Bank
Polaris Bank, Partners support 16,000 Students to reduce Out-of-School Children in Nigeria
… Distributes school essentials to 1,000 students across 10 public schools in 5 states
Lagos, Nigeria- December 30, 2024: Polaris Bank, in partnership with key stakeholders, has reaffirmed its commitment to combating the alarming rate of out-of-school children in Nigeria.
Through its targeted interventions, the Bank has ensured continuous education for over 15,000 students, providing them with the opportunity to learn, thrive, and contribute to a better future.
While the initiative primarily focuses on empowering the girl child, male students in the targeted schools were not left out reflecting the project’s inclusive approach.
Polaris Bank’s collaboration with strategic partners has further strengthened its efforts to combat the scourge of out-of-school children in Nigeria. Since 2020, these collaborative efforts have ensured continuous education for 16,000 students, showcasing the transformative impact of teamwork in fostering positive societal change.
The initiative which includes empowering young learners with brain training techniques and emotional intelligence education alongside making and distributing school essentials (bags, uniforms, sandals, books, and pens) aligns with the United Nations (UN) Sustainable Development Goals (SDG) 4 which ensures inclusive and equitable quality education for all, is targeted at Nigeria’s most vulnerable communities, where over 20 million children lack access to basic education, according to UNESCO.
This phase of the initiative targeted schools across diverse regions of the country, providing needed school essentials such as; school bags, sandals, uniforms, books, and pens to students. Research has shown that the lack of one or two of these basic school essentials has been a significant barrier to school enrolment, contributing to the alarming number of the scourge of out-of-school children in Nigeria.
Polaris Bank’s Managing Director/CEO, Kayode Lawal speaking on the education initiative charged students to embrace opportunities that education offers saying that the intervention is in line with the Bank’s ongoing sustainability efforts aimed at reducing Nigeria’s current out-of-school children population and increasing access to quality education, especially for the girl-child.
As part of its broader mission, Polaris Bank between November and December 2024 visited eight schools across various states, including Opebi Junior Grammar School in Lagos, National High School Arondizuogu; Iheme Memorial Secondary School; Akokwa High School in Imo State, Government Girls Secondary School, Kundila in Kano, Fortune Secondary School in Kogi, and Government Day Junior Secondary School, Maitama in Abuja, with that of Gbaja Junior and Secondary School, both in Surulere, Lagos moved to mid January 2025.
The program aims to support 50,000 students by 2028, building on its current impact of 16,000 students across nine states.
Beyond the provision of school essentials to indigent students of public schools, the initiative also embeds the Brighter Minds Programme, a transformative project bringing innovative brain-training techniques and emotional intelligence education to young learners.
This program has achieved remarkable milestones, expanding access to a holistic learning approach that builds resilience, focus, and confidence in students.
Each pilot group represents a new step in the journey of empowering young minds with life skills, made possible by the unwavering support of Polaris Bank, partners like EvolveCSR, schools, and parents.
Complementing this educational intervention, is the Inspire Teachers Training Program, a 3-day value-based education initiative aimed at equipping teachers with critical soft skills and alternative teaching methodologies.
This program explores topics such as heartful teaching, facilitation techniques, heterogeneous learning strategies, effective communication, heart-centered education, self-connection, and moral skill development.
Teachers who complete the program receive certificates and are encouraged to share their knowledge by training peers, fostering a ripple effect that promotes a soft-skills-driven approach to education.
While the initiative has made significant strides, the final batch of schools to be visited—Gbaja Girls Junior and High Secondary School, Surulere, Lagos — has been postponed to January 2025. This adjustment highlights the Bank’s commitment to ensuring no child is left behind in its drive to provide access to quality education.
Polaris Bank remains resolute in its mission to bridge educational gaps, ensuring a brighter future for Nigeria’s youth through impactful and sustained interventions.
By empowering students and supporting educators, the Bank continues to lead efforts to transform the lives of Nigeria’s future leaders.
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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