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E-Financial

Nirsal MFB Denies Alleged Extortion of Loan Applicants

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NIRSAL Microfinance Bank (NMFB) has denied claims that its staff had extorted applicants and promised to grant them approvals for their loan requests.

Nirsal MFB Denies Alleged Extortion of Loan Applicants

In a statement, the bank management described the accusation as not only spurious but unfounded as “NMFB frowns at any form of unethical practices or unprofessional conduct which contravenes our policy and core values”.

Some aggrieved individuals who applied for loans under the Central Bank of Nigeria (CBN)’s Agribusiness Small & Medium Enterprises Scheme (AGSMEIS) had alleged that the bank conspired with Entrepreneurial Development Institutions (EDIs) to extort money from applicants with the promise to grant them approvals for their loan requests.

“NMFB has repeatedly warned applicants, through various social media platforms, that the AGSMEIS loan application process is individual-based, after the completion of a N10,000-cost training exercise by NMFB-accredited Entrepreneurial Development Institutions, EDIs.

“The business plan, which is also automatically generated on the portal, has two options – a free application and another that cost N5,000. Applicants have the liberty to use any of the two business plan options. No EDI has the right to charge extra cost,” the statement added.

The bank further urged applicants to report any observed anomalies or form of solicitation directly or through its whistleblower channels.

It also said that applicants who were recently sent a decline application message due to their inability to meet our set current risk assessment criteria that they could re-apply with a business plan tailored to the new maximum of N3 million threshold at no cost to them.

“Once again, we remind all Nigerians that the AGSMEIS loan is not a grant but a loan” it added.


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E-Financial

CBN, NGX Group Defend Economic Reforms at Nasdaq

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In a bid to woo global capital and enhance investor’s confidence, Nigeria’s top financial leaders presented a unified front at a strategic investment forum hosted at the Nasdaq MarketSite in New York.

The event was organised by the Central Bank of Nigeria (CBN) in collaboration with Nigerian Exchange Group (NGX Group), JPMorgan, and the African Private Capital Association (AVCA).

The exclusive gathering brought together leaders from the Nigerian diaspora, global investment institutions, and corporate executives for insightful dialogue on the country’s evolving financial landscape and its readiness to attract global capital for sustainable growth.

Governor of the CBN, Olayemi Cardoso in a fireside chat with Nobel Prize-winning economist Dr. James Robinson, outlined Nigeria’s monetary policy direction, growth prospects, and efforts to deepen its financial markets.

He reaffirmed the CBN’s commitment to disciplined policy management, market-friendly reforms, and enhanced transparency to foster a stable, investor-friendly environment. Cardoso also stressed the importance of strong collaboration between regulators like the CBN and market operators such as NGX Group, describing it as critical to building a resilient financial system and mobilising long-term investments.

Temi Popoola, Group Managing Director/CEO of NGX Group, moderated an engaging discussion on how Nigeria’s reforms are repositioning the country as an increasingly attractive destination for global capital.

“Today’s dialogue marks a pivotal step in reshaping global perceptions of Nigeria’s investment story,” said Popoola. “The candid engagement between policymakers, market operators, and investors reflects the real progress Nigeria is making. NGX Group remains committed to supporting reforms that strengthen market structures, drive innovation, and accelerate economic growth.”

While investors welcomed Nigeria’s reform agenda, they emphasized that sustained confidence will require consistent FX policies, lower transaction costs, reduced regulatory friction, clearer direction on non-oil revenue reforms, an improved ease of doing business, and continued transparency in monetary and fiscal communication.

The forum ended on an optimistic note, with participants expressing strong confidence in Nigeria’s economic prospects and its potential for deeper integration into global financial markets, provided reform momentum continues.


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E-Financial

Union Bank Rewards Customers in Save and Win Promo with Motorcycles and Cash Prizes

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Union Bank of Nigeria has rewarded another set of customers in the ongoing Save and Win Palli Promo 4 campaign. Six lucky customers each won a brand-new motorcycle, and 120 additional winners won cash prizes.

The third monthly hybrid live draws were transparently conducted at the Bank’s Sabo, Yaba Branch in Lagos under the supervision of relevant regulatory institutions.

For integrity purposes, some of the winners were contacted to congratulate and remind them that the Bank will never call to request or confirm their confidential banking details such as BVN, date of birth, pins, or passwords.

Save & Win Palli Promo 4 is a nationwide campaign designed to reward both new and existing customers with cash prizes and other exciting gifts worth N131,000,000.

This initiative aims to support them in achieving their savings goals while getting rewarded at the same time.

To stand a chance to win, customers can continue to top up their savings in multiples of N10,000 or more and perform a minimum of five transactions a month to increase their chances of winning in the draws. This promo is open to new and existing savings and current account holders.

Prospective customers can download the UnionMobile app on their smartphones to open accounts or walk into any Union Bank branch.

Returning customers can call the 24-hour Contact Centre on 07007007000 or visit any Union Bank branch nationwide to reactivate dormant accounts.


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E-Financial

FCMB Group Redefines Corporate Storytelling with The Power Of The Group TVC

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For decades, financial institutions have struggled to communicate the depth and breadth of their services in a single, coherent message.

FCMB Group’s latest TVC, The Power Of The Group, masterfully accomplishes this by placing its subsidiaries at the heart of the narrative.

The ad opens with a heated basketball game with a lone basketballer then pans out to the full force of the 5-woman team, subtly introducing the idea of collaboration. As the story unfolds, viewers are taken on a journey across Taraba, Abuja and Lagos States, each symbolising a key aspect of FCMB’s ecosystem.

The imagery of the drummers playing on Mambila Plateau reinforces the brand’s message: success is not achieved in isolation—it’s built through strategic partnerships.

From banking to consumer finance, investment management to investment banking, the TVC seamlessly weaves in elements from all arms of the FCMB Group, making it clear that power lies in collaborative innovative efforts.

The tagline ‘The Power Of The Group’ encapsulates the campaign’s essence, reinforcing the importance of unity in financial empowerment.

The production process was an extensive undertaking, requiring 4 months of production and a team of over 1,000 industry professionals.

The investment, said to run into hundreds of millions, underscores the bank’s commitment to delivering not just a commercial but a landmark campaign that defines its brand for years to come.

As the industry takes note, FCMB Group’s approach could redefine how corporate Nigeria tells its story.


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