Alpha Morgan Bank Limited, a new generation bank, has dragged 19 banks in Nigeria before the Federal High Court in Lagos in its quest to recover the sum of N230.9 million that was fraudulently withdrawn from the accounts of two of its customers due to a system glitch.

Alpha Morgan Bank claimed in the suit that the funds belonging to NEM Insurance Plc and Extension Publications Limited were stolen from its vault and allegedly fraudulently transferred into multiple accounts across 19 financial institutions.

The bank is requesting an order from the court, directing the 19 financial institutions to reverse and remit to Alpha Morgan Bank all funds illegally debited from the customers’ settlement and collection accounts and transferred into the accounts of the defendants’ customers.

The suit was filed by Alpha Morgan Bank, alongside the affected customers.

In an affidavit filed in support of the suit and deposed to by Dayo Abe,  litigation officer, the plaintiffs averred that several digital financial services agents had taken advantage of a system glitch in the bank’s operations.

Abe alleged that the agents, acting as service providers and holding accounts with some of the defendant financial institutions, used the glitch to unlawfully make several transfers from the accounts of NEM Insurance Plc and Extension Publications Limited.

He also claimed that N230,978,536 was illegally transferred from the customers’ accounts, which were domiciled with Alpha Morgan Bank, into various accounts belonging to individuals across 19 financial institutions.

The Plaintiffs further stated that following the bank’s complaint, the affected financial institutions placed temporary “no-debit” restrictions on the implicated accounts.

Abe alleged that the perpetrators continued to transfer the illicit funds into other accounts linked to their Bank Verification Numbers (BVNs), raising concerns that the funds could be completely dissipated unless all accounts connected to the suspected fraudsters were immediately frozen.

He argued that failing to block all accounts associated with the perpetrators would result in continued illegal withdrawals, thereby exposing investors’ and shareholders’ funds to risk further.

The Plaintiffs also submitted that the system glitch and the resulting fraud have caused severe financial hardship and that urgent court intervention is necessary to prevent additional losses.

Thousands of small and medium-sized enterprises (SMEs) across Nigeria and the African continent can now gain critical AI and digital skills to expand their businesses and trade continent-wide. Google and the African Continental Free Trade Area (AfCFTA) Secretariat have launched the ‘AfCFTA Digital Inclusion & Entrepreneurship Programme,’ a new, free training initiative powered by the Google Hustle Academy.

Small businesses are the backbone of Africa’s economy, generating nearly 80% of jobs across the continent. This programme is designed to close the digital skills gap by providing entrepreneurs with AI-powered solutions and localized training that addresses the real-world demands of today’s market. The initiative will build on the success of the Google Hustle Academy, which has supported over 18,000 SMEs across Africa since 2022.

H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat, commented on the partnership’s significance. “The Programme aligns with the transformative goal of the AfCFTA, particularly outlined in the Protocol on Digital Trade and the Protocol on Women and Youth in Trade, to position MSMEs, women, youth, persons with disabilities, rural farmers, and other stakeholders as key drivers and beneficiaries of the AfCFTA.  It  is the demonstration of our commitment to fostering digital inclusion and empowering MSMEs to trade under the AfCFTA using digital technologies.”

“Technology is a powerful equalizer, and this partnership is about providing thousands of African entrepreneurs with the practical tools and knowledge to unlock new opportunities,” said Charles Murito, Google’s Regional Director for Government Affairs and Public Policy in Sub-Saharan Africa.

“By focusing on critical areas like AI, e-commerce, and cross-border trade, we’re helping to build a more connected and prosperous digital ecosystem across the continent. This is a testament to our ongoing commitment to Africa’s vibrant and dynamic business community.”

A Curriculum for Continental Growth

The training focuses on action-oriented learning through three core modules, and will be delivered in English, French, Arabic, and Portuguese to ensure accessibility for entrepreneurs across Africa.

