News
Heritage Bank, FAMO Provide Succor for 300 Private School Teachers, SMEs
As part of efforts to cushion the effects of the COVID-19 on the education sector, Heritage Bank Plc in partnership with Honourable Fatima Mohammed (FAMO) foundation has provided succor to over 300 affected private school teachers and small medium enterprises (SMEs).
The challenges posed by the COVID-19 pandemic, have continued in the shutdown of schools for months leaving the private school teachers without any means of livelihood and no source of income.
To this effect, in alleviating the challenges, Heritage Bank and its partner supported over 300 Private School Teachers and small businesses as palliatives in 15 local governments; including five major markets in Ojokoro Local Council Development Area of Ifako Ijaiye, in Lagos State, weekend.
Speaking at the event, Mother Dan-Egwu, Group Head, Education, NGO & Faith Groups, Lagos Mainland Zone of the bank, stated that as educational-friendly financial institution, Heritage Bank appreciates the socio-economic role the sector plays in the country.
According to her, Heritage Bank deemed it necessary to partner FAMO to champion the corporate social responsibility of the bank in supporting private school teachers and small businesses out of hardship and the quagmire plunged into nationwide by the pandemic.
She further explained to journalists that Heritage Bank and the Foundation seek to help teachers in phases.
Dan-Egwu said that this phase will comprise of 300 teachers who will get food items and cash worth Ten Thousand Naira (N10, 000) each.
On the mood of selection adopted, she stated that FAMO selected the teachers based on the regions, as the first phase comprised of 300 teachers and SMEs in the South West (Lagos) would be assisted and the poorest of the poor were the main target through the help of National Association of Private School Teachers (NAPST) to identify those teachers in direst need of the assistance.
She, however, disclosed Heritage Bank’s strategy to provide basic palliative care to the educational system at the resumption of academic activities in schools.
According to her, the bank has three areas of basic supports in providing mentorship program for schools, school portal and school health plan in partnership with Health Maintenance Organisations (HMOs).
She further explained that support programs churned out by the bank are designed to instill value and keep students focused on making the best of their lives through corporate models, help school authorities to manage operations and steer them into moving educational system to the new digital era; where teachers can use technology in classroom management, administration, engagement with parents.
For the school health plan, Dan-Egwu hinted Heritage Bank would help to provide a very affordable health plan to ensure that every member of the school community is covered medically, as this will reduce the anxiety amongst teachers, parents and school authorities.
In her address, the Convener of FAMO, Honourable Mohammed, commended Heritage Bank for its bold steps in joining hand-in-hands to support the challenged private school teachers, SMEs sectors and the roles the bank plays in championing CSR in the country.
Mohammed stated that the primary aim was basically to cushion the effect of poverty especially as it concerns the private school teachers.
“The private school teachers because of the pandemic haven’t been paid for 6months and there are a lot of such cases around here. Ifako-Ijaye is the second largest LGA in Lagos State; therefore, it is time to reach out to the people.
During the pandemic, we have reached out to them about 2 to 3 times. I reached out to Heritage Bank and they heard my voice just to partner with us with my palliative team just to cushion the effect,” she said.
Meanwhile, for the SME owners, she further stated that additional plans have been agreed upon with the Agency Banking Unit of Heritage Bank to empower them to function as agents in this space.
She also commended Heritage Bank as a youth friendly bank for their numerous supports to young Nigerians in helping to promote their businesses and dreams.
African fintech revenues are projected to expand 13-fold to approximately $65 billion by 2030, marking the continent as the world’s fastest-growing digital finance market.
The “Beyond Payments: Unlocking Africa’s Second FinTech Wave ” report, released by Boston Consulting Group at the Inclusive FinTech Forum in Kigali, indicates the sector is shifting from transactional inclusion to scalable, infrastructure-driven systems.
While Sub-Saharan Africa accounts for 74% of global mobile money volume, more than 50% of lending still occurs through informal channels, representing a massive gap for B2B payments and data-driven underwriting.
The opportunity now is to convert scale into sustained, institutional-grade growth, says the report. Markets offering regulatory clarity and interoperable infrastructure are becoming increasingly attractive to long-term capital.
Rwanda is highlighted as an example of deliberate institutional coordination that lowers the cost to scale for financial institutions.
Forward-looking regulation and the License Passporting Memorandum of Understanding between Rwanda and Kenya are cited as practical steps toward easing regional expansion.
