E-Financial
CIBN Chief Tasks Banks on Strengthening Cybersecurity
Chartered Institute of Bankers of Nigeria (CIBN) has urged banks to strengthen their cybersecurity architecture to protect themselves against attacks by fraudsters.
Mr. Bayo Olugbemi, president/chairman of Council of the Institute made the call while delivering his remarks at the 2020 CIBN Fellowship Investiture in Lagos.
The CIBN at its investiture formally conferred its honorary fellowship awards on 19 distinguished bankers in recognition of their contributions to the banking industry and the economy; 77 Associates as Elected Fellows while 105 Senior Management Staff of banks and the academia became Honorary Senior Members of the Institute at the event themed, ‘Financial Services in a post-COVID 19 Environment: Strategic Imperative’.
Others who were conferred with the same award were Dr Adewunmi Adesina, President, African Development Bank; the Governor, Bank of Sierra Leone, Professor Kelfala M. Kallon; the President, West African Bankers Association and President Liberia Bankers Association, Mr.John Davies III; the GMD/CEO, Stanbic IBTC Holdings Dr. Demola Sogunle, HCIB; the MD/CEO, Zenith Bank Plc, Mr. Ebenezer Onyeagwu, HCIB, the MD/CEO, WEMA Bank Plc, Mr. Ademola Adebise, HCIB, the MD/CEO, Sterling Bank Plc, Mr. Abubakar Suleiman, HCIB; the MD/CEO, Providus Bank Plc, Mr. Walter Akpani, HCIB, the MD/CEO, Standard Chartered Bank Limited; Mr. Lamin Manjang, HCIB, the MD/CEO, Federal Mortgage Bank of Nigeria, Mr Arc Ahmed Musa Dangiwa, HCIB, the Board Member, Lead Capital Group of Companies, Prince Bimbo Olashore, the Board Member, Oodua Investment Company Limited, Otunba Bimbo Ashiru, Former DMD Diamond Bank, Mrs Caroline Anyanwu, and Former Executive Director, Fidelity Bank, Mrs Ugochukwu Chijioke, top the honours list of eminent bankers who will be formally conferred with the prestigious Fellowship of the Institute.
Mr. Olugbemi told over six hundred participants who attended the event physically and through different digital conferencing platforms that Nigeria had been bedevilled by a myriad of challenges this year ranging from a drop in oil price, COVID-19 pandemic, the recent #EndSARS protests and the attendant pocket of unrests across the country to a recession.
The pace of these disruptive activities and their attendant effects on the financial service system has been intense.
He argued that the banking industry had remained resilient providing succour to businesses and millions of individuals across the country.
Olugbemi said that banks should also continue to reinforce their risk management frameworks in line with the government’s policies and urged banks to consider conducting more market research on how customer needs might change in the Post-COVID era. This would inform product development and process improvements
Mr. Kunle Elebute, Senior Partner, KPMG Nigeria & Chairman, KPMG Africa, while speaking on the “New Realities in the Post-COVID World: Strategic Imperatives”, told bankers that global CEOs were beginning to acknowledge that the new wave of technological advancement comes with risks that cannot be ignored.
The KPMG boss said that the effects of COVID-19 will drive new ways of working, new performance metrics and new ways of connecting with and managing employees, well beyond the “work from home” dimension.
Board and executive management are also increasingly aware that while they might not be the expert in the subject of cyber risk, they will be held accountable if there is a cyber-attack that disrupts business performance, he said.
As a result of the pandemic and working in the remote environment, Elebute suggested that new productivity metrics need to be developed, but without being perceived as intrusive and maintaining a strong culture is as important as ever but much harder, he said
In his contribution, Mr. Ernest Ebi, former Deputy Governor, Central Bank of Nigeria and Chairman of the event maintained that the banking industry must realize its role in the economic recovery process, as banks and other financial institutions play a significant role in shaping the recovery by supporting households and businesses to rebuild their financial security and business health.
To continue to fill the enormous credit gap and offer customers greater access to needed financial services, Mr. Ebi charged bankers to look beyond the immediate threat of the coronavirus pandemic and refocus on understanding their customers’ ‘new normal’ needs. He said banks, therefore, need to adopt new operating models that support rapid and stronger recovery, as well as ensure efficiency and resilience.
