E-Financial
SMEs and Freelancers learn ways to increase revenue from experts at Kuda Business partnerships webinar
Kuda Business, the enterprise-facing offshoot of Kuda, held a webinar for business owners in Nigeria seeking to leverage partnerships to maximise value from their ventures in this economically trying times.
Facilitated by sales experts and a notable entrepreneur, the webinar titled, ‘Leveraging Partnerships to Make More Revenue’, was held on Thursday, February 29, 2023.
Mrs. Vivian Ekwegh, the CEO of declutterdotcom; Maryam Ibrahim, Strategic Partnerships Manager (B2C) at Kuda; and Oluseye Babatunde, Strategic Partnerships Manager (B2B), Kuda, all spoke at the webinar aimed at freelancers and SMEs.
Speaking about the nature of business partnerships, Mrs. Ekewgh mentioned that partnerships are “a wholesome way to grow [a business].”
Furthermore, the declutterdotcom CEO advised Nigerian business owners to look for companies with similar values.
“Look for another business that is complementary, or even a competitor who has similar strengths.”
“Your reach is beyond your network because you’re now partnering with someone who has done it for a while,” she said, sharing a personal anecdote of how partnering with logistics services helps her business provide value to customers.
“At this rate, people should collaborate, not compete. Because nobody has it all,” she said.
Addressing the challenge of identifying potential customers, Babatunde shared that it was important to look out for compatibility. “Things to look out for, be sure you are compatible. Complementarity is very important. If you don’t understand the value chain, where you play, you won’t know how you can complement. After this, you begin to check out their integrity, you can also check out their track record of success. Then, read reviews about them.
“Do as much as possible to learn more about the company. Don’t just assume you know these people. You’re going into a different relationship with different dynamics,” he said.
On her part, Ms. Ibrahim shared that businesses should conduct “extensive research”. “You need to do a competitive comparison of the different players in the company, who is on top, which business will be beneficial for me. Then you need to be sure of the reputation and credibility of the organisation you want to partner with.”
The speakers shared their wealth of experience with attendees, using personal examples to drive home the importance of vetting partnerships properly.
Mrs. Ekwegh shared an experience with a delivery firm she had in the past, which was as a result of a difference in values. “We had to partner with a delivery firm, they contacted us. We connected them with a few clients. They didn’t understand business integrity or following through with customers. So it was so bad. Sometimes they damaged our products before they got to the customers’ side.
“Other times, you want to collaborate with a business. Some of them became so rotten, they began to scam the customers. It was a big challenge for the company because we identified with them. We spoke for them. It came back to bite us back.
“The biggest challenge I’ve had to face is deliveries with companies, some started scamming the customers and taking the money for themselves,” she shared.
Harping on the importance of negotiation in the process of establishing partnerships, Babatunde advised business owners to go to the negotiation table with clarity and honesty.
“I never go to a negotiation table without my clear ask—my clear terms. There might be some tweaks and adjustments along the way. You need to go with honesty. I don’t tell people what I cannot do. I see a lot of people go into partnerships trying to pad the figures and so on. It will haunt you later. If you cover Lagos and Ibadan, don’t say you cover the whole of the southwest. If your customer base is 50, say it’s 50,” he explained.
Ibrahim advised business owners to highlight the value they are bringing to the table.
The B2C partnerships expert shared that having a unique selling point is key.
“It’s very important to highlight the value you are bringing to the partnership. You need to show them why they are choosing you, or why they should go with you. You need to have your unique selling point,” she said.
But she also advised business owners to remain flexible.
“You can’t be stone-headed and say ‘it’s my way or it’s no way’. Maybe not in the key areas, but be willing to be flexible,” she said.
Casting some attention to the economic landscape in Nigeria, the speakers also shared advice for businesses to help them remain viable despite prevalent circumstances.
“Don’t just be a Lone Ranger. Network. There are things you will not know are possible until you get into a space that shows you a niche or an opportunity you can explore. Ask questions. You don’t know it all,” he said.
Mrs. Ekwegh shared that “letting other people in” is also important to scale a business and its operations.
“Most businesses in Nigeria are borne out of a place of pain. A lot of the time you’re the everything for your business. You’re the CEO, the customer service, everything. And doing it alone can break your back. If you really want to go far you have to let other people in,” she said.
Kuda Business continues to empower business owners and SMEs to help them achieve profitability and scale their operations.
The platform’s webinar series, hosted monthly, helps businesses access knowledge from entrepreneurs and experts, providing a community for experienced voices to share practical knowledge.
Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.
Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.
The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.
Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.
This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.
Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.
Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.
Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.
Offsetting this were write-offs and reversals that mitigated losses.
First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.
Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.
Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.
Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.
On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.
Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.
FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.
Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.
Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.
Securities and Exchange Commission (SEC) has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with Investment and Securities Act (ISA) and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
”These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
Accion Microfinance Bank has unveiled AccionMonie, a next-generation digital financial services platform aimed at empowering individuals, micro, small, and medium enterprises (MSMEs), as well as low-income households across Nigeria.
Speaking at the official launch in Abuja, Chief Executive Officer of Accion MfB, Taiwo Joda, described the introduction of AccionMonie as a significant milestone and a testament to the bank’s culture of innovation, designed to meet the evolving needs of its customers.
“At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond,” Joda said.
He added that the app provides instant access to essential services including loans, savings, and other forms of financial support.
According to Joda, AccionMonie is a strategic component of the bank’s “Always There to Lend You a Hand” campaign, which underscores its commitment to small business development and the economic upliftment of underserved households. The campaign positions Accion MfB as not only a financial institution but also a trusted partner in its customers’ journey to prosperity.
Highlighting the economic role of MSMEs in Nigeria, he noted that with an estimated 37 million MSMEs, the sector accounts for 86% of employment and contributes 48% to Nigeria’s Gross Domestic Product (GDP). However, these enterprises continue to face major challenges such as limited access to finance, inadequate infrastructure, and an unfavourable business environment.
Also speaking at the launch, the bank’s Chief Commercial Officer, Stephen Olalere, said the combination of AccionMonie and the bank’s expansive network of over 74 branches across 12 states will help bridge the gap in financial service delivery to small businesses.
“The platform’s user-friendly features are designed to simplify payments and offer vital support to businesses and individuals alike,” he said.
Paul Ehiagbonare, Chief Digital Officer of the bank, described the launch as a bold step toward digital leadership and financial empowerment.
“For us, AccionMonie reflects customer empowerment through digital tools and technologies. It offers a range of customer-focused features designed to promote financial inclusion,” he said.
One of its standout features is Save2Loan, which allows users to save between ₦50,000 and ₦250,000 over a 90-day period and become eligible for a loan worth twice their saved amount. This, Ehiagbonare explained, will help promote a savings culture while enhancing credit access.
In addition, customers can conveniently fund their AccionMonie accounts using any debit card, eliminating the need for physical visits or long queues in banking halls.
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