E-Financial
Heritage Bank to Empower more MSMEs

Mr. Ifie Sekibo, group managing director, Heritage Bank, at the Round Table Discussion and MSME Success Stories, themed: ‘The Economic Outlook-What Future for MSMEs in Nigeria?, where other experts brain-stormed along with him to fashion ways forward for the Nigerian SMEs.
As part of the bank’s commitment to empower the SMEs, Sekibo said led to launching of SMEs Clinic that will help small businesses address challenges associated with setting up businesses while mitigating the effect of certain decisions that may be taken.
Represented by Mary Akpobome who spoke extempore during a panel discussion noted that the clinic was established as a result of the gap left by financial service providers in failing to provide fresh ideas, solution based strategies and specialized service packages to small businesses.
He said although small and medium scale enterprises (SMEs) have proved to be the crucial engines of industrial growth in developing economies like Nigeria, it is necessary to create strategies that can withstand the dynamics of the changing business environment rather than focusing on funds generation.
He said since the SMEs Clinic was established, many small businesses have sprung up and successfully on operation due to, not only the funding, but business advisory it freely offered, adding that financing is not the only problem SMEs face, but other necessary inputs.
He enumerated business built on enduring business platform, and business model among others stand the chance to get loan from the bank.
“Heritage Bank was established as part of the effort to fill the gap left by financial service providers in failing to provide fresh ideas, solution based strategies and specialized service packages to small businesses. We pay a lot of attention to SMEs
“Financing is not the problem, but the other business inputs. Heritage bank has raised a lot of small businesses with SME Clinic. With it, we have built a lot of enduring organisations; we have done more that advisory than money. For us to extend loan to you to finance your business, you must have good business model”, he said.
The industrial experts in the Micro, Small and Medium Enterprises (MSMEs) in the Nigeria’s real sector at occasion unanimously agreed that for the nation to have economic breakthrough as envisaged in the present dispensation of availability of investible funds from the government, the vision of sustainability in business should be taken as paramount by the operators.
The other experts from the financial institutions, business organisations and academia spoke in at the event in Lagos emphasised the relevance of booming SMEs to take the centre stage as a major driver of the economy as well as contributes immensely and filling the dollar drought gap being experienced in the country brought about by the fallen prices of crude in the international oil market.
A senior lecturer, Lagos Business School, Dr. Doyin Salami, who opened the floodgate of speeches in his tagged presentation: ‘2015 Economic Outlook’ said the SME operational strategies in 2015 would be three-pronged on Election, Transition and Normalcy.
Salami, said who wins the present presidential election is not the main issue but the outcome of the election. He maintained that the positive outcome would lead to the smooth transition and expected normalcy in the socio-economic of the country.
He said presently, the dream of running the economy on a private-driven platform is being threatened by insecurity, uncertainty in an election year and the widening threats in communal clashes across the country.
He caution against continued emphases placed on oil as major source of foreign exchange to Nigeria, but urged the government to embrace industrialization by creating policies that would help leapfrog the Nigeria’s SME sub-sector, identified as backbone of any nation, both the industrialized and unindustrialized.
Presently, there over 17 million SMEs in Nigeria
He expressed fear that Nigeria is under fiscal break-even threat with international crude price below $60, insisting that for “Nigeria to balance the economy and be able to pay salaries both at the federal and states levels, the price of crude should hover between $65 and $75 per barrel.”
According to him, “there is a fundamental problem in 2015 and beyond if the down south movement in crude oil persists caused by oil glut. The development has led to the 2015 budget proposal of which the recurrent expenditure must be maintained at the expense of capital expenditure. Even some states government currently cannot be able to pay their workers’ salaries.
“Nigerians should no more live life as they wish but as they see it.”
Lead Consult ThistlePraxix, Dr. (Mrs.) Ini Onuk who spoke on ‘MSMEs and Sustainability’ said any entrepreneur who wants to succeed must identify opportunity, be creative, daring, and risk taking.
She stated that, entrepreneurs are men and women of action who are courageous, alert and sensitive to environment and possess ability to create visions concerning the business environment. She asserted that, the present high mortality rate of small business is awful to contemplate and constitute danger to the entire economic system. She said such development represents serious financial pressure on the nation’s economy as well as a waste of valuable resources.
With the current lull in the business activities as a result of the 2015 election year the business owners should always consider challenging situations and be prepared to meet them pre-planned strategies.
She said the trend where ownership stems mainly from the fact that most SMEs are family businesses structured along sole-proprietorship or partnership is no more in vogue, but needed expansion in terms ownership and decision making.
As a consequence, she argued that managerial decisions here are usually at the mercy of the key owner who in most cases lacks basic managerial skills, qualities and culture to manage a business successfully.
This Onuk regretted also has effects on the management structure and employees-employer relationship.
SMEs should learn creative ways to manage difficult times, example the current condition occasioned by the forth coming 2015 general elections, adding that SMEs owners should always be prepared for unpredictable business situation.
She said also, SMEs should be surrounded by strong support network of trusted professional contact and close relations, especially the consultants for proper advise.
Lastly, she said the entrepreneur should always have a back up business plan for new products and services
She concluded that there is no doubt that SMEs can be a source of development and an engine of growth as the case with Asian countries and America. She maintained that SMEs should therefore take their place in the economic policy priority of government in Nigeria.
Mr. Waheed Olagunju, Executive Director, (SME) Bank of Industry who spoke impromptu as a panelist member on ‘Opportunity and Growth Strategies Available for MSME 2015’highlighted some of the hindrances to easy access to available government’s intervention funds
For him, it has become clear that the lack of trained manpower and management skills constitute major challenges to survival of MSMEs the banks observed before granting loans to borrowers.
He also added that inefficiency in overall business management and poor record keeping is also a major feature of most SMEs the bank put into consideration before granting loans.
According to him, the general requirements for accessing loans in the development bank include having a well-articulated business model, which should have about four sections. The first and second requirements require that the BoI know the business plan the applicant offers and his / her target market.
Third, the applicant must convince the bank of his/her value composition, that is, why people should buy his /her product(s). The applicant should be able to say how he/she intends to create the value proposition, Olagunju said.
Furthermore, the applicant must be able to articulate personnel requirements and identify markets for the products he/she wants to sell.
E-Financial
Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards

Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.
This is coming nearly three years of suspension.
United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.
In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.
“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.
“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.
E-Financial
Flutterwave Secures 20 more US Money Transmitter Licences

Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).
This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.
Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.
Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.
Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.
Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.
This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.
Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”
Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.
E-Financial
Court Affirms NIBSS Authority to Manage BVN

Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.
This is according to a judgment delivered by Justice James Omotosho on Friday.
Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.
This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.
However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.
“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.
“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.
“The court grants the reliefs of NIBSS as prayed,” he stated.
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