The holding company, which owns FirstBank and other financial services businesses, said gross earnings increased 16.7% to 1.93 trillion naira in the six months ended June 30, while operating income rose 25.8% to 1.38 trillion naira.

The results mark a continuation of the group’s turnaround after it restructured its balance sheet and addressed legacy asset quality issues in 2025, positioning the lender for sustained profitability, the company said.

Non-interest income climbed to 497.1 billion naira, supported by growth in electronic banking, trade services, brokerage, funds transfers and other transaction-based businesses. The group also reported a net interest margin of 9.5%, reflecting lower funding costs, disciplined asset pricing and an improved funding mix.

“The first half of 2026 marks an important turning point for FirstHoldCo,” Chairman Femi Otedola said in a statement. “These results affirm that the bold decisions the Board took to strengthen the institution were the right ones. We are witnessing the benefits of a stronger balance sheet and improved profitability.”

Group Managing Director Wale Oyedeji said the performance reflected continued focus on revenue growth, operational efficiency, governance and prudent capital allocation, adding that the lender was well positioned to benefit from opportunities in Nigeria’s evolving financial services sector.

The group’s investment banking and asset management businesses also posted stronger results, generating 46.0 billion naira in gross earnings and 27.4 billion naira in profit before tax during the period, supported by an asset base of 572.3 billion naira.

FirstHoldCo said its stronger earnings profile was underpinned by a more diversified business model and progress in digital banking and financial inclusion initiatives, while continued recoveries from legacy non-performing loans strengthened its capital position.

The lender joins several Nigerian banks reporting robust earnings as higher transaction volumes, digital banking growth and improved operating efficiency offset a more challenging interest rate environment.

Investors have also been closely monitoring the sector as banks implement regulatory recapitalisation requirements and strengthen their balance sheets.

The post FirstHoldCo Posts Record H1 PIT 83.5% YoY Increase to N653.5 billion appeared first on Tech | Business | Economy.

The event reinforced the Bank’s commitment to strengthening partnerships, driving innovation and supporting the continued growth of fintech businesses across the country.

The engagement provided a platform for industry leaders to exchange ideas, explore opportunities and strengthen collaboration.

Over the last 12 months, Wema Bank has processed more than ₦18 trillion in transactions through its platforms, with solutions such as Virtual Accounts and Payment APIs continuing to power collections, disbursements and real time transaction processing for a growing network of fintech partners.

As Nigeria’s oldest indigenous bank and a pioneer in digital banking, Wema Bank continues to invest in technology, innovation and strategic partnerships that enable fintech businesses to scale and contribute to the continued growth of Nigeria’s digital economy.

The post Wema Bank Strengthens Fintech Ecosystem through Strategic Partner Engagement appeared first on Tech | Business | Economy.

The NDIC while noting that it has been appointed as the official Liquidator, pursuant to Section 12 (2) of BOFIA 2020, and Section 55 (1 & 2) of the NDIC Act 2023, announced that the affected institutions are no longer authorized to conduct banking business in Nigeria.

In a statement issued following the revocation, the NDIC stated that “members of the public are strongly advised against any unauthorized transaction with the closed banks, or any attempt by individuals to remove, conceal, retain, or interfere with the assets, records, or properties of the banks, as this may constitute a violation of the law that could attract appropriate legal consequences.

“The NDIC has commenced the process of the orderly closure of the failed banks with their immediate takeover, verification and payment of insured sums to eligible depositors. Depositors and the general public would be duly informed on an ongoing basis on further steps to be taken regarding the liquidation exercise.”

CBN Revokes Licenses of 46 Microfinance Banks (MFBs) – Full list:

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The revocations, effective immediately, were approved by CBN Governor Olayemi Cardoso under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA) 2020, the central bank said in a statement signed by Hakama Sidi-Ali, its acting director of corporate communications.

The CBN said the affected banks fell into one or more of five categories: having assets insufficient to cover liabilities; shutting down operations without central bank approval; ceasing financial intermediation activities; failing to commence operations within 12 months of receiving their license; and failing to maintain minimum capital funds unimpaired by losses.

“The revocation of the licenses is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the CBN said.

The regulator said it remained committed to a safe, sound and resilient financial system and would continue taking supervisory and regulatory action where necessary to maintain public confidence in Nigeria’s banking sector.

