E-Financial
Western Union’s UEFA Europa League PASS Campaigns Scores for Education
On the day of the UEFA Europa League Final 2014, The Western Union Company, a leader in global payment services and Global Partner of the UEFA Europa League, together with the Western Union Foundation, announces the contribution to education that its PASS initiative has been making after a second season of the programme that has supported UNICEF secondary education programs in Jamaica, Nigeria and Turkey.
Western Union’s PASS initiative has been turning every successful PASS made during the 2012/13, current and next season of the UEFA Europa League into support for access to quality education for young people around the world.
SL Benfica will take on Sevilla FC at the Juventus Stadium in Turin, which will take the number of passes completed during Western Union’s sponsorship term to date to more than 350,000 having reached 170,000 at the end of the 2012/13 season.
The Western Union PASS initiative is not only meeting its objectives in terms of on-the-ground delivery; it is also driving awareness of the global education issue highlighted by the company’s broader Education for Better campaign and attracting some high profile support from within the game.
In February, former Brazilian football legend Roberto Carlos met with students supported by UNICEF and the PASS initiative in Istanbul, Turkey.
Later, same month, former Eintracht Frankfurt star and Nigerian international, Jay Jay Okocha, also lent his support.
PASS lead ambassador, Patrick Vieira, will travel to Senegal with Western Union and UNICEF immediately after this season’s UEFA Europa League Final to see how the funds donated to UNICEF through the PASS initiative will impact children’s lives and help them complete their education.
“Where I come from, many children face challenges that prevent them from completing school,” explained Vieira, the former AS Cannes, AC Milan, Arsenal FC, Juventus, FC Internazionale Milano, Manchester City FC and French international player, who was born in Senegal before moving to France at the age of eight and is currently manager of the Elite Development Squad at Manchester City FC.
“Football was my ticket to success, but for the vast majority of young people education is the key that allows them to become whatever they want to be. What’s so impactful about this initiative is that what players are doing on the pitch is being translated off it, by Western Union, into funding that will benefit students, teachers and schools across the world. Particularly in places that need it most, like Senegal, where I was born, so I’m hugely looking forward to travelling back there later this week” said Vieira.
The PASS initiative will run for the three years of Western Union’s sponsorship of the UEFA Europa League through to the 2015 final. Through the program, Western Union is committed to supporting education in select countries around the world.
“Moving money for better is at the heart of what we do as a company, and education is one of the main reasons our customers send money,” explained Diane Scott, Western Union Chief Product and Marketing Officer and Western Union Foundation Board Member.
“Through PASS, we wanted to harness the power of football to build awareness of the global education challenge the world faces as well as deliver on-the-ground support that will make a difference to young people and their communities. That is why it’s been very rewarding to see the education funding being delivered in these countries and why this end of season report is so positive.”
“We are grateful for Western Union’s continued support of UNICEF. This commitment to education will help UNICEF invest in training teachers, and provide vocational and life skills guidance to improve young people’s chances of completing school and successfully transitioning into the workplace as adults,” said Gérard Bocquenet, UNICEF Director of Private Fundraising and Partnerships.
“We are proud to work with Western Union to help more children access a quality education and provide them with a chance for a better future.”
During the first year, Western Union’s PASS collaboration with UNICEF focused on education programs in Nigeria, Jamaica and Turkey, and education programs will be supported starting later this year in Brazil, Senegal, Morocco and China.
Western Union’s funding is supporting activities including teacher training and curriculum development; financial literacy, vocational and life skills training for adolescents; school improvements; eliminating barriers to school access, and more.
Funding from the PASS initiative will help enable UNICEF to implement these interventions, aiming to provide access to one million days of education for children.
The Western Union Company is a leader in global payment services.
Nigeria Deposit Insurance Corporation (NDIC) has begun paying insured deposits to customers of the 46 recently failed microfinance banks.
Mr Thompson Sunday, managing director and chief executive, NDIC, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.
The interview took place on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting.
Sunday said the corporation was using the Nigeria Inter-Bank Settlement System (NIBBS) and customers’ Bank Verification Numbers (BVN) for the payments.
He said the NDIC had traced depositors’ alternative bank accounts and credited them directly without requiring physical visits.
He advised depositors without BVNs to visit the nearest NDIC zonal office for verification and payment processing
“The CBN revoked the licences of the 46 microfinance banks on July 1, 2026,” he said.
He said the NDIC automatically became the provisional liquidator after the revocation, in line with the law.
Sunday said the corporation had commenced payment of the insured maximum deposit of N2 million to eligible customers.
He explained that further payments would depend on the recovery of the failed banks’ assets and outstanding debts.
He said proceeds realised from recoveries would be distributed as liquidation dividends to eligible depositors.
Sunday cited Heritage Bank, Aso Savings and Union Homes as examples of the NDIC’s prompt reimbursement efforts.
He said insured depositors of Heritage Bank were paid within four days of the revocation of its licence.
He added that customers of Aso Savings and Union Homes received payments within 72 hours.
“The law allows us 30 days, but we are working to surpass our previous records,” he said.
The Central Bank of Nigeria (CBN) revoked the banks’ licences for failing to meet regulatory requirements for continued operations.
The apex bank said the action was aimed at protecting depositors, strengthening financial stability and ensuring regulatory compliance.
Mr Taiwo Oyedele, minister of Finance and Coordinating Minister of the Economy, has warned that fear, rumours and misinformation could trigger instability in the banking sector if not properly managed.