Cross-Border Digital Trade: Co-created with the AfCFTA Secretariat, this module turns policy into practice. Entrepreneurs will learn to find new markets, adapt products, and master the logistics of cross-border payments and shipping.

Cloud for Small Businesses: This module focuses on using cloud tools to boost efficiency and cut costs. Participants get hands-on training with Google Workspace for teamwork and Google Cloud for secure operations.

AI for Productivity: This module provides practical skills to scale a business using AI. Entrepreneurs will learn to use tools like Google Gemini to automate tasks, create marketing content, and analyze customer data.

UpSkill Universe, a leading digital skills training provider, will manage the programme delivery. “Entrepreneurs across Africa are already driving change. We recognise the challenges they face, from the rise of AI to shifting customer behaviours,” said Gori Yahaya, CEO of UpSkill Universe. “This collaboration ensures we can equip businesses with the practical tools and technologies they need to grow, scale, and thrive.”

Eligibility and Application Details

Applications for the programme are now open. The initiative is designed for SMEs that have been in operation for at least six months and are based in selected AfCFTA member states, including Nigeria, Kenya, South Africa, Ghana, Cameroon, Senegal, Togo, Côte d’Ivoire, Rwanda, Mauritius, Ethiopia, Tanzania, Namibia, Zambia, Angola, Mozambique, Egypt, Tunisia, and Morocco.

Mastercard and Zenith Bank have collaborated to launch the Essential Debit Card, scalable solution designed to enhance access to secure digital payments in Nigeria.

L–R: Oluwadamilare Mesimo, Director, Account Management at Mastercard; Dr. Folasade Femi-Lawal, Country Manager for West Africa at Mastercard; Dame Dr. Adaora Umeoji, GMD/CEO, Zenith Bank Plc; Dr. Adobi Nwapa, Executive Director, Zenith Bank Plc; Dr. Celestina Appeal, AGM/Group Head, Card Services, Zenith Bank Plc.

The card is tailored to meet the everyday financial needs of underserved populations, including low-income earners, who have historically faced barriers to formal banking services.

The introduction of this card comes at a time when Nigeria’s digital economy is gaining significant momentum. According to data from the Nigeria Inter-Bank Settlement System (NIBSS), electronic payment transactions reached ₦1.08 quadrillion in 2024, an 80% increase from ₦600 trillion in 2023.

Point-of-sale (PoS) transactions also surged to ₦19.4 trillion, an 81% year-on-year rise, reflecting the growing trust among consumers and merchants in digital platforms and a rising demand for accessible financial tools.

Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa at Mastercard, said: “At Mastercard, we believe that inclusion fuels innovation, and innovation must be inclusive by design.

The Essential Debit Card offers a gateway to economic opportunity for millions. Through this collaboration with Zenith Bank, we are scaling impact by meeting people where they are, with the tools they need to thrive in an increasingly digital world.”

Dame Dr. Adaora Umoji, OON, Group Managing Director/Chief Executive at Zenith Bank plc, said: “This launch aligns with our ambition to drive financial inclusion at a larger scale.

“By offering an affordable, secure and practical digital payment solution, we’re empowering more Nigerians to participate in the formal economy, supporting not only individual progress but national economic growth.

“Together, we’re breaking barriers to everyday commerce and moving a step closer toward closing the financial inclusion gap in Nigeria.”

Zenith Bank began issuing the Essential Debit Card in July 2025 across its national network of physical branches and digital platforms. Customers can choose between a physical or virtual card, depending on their preferences.

As one of the first tier-one banks in Nigeria to adopt Mastercard’s Essential Debit framework, Zenith Bank is strengthening its ability to reach high-potential, underserved market segments through simplified onboarding and lower issuance cost.

By combining Mastercard’s global network and trusted technology with Zenith Bank’s nationwide reach, the Essential Debit Card delivers a simple, secure and affordable payment solution that aligns with how Nigerians live, work and transact today.

This collaboration reinforces a shared commitment to unlocking inclusive growth and accelerating the transition toward a more digitally empowered economy.