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Unity Bank Celebrates Staff, Customers

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Unity Bank Plc, Nigeria’s retail lender, in marking the 2020 Customer Service Week, has rewarded staff and teams that have created an exceptional customer service experience in the bank.

Unity Bank Celebrates Staff, Customers

The 2020 Customer Service Week was a week-long event from October 5 – 9 across the lenders over 200 branch networks in the country.

The theme of this year’s Customer Service Week: “Dream Team” and it reflected the importance of teamwork in providing outstanding service to all customers.  As part of the activities marking event, all branches of the bank engaged in several activities aimed at making the celebration exciting and memorable. There were also several activities to reward outstanding teams across all branches and units of the bank.

Also, Mrs. Tomi Somefun, Unity Bank’s managing director/chief executive 0fficer, engaged directly with the customers within the week to personally appreciate their continuous patronage and assure them of more reliable services and customer-centric business.

Commenting on the programmes, Mrs Somefun, said that “in the recent past, the bank initiated a dynamic customer services experience strategy which enabled the bank and customers to adjust quickly to the new normal caused by the pandemic”.

With an increasing focus on digital strategy, the bank has continued to prioritise the customer over the past few years. This, it has achieved, through introducing innovative digital products such as the USSDbanking *7799# in local languages, and mobile banking solution, UniFi which have boosted customers’ access to the bank’s services, while facilitating convenience.

These electronic banking channels are constantly updated with new and exciting features to put the customers first and make their banking experiences top-notch in the industry.

Speaking on this year’s Customer Service Week, Mrs. Titilayo Abraham, chief customer service officer, said: “Over the past two decades, Unity Bank has maintained a sterling customer service record and will continue to strive to maintain this. With our dynamic and vibrant customer care team, we shall continue to put our customers at the heart of our business operations.”


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E-Financial

West Africa Emerging as Crypto Adoption Epicentre- SEC Boss

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West Africa is fast emerging as a global epicentre for virtual asset adoption, propelled by a young, tech-savvy population and macroeconomic instability, according to Dr. Emomotimi Agama, director-general, Securities and Exchange Commission (SEC) Nigeria.

West Africa Emerging as Crypto Adoption Epicentre- SEC Boss

Dr. Emomotimi Agama, DG, SEC

Speaking at the West Africa Compliance Summit organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in Praia, Cape Verde, Dr. Agama warned that while the region’s embrace of digital currencies is accelerating, the absence of coordinated regulation leaves it vulnerable to financial crimes and illicit capital flows.

“With over 60 percent of West Africa’s population under the age of 25 and mobile-first fintech platforms thriving, the region has become a global hotspot for virtual asset adoption,” he said. “But we must act decisively. Regulation is not optional, it is an imperative.”

The summit, themed “Adapting and Thriving in a Complex and Evolving Compliance Landscape,” brought together financial regulators, compliance professionals, and security experts to explore the challenges posed by the rapid rise of virtual assets and decentralised finance (DeFi).

Dr. Agama disclosed that crypto transactions in Nigeria alone surpassed $56 billion in 2024, with citizens increasingly turning to stablecoins such as USDT and USDC to hedge against volatile local currencies.

He highlighted the growing trend of “crypto-dollarisation,” noting that young professionals now demand salaries in stablecoins, while businesses are adopting platforms like Binance Pay for cross-border transactions.

“The naira’s depreciation, Ghana’s cedi weakness, and persistent forex shortages have fueled this shift,” he explained.

“Traditional remittance channels charge up to 10 percent in fees, while cryptocurrencies offer faster and cheaper alternatives. Over $20 billion in remittances flowed into West Africa last year through crypto channels.”

However, he also cautioned that the same innovations driving financial efficiency are increasingly being exploited by fraudsters and criminal actors.

He cited GIABA’s report of $2.1 billion in suspicious crypto-related transactions across West Africa in 2024 alone, including the use of privacy coins by terror financiers to evade detection.

“Unregulated exchanges, artificial market crashes, DeFi ‘rug pulls,’ and Ponzi schemes have wiped out billions in investor funds,” he said. “The recent collapse of the CBEX Ponzi platform is just one of many such incidents. Strong regulation and regional coordination are the only path forward.”

Dr. Agama pointed to Nigeria’s recent legislative progress, especially the enactment of the Investment and Securities Act 2025, which formally classifies virtual assets—including cryptocurrencies, stablecoins, utility tokens, and NFTs—as securities under Section 355(4) and Part I of the Second Schedule.

“Under the new law, all exchanges, wallets, and DeFi platforms must be licensed by the SEC,” he stated.

“We’ve also established a Fintech and Innovation Department to facilitate ongoing dialogue with industry stakeholders and adapt our regulations to emerging realities.”

He called on West African governments to harmonise regulatory frameworks and strengthen intelligence-sharing, proposing a Unified Virtual Asset Service Provider (VASP) Licensing System under the ECOWAS framework.

