E-Financial
Access Bank: Between fact and fiction

By Jackson Ugbechie
One noble attribute of the average African is that he or she seeks opportunity to do good. The African man is his brother’s keeper.
This finds strong expression in an Igbo adage: “Let no one leave his kindred behind.” Access Bank and its Group Managing Director, Herbert Wigwe, just did that as Nigeria and indeed the rest of the world buckle under the Covid-19 pandemic.
Wigwe and his bank donated N1 billion apiece to a common purse managed by Central Bank of Nigeria (CBN) under the auspices Coalition Against Covid-19 (CACovid).
The donation was not directly to the Federal Government. It was to be administered by the apex bank for the building of isolation centres and acquisition of other medical facilities to combat the pandemic. Other corporate bodies and good-hearted Nigerians also contributed to the purse. By last count, over N27 billion had been donated into the purse.
Africa’s richest man, Aliko Dangote, oil magnate Femi Otedola are among the donors. Politicians like Bola Ahmed Tinubu and Atiku Abubakar also made donations in their own unique ways. It was clearly a freewill donation. Corporates who donated only fulfilled a part of their corporate social responsibility, CSR. Every year, corporate organisations vote millions and billions for CSR, as a way of giving back to the society. In recent years, CSR has become an integral component of corporate budgets and budgeting.
It helps to give capitalism a human face. It’s become a powerful public relations tool. If you make money from a community, it’s only fair that you donate to the same community.
It is part of global best practices. Corporates now recognise that an organisation is as good as its environment; that profit is not everything but impact is. Wigwe and his bank chose the path of impact. They chose to add value to society, to be a part of the solution to a plague that got the whole world into a lockdown mode. The efforts of these corporates and individuals is noble and commendable, especially as they are not under compulsion to give.
What they donated was used to build isolation centres in all the six zones of the country. It was to serve all Nigerians, poor or rich, irrespective of ethnic configuration. And truly, all categories of Nigerians have been profiting from these donations. The very fact that Nigeria has been able to increase the number of test centres, increase number and capacity of medics and successfully treated and discharged over 480 covid-19 patients owes largely to the efforts and goodwill of these donors. It’s therefore unfair to vilify any of these donors under any guise.
Wigwe, a chartered accountant, banker and economist while explaining reasons for the donation said: “In our characteristic manner of offering ‘more than banking,’ Access Bank is at the forefront of the fight against COVID-19. Through our various projects, we are looking to support the government and the Nigeria Centre for Disease Control (NCDC) by providing facilities that can serve as both testing and isolation centres.
“Despite the strides being made, we implore all Nigerians to adhere to stipulated social distancing guidelines, and practice regular hand-washing as directed by the World Health Organization. We are positive that we can beat the spread of the virus, if we all comply with the safety measures as advised by the NCDC and WHO,” he stressed.
Worthy of note is the fact that the same bank made similar donation in Ghana and got rave commendation, not denigration. Access Bank donated a fully equipped ambulance to the University of Professional Studies, Accra (UPSA) to improve health care delivery on campus and in the community in which it operates. The ambulance, which will be managed by the UPSA Clinic on campus, is equipped with basic emergency kits such as oxygen inhaler, fire extinguisher, stretcher among others. While the bank has been roundly commended in Ghana for its gesture, the contrary is the case in Nigeria where it gave even more. Is this a case of a prophet not being honoured at home?
Outside Africa, other public-spirited individuals and corporates have continued to make donations in cash and in kind. Chinese billionaire and e-commerce mogul Jack Ma has his donations shared across the world including Nigeria. World richest man, Bill Gates of Microsoft fame, through his foundation has been dishing out money to find a cure for the virus. He has already splashed $250 million of his money for this cause. He, too, needs commendation, not vilification.
It is therefore shocking to hear some Nigerians pour venom on Wigwe and his bank for making donations in the manner they did. It is an act of ingratitude to say the least. His maligners point to an imaginary sacking of Access Bank staff and an anticipated cutting of salary of staff as reasons for their criticism. Here, they miss the mark. The bank has not sacked any staff on account of covid-19 economic impact. Staff sacked were non-essential casual workers inherited from Diamond Bank which it acquired recently. Staff rationalisation is usually a consequence of mergers and acquisition. To continue to hold to the notion of staff layoff, therefore, is to continue to dwell on fiction, not fact.
Even with the intervention of CBN on staff layoffs, the impact of covid-19 on businesses cannot be ignored. Some Nigerian corporates including media houses have served notices to staff of inevitable layoff. The biggest and profitable global conglomerates have furloughed staff, some embarking on outright sack. General Motors, Scandinavian Airlines (SAS), Air Canada, Marriot (the world’s largest hotel conglomerate), Tesla (the automobile maker) have furloughed staff in thousands. The sombre song is same in South Africa and other parts of Africa, Asia and Europe. Note that most of these corporates also donated for the cause of Covid-19 in their respective countries. Commercial ventures are no charities. They mind the bottom-line.
Singling out Wigwe and his bank for purloining on a false premise of staff layoff is a show of ingratitude to a man of immense goodwill and a corporate citizen that has a history of public good. The Malaria to Zero initiative, Access Lagos Marathon, the “W” Initiative which seeks to broaden women participation in entrepreneurship, the UNICEF Charity Shield Polo Tournament 2016, and Health Awareness Programs focusing on awareness and sensitization on: Sickle Cell, Diabetes, HIV/AIDS, Cancer, Obstetric Fistula amongst other health-related challenges are a few of the many public-good ventures undertaken by the bank. Wigwe and his bank deserve garland, not guillotine.
- Ugbechie writes from Abuja
E-Financial
Kuda Unveils New Wallet for Multiple Currencies