“I am honoured like other honourees to be conferred with this fellowship, the responsibility is for us to conduct ourselves both in our personal and professional life (locally and globally) to these high standards, to be role models and mentors to other professionals in the banking industry and also to support the Institute in its broad activities in terms of building the capacity of bankers and their professionalism”, Adesina, President, AfDB said.
Mr. Adegboyega Oyetola, Governor, Osun State was the special Guest of Honour while Dr. Ken Opara, 1st Vice President, CIBN, Prof. Deji Olanrewaju, 2nd Vice President, CIBN, Mr. Dele Alabi, National Treasurer, CIBN, Prof Segun Ajibola, Past President, CIBN; Dr. Uche Olowu, Past President, CIBN, Mr. Seinde Fadeni, Chairman, NAHCO; and other captains of industries were Honourary Guests at the event.
ChatPay has launched Africa’s conversational banking platform, enabling individuals and businesses to access financial services through WhatsApp.
The Lagos-based fintech startup, is in controlled rollout, connecting WhatsApp to linked-bank management, airtime and supported electricity payments through simple conversations.
The company said the platform is designed to enable users to send money, pay bills, buy airtime and manage business transactions within WhatsApp conversations, subject to the completion of regulatory approvals and integration with licensed banking partners.
According to ChatPay, the platform is operated by CP Technology Limited and is currently undergoing a phased rollout ahead of its planned public launch.
The company said the initiative is intended to simplify access to financial services by leveraging WhatsApp, which it estimates is used by more than 50 million Nigerians monthly.
Speaking on the idea behind the platform, Adeoluwasubomi Odebunmi, product lead and co-founder, said the concept emerged while she was studying Software Engineering at Babcock University.
“I saw the gap while I was still in school—how much friction there was just to move money. I didn’t want to just study the problem. I wanted to help fix it,” she said.
Odebunmi said she had previously worked on software solutions spanning e-commerce, real estate management, school administration and artificial intelligence applications before co-founding ChatPay.
Aseoluwa Siyanbola, growth lead and co-founder, said his experience managing Nigerian bank accounts while studying abroad highlighted some of the challenges users face with digital banking services.
According to him, difficulties such as one-time password (OTP) failures and inconsistent banking applications inspired the team to explore conversational banking solutions.
“We each encountered similar challenges and came together to build a solution that simplifies everyday financial transactions,” he said.
cAbraham William, tech lead and co-founder, said the company is focused on improving access to financial services through a platform that many Nigerians already use daily.
“We want to make financial services easier to access by allowing people to carry out transactions through a familiar messaging platform,” he said.
William said he oversees the company’s engineering, technology strategy and system architecture.
ChatPay said its services will be introduced in phases as regulatory requirements are met and integrations with banking partners are completed.
The company added that its newly launched “Founding 2,500” programme will enable selected early users to test features, provide feedback and participate in product development before the platform’s wider rollout.
According to the company, interested users can register for the waitlist and the Founding 2,500 programme through its website.
Founded by Odebunmi, Siyanbola and William, ChatPay said its long-term goal is to expand conversational banking services beyond Nigeria into other African markets after its domestic rollout.
United Bank for Africa (UBA) Plc has been named Nigeria’s Best Bank for Retail Banking and Best Bank for Sustainability Leadership (ESG) at the 2026 Euromoney Awards for Excellence, reinforcing its position as one of Africa’s leading financial institutions.
The awards were presented on July 17 at The Peninsula London in the United Kingdom, recognising financial institutions that have demonstrated outstanding performance, innovation, customer impact and sustainable banking practices.
The double recognition highlights UBA’s growing influence in retail banking and its commitment to advancing environmental, social and governance (ESG) principles across its operations.
According to Euromoney, UBA distinguished itself through a series of sustainability initiatives, including the introduction of a Green Financing Facility designed to support households and businesses transitioning to renewable energy.
The publication also cited the bank’s ₦5 billion financing programme, implemented in partnership with the Bank of Industry (BOI), to provide funding for women-owned businesses.
