E-Financial
Again, Sterling Bank wins Overall Best Workplace Award
Sterling Bank Limited, Nigeria’s leading financial institution, has again emerged as the 2022 Overall Best Workplace in Nigeria in the large corporate category awards organised by the Great Place to Work (GPTW).
Since 2020, the Bank has continued to win the overall best workplace award of the GPTW.
According to the organisers of the award, the bank emerged first Best Place to Work in the large corporate category, Best in Promoting People Leadership Practices in the large category and the Best in Promoting Corporate Social Responsibility Initiatives in the large category.
In a keynote address, Chairman of Sterling Bank, Mr. Asue Ighodalo said, “Now, more than ever in the life of our country, we must create an environment that enables an inclusive and consistent growth rate of over seven percent year-on-year to emerge from our present economic and social predicament.”
Describing himself as an apostle of and a firm believer in private sector-led growth, Mr. Ighodalo noted that creative, disciplined, innovative, and efficient organisations, manned by visionary, selfless, hardworking, satisfied and passionate people will catalyse the growth of the national economy.
“Rising at dawn and working till dusk each day, are the men and women who drive these organisations,” he said, adding that “for the organisations to thrive and sustain themselves, these men and women must be happy at work, passionate about their work, well trained, healthy, mentally balanced, fairly treated, motivated, appreciated, comparatively well rewarded and respected.”
He said employers have a duty to ensure that employees work in an environment and with people who enable outstanding performance. According to him, the world changed significantly in the last five years and the change has greatly affected employees’ attitude to work, their ways of working, the reasons they work, their organisational loyalty and where they work from.
He remarked that in order to retain the quality of talent they need to survive, grow, thrive and sustain themselves, organisations must adapt to the constant changes, volatility and unpredictability in the world because “we are at the edge of a new world economic order with indications that China will soon overtake the United States as the world’s biggest economy and the dollar’s importance in international trade, settlements and store of value will diminish.”
He said the global economy continues to face unprecedented challenges, noting that the greatest impact on how people work and their commitment to work has been the 2019 Covid pandemic with its lingering effects. He added that the war in Ukraine continues to further destabilise the global order, negatively affecting the cost of food and energy, disrupting supply chains and logistics certainty, and pushing many people into unemployment all over the world.
“Our enabling environment must improve and our organizations, which are the growth drivers, must become attractive work havens. So, with all of these challenging changes, volatility and unpredictability how do we create and sustain attractive and productive work havens?”
“Regardless the positive and efficiency enhancing impact of technology, science, robotics and digitalisation, I remain absolutely clear that each organisation is only as good as the people that work in there, driving and controlling its systems and technologies.
“People are the heartbeat of any organisation, driving it forward with their individual and collective efforts. They are not just assets; they are the essence of the company, making it vibrant and alive.
“Strategies, milestones, and overall financial performance may grab the headlines, but these only come together by the channelled efforts of the dedicated hands and minds of the people who call the company home—individuals who are comfortable enough to live their best livesand do their best work within their respective organisations,” Ighodalo said.
He enjoined organisations to commit to the wellness and stability of their employees, by offering a wide range of wellness programmes and initiatives, including mandatory annual physical check-ups, holistic maternity and paternity initiatives, employee assistance programmes to provide access to mental health support, and extensions to employees’ health plans that provide cover for older dependents.
He said companies should also take steps to promote work-life balance, and may, subject to the nature of the tasks, offer unconventional flexible work arrangements and paid health breaks among others.
The Central Bank of Nigeria in its 2025 Fintech Policy Insight Report, has raised concern over Nigeria’s fintech sector heavily dependent on foreign investment, exposing it to swings in global markets.
The report said the sector has shown resilience despite global economic pressures, but warned that reliance on external capital leaves it vulnerable to market fluctuations.
It would be recalled that startups in the country raised $520m in equity funding in 2024, down from about $747m in 2019, when Nigeria captured roughly 37 per cent of all African startup investment.
This performance, amid significant global macroeconomic gyrations, underscores Nigeria’s position as a key hub for financial innovation. The sharp rise in interest rates in advanced economies during 2022 contributed to a slowdown in venture capital funding.
“These dynamics highlight the importance of developing domestic funding avenues, such as leveraging Nigeria’s capital markets, to reduce currency risk and sustain fintech growth,” the apex bank stated.
Olayemi Cardoso, CBN Governor, said Nigeria is undergoing a rapid and significant financial evolution. Over the past decade, the nation’s fintech landscape has grown from a handful of startups into one of Africa’s most vibrant innovation ecosystems.
