United Bank for Africa (UBA) Plc. Africa’s Global Bank, has launched the Afrigo Card, a revolutionary domestic card scheme aimed at transforming the Nigerian payments landscape.

Officials of UBA at the launch of Afrigo Card

The Afrigo Card, introduced by the Central Bank of Nigeria (CBN) in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), offers a robust alternative to international card schemes, empowering customers with seamless, naira-denominated transactions tailored to the local market.

A statement by Ramon Nasir, head, Media & External Relations at UBA, said the card has been designed to offer a secure, affordable, and accessible alternative for everyday transactions in line with the apex bank’s ongoing efforts to drive financial inclusion and enhance the digital economy.

The Afrigo Card boasts impressive features, including chip-and-PIN security, seamless payments at ATMs and POS terminals nationwide, 24/7 access to funds, and rewarding benefits for cardholders.

It has been designed to cater to diverse demographics, as it supports low-income earners, artisans, students, and market traders by providing a flexible, affordable, and efficient means of managing finances.

The bank stated that it has been designed to offer a secure, affordable, and accessible alternative for everyday transactions in line with the apex bank’s ongoing efforts to drive financial inclusion and enhance the digital economy.

Shamsideen Fashola, group head of Retail and Digital Banking, UBA, pointed out the card’s versatility and other features of the card and maintained that with the launch of Afrigo, the bank continues to demonstrate its leadership in fostering financial innovation, inclusion, and accessibility for all Nigerians.

“With Afrigo, we are offering a card that speaks directly to the needs of Nigerians – from market women and students to small business owners and low-income earners. The card’s affordability, coupled with its advanced security and potential for biometric authentication and offline transactions, positions it as a vital tool in promoting cashless transactions across Nigeria,” he stated.

Joachim Iloemezue, head of Cards, UBA, emphasised the bank’s commitment to delivering innovative financial products to its customers.

“The Afrigo Card is a game-changer for Nigerians. It not only provides a reliable and affordable alternative for everyday transactions but also ensures our customers enjoy enhanced security, convenience, and nationwide accessibility. UBA remains committed to driving financial inclusion, and Afrigo perfectly aligns with that goal,” Iloemezue said.

Customers can obtain the Afrigo Debit Card for N1,000 plus N75 VAT at any UBA branch.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

Justice Alexander Owoeye of the Federal High Court in Lagos has ordered Zenith Bank Plc to pay Christomax Concept Limited the sum of N30 million as general and aggravated damages for fraudulently and illegally debiting the firm’s accounts.

The plaintiffs—Christomax Concept Limited, Chris Integrated Company Limited, and Mr. Christopher Adayi—filed suit number FHC/L/CS/2039/2024 through their lawyer, Adetunji Adedoyin-Adeniyi of AAA Chambers, seeking a declaration that the bank’s failure to refund the fraudulently deducted sum constituted a breach of fiduciary duty.

They also requested an order compelling Zenith Bank to immediately refund the N10.6 million.

They further sought:

An order for the bank to write off the balance of a loan granted to the 1st plaintiff on May 27, 2022, since the illegal deductions were not refunded.

An injunction restraining Zenith Bank from taking any action to recover the loan or from harassing or intimidating the plaintiffs.

A directive for the bank to pay N500 million in damages for breach of fiduciary duty.

However, Zenith Bank, in its defense, argued that the suit was wrongly filed as an Originating Summons instead of a Writ of Summons and should be struck out.

The bank contended that the N15 million allegedly deducted was partially recovered, with N5,068,290.00 salvaged from Kuda Microfinance Bank.

The bank further argued that declaratory reliefs could not be granted without solid evidence and urged the court to dismiss the plaintiffs’ claims.

Justice Owoeye, in his judgment, pointed out that Zenith Bank had admitted to issuing a debit card linked to the plaintiffs’ accounts.

He stated that as the card issuer, the bank was responsible for authorizing transactions made with the card, taking action in case of fraud to stop further unauthorized use, and reversing fraudulent transactions when advised or directed.

The judge criticized the bank for failing to act after the fraud was reported on July 13, 2022, describing its conduct as “oppressive and high-handed.”

The court also ruled that the bank’s failure to refund N10,631,710.00, which was fraudulently deducted from the plaintiffs’ accounts, resulted in loss of business and goodwill, amounting to a breach of fiduciary duty owed by the bank.

The court ruled in favor of the plaintiffs and ordered:

An immediate refund of N10,631,710.00 deducted from their accounts.

A payment of N30 million in damages for breach of fiduciary duty, loss of business, goodwill, embarrassment, inconvenience, and hardship caused to the plaintiffs.

This judgment reaffirms banks’ duty to protect customers’ funds and take swift action in fraud cases.

Greenwich Merchant Bank Limited has announced that it has received regulatory approval from the Central Bank of Nigeria (CBN) for its financial holding company, Greenwich Holdings Limited.

This milestone, it said in a statement, marks a significant step enabling Greenwich Group to consolidate its existing financial service businesses, expand into new markets, and strengthen its position as a leading player in the financial sector.

Upon the commencement of operations, Greenwich Holdings Limited will oversee Greenwich Merchant Bank Limited, Greenwich Asset Management Limited, and Greenwich Securities Limited, while driving the strategic expansion of the Group.

Ozena Utulu, Head of Corporate Communications, Greenwich Merchant Bank Limited, in  the statement said the regulatory approval is an at testament of the dedication, hard work, and commitment to excellence that have defined Greenwich’s legacy as a trusted partner in the financial industry.

“Greenwich Holdings Limited represents a new chapter in the unparalleled growth which began with Greenwich Trust Limited, a foremost provider of financial solutions that commenced operations in June 1994 as a Financial Adviser and Issuing House.

“The SEC-regulated firm later applied to the Central Bank of Nigeria for the conversion of its operations which led to the establishment of Greenwich Merchant Bank Limited in 2020.

“Over the course of 30 years, Greenwich has expanded its footprint across various segments of the financial sector through its subsidiaries and affiliated entities including Greenwich Registrars and Data Solution Limited and Greenwich Trustees Limited.

Greenwich Holdings Limited is committed to delivering innovative financial solutions, fostering growth and creating value for its stakeholders,” the company said.