E-Financial
Unity Bank Partners Women Groups as it Launches Yanga Account in Uyo, Gombe
Unity Bank has collaborated with identified women groups in the North East and South/South regions as the Bank launches Yanga Account in Gombe and Uyo.
L – R: Rebecca Ladem, Ministry of Commerce and Industry, Regional Manager, Unity Bank, Kaduna, Hafsatu Bukar Shettima, Honorable Commissioner, Ministry of Women Affairs, Gombe State, Hon. Na’omi Awak and Chief Customer Service Officer, Unity Bank Plc, Titilayo Abraham during the launch of Yanga Account in Gombe by Unity Bank Plc
A statement from the Bank said the initiative and platforms being created with the Yanga Account is intended to drive financial inclusion and deepen its retail franchise especially among women in mass retail segment of the market.
“With the launch of Yanga Account, Unity Bank has created a customised banking service for the women MSMEs and the collaborative partnership with various women groups is a channel for the individual members of the groups to leverage the benefits of the Yanga Experience to drive the growth of their businesses”, the Bank stated.
Unity Bank officially launched the Yanga Account in Abuja recently where the veteran Nollywood actress was unveiled to the target market as Brand Ambassador to specifically promote women MSMEs and create a unique proposition for Yanga Account and the Brand in the market.
The Yanga Experience train stopped at the ancient city of Ibadan last week, where the Bank pledged to engage no fewer than 5 million Micro, Small and Medium Enterprises (MSMEs) operated by women in the South West region, even as Sola Sobowale, the Brand Ambassador, said no women will be left behind.
The partnership with women groups in Northeast and South-South and South-East Nigeria officially kicked off on Tuesday at activation events in Uyo, the Akwa Ibom State capital and Gombe for the Northeast region, where veteran actress and the Bank’s brand ambassador, Sola Sobowale undertook market tours to interact with the women and gain first-hand knowledge of how the Yanga Experience is being received in the market.
Targeted at women-owned MSMEs across Nigeria, the Yanga Account is a complete suite of services designed to promote financial inclusion among women through stress-free savings and investment, access to the services of dedicated Sales Agents, Agency Banking services close to the location of their businesses, special business seminar and training on how to grow business, access to microloans, customized debit cards and other bundled e-banking products.
Speaking at the event in Gombe on Tuesday, Mrs. Tomi Somefun, Managing Director/Chief Executive Officer of Unity Bank Plc, stated the “Yanga Account is most suitable for the needs of all the MSMEs operated by women in this region. We are optimistic that the carefully considered features will meet the needs of the target market,” noting that “the Yanga account is open to all market women in farming, fashion design, tailoring, frozen food, pastry and baking, cosmetics, jewellery designs and making, skincare, eateries and restaurants, etc. whether living in the communities or cities”.
She reiterated “the Yanga Account is conceived and designed for the financial literacy and empowerment of Nigerian women. It is about making sure that our women who make up 55% of the financially excluded Nigerians have access to basic and life-changing financial services”.
Also speaking during a market tour in Uyo, the Bank’s new brand ambassador, King of Boys star, Sola Sobowale invited all Nigerian women who operate businesses in the South-South and South-East to embrace the incredible opportunities offered by the Yanga account to grow their businesses.
She said: “This is the first time that a Bank will specifically design a product to cater to women and I am excited about the inherent benefits of this account and the endless possibilities that it brings to my fellow women. I invite all my fellow women in South-South and South-East Nigeria to sign up for the Yanga Account and watch their levels change.”
On his part, Mr. Funwa Akinmade, Group Head, Retail, SME Banking and E-Business, Unity Bank Plc, who spoke at the launch in Gombe said: “Female-led MSMEs in Northern Nigeria continue to play pivotal roles in the contribution of the MSMEs to the economy of Nigeria and that has informed this special activation of Yanga account in Gombe today.
“The Yanga account is a well-packaged banking product that combines several services that most small businesses owned by women will need to become profitable. We are optimistic that women in Gombe and all others across Northeast Nigeria will embrace the Yanga Account and leverage its full benefits to grow their businesses.”
With the launch of the Yanga account, Unity Bank said it underscores its retail strategy which continually aligns with the vision of the Central Bank of Nigerian and the financial services ecosystem to provide needed support for Nigerian women by enhancing access to wealth-creating opportunities in the financial services sector.
Industry watchers believe the retail product has the potential to aggressively deepen financial inclusion, which recent research by Enhancing Financial Innovation & Access (EFInA) has shown, “can benefit individuals, families, and businesses, supporting key outcomes such as GDP growth”.
L – R: Rebecca Ladem, Ministry of Commerce and Industry, Regional Manager, Unity Bank, Kaduna, Hafsatu Bukar Shettima, Honorable Commissioner, Ministry of Women Affairs, Gombe State, Hon. Na’omi Awak and Chief Customer Service Officer, Unity Bank Plc, Titilayo Abraham during the launch of Yanga Account in Gombe by Unity Bank Plc
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.
The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.
According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.
The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.
The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.
It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.
For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.
Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.
The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.
It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.
The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.
FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.
Gigbanc, Nigerian fintech startup, has announced it is winding down operations, after three years, citing a tough fundraising climate.
Paul Omoregie Okundaye, and Babatope Oni, co-founders of Gigbanc
The company, which set out to build cross-border financial infrastructure for African freelancers, creators, entrepreneurs and businesses, confirmed the decision in a statement signed by its co-founders.
“After careful consideration, Gigbanc’s leadership has made the difficult decision to wind down operations,” the company said, adding that the move “reflects the broader funding environment affecting early stage startups in Africa, a challenge that has been widely documented across the ecosystem.”
Since its founding, Gigbanc grew a community of more than 150,000 people across multiple countries and processed over $7.28 million (N10 billion) in payment volume, helping thousands of users receive their first international payment.
The company also ran conferences, fellowships and community events aimed at connecting entrepreneurs and creators across the continent.
`Despite the shutdown, Gigbanc said it is not walking away emptyhanded.
The company disclosed that it is in active acquisition discussions with a prominent financial infrastructure firm, with further details to be shared once the process closes.
Paul Omoregie Okundaye, co-founder and CEO, and Babatope Oni, co-founder and CTO, framed the closure as the end of a chapter rather than the erasure of Gigbanc’s impact.
“While Gigbanc is winding down operations, we don’t see this as the end of what we built together. Instead, we see it as the completion of an important chapter,” the founders said. “The relationships, lessons, community, and impact we’ve created will continue to outlive the company itself.”
The founders thanked users for their trust throughout the company’s run, citing everything from transactions and feature requests to bug reports and criticism as forces that shaped the product
“We leave this journey incredibly proud. Proud of our team, who gave everything they had.
Proud of the community that rallied behind us,” they said.
Gigbanc’s exit adds to a growing list of African startups that have shut down or scaled back operations in recent years as venture funding on the continent has tightened, with founders increasingly citing capital scarcity as the primary driver behind closures and consolidations.
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