“Even amid global economic headwinds, Nigerian fintech firms continued to attract investment and drive change. Today, with improved stability of our currency and domestic economy, it is clearer than ever that financial innovation can advance inclusion at scale,” the executive commented on the report.
In addition to funding, the central bank underscored Nigeria’s continued leadership in digital financial infrastructure. More than 25 per cent of all electronic transactions in Africa’s most populous nation are processed via real-time payment channels, with close to 11 billion transactions processed in 2024, up from five billion in 2022. The report described Nigeria’s instant payments platform, NIBSS NIP, as among the most mature and widely adopted globally.
The report also mentioned the need to strengthen system integrity and reputation, pointing to compliance reforms, anti-money laundering supervision, and consumer protection measures as key priorities for sustaining investor confidence.
By focusing on domestic funding, regulatory modernisation, and innovation infrastructure, the CBN aims to position Nigeria not only as a fintech front-runner but also as a rule-setter whose regulatory lessons are relevant to peer emerging and high-growth economies globally, the central bank said.
Stakeholders surveyed by the CBN also cited compliance costs as a significant challenge to innovation. According to the report, 87.5 per cent of respondents said that the cost of meeting regulatory and risk requirements significantly impacts their capacity to innovate, while delays in product approvals and regulatory timelines also remain major bottlenecks.
The report noted that 62.5 per cent of fintech firms plan to expand regionally, and there is strong support for regulatory pass-porting frameworks to enable compliant expansion into other African markets. However, the CBN warns that such cross-border growth requires a stable funding base and coordinated regulation.
After a few years abroad, I returned to Nigeria and faced a dilemma. Let me tell you all about it.
UBA
A few days ago, I was dragging my luggage through Murtala Muhammed International Airport. Everything felt bright and beautiful. Not necessarily in aesthetics, but in the vibrant colours, sounds, and energy all around. After three intensive years in the UK, I was finally back home. Ready for the hustle and bustle of Lagos life, and yes, the comfort of my parents’ home.
The plan was simple. Settle down and get my life on track. I’d sorted the job, and I had my person. But then came my dilemma. Money!. This doesn’t mean I was short of it or had too much of it. The real issue is where to actually keep and manage it in this country with daily dramatic happenings. With just two weeks left before I resumed at my new workplace, I had no time for long queues, endless paperwork, or the classic “Nigeria bank stress.” So, I needed an account, and I needed it fast.
So I turned to my best friend, Google, and typed, “Instant account opening in Nigeria.”
In less than a second, I was redirected to the United Bank for Africa instant account opening portal. A few taps later, and I had a fully functional account. Just like that. I could receive my funds, transfer my funds, and start building my financial life here again.
In less than a second, I was redirected to the United Bank for Africa instant account opening portal. A few taps later, and I had a fully functional account. Just like that. I could receive my funds, transfer my funds, and start building my financial life here again. Talk about ease, and this beautiful experience truly exemplified that definition
I was genuinely amazed. It felt too easy, almost suspiciously easy. But it was real, I mean, really soft like they were just thinking all about me while developing this new feature.
If you’re like me and pressed for time, avoiding unnecessary stress, or just ready to sort your finances without the hassle, consider this your sign.
UBA’s instant account opening is a game-changer. No queues to cut into your precious time. Just you and your phone, minutes away from being banked.
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Trust me, if I could do it between unpacking and settling in, you can do it too. Your future self will thank you.
Bank of Industry (BOI) has received Central Bank of Nigeria (CBN) approval to launch a Non-Interest Banking (NIB) Window, expanding ethical financing for underserved businesses nationwide.
BOI
The move positions BOI to mobilise Sharia-compliant funds, finance assets and raw materials without interest, and target MSMEs plus high-impact sectors previously sidelined by conventional loans.
Divisional Head of Public Relations, Theodora Amechi, said the window aligns BOI with social goals, boosting real economy support and sustainable industrial growth.
MD/CEO Dr. Olasupo Olusi hailed it as a “pivotal moment,” enabling the bank to serve faith-sensitive enterprises shunning riba-based loans.
Analysts see it as CBN’s vote of confidence in BOI’s governance, set to spur innovation and inclusive financing for Nigeria’s ethical business segments.
Established in 1959 as Nigeria’s top Development Finance Institution, BOI now strengthens its drive for broad-based economic transformation.
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