E-Financial
Standard Bank Targets Bulk of Africa’s Payments with Unayo

Standard Bank has unveiled a plan to facilitate the majority of the continent’s payments through its new digital platform, Unayo.
Unayo, which means ‘you have it’, aims to connect Africa’s informal market to financial services.
Standard Bank predicts Unayo will ultimately facilitate up to 90% of Africa’s payments, as the platform has been deployed in Botswana, Malawi, Lesotho and Eswatini. The bank says in the first quarter of 2021, the platform processed over 60 000 customer-initiated transactions.
A growing number of people are taking up digital banking and shunning the traditional brick-and-mortar branches. Banks have witnessed increased use of digital banking channels amid social distancing protocols because of the COVID-19 crisis.
Standard Bank says Unayo is a multi-faceted, interactive platform that will reach across all sectors and communities.
Through Unayo, Standard Bank will service four key payment ecosystems: salaried individuals, cross-border payments, traders and donor organisations.
The bank wants to create an ecosystem of users and merchants, with the goal of stimulating entrepreneurial activity and driving financial inclusion on the continent.
“African communities are often underserved when it comes to catering to their financial needs. Much of that is linked to barriers associated with income, access to branch services and technology, as well as the cost of transactions.
“Unayo overcomes these hurdles by enabling fully know-your-client compliant onboarding and activating mechanisms for external funding (via donors and producers) to be injected into the ecosystem, allowing people from anywhere and all walks of life to participate.”
Wally Fisher, head of Unayo at Standard Bank, comments: “Anyone with a cellphone number, agnostic of the mobile network operator and handset technology, can receive value through the use of the Unayo solution and become part of the financial world.
“It is primarily supported by USSD, which extends its reach to users without smartphone access and where they are most comfortable and active: on their mobile devices. Customers with smart mobile devices can also use the solution by downloading the app from Google Play, the iOS App Store or Huawei Gallery and access more enhanced features of the banking system.”
Unayo also provides unlimited capacity to add features and services that are determined by users of the platform and not by Standard Bank.
“It is not about us building services, but users adding services that can better connect their lives. This underlying technology means users can be the custodians of their preferences and tailor the platform for their unique needs. Business owners or individuals can create savings pockets for specific goals, like education, by opening transactional or business accounts.”
According to Fisher, Unayo holds the potential to initiate a richer savings and investing culture, as the receivers and holders of funds are able to create society and shared savings schemes.
E-Financial
Sterling Bank Pledges ₦2bn to Fully Fund University Scholarships

Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.
The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.
Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.
According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.
“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”
Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.
E-Financial
FG to Train 100,000 Youths Annually in Forex Trading and Financial Skills

Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.
The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.
At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.
Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.
The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.
The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.
Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.
Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.
E-Financial
NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
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