Bank
Sterling Bank, SMEDAN To Create Nigeria’s Largest SME Database
Sterling Bank, SMEDAN To Create Nigeria’s Largest SME Database
Sahara Weekly Reports That One of Africa’s fastest-growing companies, Sterling Bank, has recently signed an agreement with the Small & Medium Enterprises Development Agency of Nigeria (SMEDAN) to establish a comprehensive database of Small and Medium Scale Enterprises (SMEs) in Nigeria. This will help in scaling intervention programs and providing tailored solutions that truly contribute to the growth of SMEs.
The signing ceremony took place in Lagos, where the Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman, expressed his optimism about the collaboration. He emphasised that genuine collaborations, driven by opportunity rather than regulation, often yield positive outcomes. He regarded this partnership as one of those promising ventures, highlighting that no external regulatory pressure compelled their cooperation.
Suleiman stressed the MoU’s significance while noting the critical role of data in economic development. He asserted that the agreement marks the beginning of a journey towards a formalised economy, enabling the government to intervene effectively when necessary. Suleiman also emphasised the importance of SMEs having access to capital based on their historical data. In order to do this, he stressed the importance of developing an atmosphere that motivates SMEs to self-report, even if it is just to be eligible for SMEDAN services. Furthermore, Suleiman emphasised that self-reporting is the initial step for small and medium businesses to become auditable institutions.
Sterling Bank is committed to dedicating its resources to the success of the MoU and will advocate for government support of SMEs. Suleiman noted that the outcomes of this collaboration would benefit the entire banking industry, not just Sterling Bank.
Mr Olawale Fasanya, Director General of SMEDAN, expressed his appreciation for the bank’s initiative and highlighted the MoU’s immense value to SMEDAN’s operations. Fasanya stressed the criticality of data to their activities, citing their recent online registration of SMEs. Despite registering approximately 3.8 million SMEs through this initiative, the data still requires cleaning. Fasanya emphasized that the availability of accurate data would enable SMEDAN to connect SMEs operating within the same market.
Mustapha Otaru, Chief Product Officer at Sterling Bank, described the bank’s approach to managing SMEs as an ecosystem and emphasised the federal government’s importance of collaboration with SMEDAN. He acknowledged that progress is impossible without such partnerships.
Otaru said that in addition to providing access to finance, Sterling Bank aims to nurture SMEs and support their growth from micro to corporate levels. The bank achieves this through innovative solutions such as its common facility for fashion entrepreneurs and special bundled offerings. Sterling Bank’s products, according to Otaru, are strategically designed to align with its HEART (Health, Education, Agriculture, Renewable Energy, and Transportation) strategy, which the bank adopted in 2018 to focus its investments on key sectors of the economy.
Bolanle Tyson, the Head of SME Products at Sterling Bank, underscored the integral role of SMEs in economic growth. She expressed her enthusiasm for the partnership with SMEDAN, envisioning a lasting collaboration that leverages combined resources to drive economic growth.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
Bank
Separating Fact from Confusion: What Nigerians Need to Know About the 7.5% VAT on Banking Service Fees
In recent weeks, digital-banking customers and social media, especially on Twitter have raised concerns about deductions labelled as “VAT” on transfers and other charges.
Some dangerously false narratives, which when you take a critical look, you’ll clearly see that they have been orchestrated and sponsored by malicious elements, have given the impression that the 7.5% Value Added Tax (VAT) is a new or arbitrary charge introduced by fintechs, or that it applies to the amounts customers send. These claims are misleading and deserve careful clarification which is the purpose of this piece.
First, it’s important to understand how VAT works in Nigeria’s financial sector today. VAT on fees and charges for financial services has long been part of Nigeria’s tax system. The then Federal Inland Revenue Service (FIRS) had issued information circulars on March 31, 2021 where it stated that VAT on Financial Services (Circular No. 2021/04) that most fees, commissions, and charges by financial institutions (banks, insurance companies, brokers) are subject to 7.5% VAT.
This justifies a recent advertorial the Nigeria Revenue Service (NRS) which stated unequivocally that VAT was not newly introduced on banking service charges by recent tax reforms, and that it did not impose a new tax obligation on customers in that regard.
However what was left unsaid in that publication was that on the 12th of December, the tax agency had written to all financial institutions and payment gateways based on past meetings with operators that following from the new Tax Act, they were reminded of their mandatory obligations to collect, deduct and remit VAT at the prescribed rate.
The Agency then gave an 18- day grace period to all players to configure and align their systems while directing full compliance with the directive with effect from January 19, 2026. And so, some fintechs sent messages to their customers in the spirit of clarity and transparency.
It must be said that what has changed is that in a bid to widen the tax net, microfinance banks and fintechs who were not obligated to deduct and remit said VAT before now, have now become compelled to do so. The enforcement and standardised collection of VAT across banks and fintech platforms including mobile transfers, USSD transaction fees, and card issuance fees with compliance deadlines issued by tax authorities. So why anyone would vilify any financial institution obeying the laws of the land beats my imagination.
For those who have raised questions around transparency and wrongly suggesting that fintechs are suddenly imposing new, unexplained costs on users – as it has been explained above, this is a matter of regulatory compliance, not a lack of transparency or customer exploitation. These VAT deductions are not new fees created by the companies themselves, and providers are not arbitrarily raising their prices.
In closing, two things that everyone must bear in mind as we move forward in this new tax climate – all stakeholders including fintech platforms and regulators must communicate better and clearly. Nigerians must refrain from peddling unsubstantiated claims and malicious narratives, it has no benefits for anyone and erodes trust in systems.
FirstBank Introduces Exclusive 500-Seater Bleacher at Carnival Calabar & Festival 2025
Lagos, 26 December 2025 – FirstBank, West Africa’s premier financial institution and financial inclusion services provider, has officially announced its sponsorship of the Carnival Calabar & Festival 2025, unveiling a landmark addition set to redefine the carnival experience — the first-ever private premium seating area at the event.
The highlight of FirstBank’s participation is the construction of a 500-seater premium bleacher, designed to provide comfort, safety, and an elevated viewing experience for carnival enthusiasts.
Speaking on the sponsorship, the Acting Group Head Marketing and Corporate Communications, FirstBank, Olayinka Ijabiyi, noted that the carnival aligns with the Bank’s First@Arts initiative, a platform dedicated to supporting the creative arts value chain across Nigeria. He said, “We recognise the transformative power of the arts, including carnivals, in inspiring people and strengthening national unity. For more than 131 years, we have supported platforms that promote self-expression, social reflection and cultural exchange. Our investment in the Carnival Calabar & Festival demonstrates our commitment to preserving the nation’s rich cultural heritage through First@Arts.”
“As part of our sponsorship this year, we are introducing the first-ever private 500-seater premium bleacher to further elevate the carnival experience. This exclusive seating is designed to provide exceptional comfort and an unforgettable viewing experience for attendees,” Ijabiyi added.
The Chairman of the Cross River State Carnival Calabar Commission, Gabe Onah, also commented on FirstBank’s sponsorship. “FirstBank’s involvement is a strong demonstration of private-sector support for culture and tourism. This partnership not only enhances the overall quality of the carnival but also strengthens its global appeal,” he said.
The Carnival Calabar & Festival 2025 is officially marketed by Okhma Global Limited, the appointed Official Marketer responsible for brand partnerships, promotional engagements, and ticket sales. Okhma Global Limited has partnered with the Cross River State government in delivering Carnival Calabar & Festival for over ten years, playing a key role in strengthening the carnival’s commercial growth and global visibility.
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