Due to the availability of online banking, certain banks have seen a growth in their digital channels Semrush data showed that the UBA is ranked number one, with 2.36 million visits in June 2024.

In June, Paystack customers accounted for 2.23 million visits, making them the second-highest visitors.

Some banks have seen an increase in their digital channels due to online banking choices as their client base becomes more and more accustomed to using digital technologies.

In Nigeria, the bulk of financial institutions now use digital banks.

Since digital technology has grown to be a significant factor that has a significant impact on the financial industry, the majority of financial institutions in Nigeria have adjusted accordingly.

A significant portion of Nigerians have steadily shifted from using traditional banking techniques to the simpler self-service choices offered by banks, which involve using computers and cellphones for ease when transacting.

A system of average monthly visitors was used to rank the websites of commercial banks and other financial services organisations.

The United Bank for Africa (UBA), with 2.36 million visits in June 2024, is at the top of the ranking.

Paystack customers were the second-highest visitors with 2.23 million visits in June. With 1.25 million visitors, Guaranty Trust Holding Company Plc (GTCO Plc) came in third. 10 banking websites Nigerians visit the most

The bank websites Visits  are as follows 1. ubagroup.com 2.36M 2. paystack.com 2.23M 3. gtbank.com 1.25M 4 zenithbank.com 1.17M 5 accessbankplc.com 1.15M 6 wise.com 950.25K 7 firstbanknigeria.com 855.36K 8 xe.com 817.15K 9 providusbank.com 713.76K 10 mastercard.com 400.1K.

Another bank set to begin operation in Nigeria Legit.ng also reported that Summit Bank received provisional licensing from the Central Bank of Nigeria (CBN) to begin operation.

Credit: Legit.ng

The banking sector is experiencing a significant and positive shift, with PalmPay leading the charge. As a prominent fintech innovator, PalmPay is making waves in business banking solutions and agent banking.

Boasting a robust network of over 1.1 million Agents and Merchants, PalmPay is committed to enhancing financial accessibility across Nigeria.

PalmPay is celebrated for its secure digital payment solutions, offering a comprehensive range of tools such as the PalmPay Business app, Point of Sale (POS) machines, and Pay With Transfer. These tools simplify payment acceptance and business management for enterprises of all sizes, providing exceptional ease and security.

Agents and Merchants have recounted the fact that PalmPay has one of the best POS networks, which boasts a 99.5% success rate and ensures same-day settlement of transactions. This reliability supports efficient, high-quality, and secure service, underscoring the adage that time is money. As a result, businesses benefit from more successful transactions and increased revenue.

The Pay With Transfer feature has particularly resonated with MSMEs, contributing to a high user retention rate of 75%, with over 40 million Nigerians—about one in five—relying on PalmPay for their monthly shopping and utility payments.

To foster MSME growth, PalmPay has launched an initiative where Merchants receive a complimentary POS device upon achieving a minimum monthly sales volume of 5 million. This scheme provides a valuable payment channel at no cost to business owners.

PalmPay’s transparent fee structure, based on daily transaction volume, ensures fairness. For withdrawals between N1 and N20,000, a 0.5% fee applies, while transactions above N20,000 incur a flat fee of N100. Transfers between PalmPay agent accounts are free, and transfers to other banks are subject to a flat fee of N20, with the added benefit of up to N6 cashback per transfer.

PalmPay’s business suite stands out with industry-leading cashback rates of 0.1% on every transaction. For example, a N20,000 withdrawal yields a N20 cashback, effectively reducing the fee rate to 0.4% and the actual cap fee to N80.

Furthermore, the proactive approach to supporting community businesses includes a dedicated team of relationship managers who offer swift resolution of transaction issues and valuable guidance to promote business growth.

PalmPay’s advancement in business banking exemplifies innovation and inclusivity. It is dedicated to facilitating smooth payments, advancing local business growth, and enhancing consumer experiences.

As a licensed Mobile Money Operator (MMO) regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC), PalmPay is firmly established as a trailblazer in the digital transformation of the financial sector.

