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E-Financial

Western Union’s UEFA Europa League PASS Campaigns Scores for Education

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On the day of the UEFA Europa League Final 2014, The Western Union Company, a leader in global payment services and Global Partner of the UEFA Europa League, together with the Western Union Foundation, announces the contribution to education that its PASS initiative has been making after a second season of the programme that has supported UNICEF secondary education programs in Jamaica, Nigeria and Turkey.

Western Union’s PASS initiative has been turning every successful PASS made during the 2012/13, current and next season of the UEFA Europa League into support for access to quality education for young people around the world.

SL Benfica will take on Sevilla FC at the Juventus Stadium in Turin, which will take the number of passes completed during Western Union’s sponsorship term to date to more than 350,000 having reached 170,000 at the end of the 2012/13 season.

The Western Union PASS initiative is not only meeting its objectives in terms of on-the-ground delivery; it is also driving awareness of the global education issue highlighted by the company’s broader Education for Better campaign and attracting some high profile support from within the game.

In February, former Brazilian football legend Roberto Carlos met with students supported by UNICEF and the PASS initiative in Istanbul, Turkey.

Later, same month, former Eintracht Frankfurt star and Nigerian international, Jay Jay Okocha, also lent his support.

PASS lead ambassador, Patrick Vieira, will travel to Senegal with Western Union and UNICEF immediately after this season’s UEFA Europa League Final to see how the funds donated to UNICEF through the PASS initiative will impact children’s lives and help them complete their education.

“Where I come from, many children face challenges that prevent them from completing school,” explained Vieira, the former AS Cannes, AC Milan, Arsenal FC, Juventus, FC Internazionale Milano, Manchester City FC and French international player, who was born in Senegal before moving to France at the age of eight and is currently manager of the Elite Development Squad at Manchester City FC.

“Football was my ticket to success, but for the vast majority of young people education is the key that allows them to become whatever they want to be.  What’s so impactful about this initiative is that what players are doing on the pitch is being translated off it, by Western Union, into funding that will benefit students, teachers and schools across the world. Particularly in places that need it most, like Senegal, where I was born, so I’m hugely looking forward to travelling back there later this week” said Vieira.

The PASS initiative will run for the three years of Western Union’s sponsorship of the UEFA Europa League through to the 2015 final. Through the program, Western Union is committed to supporting education in select countries around the world.

“Moving money for better is at the heart of what we do as a company, and education is one of the main reasons our customers send money,” explained Diane Scott, Western Union Chief Product and Marketing Officer and Western Union Foundation Board Member.

“Through PASS, we wanted to harness the power of football to build awareness of the global education challenge the world faces as well as deliver on-the-ground support that will make a difference to young people and their communities.  That is why it’s been very rewarding to see the education funding being delivered in these countries and why this end of season report is so positive.”

“We are grateful for Western Union’s continued support of UNICEF. This commitment to education will help UNICEF invest in training teachers, and provide vocational and life skills guidance to improve young people’s chances of completing school and successfully transitioning into the workplace as adults,” said Gérard Bocquenet, UNICEF Director of Private Fundraising and Partnerships.

“We are proud to work with Western Union to help more children access a quality education and provide them with a chance for a better future.”

During the first year, Western Union’s PASS collaboration with UNICEF focused on education programs in Nigeria, Jamaica and Turkey, and education programs will be supported starting later this year in Brazil, Senegal, Morocco and China.

Western Union’s funding is supporting activities including teacher training and curriculum development; financial literacy, vocational and life skills training for adolescents; school improvements; eliminating barriers to school access, and more.

Funding from the PASS initiative will help enable UNICEF to implement these interventions, aiming to provide access to one million days of education for children.

The Western Union Company is a leader in global payment services.

 


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E-Financial

Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

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Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.

Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.

The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.

Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.

This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.

Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.

Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.

Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.

Offsetting this were write-offs and reversals that mitigated losses.

First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.

Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.

Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.

Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.

On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.

Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.

FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.

Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.

Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.

 

 


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E-Financial

SEC Flags FF Tiffany as Ponzi Scheme

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Securities and Exchange Commission (SEC) has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.

SEC Flags FF Tiffany as Ponzi Scheme

A statement by SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.

The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.

The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.

According to SEC, those found culpable will be prosecuted in accordance with Investment and Securities Act (ISA) and regulatory provisions.

SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.

”These schemes are not registered with the SEC and do not offer investor protection under the law.

“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.

The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.

SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.

 

 

 

 


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E-Financial

AccionMonie App to Empower Low-Income Households

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Accion Microfinance Bank has unveiled AccionMonie, a next-generation digital financial services platform aimed at empowering individuals, micro, small, and medium enterprises (MSMEs), as well as low-income households across Nigeria.

Speaking at the official launch in Abuja, Chief Executive Officer of Accion MfB, Taiwo Joda, described the introduction of AccionMonie as a significant milestone and a testament to the bank’s culture of innovation, designed to meet the evolving needs of its customers.

“At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond,” Joda said.

He added that the app provides instant access to essential services including loans, savings, and other forms of financial support.

According to Joda, AccionMonie is a strategic component of the bank’s “Always There to Lend You a Hand” campaign, which underscores its commitment to small business development and the economic upliftment of underserved households. The campaign positions Accion MfB as not only a financial institution but also a trusted partner in its customers’ journey to prosperity.

Highlighting the economic role of MSMEs in Nigeria, he noted that with an estimated 37 million MSMEs, the sector accounts for 86% of employment and contributes 48% to Nigeria’s Gross Domestic Product (GDP). However, these enterprises continue to face major challenges such as limited access to finance, inadequate infrastructure, and an unfavourable business environment.

Also speaking at the launch, the bank’s Chief Commercial Officer, Stephen Olalere, said the combination of AccionMonie and the bank’s expansive network of over 74 branches across 12 states will help bridge the gap in financial service delivery to small businesses.

“The platform’s user-friendly features are designed to simplify payments and offer vital support to businesses and individuals alike,” he said.

Paul Ehiagbonare, Chief Digital Officer of the bank, described the launch as a bold step toward digital leadership and financial empowerment.

“For us, AccionMonie reflects customer empowerment through digital tools and technologies. It offers a range of customer-focused features designed to promote financial inclusion,” he said.

One of its standout features is Save2Loan, which allows users to save between ₦50,000 and ₦250,000 over a 90-day period and become eligible for a loan worth twice their saved amount. This, Ehiagbonare explained, will help promote a savings culture while enhancing credit access.

In addition, customers can conveniently fund their AccionMonie accounts using any debit card, eliminating the need for physical visits or long queues in banking halls.

 


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