The CBN has periodically revoked licenses of underperforming microfinance banks and other financial institutions in recent years as part of a broader clean-up of Nigeria’s crowded microfinance banking space, which serves millions of low-income and small-business customers underserved by commercial banks.

The post Nigeria’s Central Bank Revokes Licenses of 46 Microfinance Banks appeared first on Tech | Business | Economy.

The visit, which brought the leadership of both bodies together, followed a deliberation around a shared concern with emphasis on the need for the industry to strengthen its payment rails and speak with a united and accurate voice when service disruptions occur.

Leading the ACAMB delegation, Jide Sipe, president, said the association wants a forum where banks can have a single conversation about the sector, so that new and valuable developments are effectively disseminated to the public promptly and accurately.

“We want to make sure there is a space where banks engage, share ideas, and ask relevant questions about how to grow the industry as well as manage its challenges,” Sipe said.

The association’s President added that ACAMB has been meeting stakeholders across the sector, including the Chartered Institute of Bankers of Nigeria (CIBN), to understand where the association can support better collaboration and engagement.

Sipe pointed to recent system downtime as a test of how the industry communicates. He said ACAMB wants the narrative around such incidents to rest on accurate information rather than on accounts from people outside the operations, and proposed a stakeholders’ conference that would connect heads of corporate communications directly with NIBSS.

Responding, Premier Oiwoh, NIBSS managing director and chief executive officer, said, reliable digital payment infrastructures are foundational for economic inclusion.

“That is why one of the key ingredients that shape our philosophy at NIBSS is our commitment to financial inclusion. Seamless and effective payment has always been at the core of what we do and one key path to achieving this is ensuring a payment system that works. This will in return optimise revenue security, better customer experiences, and faster time-to-market which in return facilitates economic growth”, he said.

Oiwoh said that since joining NIBSS in May 2019, the organisation has prioritised industry fairness and trust in digital payments by tracking transaction “velocity” to anticipate crashes and shifting load between environments to keep services running.

“As we all know, customers expect payments to be fast, accurate, and flexible”.

He further ascribed NIBSS Instant Payment (NIP) as the foundation of that work, describing it as Nigeria’s first account-based instant transfer and, by the organisation’s account, the first of its kind anywhere in the world, when it launched about 15 years ago.

Oiwoh linked that foundation to the National Payment Stack (NPS) created by NIBSS, which he said is effectively cutting transaction time and lifting efficiency across the system.

By his account, the NPS “enables secure, real-time payments, cross-border transactions, and financial inclusion across Nigeria and Africa,” giving banks and customers faster, more reliable rails to move money within the country and beyond its borders.

According to him, NPS, today ranks top compared to other payment systems across the globe, including India’s Unified Payment Interface (UPI) due to the obvious evidence inherent in its performance, which is second to none at the moment and we are proud that this came out of Nigeria.

He also spoke on other key responsibilities of NIBSS, which include but not limited to fashioning out best innovative solutions to promote interoperability among banks, deepening trust and awareness with the digital payment platform and most importantly tactical support in helping to curb fraud, which has been immensely successful with numerous fraud mitigations leading to high profile arrests, since assuming office, particularly with the help of law enforcement agencies.

He also spoke on the need for banks to also adopt other innovative ways of payment like the NQR (Nigeria Quick Response) code which he noted is a secure, account-based payment solution designed by NIBSS to simplify and reduce the cost of mobile transactions.

It allows customers to securely transfer funds simply by scanning a merchant’s displayed QR code with their banking app. Some of the benefits, he mentioned, include, Instant Settlement; Instant Notifications; Zero Onboarding Cost; Lower Transaction Fees, NQR significantly lowers processing and transaction fees across various price bands.

According to Oiwoh,

“There is absolutely no huge cost to acquire or set up the merchant infrastructure, businesses only need to print or display the code. Both the buyer and the seller get immediate transaction alerts, allowing for real-time payment verification. Most importantly, there are fewer disputes & chargebacks. The inherent benefits point to an efficient system that further engenders ease for all”, he said.

The conversation reinforced an industry shift toward faster, contactless payments, with ACAMB urging banks to expand their rollout of NIBSS NQR-powered QR payments for and on behalf of the financial service industry, which let customers pay by scanning a code rather than reaching for cash. Oiwoh pointed out that United Bank for Africa (UBA) Plc was among the early movers, onboarding all its POS merchants onto NQR so that customers without their cards can simply scan to pay.