As the first currency supported by the functionality, Kuda launched an update for its app that allows users to send, receive, hold, and convert USD directly.

Babs Ogundeyi, MD, Kuda
The action comes in response to growing consumer demand for currency-neutral spending, savings, and income management.
As part of its expansion strategy, digital bank Kuda has introduced a multicurrency wallet to assist Africans who live, work, and travel internationally.
Users may keep, fund, and convert between five main currencies—the US dollar, British pound, euro, Nigerian naira, and Canadian dollar—all within a single wallet on the Kuda app with this application, which is still undergoing testing.
“The new wallet is designed to simplify the fragmented experience Africans face when managing money across different countries and currencies,” said Nosa Oyegun, senior vice president, Business Banking, Kuda, during a media parley in Lagos.
“People no longer reside in a single nation. Due to their global reach, Africans should be able to transfer their money with ease, Oyegun stated.
He claims that eligible customers outside of Nigeria may already access the wallet on Android smartphones, and an iOS deployment is planned.
He clarified that Kuda purposefully decided against developing a distinct wallet app.
Customers will be able to log in as normal, open foreign currency balances, convert money when needed, and send or spend money without switching platforms because it will be integrated into the core Kuda experience.
More than N100 billion entered Kuda accounts from LemFi in 2024 alone.
“This wallet is just our first step in acknowledging and supporting the fact that our customers are already living this cross-border reality,” Oyegun stated.
Kuda wants to give people a smooth financial tool that suits their lifestyle, not only currency exchange.
By removing the bottlenecks involved in the need to switch between various apps or financial services, the wallet will enable users from overseas to send money home, exchange currencies, and continue spending from the same account when they visit Nigeria.
Oyegun emphasized throughout the event that the wallet also takes client retention into account.
Kuda plans to keep helping people who move overseas as they adjust to life in other nations rather than losing them.
He further claimed that these users had not churned. “They simply switched nations. We wish to continue servicing them.
Kuda is now one of many African fintech companies developing products for cross-border use cases as a result of the move.
Oyegun pointed out that Kuda’s goal is to become a financial partner for Africans wherever they may be, going beyond simply exchanging currencies.
The bank’s growth trajectory is reflected in Kuda’s first-quarter 2025 performance, which was disclosed during the briefing. Customer confidence in the company’s digital-first strategy was strengthened when it recorded N453 billion in savings deposits and processed N8.4 trillion in total transaction volume.
With the new feature being introduced on the app, Kuda Microfinance Bank hopes to assist online business owners, freelancers, and remote workers who make money in USD with the recently added feature, which is currently undergoing testing.
Users can choose to accept USD payments directly or convert naira into USD using the Spend tab.
In the near future, GBP and EUR will be recognized as alternative currencies, according to the financial institution.
Additionally, in Nigeria, where inflation is severe, having USD on hand might be advantageous and convenient for people.
More Nigerians have recently begun to use digital platforms to improve the stability of their financial status.
For the majority of them, managing multiple currencies—whether via remote work, cryptocurrency, or international trade—has become the standard. Kuda Bank aims to meet these demands and grow its business to meet the demands of the market.
The financial institution’s continued dedication to providing solutions that give its users the best possible experience which is demonstrated by the multicurrency wallet feature.
Speaking about the project, Kuda representatives emphasized that the new wallet was created to make it easier for Africans to manage their money across various nations and currencies.
Customers can log in as normal, open foreign currency balances, convert funds, and spend or send money without switching platforms thanks to the integration of this feature within Kuda.
Along with currency conversion, Kuda plans to provide a financial tool that eliminates the need for users to switch between apps or financial services by enabling users from other countries to send money to Nigeria, convert currencies, and spend from the same account when they visit.
E-Financial
Reps Investigate 25 Insurance Firms for Financial Infractions