Mr Taiwo Oyedele, minister of Finance and Coordinating Minister of the Economy
Oyedele gave the warning in Abuja at the 2026 International Association of Deposit Insurers (IADI) Africa Regional Committee (ARC) Annual Meeting and Workshop, with the theme: “Safeguarding Stability: Public Awareness and Crisis Readiness for a Stronger Future.”
The minister said public confidence remained the foundation of every stable financial system, stressing that panic triggered by false information could create liquidity challenges even for financially sound institutions.
According to him, “there can be no economic growth without financial system stability, and there can be no financial stability without public trust.”
He explained that in the digital age, misinformation could spread rapidly across social media platforms, causing depositors to react out of fear.
“Public trust is fragile. In the digital age, rumours and misinformation can spread across social platforms in seconds, creating liquidity shocks even for solvent institutions,” Oyedele said.
He stressed that building public awareness should not be viewed as a public relations activity, but as a key risk management strategy capable of protecting depositors and strengthening the financial system.
Oyedele noted that deposit insurance had evolved beyond a mechanism for handling bank failures, describing it as a strategic tool for promoting confidence and economic stability.
He said effective crisis preparedness required clear frameworks, communication channels, simulation exercises and coordination among financial sector regulators before emergencies occur.
“Preparedness is not an event, it is a culture,” he said, adding that the strongest crisis response was one that prevented panic from occurring in the first place.
Highlighting Nigeria’s financial sector reforms, the minister said the country’s banking recapitalisation exercise, concluded in March 2026, strengthened the resilience of banks.
He disclosed that 33 out of Nigeria’s 37 banks met the new capital requirements, raising a combined N4.65 trillion in fresh capital, with over 70 per cent sourced from domestic investors.
Oyedele said a better-capitalised banking system would be better positioned to absorb shocks, sustain lending and reduce pressure on the deposit insurance fund.
He also pointed to Nigeria’s removal from the Financial Action Task Force (FATF) grey list in October 2025 as another milestone that strengthened confidence in the country’s financial system.
Also speaking, Mr Olayemi Cardoso, governor, Central Bank of Nigeria (CBN), said public awareness and crisis preparedness were central to maintaining financial stability.
Represented by Solaja Olayemi, director, Other Financial Institutions Supervision Department represented, Cardoso said financial systems globally were undergoing rapid transformation due to technological innovation, digital finance, changing consumer behaviour and increasing market interconnectedness.
According to him, while these developments create opportunities, they also introduce new risks that require stronger cooperation among financial safety-net institutions.
The CBN boss warned that misinformation could spread quickly through digital channels, amplifying depositor reactions and creating potential threats to financial stability.
He added that institutions must continuously strengthen crisis management frameworks, operational resilience and coordination mechanisms to respond effectively to emerging challenges.
The apex bank governor also highlighted the impact of Nigeria’s banking sector recapitalisation policy, saying stronger capital buffers would reduce the likelihood of bank failures and reinforce depositor confidence.
“No single institution can safeguard financial stability in isolation. It is through the coherence and complementarity of this institutional relationship that Nigeria’s financial safety net derives its strength,” he noted.
Earlier, Mr Thompson Sunday, managing director/chief executive officer, Nigeria Deposit Insurance Corporation (NDIC), said confidence remained the most valuable asset in any financial system.
The NDIC boss said trust could take years to build but could be lost quickly if stakeholders perceived uncertainty or instability. He said deposit insurers must ensure that the public understands and trusts existing protection frameworks during both normal periods and times of crisis.
He noted that the 2023 global banking turmoil highlighted the need for institutions to invest in crisis simulation exercises, contingency planning and effective communication strategies.
According to him, the NDIC has continued to strengthen its operational readiness through improved depositor reimbursement systems, public awareness initiatives and enhanced crisis management capabilities.
European Union (EU) has warned the public against a fraudulent document circulating online which falsely claims that the bloc, in collaboration with the World Bank, is offering compensation to individuals whose funds are allegedly trapped in banks and financial institutions across West Africa.
In a statement issued on Wednesday in Abuja, the EU Delegation to Nigeria and ECOWAS described the purported compensation programme as a scam, stressing that neither the European Union nor the World Bank is involved in any such initiative.
The fake document, fraudulently attributed to Thérèse Blanchet, secretary-general of the Council of the European Union, claimed that a special EU-World Bank recovery programme has been established to compensate citizens of Europe and other countries whose legally transferred funds were allegedly withheld by banks in the region.
It also falsely stated that the EU Ambassador to Nigeria and ECOWAS has been mandated to supervise the compensation exercise and directs potential claimants to contact him for processing.
However, the EU categorically dismissed the claims, describing every aspect of the document as fabricated.
“The document in its entirety is a scam. The information and claims contained therein are false. The European Union is neither aware of any such bogus programme nor part of it,” the Delegation stated.
The EU further disclosed that the email addresses and telephone numbers listed in the fraudulent document, purportedly belonging to Ms. Blanchet and Ambassador Gautier Mignot, EU Ambassador to Nigeria and ECOWAS, , are fake and are being used by fraudsters to deceive unsuspecting victims.
The Delegation urged members of the public to ignore the fraudulent claims and avoid engaging with anyone promoting the scheme.
It emphasized that all official announcements from the European Union Delegation to Nigeria and ECOWAS are published exclusively through its official website and verified social media platforms.
The warning comes amid increasing cases of cyber-enabled financial fraud in which criminal syndicates impersonate international organisations, government institutions and senior officials to lure victims into paying fictitious processing fees or divulging sensitive personal and financial information.
The EU reiterated its commitment to combating fraud and misinformation while urging citizens to remain vigilant against scams exploiting the names and identities of reputable international institutions.
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