Founded in 1996, ACAMB continues to position itself as the industry’s voice on reputation, advocacy, and professional standards.

It continues to hold sway as an association committed towards restoring the ethics and public confidence in the financial sector as well as shaping positive views as the sector emerges stronger within and outside Nigeria, subSahara and African markets.

The post ACAMB Meets NIBSS, Advocates Wider QR Code Adoption and Stronger Payment Systems appeared first on Tech | Business | Economy.

The reduction follows the Central Bank of Nigeria’s marginal reduction of the Monetary Policy Rate (MPR).

Maximum lending rate refers to the highest permissible interest rate that lenders can charge borrowers.

The rate is crucial for ensuring fair lending practices and protecting borrowers from excessive interest rates.

This is the first time the average maximum lending rate declined since the Monetary Policy Committee (MPC) of the CBN reduced interest rate to 26.50 per cent in late February 2026 from 27 per cent.

The committee had cited sustained disinflation, naira appreciation, and an improved external position for its rate cut.

According to the CBN’s “Money Market Indicators” the average maximum lending rate that opened January 2026 at 32.68 per cent moved to 35.17per cent in February 2026 at a time interest rate was reduced to 26.50 per cent.

The CBN data revealed that the average maximum lending rate remained flat at 35.17 per cent between February and April 2026 amid 26.50 per cent interest rate.

The International Monetary Fund (IMF) had responded to unmoved average average maximum lending rate between February and April 2026, expressing that Nigerian banks raise lending rates rapidly when monetary policy is tightened but are slower to reduce borrowing costs or increase returns to savers.

“Interest rate transmission displays a clear “rockets-and-feathers” pattern, with borrowing rates adjusting upward rapidly during tightening cycles but declining only gradually when policy is eased,” IMF said

“When the CBN tightens, wholesale and lending rates respond strongly and more than proportionally: a 100 basis-point MPR hike raises T-bill and lending rates by roughly 175–180 basis points on impact, whereas a comparable cut lowers them by only about 25–30 basis points.

“This asymmetry, statistically significant, implies that banks transmit tightening rapidly and even amplify it but adjust much more slowly during easing cycles. By contrast, while the interbank rate responds symmetrically (around 0.6 in both directions) and deposit rates show little response either way (around 0.12), both are not significant,” the report by IMF explained.

In 2025, the maximum lending rate was 29.32 per cent, when the MPC voted to retain the MPR at 27.00 per cent from 27.50 per cent.

The average maximum lending rate has sparked concerns regarding the potential impact on the cost of credit for businesses already facing economic hardships due to foreign exchange unification and fuel subsidy removal by the Federal Government.

CBN data revealed that the average maximum lending rate rose to 29.79 per cent in January 2025 from 29.71 per cent in December 2024 when MPC members of CBN voted to retain MPR to 27.50 per cent.

The banking sector lending rate in Nigeria averaged 14.17 per cent from 1961 until 2024, reaching an all-time high of 37.80 per cent in September of 1993 and a record low of six per cent in April of 1975. In 2020, the average maximum lending rate reached a peak of 30.73 per cent when the MPR rate stood at 13.5per cent

CBN numbers also revealed that  the average prime lending rate increased to 19.10 per cent in May 2026 from 18.87per cent in April 2026.

The prime lending rate indicates the possible rate offered to the most creditworthy customers by Nigerian banks.

So far this year, the average prime lending rate has reached 19.54 per cent, the highest in over 10 years.

Nigeria’s average prime lending rate reached an all-time high of 19.66 per cent in November 2009 and a record low of 11.13per cent in March 2021.

The steady increase in interest rate reflected in the average prime lending rate last year as the CBN intensified its effort to tackle inflation rate and stabilize the local currency at the foreign exchange market.

Experts have predicted a further increase in the average maximum lending and primer lending rate despite a stable foreign exchange market and ease in inflation figure.

This unprecedented move has not only set the interest rate at its highest level to date but also reflects the CBN’s determined effort to address the persistent pressure on foreign exchange and inflation.

