E-Financial
Sterling Bank, SMEDAN Partner to Create Nigeria’s Largest SME Database

One of Africa’s fastest-growing companies, Sterling Bank, has recently signed an agreement with the Small & Medium Enterprises Development Agency of Nigeria (SMEDAN) to establish a comprehensive database of Small and Medium Scale Enterprises (SMEs) in Nigeria.
This will help in scaling intervention programs and providing tailored solutions that truly contribute to the growth of SMEs.
The signing ceremony took place in Lagos, where Mr. Abubakar Suleiman, Chief Executive Officer of Sterling Bank, expressed his optimism about the collaboration.
He emphasised that genuine collaborations, driven by opportunity rather than regulation, often yield positive outcomes.
He regarded this partnership as one of those promising ventures, highlighting that no external regulatory pressure compelled their cooperation.
Suleiman stressed the MoU’s significance while noting the critical role of data in economic development.
He asserted that the agreement marks the beginning of a journey towards a formalised economy, enabling the government to intervene effectively when necessary. Suleiman also emphasised the importance of SMEs having access to capital based on their historical data.
In order to do this, he stressed the importance of developing an atmosphere that motivates SMEs to self-report, even if it is just to be eligible for SMEDAN services.
Furthermore, Suleiman emphasised that self-reporting is the initial step for small and medium businesses to become auditable institutions.
Sterling Bank is committed to dedicating its resources to the success of the MoU and will advocate for government support of SMEs. Suleiman noted that the outcomes of this collaboration would benefit the entire banking industry, not just Sterling Bank.
Mr Olawale Fasanya, Director General of SMEDAN, expressed his appreciation for the bank’s initiative and highlighted the MoU’s immense value to SMEDAN’s operations.
Fasanya stressed the criticality of data to their activities, citing their recent online registration of SMEs. Despite registering approximately 3.8 million SMEs through this initiative, the data still requires cleaning.
Fasanya emphasized that the availability of accurate data would enable SMEDAN to connect SMEs operating within the same market.
Mustapha Otaru, Chief Product Officer at Sterling Bank, described the bank’s approach to managing SMEs as an ecosystem and emphasised the federal government’s importance of collaboration with SMEDAN.
He acknowledged that progress is impossible without such partnerships.
Otaru said that in addition to providing access to finance, Sterling Bank aims to nurture SMEs and support their growth from micro to corporate levels.
The bank achieves this through innovative solutions such as its common facility for fashion entrepreneurs and special bundled offerings.
Sterling Bank’s products, according to Otaru, are strategically designed to align with its HEART (Health, Education, Agriculture, Renewable Energy, and Transportation) strategy, which the bank adopted in 2018 to focus its investments on key sectors of the economy.
Bolanle Tyson, the Head of SME Products at Sterling Bank, underscored the integral role of SMEs in economic growth.
She expressed her enthusiasm for the partnership with SMEDAN, envisioning a lasting collaboration that leverages combined resources to drive economic growth.
E-Financial
NAICOM, World Bank Explore Opportunities for Collaboration

The National Insurance Commission (NAICOM) and the World Bank have collaborated to explore opportunities for the latter’s growth and development.
During a courtesy visit, the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, highlighted the National Insurance Commission’s dual role in regulating the insurance industry and driving growth and development in Nigeria.
Highlighting developments in the sector, the Commissioner emphasised the importance of the New Insurance Consolidated Bill, which has been passed by the Nigerian Senate and awaiting concurrence from the Federal House of Representatives.
He expressed optimism that the bill would receive presidential assent once passed by both chambers. He acknowledged the challenge of changing the public perception of insurance in Nigeria, citing past experiences of non-claim payment.
He introduced the Commission’s new mantra, “find a reason to settle claims,” which has led to increased compliance from industry players.
On penetration and enforcement, the Commissioner discussed the recent collaboration with the Nigeria Police Force and other relevant agencies on compulsory insurance enforcement, which began on February 1, 2025.
He also highlighted NAICOM’s efforts to educate the public on the benefits of third-party insurance through various media channels.
He also emphasised NAICOM’s commitment to supporting President Bola Tinubu’s vision of a $1 trillion economy.
In his part, the Deputy Commissioner, Technical, Dr Usman Jankara, added that NAICOM aimed to operate on a value proposition, meeting the needs and aspirations of Nigerians through sustainable insurance products.
He unveiled NAICOM’s plan to develop cyber insurance guidelines and engage stakeholders. The Commission identified insufficient actuarial capacity in the Nigerian insurance sector as a major challenge.
Responding, the World Bank delegation leader, Mr. Mehnas S. Safavian, promised to consider NAICOM’s requests for assistance, including capacity building, automation, and capital market development.
The meeting marked a significant step towards fostering collaboration and growth in Nigeria’s insurance sector.
E-Financial
Blockchain Technology Will Aid Market Regulation – SEC

