–40M) bolsters open banking.
Challenges Overcome
Regulatory hurdles hit: Kenya 2022 freeze (cleared); Nigeria fraud claims (resolved, controls enhanced); culture probes led to reforms with ex-Mastercard/Stripe hires. These underscore multi-jurisdiction risks like FX curbs and cyber threats.
Nigeria’s Fintech Role
Flutterwave anchors alongside Paystack (Stripe-owned), Moniepoint, amid CBN cash curbs and AfCFTA trade boosts. Dual HQ in Lagos/SF eyes IPO post-profitability, cementing it as Africa’s payments backbone.
E-Financial
CIBN Pledges Full Support to New ACAMB Leadership, Backs Ambitious Roadmap

Chartered Institute of Bankers of Nigeria (CIBN) has pledged its full support to the Association of Corporate and Marketing Professionals in Banks (ACAMB) following a high-level strategic meeting between the leadership of both bodies.

New ACAMB Leadership
The high profile meeting, which took place on Tuesday at the CIBN Building, Lagos, served as a formal introduction of the new ACAMB Executive Committee to the CIBN leadership and marked the beginning of a renewed collaborative alliance.
Leading a delegation of the newly inaugurated ACAMB EXCO and Board of Trustees, the President, Jide Sipe, described the visit as a crucial first step in his tenure, aimed at contributing significantly in giving flight to his vision and that of ACAMB.”
“When we assumed office, one of the first things we agreed on was the need to visit key stakeholders”
“However, before reaching out more broadly, we felt it was important to begin with our primary constituency and core stakeholders. We want them to understand the direction we are taking and to support the work we are doing, so that ACAMB can achieve greater success than it has in the past”
“We couldn’t have properly started our tenure without this very important meeting with the CIBN,” Sipe stated
Sipe introduced the newly constituted ACAMB Exco, which includes, the 2nd Vice President, Morolake Phillip-Ladipo; General Secretary, Olugbenga Owootomo, Assistant General Secretary, Ademola Adeshola; Publicity Secretary, Abiodun Coker, and Executive Secretary, Fadekemi Ajakaiye
During his address, Sipe unveiled an ambitious roadmap for the association, highlighting a new direction focused on youth engagement, professional development, and industry advocacy.
Responding, the CIBN President, Professor Pius Deji Olanrewaju, who warmly received the ACAMB team, commended their forward-thinking vision as he noted that, the association would be focusing on critical areas such as reputational management, sustainable corporate practices, and governance reforms
Olarenwaju also commended ACAMB’s collaboration with CIBN in information management, saying it had raised standards across Nigeria’s banking sector.
“ACAMB’s support has given CIBN and the banking sector brand equity,” he said, praising the association’s record in reputation management.
He recalled ACAMB’s role in addressing crises within the sector, describing the partnership as strategic and beneficial.
He further pledged support for ACAMB’s 30th anniversary in September 2026, its AGM, and other programmes, including fundraising initiatives.
Olarenwaju also promised backing for ACAMB’s capability development and undergraduate mentorship schemes.
“I want to assure you that everything you have presented today has been clearly noted and will be acted upon”
“We are fully committed to working closely with you so as to translate these discussions and vision into measurable progress. Our shared goal is to strengthen the sector, protect its reputation, and enhance its public image in a meaningful and lasting way”
“This meeting discussed various initiatives and reforms crucial for the future of our industry, including the need for continuous training and adaptation to new programs,” Prof. Olanrewaju said.
The meeting concluded on a high note, with both parties expressing gratitude and a firm commitment to deepening their collaboration for the advancement of the banking industry in Nigeria.
E-Business2 days agoAfDB, UNDP Launch $10Bn AI Initiative for Africa
Telecom2 days agoGrey Expands Cross-Border Banking with USD Accounts, USDC Support
News3 days agoObasanjo, Vanguard’s Amuka Lead Prayers for Zinox Chief Leo Stan Ekeh @70
News2 days agoLotus Bank, REA Seal N100Bn Deal to Power Rural Nigeria
News2 days agoDG NITDA Reaffirms FG Commitment to Responsible, Inclusive AI
E-Financial2 days agoCBN Cuts MPR by 50bps to 26.50% as Inflation Eases for 11th Month
General News2 days agoKaspersky Enhances Network Detection and Response Capabilities with KATA 8.0 Release
General News1 day agoKPMG Strengthens Africa Leadership to Support Long‑term Growth Across the Continent

