The post Interest Rate: Banking Sector Maximum Lending Rate Drops 1.11% to 34.78% appeared first on Tech | Business | Economy.

The agreement, signed at Wema Bank’s headquarters in Lagos, marks the first partnership between the two institutions and is expected to drive financial inclusion, entrepreneurship, and sustainable economic growth, particularly among women- and youth-led businesses.

Under the financing arrangement, at least 50 percent of the facility will be directed toward youth-owned enterprises, supporting job creation, innovation, and business expansion among young entrepreneurs.

The remaining portion will target businesses owned, managed by, employing, or primarily serving women, reinforcing efforts to close gender financing gaps in Nigeria.

The initiative is backed by the European Union’s Global Gateway strategy and aligns with Nigeria’s broader financial inclusion objectives.

Beyond the credit facility, EIB Global will provide technical support to Wema Bank through its Greening the Financial Sector (GFS) Programme.

The support is designed to enhance the bank’s climate finance capabilities and encourage investments in environmentally sustainable projects.

Eligible beneficiaries will include existing Wema Bank SME customers and participants in selected entrepreneurship programmes, including the Investing in Young Businesses in Africa (IYBA) initiative, which supports young entrepreneurs, particularly women and youth-led ventures.

Speaking during the signing ceremony, Ambroise Fayolle, vice president of the European Investment Bank, described the partnership as a strategic investment in Nigeria’s future workforce and entrepreneurial ecosystem.

According to Fayolle, the facility will help strengthen youth employment, advance gender equality, and empower women entrepreneurs while encouraging the adoption of sustainable financing practices.

Moruf Oseni, managing director and chief executive officer of Wema Bank, said the agreement reinforces the bank’s longstanding commitment to empowering underserved segments of the economy.

He noted that the facility would enable Wema Bank to deepen support for SMEs while creating more opportunities for women and young Nigerians to access capital, build businesses, and participate actively in economic development.

“This partnership presents a significant opportunity to scale our impact by helping more businesses access the financing they need to grow, while addressing gender disparities and youth unemployment,” Oseni said.

Both institutions said the collaboration reflects a shared commitment to expanding financial access, promoting inclusive growth, supporting entrepreneurship, and advancing environmental sustainability.

Since commencing operations in Nigeria in 1978, the European Investment Bank has invested approximately €2.3 billion in projects spanning transport infrastructure, climate resilience, digital transformation, innovation, agribusiness logistics, and SME financing.

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An analysis of the financial statements of four tier-one lenders, United Bank for Africa (UBA), Access Bank, Zenith Bank, and Guaranty Trust Holding Company (GTCO), shows that combined technology spending rose to ₦119.03 billion as of March 31, 2026, representing a 43.1 percent increase from ₦83.15 billion recorded in the corresponding period of 2025.

The increase of N35.88bn represents a 43.2 per cent year-on-year rise in technology spending, reflecting growing investments in software, digital banking platforms, cybersecurity, IT support services, and other technology infrastructure.

The spending pattern, however, varied across the lenders, with Zenith Bank emerging as the biggest spender, UBA recording the fastest growth in technology expenditure, while Access Bank was the only lender to report a decline.

GTCO, a prominent multinational financial services group headquartered in Victoria Island, Lagos, recorded total technology-related spending of approximately N16.4bn during the first quarter of 2026.

According to its financial statements for the period ended March 31, 2026, the Group, which includes GTBank Nigeria and other subsidiaries, recorded N8.50bn under “technological and service-related expenses” during the three-month period.

In addition, GTCO invested N7.89bn in purchasing software classified as additions to intangible assets, compared with N4.68bn spent on software acquisitions in the corresponding period of 2025.

Combined, the bank’s operational and capital technology expenditure amounted to N16.40bn, representing an increase of about 24.3 per cent from an estimated N13.19bn spent in the first quarter of 2025. The software investment alone rose by 68.6 per cent year-on-year.

Zenith Bank Plc, a multinational financial services institution and one of Nigeria’s largest banks by tier-one capital, spent N43.83bn on technology in the first quarter, making it the highest spender among the four lenders reviewed.

The bank’s unaudited interim financial statements showed that technology spending rose sharply from N21.93bn recorded in the corresponding period of 2025, representing an increase of almost 100 per cent.

