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E-Financial

Polaris Bank Unveils VULTe; A New Digital Bank Platform

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Polaris Bank, Nigeria’s leading retail Bank has launched a digital bank called VULTe.

Speaking at the well-attended unveiling ceremony which held in Eko Hotel, Lagos the Chairman of the Bank, M.K Ahmad (OON) disclosed that the corporate goal of Polaris is to offer customers and non-customers of the Bank, a 24-hour seamless service using VULTe.

In his words, “This is a milestone in our pursuit of a strong and digitally-led retail brand. When we started the Polaris journey almost three years ago, we were very clear on the type of Bank we must build and the direction we must go.

“This was largely informed by the fast pace of change in financial service provisioning and the apparent technology-defined outlook of our business.”

“We are therefore bringing VULTe to the market place today. And this is not another mobile App, but one with a world of difference, a mobile digital bank.

“This is your Bank in your hand, affording you total Control of your financial service needs. With VULTe, you serve yourself, the way you want to be served,” the Chairman explained.

In his address, the Acting Managing Director/CEO of the Bank, Mr. Innocent C. Ike said the newly-launched banking platform, is returning all powers to the customer as king.

He noted that customers are now at liberty to enjoy unhindered, contactless and refreshing banking experience all at the tip of their fingers thanks to the newly launched VULTe app.

“With VULTe, we affirm our resolve to serve the customer better and make their banking experience, more pleasurable. Therefore, we will continue to launch an array of banking products to cater to the varying needs of our diverse customers.”

Explaining the premium value the Bank places on its customer with the VULTe, Ike said: “Ultimately, VULTe represents our bold declaration to hand over CONTROL of banking services to our customers and allow them to serve themselves as they would want to be served.

“As a Polaris Bank customer, you are at liberty to determine your banking experience since we have put the Bank in your hand 24/7. You now have total CONTROL to serve yourself; it’s no more customer service but customer self-service.

“Are you opening an account, setting limits on your account, verifying your identity documents, registering your biometrics, making inquiries, taking an instant loan? You are in total CONTROL – you do it at your time, at your convenience, and on your terms – you determine how delightful your banking experience will be”.

The highlight of the launching was the practical demonstration of the uniqueness of the VULTe application by the Bank’s Chief Digital Officer, (CDO) Mr. Bamidele Adeyinka to the excited guests.

According to him; “The Digital Banking Platform, VULTE, will change everything that happens in the ‘brick & mortar’ space (i.e. branches) to clicks and buttons.” Continuing, he stated, “VULTE comes in mobile (Android and iOS) and Web Applications and it allows customers with either of the options, to access banking services at the click of the button,” he added.

The CDO explained that all Bank customers in the country can take advantage of VULTe to carry out their banking transactions including account opening, bills payments, transfers, balance enquiry, airtime recharge and quick loans.

He further stated that on-boarded customers will be able to access PayDay Loan on both mobile and web digital platform where eligibility will be displayed to the customer within the VULTe application.

Also, on-boarded customers will be enabled to pay taxes and levies for different government parastatals in addition to several other benefits such as ability to perform intra-bank and inter-bank transfers.

“To onboard, customers with BVN will input their BVN and take a selfie (photo of their face) which will be compared automatically with the photo on their BVN profile (via Facial Recognition – an advanced cognitive and artificial intelligence facial recognition technology),” the CDO disclosed.

Meanwhile, the Bank also announced special reward packages for early users of the VULTe app. Reeling out giveaways and free gifts, Mr. Muhammed Abdullahi, Executive Director, Abuja and Northern Region of the Bank said: “For your loyalty and positive acceptance of VULTe and all other banking services offered by Polaris Bank, on behalf of the Board, Management and Staff, I’m happy to announce some mouthwatering offers to everyone following us to mark this occassion.

“Consequently, please note that the first 2000 persons who download VULTe from Appstore or PlayStore and make a transfers on the platform, stand to win a collection of beautiful mementos like; Mugs, Michael Cable Charger, Key Rings, Pop Socket among other collection of gifts,” the ED said.

The launch event had in attendance representatives of Central Bank of Nigeria (CBN), key Financial Technology (FinTechs) industry players and strategic partners of Polaris Bank who all in their goodwill messages attested to the bank’s unwavering determination to ensuring quality customer satisfaction at all times.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

Secret Service Seizes $400M in Crypto, Cold Wallet among World’s Largest

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US Secret Service has quietly seized nearly $400 million in digital assets over the past decade, amassing one of the world’s largest crypto cold wallets, Bloomberg reported at the weekend, citing people familiar with the matter.

Secret Service Seizes $400M in Crypto, Cold Wallet among World’s Largest

The agency’s Global Investigative Operations Center (GIOC) has tracked funds through open-source tools, blockchain analysis, and patience, Jamie Lam, an investigative analyst with the US Secret Service, reportedly told law enforcement officials in Bermuda last month.

The agency’s crypto trove, much of which sits in a single cold-storage wallet, results from a string of investigations into scams. Scammers lure targets into seemingly legitimate crypto investment platforms in one typical scheme.