Financial centres like the Kigali International Financial Centre play a critical role in this next phase by reducing uncertainty for banks and investors.
By combining regulatory clarity and Pan-African integration, they reduce uncertainty for banks, fintechs, and investors, and help position markets as credible, long-term investment destinations.
Africa’s next fintech phase will be led by financial institutions, the report notes. It goes on to say banks and regulated entities are becoming the primary customers of digital financial infrastructure, demanding platforms that align with their risk frameworks.
The report identifies five institutional priorities to sustain momentum: interoperable infrastructure, data-driven credit, regulatory coherence, trust, and resilience.
Building seamless wallet-to-bank integration will enable more efficient value movement, while transforming transaction data into AI-enabled underwriting models will help bridge the gap in SME lending.
Proportional licensing frameworks and predictable supervisory practices will lower the cost to scale for innovators. Furthermore, expanding cybersecurity capabilities will ensure the ecosystem remains reliable as digital usage grows.
Africa has demonstrated that fintech scale is achievable, and the next decade will be shaped by those markets that strengthen their institutional foundations, the report concludes.
For too long, the story of Nigeria has been told by foreigners or shaped by people who don’t truly understand our spirit; This Is Nigeria is a movement changing that. We are putting the power back into the hands of Nigerians to tell our stories from our perspectives.
Our mission is simple: to change how the world sees us by sharing the positive, impactful stories of our land and its people.
Today, we are officially launching “The 36: Nigeria Unscripted”. This series will travel through every single state in the country, starting with our pilot season in Lagos. We want to show the world the true drive, food, diversity, culture, and innovation that define Nigerians at home.
“The 36: Nigeria Unscripted” takes a deep dive into the history, people, landmarks, and investment potential that make each state unique. Instead of focusing on the usual headlines, we are highlighting the real people building businesses, creating new technologies, making scientific breakthroughs, and leading cultural shifts here and across the globe.
The Kick-Off
The journey begins in Lagos. Over the next two weeks, our crew will be on the streets filming the vibrant energy of the city. This is a “boots-on-the-ground” look at what Nigerian innovation actually looks like today.
Alongside the series, we are also launching a Global Desk. This is a dedicated space to find and share stories of Nigerians living abroad who are making us proud with that signature Nigerian excellence.
How We Are Different
Most Nigerian travel content usually falls into two categories: it’s either a refined ad that ignores reality, or it focuses only on struggle while ignoring achievements.
This Is Nigeria rejects both. Our campaign gives you a behind-the-scenes look at the real passion and effort that fuel our success.
For more information or to share your story, visit www.thisis-nigeria.com.
Federal Capital Territory (FCT) High Court in Abuja has ordered the Incorporated Trustees of the Socio-Economic Rights and Accountability Project (SERAP) to pay N100 million in damages to two operatives of the Department of State Services (DSS) over defamation.
SERAP
Justice Yusuf Halilu delivered the judgment in a suit filed by two DSS operatives, Sarah John and Gabriel Ogundele, who accused SERAP of making false and defamatory claims against them.
The claimants had approached the court following a series of posts published by SERAP on its X handle on Sept. 9, 2024, alleging that DSS officers unlawfully invaded and occupied its Abuja office.
In the posts, SERAP claimed that officers of the State Security Service had stormed its office and were demanding to see its directors.
“Officers from Nigeria’s State Security Service are presently unlawfully occupying SERAP’s office in Abuja, asking to see our directors. President Tinubu must immediately direct the SSS to end the harassment, intimidation, and attack on the rights of Nigerians,” the organisation had posted.
However, in his judgment, Justice Halilu held that the allegations made by SERAP were false and defamatory, adding that the two DSS operatives were justified in instituting legal action to protect their reputations.
The court consequently awarded N100 million in damages against SERAP in favour of the claimants.
Justice Halilu also ordered SERAP to issue a public apology to the two DSS operatives.
According to the judgment, the apology must be published in two national newspapers and aired on two television stations.
In addition, the court awarded N1 million against SERAP as the cost of litigation.
The court further ruled that the judgment sum would attract 10 per cent interest annually until the full amount is paid.
The case stems from growing tensions between civil society organisations and security agencies over allegations of harassment, intimidation, and civic space restrictions in Nigeria.
Neither SERAP nor the DSS had publicly reacted to the judgment as of the time of filing this report.
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