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 Securities and Exchange Commission (SEC) has cancelled the registration of Mainland Trust Limited, and suspended Centurion Registrars, following their failure to comply with regulatory directives.
The commission made the disclosure through circulars which were released at the weekend. The circular on Mainland Trust Limited read: “The Securities and Exchange Commission hereby notifies the general public that the registration of Mainland Trust Limited as a capital market operator has been cancelled with immediate effect.
“This cancellation order is made pursuant to the powers of the Commission under Section 38(4) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.
“The Commission’s decision is informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.
“All clients of Mainland Trust Limited are by this notice advised to contact the Central Securities Clearing Systems Plc (CSCS) for appropriate guidance on the transfer of their stocks to another stockbroker of their choice.”
SEC directed that the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all capital market trade associations to discontinue capital market-related dealings with the company.
In the same vein, the SEC announced the suspension of Centurion Registrars Limited, its directors and sponsored individuals from capital market activities with immediate effect.
The SEC said the suspension order was made pursuant to the powers of the Commission under Section 38(4) & (5) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.
It explained that its decision was informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.
“All clients of Centurion Registrars Limited are advised to contact Africa Prudential Plc for appropriate guidance on the transfer of their portfolios to another Registrar of their choice.
“In addition, the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all Capital Market Trade Association are directed to discontinue capital market related dealings with the company and its principal officers,” the circular stated.
The commission also disclosed that in furtherance of the commission’s unwavering commitment to the maintenance of zero tolerance for infractions in the Nigerian capital market and in line with its revised enforcement strategies, stakeholders and the general public are hereby informed that henceforth, the names of capital market operators (CMOs) found to have violated market laws/regulations would be published in the commission’s “name and shame” journal.
“The publication would be in addition to the sanctions/penalties for the respective infractions prescribed in the ISA 2007 and the SEC Rules and Regulations.
“This enforcement strategy underscores the Commission’s dedication to safeguarding the integrity and stability of the Nigerian capital market, protecting investors, and ensuring strict adherence to established rules and regulations.
“Stakeholders and CMOs are advised to be guided accordingly” the commission added.
FirstBank has formally denied allegations of fraud in an ongoing court case filed by customer Dr. Agbai Eke, describing the claims as “entirely unfounded and false.”
According to a statement from the bank, their internal investigation points to “unprofessional and unethical dealings” between Dr. Eke and a former bank employee.
FirstBank claims these individuals used a personal relationship to conduct unauthorised transactions without the bank’s knowledge or involvement.
The bank said it has reported the matter to law enforcement authorities for further investigation.
Officials noted that suspects have already provided statements to investigators.
FirstBank also declined to provide additional details, citing the ongoing court proceedings.
“We will refrain from further comments to allow the Court to dispassionately determine the issues before it,” the bank stated.
The case gained public attention following reports by Thisday Newspaper and Arise Television, as well as through a circulating video regarding the legal dispute.
Nigeria is undergoing a significant shift toward digital payment methods, with cash payments projected to decline by 32 percent by 2030, according to Worldpay’s Global Payment Report 2024 (GPR).
This is because access to financial services in remote areas via smartphones has transformed millions of people’s access to the global economy.
According to the report, Nigeria led Middle Eastern and African countries in cash dominance for point-of-sale transactions, accounting for 40 percent of 2024 PoS value from 91 percent in 2019.
The report said the use of cash in Nigeria is higher when compared to the MEA region including Saudi Arabia with 22 percent in 2024, South Africa (30 percent), and the UAE (17 percent).
“Over the past decade, Nigeria has witnessed progress in financial inclusion. According to the World Bank, the percentage of banked Nigerians increased from 30 percent in 2011 to 45 percent in 2021. Similarly, South Africa’s banked population grew from 54 percent in 2011 to 85 percent in 2021,” it said.
The Nigerian Inter-Bank Settlement System (NIBSS) reported that the number of active bank accounts surged to 311 million in 2024, further underscoring the country’s rapid financial transformation.
The global report disclosed that account-to-account (A2A) transfers via the NIBSS Instant Payments (NIP) have emerged as the leading e-commerce payment method in Nigeria.
Furthermore, A2A payments via NQR are now the second most popular payment method at the PoS, trailing only cash. This surge in A2A usage underscores the growing adoption of instant payment systems in the country.
Recent data shows that electronic payment transactions in Nigeria rose to an all-time high of N1.07 quadrillion in 2024. This is a 79.6 percent increase from the N600 trillion recorded in 2023.
Beyond transaction value, the volume of e-payments also saw a substantial increase. The total number of transactions processed by NIBSS rose from 9.7 billion in 2023 to 11.2 billion in 2024, representing a 15.5 percent year-on-year growth.
Also, PoS transactions soared to N19.4 trillion in 2024, marking an 81 percent increase from N10.73 trillion in 2023.
Industry experts attributed the surge in electronic transactions to a combination of factors, including the cash scarcity experienced in early 2023 and the continued implementation of the Central Bank of Nigeria’s (CBN) cashless policy.
The GPR report highlights MEA’s progress in digital payments, with e-commerce transactions accounting for 29 percent of total value in 2014. By 2024, digital payments represented 49 percent, nearly matching the combined value of cash and card transactions (51 percent). By 2030, digital payments are expected to dominate e-commerce, making up 65 percent of transaction value.
“The shift is even more pronounced at PoS. In 2014, digital payments accounted for only 1 percent of PoS transaction value. By 2024, they had grown to one-third of the market. Worldpay projects that by 2030, digital payments will account for 47 percent of PoS transaction value, nearly equalling traditional cash and card payments,” it said.
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