Victims often see initial profits before the sites vanish with their deposits.

“That’s how they do it,” Lam said. “They’ll send you a photo of a really good-looking guy or girl. But it’s probably some old guy in Russia.”

Lam’s team uses domain records, blockchain transactions, and VPN slip-ups to identify fraudsters. In one case, a cryptocurrency payment led investigators to another wallet. In another one, a brief VPN failure exposed an IP address, helping agents piece together the scam’s digital trail.

At the helm of the Secret Service’s crypto strategy is Kali Smith, who directs a team that has trained officials in over 60 countries to unmask online financial crimes.

The agency has focused on jurisdictions with weak oversight or programs selling residency to foreign nationals. “Sometimes after just a week-long training, they can be like, ‘Wow, we didn’t even realize that this is occurring in our country,’” Smith said.

The Secret Service’s work has uncovered scams ranging from romance-investment schemes to sextortion cases. One investigation involved an Idaho teenager who sent a nude photo to an online stranger. The scammer extorted $300 twice before the teen went to the police.

Analysts traced the payments through another coerced teenager acting as a money mule, leading to an account tied to nearly $4.1 million in transactions under a Nigerian passport.

British police arrested the suspected extortionist when he arrived in Guildford, England, where he remains in custody pending extradition.

 

 


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E-Financial

Ascensia Finance Commences Operations in Abuja

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Ascensia Finance Company has officially commenced operations to provide financial intermediation services in Abuja.

Licensed by the Central Bank of Nigeria (CBN) in April, the financial institution aims to support individuals and small businesses through customised financial solutions delivered via efficient and accessible channels.

It offers a broad range of services, including loans, investment products, and financial advisory services tailored to meet the evolving needs of its customers.

In a statement, Mr. Jude Ezeami, Managing Director/Chief Executive, Ascensia, stated that proud member of the Finance House Association of Nigeria (FHAN), and in partnership with the Nigeria Interbank Settlement System Plc (NIBSS) and Remita, the company is leveraging strong institutional relationships and digital infrastructure to offer reliable financial services.

He said, “At Ascensia, we are committed to the growth of our clients by delivering inclusive, customer-centric financial services that empower individuals and small businesses to thrive.

“Our suite of products is designed to address the financing needs of Nigerians — whether through accessible personal loans, business financing, or innovative investment solutions.”

He said with the company’s strong foundation, experienced leadership, and a deep understanding of the local market, Ascensia remained poised to become a key player in Nigeria’s financial services industry.

The company is driven by a team of seasoned professionals with extensive experience in Nigeria’s resilient financial services sector.

Anchored on the core values of Trust, Resilience, Integrity, Creativity, and Empathy (TRICE), the company introduced a suite of innovative financial products.

These include personal loans of up to N5 million for self-employed professionals, with a repayment tenor of up to 12 months.

The company also provides SME loans of up to N10 million, specifically designed to support shop owners and small business operators engaged in trade of fast-moving consumer goods, with financing available for inventory and working capital needs.

The Ascensia PayEasy, a “Buy Now, Pay Later” solution, enables individuals and companies to acquire consumer goods or assets with a minimum 30 per cent deposit, and repay the balance over a six-month period.

For salaried employees in both the public and private sectors, the company offers PayDay Loans of up to ₦5 million, repayable over 12 months.

Through its Contract Finance offering, Ascensia supports vendors, suppliers, and contractors working with credible companies, NGOs, and public-sector agencies.

The product facilitates timely order fulfilment and improves liquidity by providing early access to funds through invoice discounting on confirmed invoices from approved counterparties.

The company also offers group loans for traders, artisans, farmers, and producers of fast-moving goods.

These loans are structured around group-based cross-guarantees, making financing accessible to individuals with strong cash flows but limited collateral. Eligible borrowers can access up to N3 million, repayable within 180 days.

 


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E-Financial

Union Bank Champions Civil Service Reform at International Conference

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Union Bank, one of Nigeria’s most enduring financial institutions, made a resounding statement of support for governance reform by partnering with the first-ever International Civil Service Conference, held on June 25–26, 2025, at Eagle Square Arena, Abuja.

With the theme “Rejuvenate, Innovate & Accelerate,” the conference brought together civil servants, development partners, and senior government officials—including President Bola Ahmed Tinubu—to strategize on the digital transformation and renewal of Nigeria’s public service.

Hosted by the Office of the Head of Civil Service of the Federation in collaboration with the Global Government Forum UK, the event focused on modernizing governance through inclusive leadership, adaptive institutions, and seamless service delivery—values that resonate with Union Bank’s digital-first approach.

Speaking at the event, Mannir Ringim, Executive Director for North and Public Sector, emphasized the Bank’s dedication to national development:

“At Union Bank, we believe in the transformative power of public-private partnerships. Our support for this landmark conference underscores our commitment to modernizing Nigeria’s civil service through innovative financial solutions that foster transparency and efficiency.”

Union Bank’s presence at this pioneering event not only underscores its forward-thinking ethos but also positions the Bank as a catalyst for progress at the intersection of finance and public administration.


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