“A crypto trader banned in Nigeria should not find safe haven in Ghana,” he asserted.

“Financial crime knows no borders. Our collective future depends on our ability to secure this emerging financial frontier.”

 

 

 

 

 

 


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Banks Stops Instant Alerts for Cheques Pending Clearance

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Banks in the country have begun suspending instant transaction alerts for cheques drawn from other banks until such cheques are fully cleared.

Banks Stops Instant Alerts for Cheques Pending Clearance

This is in compliance with a recent directive from the Central Bank of Nigeria (CBN).

This new policy affects customers who receive cheques from other banks, signaling a major change in how cheque payments are confirmed.

According to the CBN directive, the move is intended to prevent confusion around the status of cheque payments and to curb premature release of goods and services before the actual receipt of funds.

In an email sent to its customers, Access Bank stated that moving forward, alerts for cheques deposited into accounts will only be sent after the cheque has been completely processed.

This is to notify you of the recent directive by the CBN which requires banks to send transaction alerts on payments of other bank cheque only upon cheque clearance.

This means that you would only receive alerts for other banks’ cheques paid into your account after the cheque has been fully processed, that is, after the funds are paid into your account or if the cheque is unpaid and and returned from the other bank.

As a result of this new directive, you will no longer receive alerts for cheques lodged into your account until the cheque is cleared or returned”, the bank stated.

Access Bank also advised customers to monitor their accounts through other available channels such as the AccessMore app, internet banking platforms, PrimusPlus, and the USSD service *901# to stay updated on the status of their cheque deposits.

To track your transactions and ensure you do not part with your goods and services prior to payment. Please use our other channels; Accessmore, Internet banking, PrimusPlus, *901#.

We remain committed to delivering seamless and secure banking services to you always”, it said.

The CBN’s directive is designed to protect both payees and payers by ensuring that goods or services are not exchanged before the actual payment has been confirmed.

Previously, customers often received immediate alerts once a cheque was lodged, leading to confusion when the cheque was later dishonoured.

A banking industry insider commented, “This change is critical in promoting financial discipline. It safeguards businesses from losses due to bounced cheques and helps maintain the integrity of cheque payments.”

While digital payment methods are on the rise in Nigeria, cheques still remain a significant payment instrument in various sectors, particularly in wholesale trade and business-to-business transactions.

The apex bank’s new guideline is expected to strengthen trust in cheque transactions by ensuring that payment confirmations are accurate and timely.

As the financial ecosystem evolves, this move is one among several measures aimed at enhancing the safety and reliability of banking transactions across Nigeria.

 

Credit: Daily Sun

 

 


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Sterling HoldCo Delivers Stellar H1 2025 Results; Capital Raise Strategy Gains Momentum

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Yemi Odubiyi
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Sterling Financial Holdings Company Plc (“Sterling HoldCo”) has reported a remarkable 157% year-on-year growth in profit-after-tax, hitting ₦41.78 billion for the half-year ended June 30, 2025. This jump from ₦16.26 billion in H1 2024 reflects the Group’s strategic excellence and operational resilience.

Yemi Odubiyi

Yemi Odubiyi

Profit after tax rose to ₦41.78 billion, while earnings per share climbed to 89 Kobo from 56 Kobo in the prior period. Gross earnings increased by 39.7%, reaching ₦212.61 billion. Interest income grew by 38.3% to ₦167.16 billion, and non-interest income surged 45% to ₦45.45 billion.

The Group’s cost-to-income ratio also improved significantly, declining from 75.7% to 64.5%, thanks to focused cost optimisation.

Sterling HoldCo’s total assets increased to ₦4.08 trillion as of June 2025, up 15.3% from ₦3.54 trillion in December 2024. Shareholders’ funds rose by 22.9% during the period, driven by strong retained earnings and successful recapitalisation. Asset quality also improved, with the non-performing loan ratio down to 5.1% from 5.4%.

Building on its financial strength, the Group completed a ₦100 billion private placement and rights issue, which enabled the recapitalisation of Alternative Bank and bolstered Sterling Bank’s capital base. A public offer to raise an additional ₦53 billion is set to launch in the coming weeks, forming the first phase of a US$400 million capital programme approved at the Group’s Annual General Meeting on June 30, 2025.

Group CEO Yemi Odubiyi attributed the half-year performance to strategic clarity and operational agility, noting that the results reflect resilience and value creation in a dynamic macroeconomic environment.

He reiterated the Group’s commitment to responsible growth, sustainable impact, and continued investment in Nigeria’s growth sectors, including renewable energy, healthcare, and community development.

Sterling HoldCo remains focused on leveraging its robust capital strategy to fuel long-term expansion, innovate across its financial services, and deepen its contribution to Nigeria’s economic progress.


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