The House of Representatives has launched an investigation into 25 insurance companies over alleged financial infractions that have reportedly led to the loss of hundreds of billions of naira in government revenue.
Chairman of the House Sub-Committee on Capital Market and Institutions, Hon. Kwamoti Laori, made the disclosure on Monday during a meeting with representatives of the affected companies at the National Assembly Complex in Abuja.
Laori said the probe was prompted by petitions accusing the companies of violating statutory provisions in their operations, thereby shortchanging the federal government.
“This committee is saddled with the responsibility of addressing a petition based on infractions by these insurance companies regarding their operations and non-compliance with certain statutory provisions,” he said.
“These infractions have led to the federal government losing hundreds of billions of naira in revenue. That is why the companies were invited—to either confirm or refute the liabilities ascribed to them.”
According to the lawmaker, each of the 25 companies had been formally notified of their respective liabilities and summoned to explain their financial dealings.
“The essence of this engagement is to ensure that what is due to the federal government from these private entities is fully remitted,” Laori added.
He emphasized that it is within the constitutional mandate of the National Assembly to track government revenue and block leakages, particularly in sectors involving private sector collaboration.
The committee also frowned at some of the companies’ attempt to stall the investigation by resorting to legal action.
“Some of the companies have gone to court and served the House with court processes. It is now up to us and the House leadership to examine those court papers,” Laori said. “If the court action does not affect the core of our mandate, we will proceed. If it does, we’ll await the court’s decision.”
He criticized what he described as a strategy aimed at obstructing parliamentary oversight.
“Going to court appears to be a deliberate attempt to throw a spanner in the works of the National Assembly,” he stated.
Laori also expressed dissatisfaction with the failure of some company heads to appear in person, instead sending representatives who were unable to respond to critical questions.
“We have insisted that Chief Operating Officers (COOs) must appear in person. One of the COOs sent someone who couldn’t answer any of the allegations—this is unacceptable,” he said. “It is the same people that will later accuse the National Assembly of not doing its job.”
The committee chairman did not spare the industry’s regulator—the National Insurance Commission (NAICOM)—which he accused of negligence.
“NAICOM has a supervisory role, and if they were doing their job effectively, we wouldn’t be here conducting this investigation. They need to sit up,” Laori said.
Meanwhile, 17 of the companies currently in court sent a legal representative, Mr. Abimbola Kayode, to the hearing on Monday.
E-Financial
Naira Slides Again, Hits ₦1,532.34/$ Despite CBN’s Dollar Push

The naira closed the past week weaker than the previous one, as it depreciated by 0.14 per cent week-on-week to settle at 1,532.34/$ at the Nigerian Foreign Exchange Market.
This weakening came despite the naira rebounding to a four-month high on the first trading day to close at 1,518.88/$. After that, it weakened to 1,530.25/$, then lower to 1,533.11/$ before gaining some strength to close the week at 1,532.34/$ at the official market.
During the past week, the highest amount that the naira traded for was 1,538/$, and the lowest was 1,515/$ on the NFEM.
At the parallel market, the currency closed trading within the band of 1,535.00/$ and 1,544.00/$1.
Analysts have maintained that the intervention of the Central Bank of Nigeria and improvement in the foreign exchange liquidity were essential to stabilising the naira at the FX market.
Cowry Assets Management Limited, in its weekly market report, averred that the naira had recorded mixed trading across the markets as it appreciated slightly by 0.06 per cent week-on-week to close at 1,544.00/$1 at the parallel market while closing in the red zone at the official market.
“The divergent movements reflect ongoing supply-demand imbalances and the evolving FX liquidity landscape,” stated the analysts, who, however, maintained that the naira looks to record further gains as improved oil output and elevated prices drive higher dollar inflows, which could sustain the current pace of reserve accretion.
“The positive oil earnings outlook, combined with steady capital inflows, should offer continued support for the naira and enhance near-term FX market stability,” the report added.
Recent data from the Nigerian Upstream Petroleum Regulatory Commission shows that the average daily crude oil production (excluding condensates) rose by 3.6 per cent to 1.51 million barrels per day in June 2025 from 1.45 mbpd in May. This marks the first time in five months that Nigeria has met its OPEC production quota, reflecting improvements in operational efficiencies and security around key oil-producing assets.
AIICO Capital Limited, in its weekly report, noted that the CBN had intervened intermittently in the FX market in the past week.
It stated, “Dollar sales early and late in the week helped maintain relative stability. The naira closed at 1,532.34/$, down 13.6 bps w/w. Reserves rose by $422m to $37.85bn” as of Thursday from $37.43bn in the previous week.
It is expected that the naira will likely hold its current range amid better liquidity, while markets weigh potential FX impacts from the Monetary Policy Committee’s decision starting Monday (today).
Analysts are split on what the decision of the MPC should be regarding the benchmark. On one side, doves are calling for a modest rate cut, pointing to cooling inflation, a more stable naira, and signs of reform traction. On the other hand, hawks are warning that premature easing could undo all the gains of FX reforms and decelerating inflation, especially with food supply shocks and global risk still very much in the picture.
“For now, traders are positioning around the edges, but the real signal will come from the tone of the communique,” Comercio Partners asserted.
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