Euromoney further recognised UBA’s commitment to achieving net-zero carbon emissions by 2050, describing it as a demonstration of the bank’s long-term sustainability strategy.
The publication also highlighted the bank’s efforts to integrate sustainability into its operations through the deployment of solar-powered energy solutions across 50 branches and comprehensive ESG capacity-building programmes that have trained more than 16,000 employees across the UBA Group.
In the retail banking category, Euromoney noted that UBA continued to consolidate its position as one of Africa’s largest retail banking institutions.
According to the publication, the bank expanded its customer base to more than 37 million by the end of 2025, while retail banking revenue increased more than fourfold to ₦429.5 billion.
The awards also recognised UBA’s continued investment in digital banking innovation, particularly enhancements to its artificial intelligence-powered chatbot, LEO.
Euromoney noted that LEO became Africa’s first AI-powered banking platform to facilitate cross-border money transfers in local currencies through the Pan-African Payment and Settlement System (PAPSS).
Commenting on the awards, UBA’s Group Managing Director and Chief Executive Officer, Mr Oliver Alawuba, described the recognition as a validation of the bank’s commitment to delivering value to customers while promoting sustainable development across Africa.
“To be recognised as Nigeria’s Best Bank for both ESG and Retail Banking in the same year sends a powerful message that sustainable banking and commercial success are mutually reinforcing.
“At UBA, we are committed to financing Africa’s future, supporting businesses and communities, promoting financial inclusion, and delivering innovative banking solutions that improve lives.
“These awards belong to our customers for their confidence in us and to every member of the UBA family whose dedication continues to make our vision a reality,” he said.
Also speaking, UBA’s Group Head, Marketing, Brand and Corporate Communications, Mrs Alero Ladipo, said the awards reflected the bank’s unwavering commitment to putting customers at the centre of its operations.
According to her, every innovation, investment and banking solution introduced by UBA is aimed at creating exceptional value for customers while expanding access to financial services.
“These awards are a powerful affirmation of our Customer First philosophy.
“Whether it is supporting entrepreneurs with access to finance, enabling seamless digital payments, advancing clean energy financing or expanding financial inclusion across Africa, UBA remains focused on delivering meaningful impact.
“We are honoured that one of the world’s most respected financial publications has recognised these efforts,” she said.
UBA currently operates in 20 African countries, as well as the United Kingdom, United States, France and the United Arab Emirates, serving more than 45 million customers through a combination of digital banking platforms and physical branch networks.
The bank said it remains committed to strengthening financial inclusion, driving innovation and supporting sustainable economic development across Africa and beyond.
Nigeria Deposit Insurance Corporation (NDIC) has begun paying insured deposits to customers of the 46 recently failed microfinance banks.
Mr Thompson Sunday, managing director and chief executive, NDIC, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.
The interview took place on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting.
Sunday said the corporation was using the Nigeria Inter-Bank Settlement System (NIBBS) and customers’ Bank Verification Numbers (BVN) for the payments.
He said the NDIC had traced depositors’ alternative bank accounts and credited them directly without requiring physical visits.
He advised depositors without BVNs to visit the nearest NDIC zonal office for verification and payment processing
“The CBN revoked the licences of the 46 microfinance banks on July 1, 2026,” he said.
He said the NDIC automatically became the provisional liquidator after the revocation, in line with the law.
Sunday said the corporation had commenced payment of the insured maximum deposit of N2 million to eligible customers.
He explained that further payments would depend on the recovery of the failed banks’ assets and outstanding debts.
He said proceeds realised from recoveries would be distributed as liquidation dividends to eligible depositors.
Sunday cited Heritage Bank, Aso Savings and Union Homes as examples of the NDIC’s prompt reimbursement efforts.
He said insured depositors of Heritage Bank were paid within four days of the revocation of its licence.
He added that customers of Aso Savings and Union Homes received payments within 72 hours.
“The law allows us 30 days, but we are working to surpass our previous records,” he said.
The Central Bank of Nigeria (CBN) revoked the banks’ licences for failing to meet regulatory requirements for continued operations.
The apex bank said the action was aimed at protecting depositors, strengthening financial stability and ensuring regulatory compliance.
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