Business

No hiding place for traditional banking dinosaurs

Published

6 years ago

September 21, 2020

On the 4th of May, the first day after strict COVID-19 lockdowns were lifted in Lagos, customers rushed to bank branches all over the city.

From Surulere to Marina, bank halls overflowed with customers who felt they had to meet physically with bank staff. Their needs varied, from new requests for debit cards to reversing unsuccessful transactions.

But none of these services should require large crowds at banks, certainly not in 2020 with the technological advances permeating all sectors globally.

In South East Asia, the coronavirus pandemic is accelerating a digitalization race in the traditional banking space that was already heating up due to a mass customer switch to convenient mobile-based systems. Digital banks like Monzo, N26 and Revolut took advantage of the lockdown periods to emphasize the wholly online service delivery processes as the future of banking in Europe.

There is no reason for Nigeria to be left out. In fact, there may already be an appetite for more digital banking systems thanks to the limitations of social distancing.

More than 15 million new accounts were added to the banking sector between April and May, the first month of COVID-19 lockdowns in Nigeria, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). At least 12 million of those accounts were active during the period.

These are remarkable statistics; such a large number of accounts had never been added to the banking sector within any one-month period. Nigerians appeared to have even more need for formal financial services when physical restrictions were imposed on their movement.

During the lockdowns, many activities normally performed at physical locations moved online – teleconferencing at work, e-learning, online grocery shopping, religious worship. Each has a financial service component to it requiring users to activate online banking functionalities or at least mobile money. Therefore, the increased use of the internet to adapt to the circumstances created an uptick in demand for digital financial services.

Consider this: according to the GDP figures released by the Nigeria Bureau of Statistics, the ICT sector contributed 17.83% to the economy in the second quarter of the year. It was an improvement on the first quarter’s 14.07% which the Minister of Digital Economy had hailed as unprecedented.

It is possible that this growth in the ICT sector will continue as broadband penetration improves, from 39.54% in April to 42.02% in July.

An increasingly digitally-enabled Nigeria opens up new challenges and opportunities for the financial services sector. As a service critical to economic growth and national productivity, banking will have to respond to this shift.

Yet, many banks are still not well equipped to fully provide core services online.

The country’s top banks still require new customers to visit their physical locations to open accounts. This process continues to be paper-based with physical capture deemed necessary, as against signing up on mobile and uploading documents in soft copy. At bank halls, queues remain a feature around customer service desks because, for the most part, banks have not thought deeply about leveraging technology for dispute resolution.

Thanks to regulatory guidance from the Central Bank of Nigeria, the industry tends to adjust adequately to new technological demands. The introduction of the Bank Verification Number in 2011 was a seminal achievement crucial for today’s fintech boom. With NIBSS’s instant payment feature, banks and fintechs integrate functionalities that enable secure mobile banking.

It is time to push on from foundational achievements to lift the banking sector into higher realms of innovation. By thinking about service delivery primarily from the view of the technology-enabled user who is immersed in the digital world, banks can begin figuring out ways to adapt in-bank processes to fit customers’ new remote-first expectations.

This is the promise of the new wave of digital banks in the country. They are assuring customers that everything necessary for a complete banking experience is right in their pocket.

By modeling user experience after habits formed by using social apps, digital banks are making the strong case for a new generation of financial service customers to turn away from traditional institutions. On the VBank app for example, you only spend two minutes to get an account number. Zero paperwork.

Some Nigerian big banks are dominant international players in the financial services world, so a massive customer switch to digital banking change will not happen overnight. There are only 43.2 million BVNs at the moment which means only about 21.5% of the population can access digital banking.

The growth of digital banking itself will track improvements in broadband and smartphone penetration.

But COVID-19 has the effect of teasing the appeal of mobile-first convenience to banking customers. Many are now aware that it is possible to stay for weeks without going into a bank hall to access financial services.

Having had a taste of how convenient it is to bank remotely, customers will align with institutions that keep pace with this shift. This promise of a new normal stands to benefit digital banks that improve their visibility with customers.

Business

ADVAN Wins Global Honour at WFA Awards for “Project Freedom” Initiative

Published

2 days ago

April 25, 2026

Sahara Weekly

ADVAN Earns Global Recognition As WFA President’s Award Winner For “Project Freedom”

The Advertisers Association of Nigeria (ADVAN) has been recognised on the global stage as a recipient of the prestigious WFA President’s Award, presented by the World Federation of Advertisers during its Global Marketer Week in Stockholm. The recognition places ADVAN among a select group of leading industry associations worldwide acknowledged for driving meaningful impact in marketing and society.

The WFA President’s Awards, established in 2010, celebrate national industry associations whose initiatives advance the marketer’s agenda and contribute to positive change. This year’s honours were awarded following a rigorous selection process involving 38 submissions from associations across the WFA’s global network, with winners chosen for their measurable impact and potential for replication across markets.

ADVAN’s recognition comes through its advocacy initiative, Project Freedom, a bold and strategic effort focused on addressing the challenges of stifling, non–data-driven regulations affecting businesses in Nigeria and across Africa. The initiative underscores the importance of evidence-based policymaking while championing the constitutional right to freedom of commerce.

Through Project Freedom, ADVAN has taken a proactive leadership role in engaging key stakeholders and shaping conversations around fair, balanced, and transparent regulation. The initiative reflects a shift toward constructive dialogue and collaboration, ensuring that regulatory frameworks support innovation, protect consumer interests, and enable sustainable business growth.

By earning this global recognition, ADVAN reinforces the growing influence of African marketing institutions in shaping international discourse. Its work highlights how local advocacy, when rooted in data and guided by clear principles, can deliver impact not just within national borders but across the global marketing ecosystem.

The award also affirms ADVAN’s commitment to strengthening self-regulation within the industry, fostering accountability, and promoting standards that align with global best practices while remaining relevant to local realities.

As the marketing landscape continues to evolve, ADVAN’s recognition by the World Federation of Advertisers signals a strong endorsement of its leadership and vision. It positions the association as a key voice in advancing responsible marketing, advocating for enabling policies, and ensuring that businesses can operate in an environment that supports both innovation and economic freedom.

Business

PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status

Published

3 days ago

April 24, 2026

Sahara Weekly

***PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status**

To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.

UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.

In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.

Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.

We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.

Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.

Thank you.

Business

Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

Published

3 days ago

April 24, 2026

Sahara Weekly

Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”

Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.

The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.

This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.

Speaking on the collaboration, the Laffmattazz team stated:

“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”

As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.

With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.

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About Laffmattazz

Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.

About First Bank of Nigeria Limited

First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.