E-Financial
ALAT to Host Talk Series on Wealth Creation and Money Management
ALAT by Wema, Nigeria’s first fully digital bank, will host the ALAT Talk Series, a virtual session that will give young Nigerians a platform to discuss key issues such as money and finance, business management, entrepreneurship and others.
The first session titled ‘Wealth Creation and Wealth Management for Nigerians under 30’ will hold on Thursday, July 15, 2021 at 4:00 PM on Clubhouse – a social networking application.
The Clubhouse session will provide young Nigerians with the skills and information they need to create, build and manage their wealth.
This session will be moderated by Tosin Olaseinde, Founder, Money Africa. She will speak on financial literacy alongside Olusegun Adeniyi, Chief Digital Officer, Wema Bank and Yemisi Odusanya popularly known as Sisi Yemmie, a Vlogger and Content Creator.
At this virtual event, the industry experts will further educate participants on key areas in general finance management.
Olusegun Adeniyi, Chief Digital Officer, Wema Bank who has over 20 years of industry experience will speak on ‘How Young Nigerians Can Use Tech to Generate Wealth’ while Yemisi Odusanya (Sisi Yemmie) will discuss ‘How Young Entrepreneurs Can Leverage their Realities to Build Ventures.’
Funmilayo Falola, Head, Marketing, Corporate Communications and Investor Relations, Wema Bank commented on the bank’s decision to host the Clubhouse session.
“As part of our commitment to continually support young Nigerians in their endeavours, we have decided to host this Clubhouse session.
“As a brand, ALAT by Wema strongly believes in the need to invest in young Nigerians who will in due time become seasoned professionals and experts in their respective fields.
“We are supporting them with capacity building initiatives, programmes and other activities that will empower them,” she said.
ALAT by Wema has continually shown support for young Nigerians across the country through various youth-friendly initiatives including partnership with SociaLiga and the ALAT Food Challenge campaign amongst a few.
The brand has also won numerous awards such as the Best Digital Bank and Best Mobile App in Nigeria at the 2017 World Finance Awards; Best Digital Bank in Africa at the 2018 Asian Banker Awards, amongst many others
The Central Bank of Nigeria (CBN) has slammed a ₦250 million fine on Paystack for operating Zap, its peer-to-peer payment app, as a wallet in breach of its regulatory approval.
The apex bank flagged Zap as a deposit-taking product, a function reserved exclusively for institutions with microfinance or banking licences, according to a report by TechCabal.
Launched in March, Zap allows users to send and receive money, positioning itself as a consumer-facing digital wallet.
However, Paystack only holds a switching and processing licence, which permits it to facilitate transactions but not to hold customer funds. This regulatory limitation is at the heart of the CBN’s sanction, sources familiar with the matter said.
“Paystack is working closely with the regulator as they further review Zap, and out of respect for the process, we won’t be making any public comments at this time,” a company spokesperson said.
The penalty comes amid a legal dispute between Paystack and Zap Africa, a Nigerian crypto startup, which has accused the fintech of trademark infringement.
In Nigeria’s highly regulated financial services space, digital wallets are considered deposit-taking entities, and offering such services without the requisite licence raises compliance concerns for the regulator.
Although Zap reportedly does not directly hold customer funds, it operates in partnership with Titan Trust Bank, which is authorised to accept deposits.
This is Paystack’s most significant publicly disclosed regulatory sanction since it received CBN approval in 2016. It reveals the growing scrutiny facing fintech firms as they transition from enterprise-focused offerings to consumer-facing financial services.
Guaranty Trust Bank (GTBank) has announced an increase in its SMS transaction alert fee from ₦4 to ₦6 per message, effective May 1, 2025. The bank cited a recent rise in telecommunication tariffs by service providers as the reason for the adjustment.
In a message to customers, GTBank explained that SMS alerts sent to international phone numbers would attract higher charges due to varying telecom costs. The bank emphasized the importance of transaction alerts in helping customers monitor account activity
Customers who no longer wish to receive SMS alerts have the option to update their alert preferences by submitting a form available on the bank’s website via email. This move allows customers to manage their notification preferences according to their needs.
The fee increase affects GTBank customers, who will now be charged ₦6 per SMS alert for transactions
Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts.
The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds.
Court filings reveal that the cybercriminals exploited a critical system glitch, discreetly transferring the money in small amounts across 54 financial institutions to evade detection.
Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that tracking the transactions has been challenging due to their fragmented nature.
Acting swiftly, the bank filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, requesting an emergency order to halt further withdrawals. On April 2, 2025, the bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being actively moved—suggesting an ongoing laundering operation.
In response, Justice Deinde Dipeolu granted a Post No Debit (PND) order, freezing all implicated accounts pending further investigation.
This crisis comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board over governance failures. Under the leadership of MD Yetunde Oni, the bank now faces intense scrutiny as customers demand accountability.
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