Africa Social Impact Summit (ASIS) 2024, co-convened by The Sterling One Foundation and the United Nations, was held at the Eko Convention Center from July 25-26. This landmark event highlighted the importance of collaboration across sectors, bringing together private sector organizations, NGOs, and other stakeholders to tackle Africa’s most pressing challenges.

L-R; Olapeju Ibekwe, CEO, Sterling One Foundation; Dr. Jumoke Oduwole, Special adviser to the President of Nigeria on Presidential Enabling Business Environment Council (PEBEC) and Investment; Obafemi Hamzat, Deputy Governor, Lagos State, and Abubakar Suleiman, MD/CEO, Sterling Bank and member of the Board of Trustees, Sterling One Foundation at the Africa Social Impact Summit in Lagos recently.

A significant outcome of the summit was the commitment to developing a resource allocation framework aimed at addressing healthcare issues across the continent. ASIS 2024, the largest hybrid gathering of leaders in the African development sphere, underscored the crucial role of the private sector in driving innovative and sustainable solutions for Africa’s future.

The event kicked off with a keynote address by United Nations Deputy Secretary-General Amina Mohammed. “Sustainable growth must include climate resilience, leveraging technology, and private sector innovations,” she stated, urging attendees to “recommit to the 2030 agenda with a focus on inclusivity, impact, and inspiration.”

A diverse gathering of government officials, business executives, and development experts participated in the summit. Olapeju Ibekwe, CEO of The Sterling One Foundation, emphasized the necessity of collaboration: “No single entity can address the multifaceted challenges we face. Through partnerships, we can harness diverse expertise and resources to tackle issues ranging from healthcare to climate resilience.”

An Investor Roundtable, organized by the Lagos State Government in collaboration with various organizations, opened the summit. Lagos State Executive Governor Babajide Sanwo-Olu’s presence underscored the government’s commitment to fostering a favorable environment for sustainable development.

Throughout the summit, the indispensable role of the private sector in Africa’s future growth was a recurring theme. Abubakar Suleiman, CEO of Sterling Bank, noted, “Creating a market for social impact means ensuring there is information, trust, and efficient allocation of resources.”

Deputy Governor of Lagos State Obafemi Hamzat presented the “THEMES PLUS” initiative, which promotes development in crucial sectors. “ASIS 2024 must serve as a catalyst for collaboration and action,” Hamzat declared, highlighting the importance of public-private partnerships.

Jumoke Oduwole, representing Vice President Kashim Shettima, called for a paradigm shift in economic thinking. “It is time for action; we must move beyond rhetoric and focus on solutions with tangible impact,” she asserted. “Africa can lead the way in a new model that balances prosperity, the environment, and equity.”

A significant highlight was the “Bold Actions Meeting” on the second day, where fifteen commissioners of health from various Nigerian states convened to focus on healthcare challenges. Zouera Yousouffou, CEO of the Aliko Dangote Foundation, candidly addressed the need for a shift from diagnosis to intervention. “Africa does not have the necessary resources or organizational framework to address health-related problems,” she said.

ABC Health CEO Mories Atoki pointed out the politicization of partnerships as a major barrier, while Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group, stressed the importance of delivering tangible outcomes over empty promises.

The summit also tackled the integration of displaced persons into the workforce. A panel led by H.E. Mrs. Toyin Saraki, founder of Wellbeing Foundation Africa, discussed strategies for the economic empowerment of this vulnerable population, featuring insights from UNHCR representatives and refugees.

Professor Akin Abayomi, Lagos State Commissioner of Health, highlighted the foundational importance of moral leadership and education, noting, “Leaders don’t just happen; they are made through education and training.”

The summit facilitated the formation of new partnerships aimed at addressing healthcare, climate resilience, and economic empowerment. Attendees committed to actionable plans, including the development of a resource allocation framework and initiatives to integrate displaced persons into the workforce.

ASIS 2024 brought together top leaders from diverse sectors, underscoring a collaborative approach to sustainable development. The active participation of high-level officials and experts, combined with the tangible commitments made, reinforces the credibility and impact of the summit.