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.
Bank Verification Number (BVN) database rose to a new high in July 2025, with total enrollments climbing to 66.23 million, a 4.3 per cent increase within the first seven months of the year, as Nigerians residing outside the country enrolled through the Non-Resident BVN (NRBVN) initiative.
The Central Bank of Nigeria (CBN) had, earlier this year, introduced the NRBVN, alongside the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), to attract diaspora investments into the country.
Subsequently, commercial banks with international licences took up the challenge, launching roadshows to help Nigerians abroad open accounts and enrol in the biometric identity system.
This effort drove up the number of enrollments from the 63.48 million recorded as of December 2024.
According to the latest figures from the Nigeria Inter-Bank Settlement System (NIBSS), 2025 is shaping up to be one of the most active years for BVN registration since 2021.
Over the past four years, BVN growth has maintained a steady upward trend: from 51.9 million in 2021, enrollments rose by 7.9 per cent to 56 million in 2022, followed by a 7.4 per cent increase to 60.1 million in 2023.
Growth moderated slightly in 2024, with a 5.6 per cent rise, but the 4.3 per cent increase already recorded by mid-2025 suggests this year could surpass last year’s total by December.
The NRBVN enables Nigerians living abroad to enroll for BVNs remotely, eliminating the need to visit bank branches in Nigeria.
At a cost of $50, the initiative has significantly broadened the system’s reach and strengthened diaspora engagement with the country’s formal financial services.
The spike in non-resident enrollments has also been supported by stricter Know Your Customer (KYC) requirements across the banking sector and deeper collaboration with fintechs that streamline the onboarding process.
Together, these efforts have reinforced the BVN’s role as a cornerstone of digital identity and financial inclusion in Nigeria.
Alongside the rise in BVN registrations, the banking sector is witnessing increased account activity.
As of March 2025, the number of active bank accounts reached an all-time high of 320.053 million.
Dormant accounts stood at 33.4 million, while 29.4 million accounts had been closed.
This compares to slightly lower figures in February, which recorded 316.8 million active accounts, 19.9 million dormant accounts, and 33.3 million closures.
The rebound in March points to a growing number of Nigerians re-engaging with the formal banking system, aligning with broader efforts by financial institutions and regulators to promote access, trust, and compliance within the financial sector.
Zenith Bank Plc on Tuesday rewarded Nigeria’s senior women’s basketball team, D’Tigress, with ₦200 million for winning the 2025 FIBA Women’s AfroBasket Championship.
L-R: Executive Director, Mr. Henry Oroh; Executive Director; Mr. Louis Odom; D’Tigress Captain, Amy Okonkwo; President, NBBF, Engr. Musa Kida; Group Managing Director/ Chief Executive, Zenith Bank Plc., Dame (Dr.) Adaora Umeoji, OON; Head Coach, D’Tigress, Rena Wakama; Executive Director, Mrs. Adobi Nwapa and Executive Director, Mr. Akin Ogunranti during the reception hosted by Zenith Bank to celebrate D’Tigress’ 2025 Afrobasket Women’s Championship triumph in Abuja, yesterday.
The reception, held at the bank’s head office in Maitama, Abuja, was organised to honour the team for clinching a historic fifth consecutive AfroBasket title.
Each player is expected to receive ₦10 million, which will be paid into their Zenith Bank accounts, while the technical crew and other officials will share the balance.
D’Tigress defeated Mali 78–64 in the final played in Abidjan on Sunday. The team returned to Nigeria on Monday and was received by President Bola Tinubu, who conferred National Honours of Officer of the Order of the Niger (OON) on the players and gave them cash rewards.
Zenith Bank has sponsored the Women National Basketball League for 18 years, with several players and officials of the current team having passed through the league.
Among them are Murjanatu Musa, MVP of the Air Warriors team that won the 2022 league title, and Ifunnaya Okoro. The team’s head coach, Rena Wakama, also played in the league with First Bank Women Basketball Club.
Present at the reception were Zenith Bank Executive Directors Adobi Nwapa, Akin Ogunranti, Henry Oroh and Louis Odom.
Also in attendance were the Chairman of the National Sports Commission, Mallam Shehu Dikko, President of the Nigeria Basketball Federation (NBBF), Musa Kida, and other board members.
Speaking at the event, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, commended the team for their performance and reaffirmed the bank’s commitment to supporting women’s basketball in Nigeria.
“Your victory at the 2025 FIBA Women’s AfroBasket is not just a win for Nigeria, it is a win for African sports,” she said.
Responding on behalf of the team, captain and tournament MVP, Amy Okonkwo, thanked Zenith Bank for its continued support for women’s basketball in the country.Zenith Bank Plc
Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC) Nigeria, has said that West Africa is fast emerging as a global epicentre for virtual asset adoption, propelled by a young, tech-savvy population and macroeconomic instability.
Speaking at the West Africa Compliance Summit organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in Praia, Cape Verde, Dr. Agama warned that while the region’s embrace of digital currencies is accelerating, the absence of coordinated regulation leaves it vulnerable to financial crimes and illicit capital flows.
“With over 60 percent of West Africa’s population under the age of 25 and mobile-first fintech platforms thriving, the region has become a global hotspot for virtual asset adoption,” he said. “But we must act decisively. Regulation is not optional, it is an imperative.”
The summit, themed “Adapting and Thriving in a Complex and Evolving Compliance Landscape,” brought together financial regulators, compliance professionals, and security experts to explore the challenges posed by the rapid rise of virtual assets and decentralised finance (DeFi).
Dr. Agama disclosed that crypto transactions in Nigeria alone surpassed $56 billion in 2024, with citizens increasingly turning to stablecoins such as USDT and USDC to hedge against volatile local currencies. He highlighted the growing trend of “crypto-dollarisation,” noting that young professionals now demand salaries in stablecoins, while businesses are adopting platforms like Binance Pay for cross-border transactions.
“The naira’s depreciation, Ghana’s cedi weakness, and persistent forex shortages have fueled this shift,” he explained. “Traditional remittance channels charge up to 10 percent in fees, while cryptocurrencies offer faster and cheaper alternatives. Over $20 billion in remittances flowed into West Africa last year through crypto channels.”
However, he also cautioned that the same innovations driving financial efficiency are increasingly being exploited by fraudsters and criminal actors. He cited GIABA’s report of $2.1 billion in suspicious crypto-related transactions across West Africa in 2024 alone, including the use of privacy coins by terror financiers to evade detection.
“Unregulated exchanges, artificial market crashes, DeFi ‘rug pulls,’ and Ponzi schemes have wiped out billions in investor funds,” he said. “The recent collapse of the CBEX Ponzi platform is just one of many such incidents. Strong regulation and regional coordination are the only path forward.”
Dr. Agama pointed to Nigeria’s recent legislative progress, especially the enactment of the Investment and Securities Act 2025, which formally classifies virtual assets—including cryptocurrencies, stablecoins, utility tokens, and NFTs—as securities under Section 355(4) and Part I of the Second Schedule.
“Under the new law, all exchanges, wallets, and DeFi platforms must be licensed by the SEC,” he stated. “We’ve also established a Fintech and Innovation Department to facilitate ongoing dialogue with industry stakeholders and adapt our regulations to emerging realities.”
He called on West African governments to harmonise regulatory frameworks and strengthen intelligence-sharing, proposing a Unified Virtual Asset Service Provider (VASP) Licensing System under the ECOWAS framework.
“A crypto trader banned in Nigeria should not find safe haven in Ghana,” he asserted. “Financial crime knows no borders. Our collective future depends on our ability to secure this emerging financial frontier.”
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