News
EBS Discussants Highlight Why Banks Should Court Fintech

Financial technology [FinTech] experts have expressed concern that the banks and fintech would need to work together to grow the banking sector.
Their stand is contained in a communiqué at the end of first quarter edition, Ennovators Breakfast Series [EBS] with the theme, “Is Fintech and Banks Best Frenemies”.
Their views are hinged on the fact that fintech has gradually inched its way into the growth strategies of traditional banks.
They said that the collaboration has become obvious globally especially in Europe and the US where the surge in fintech and its capability has helped the banks to innovate and develop products to suit customers’ lifestyles.
“In Nigeria, the same thread is apparent. Most Nigerian banks are riding high on the wave of fintech products such as USSD, banking apps, etc. Because of this, research has shown that global investment in fintech has reached as high as $80 billion between 2010 and 2016. As such, traditional banks are paying closer attention to how to regain customers’ trust using fintech”, said Yele Okeremi, MD/CEO of Precise Financial Systems.
Besides, the banks have realised that embracing fintech approach would assist improve their customer uptake.
To demonstrate the seriousness of the banks, one of the banks in Nigeria has branded itself “Fintech” bank. Will this attract customers’ attention? Will it help to drive market share? Will fintech disrupt the banking sector? Or to put it clearly, should banks engage fintechs for competitive advantage? Should banks build, partners or acquire fintech? Are fintech and banks best friends or foes?, asked the speakers.
Other speakers are Adedeji Olowe, Executive Director, Systemspecs Limited and Victor Okigbo, Adviser/Consultant on Financial Technology, Access Bank, while Emmanuel Agha – MD/CEO, Innovectives, moderated the session.
Key observations made by the speakers, that the line between being a friend and enemy is not defined among the banks and fintech; banking operation is a fallout of the infallibility of technology; fintech firms are creating what the customers want in the non-banking areas and taking it to the banks and Fintech firms can disrupt the banking landscape
They also highlighted that technology has led the way in respect to how the banks operate. That is what brought computerized banking and online fund transfer; noting that the gap between the banks and the customers is so huge. Fintech will fill that gap. Even non-banking companies are also coming into that space.
The panelists also admitted that soon, some basic things that are important to customers would be sacrosanct just like the air-conditioner in a banking hall; the USSD platform kicked off in 2014. In 2017, all the banks are offering USSD as a service. That is because customers are migrating to banks with the USSD platform; Fintech cannot survive the onslaught of the established financial institutions and the regulation. The customers will win from the onslaught.
Sola Fanawopo, event director, EBS said that the session resolved that new technologies are impacting the way the banks view and reach out to customers.
“What has made this happen is fintech. Therefore, the only way to deepen the customer relationship is for banks to collaborate with fintech.
“They also arrived at the conclusion that there is a future of collaboration between banks and fintech. There is a need to cooperate massively with fintech on a level the banks have not done before. That is what the banks want. This is what the customers want.
“The banks are looking for ways to collaborate with fintech. Banks want to hold open discussion with startups and meet them at the point of their needs.
The banks need to court the fintechs. If there is no clear collaboration between the banks and fintech firms, the banks will cease to exist, as we know it”.
The sessions also stressed that collaboration between the banks and fintech is a necessity.
News
UK Appoints Peter Vowles as British High Commissioner to Nigeria

The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.
Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.
He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.
Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.
Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”
News
Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.
The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.
According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.
The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.
He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.
“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.
The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.
It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.
The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.
Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.
It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.
The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.
News
PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.
These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”
PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.
Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.
“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”
The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.
For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.
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