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E-Financial

NIBSS, PFS Launch National Automated Cheque Clearing System

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Dr. Yele Okeremi, Managing Director of PFS,
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Nigeria Inter-Bank Settlement System (NIBSS) and Precise Financial Systems (PFS) have collaborated to unveil a new National Automated Clearing System (NACS), which allows all the Deposit Money Banks in the country to clear cheques within hours.

 

The banks have been test-running the infrastructure for 11 weeks ago and a total of N5 trillion  worth of cheques from 10 million transactions has been processed through the new platform.

 

At the post go-live session in Lagos with representatives of the banks, Mr. Ade Shonubi, managing director of NIBSS, explained that the institution had been on the project for over 18 months. He added that the infrastructure would allow all the banks to achieve several payment and non-payment transactions.

 

NIBSS’ boss said that as at today there are four clearing sessions. According to him, the advantage of having multiple clearing sessions was that the net amount against each bank is smaller so that risks are managed.

 

“With the new system, a cheque can be cleared within six hours, four hour or at whatever duration we agree”, he said.

 

Dr. Yele Okeremi, Managing Director of PFS, the software firm behind NACS, at the session said the process of clearing cheques in all Nigerian banks has been simplified with the launch of NACS and that the successful completion of the project has the door for more Nigerian firms to take on more national challenges.

 

Okeremi commended the collaborative effort that exists between NIBSS and PFS, saying that the partnership has given birth to the new system that “allows bank customers to experience the benefits of shorter cheque clearing cycles, as it reduces operational cost of the banks because the clearing departments of the bank can work smarter and close earlier”.

 

Mr. Kolawole Aminu, Head, Domestic Payments and Collections, Union Bank,  described the new platform as user-friendly.

 

He added that “over N5 trillion that has been processed on the new platform just within 11 weeks. We are talking of over 10 million in terms of the volume of cheques. That tells you how much we do with this mode of payment.”

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

GTCO to Become First Nigerian Bank to List on London Stock Exchange

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By 8 am on July 9, GTCO Holdings is set to commence trading on the London Stock Exchange.

GTCO to Become First Nigerian Bank to List on London Stock Exchange

As the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.

This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange.

The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.

On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List.

It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.

In place of the GDRs, the group will list all its ordinary shares directly.

aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List.

The shares will also begin trading on the LSE’s main market for listed securities.

According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria.

Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.

This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.

As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.

 


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E-Financial

NAICOM Issues New Licenses to SanlamAllianz Life, General Insurance

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The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja.

Olusegun Omosehin, commissioner for Insurance emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.

The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.

SanlamAllianz recently launched its operations in Nigeria, marking a significant step in the company’s Pan-African expansion.

The launch follows the merger of Sanlam and Allianz’s Nigerian operations, creating a new entity named SanlamAllianz Nigeria.

This joint venture aims to transform the Nigerian insurance landscape by offering enhanced customer experiences, innovative solutions, and improved financial inclusion.


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E-Financial

World Bank Approves Extra $65m for Nigeria’s SPESSE

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World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.

World Bank Approves Extra $65m for Nigeria’s SPESSE

The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.

The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.

The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.

This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.

The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.

Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.

This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.

In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.

Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.

These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.

Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.

In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.


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