Dr. Emomotimi Agama, director-general, Securities and Exchange Commission (SEC), has emphasized that the deployment of blockchain technology will improve efficiency and aid the regulation of the capital market.
Agama stated this during a session with a delegation from Algorand Foundation, at the Commission’s headquarters in Abuja.
Essentially, blockchain is a decentralized system that enhances trust and security by allowing multiple parties to independently verify and validate transactions without needing a central authority.
Agama said in Africa, where there are significant issues such as financial exclusion, lack of transparency, and inefficiencies in public and private sectors, blockchain presents an opportunity to build a future where the challenges can be addressed as blockchain is a digital ledger technology that securely records and verifies transactions across a network of computers.
Furthermore, the SEC DG said the commission is consistently aligning with international best practices by collaborating with global regulatory bodies such as the International Organization of Securities Commissions (IOSCO), adding that this ensures that the commission’s regulatory framework remains robust, adaptive, and aligns with global standards, enabling cross-border collaboration and fostering investor confidence.
He disclosed that the SEC has introduced several measures to ensure that these innovations are harnessed responsibly: Accelerated Regulatory Incubation Program (ARIP) and Regulatory Incubation (RI) Program: The ARIP and RI Program were designed to on-board firms operating in the digital asset space and provide a controlled environment to test new models, products, and services.
These programs, he stated, foster innovation while ensuring that robust consumer safeguards are in place adding that the recent approval-in-principle granted to two digital asset exchanges and five firms participating in these programs is a testament to our commitment to enabling innovation.
According to him, in this era of technological innovation, the question is not whether Africa will adopt blockchain, but how it will shape its adoption to maximise its benefits for all the people.
“We want to activate the blockchain in our efficiency; we want to be able to use it to regulate our market. My dream is to have all of the information we need to do our work in a block chain. We want to bring technology into our system for effectiveness where we can work seamlessly and everything that we do will be traceable.
“So wherever there is a toxin in the block chain we will find it and deal with it. We will extend it to the point where review of applications will be done on the block chain so whoever drops the ball will be seen. Each transaction is grouped into a block, and these blocks are linked together in a chronological chain. This structure ensures that once information is added to the blockchain, it cannot be altered or deleted, providing a transparent and tamper-proof record.
“We want to leave a legacy that each one of us will be proud of when we leave this Commission. But in getting that to happen, we must all be educated enough to drive that course,” Agama said.
The DG disclosed that the Commission being the apex regulator of the capital market cannot be left out in technological advancement hence the need to engage Algorand Foundation to explore the Commission’s needs and potential application and benefits of blockchain technology.
“It is very interesting that we are having this opportunity to do this for our organization, this is a knowledge-based institution and I am leading from the front. All our staff must begin to retool themselves because as regulators, we have to be on top of our game.
“As we begin our steps in moving the commission forward together, the foundation of everything that we do requires deep knowledge and understanding, without knowledge we cannot get it done. No matter what I say, without you all being part of that train we cannot get the work done. There is no way I can do everyone’s job; we all have to be equipped to regulate this market,” he added.
In his remarks, Mr. Eric Wragge, global head, Business Development, Algorand Foundation, said the team is in Nigeria to democratize technology and assist interested organizations and businesses take advantage of the numerous benefits of implementing blockchain technology in their operations.
“It is an honour to be here. We are here to tell you what block chain is all about and how it can help your work. We are here to democratize the technology, it’s free to use, anybody can use it. Our job is to go round the world, discover where the technology can be used and help people implement,” he stated
E-Financial
Active Bank Accounts Hit 312m as @ 2024

As of December 2024, the number of active bank accounts in Nigeria has reached 311.65 million, marking a significant increase from 202.6 million at the end of 2023.
This represents a growth of approximately 48.89 per cent over the year, with around 102.34 million new accounts activated during this period.
In addition to the rise in active accounts, there has also been an increase in dormant accounts, which reached about 19.7 million, and closed accounts, which totaled 25.49 million by December 2024.
The data reflects ongoing efforts towards enhancing financial inclusion within the country, driven by initiatives from the Central Bank of Nigeria and the Nigeria Inter-Bank Settlement System (NIBSS).
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