The first-quarter spending accounted for nearly half of the N91.92bn Zenith spent on technology throughout 2025, suggesting an acceleration in digital investments this year.

United Bank for Africa Group, the leading sub-Saharan African bank with more than 45 million customers, over 20,000 employees, and about 1,000 branches across 20 African countries, recorded the fastest increase in technology expenditure among the lenders.

The bank’s interim unaudited consolidated financial statements showed that IT support and related expenses rose to N22.07bn in the first quarter of 2026 from N6.18bn in the same period last year.

The increase of N15.89bn represents a year-on-year growth of approximately 257 per cent, more than tripling the bank’s technology spending over the period.

Access Bank Plc, the largest bank in Nigeria and Africa’s leading financial institution by customer base, with more than 60 million customers across three continents, spent N36.73bn on IT and e-business expenses during the first quarter of 2026.

However, unlike its peers, Access Bank recorded a decline in technology spending. The bank’s unaudited consolidated and separate financial statements showed that IT and e-business expenses fell from N41.85bn in the corresponding period of 2025.

The decline of about N5.11bn translates to a 12.2 per cent reduction year-on-year, making Access Bank the only one among the four lenders to report lower technology spending during the review period.

Despite the decline recorded by Access Bank, the broader trend among Nigeria’s largest banks points to increased technology investments as lenders strengthen digital capabilities, automate operations, improve cybersecurity systems, and enhance customer experience through digital channels.

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The commitment came during a strategic visit by Sim Tshabalala, Standard Bank Group chief executive,  and senior executives to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Lagos.

Speaking after touring the facilities, Tshabalala described the refinery as a transformational industrial project with far-reaching implications for Nigeria and Africa.

“We are here because the Dangote Group is a large and important global player and a significant force on the African continent,” he said.

“Standard Bank is the largest financial institution in Africa and we have partnered with Dangote on a variety of initiatives. We are here to lend support, to see this magnificent refinery and to discuss Vision 2030 and how we can continue supporting the Group’s growth ambitions.”

Tshabalala disclosed that Standard Bank intends to play a leading role in the refinery’s planned Initial Public Offering and future growth initiatives.

“As Dangote lists, there is an IPO coming up and we are a leading player in that process,” he said.

“As the Group continues to expand in Nigeria and across Africa, there will be opportunities for financial advisory services and balance sheet support, and we stand ready to provide both.”

He described the refinery as “a wonder of the world,” noting that its impact is already being felt through stronger foreign exchange earnings, improved balance-of-payments performance and enhanced energy security.

“This is a wonder to behold. It is massive, productive and transformative. It is already making a significant contribution to Nigeria’s economy through its impact on foreign reserves, the balance of payments and the lives of ordinary Nigerians,” he said.

Devakumar Edwin, group vice president, Oil and Gas, Dangote Industries Limited, said the visit represented a significant milestone in a partnership that began during the refinery’s construction phase.

“The bank visited us during construction and understood the scale of what we were building,” Edwin said. “Today, the refinery is fully operational and they can see what their support has helped to create. It is like nurturing a tree and eventually seeing it bear fruit.”

He added that both organisations are exploring opportunities to deepen collaboration as Dangote expands its industrial footprint across Africa.

Managing Director and Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, said the visit highlighted the importance of long-term partnerships in delivering large-scale industrial projects.

“Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group,” Bird said.

“This visit was an opportunity to demonstrate what that support has enabled. Seeing is believing, and it allows our partners to appreciate the scale of what has been achieved.”

The visit also coincided with a major operational milestone for the refinery, which has now exceeded its original design capacity.

Bird disclosed that the refinery recently completed performance test runs at 700,000 barrels per day, above its nameplate capacity of 650,000 barrels per day.

“We have always believed there was engineering flexibility built into the design,” he said. “Achieving sustained production of 700,000 barrels per day is a testament to the technical capability of our people and the strength of the systems we have built.”

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The approval allows the long-standing primary mortgage institution to evolve into a full-fledged commercial bank, broadening its capacity to deliver retail, corporate, digital, and specialised financial services across Nigeria.

The development is regarded as a significant milestone for the bank, which has built a reputation over the years for consistent performance, strong risk management practices, and leadership within the mortgage banking sector.

With the new licence, Abbey Mortgage Bank is expected to retain its core strength in real estate financing while expanding into broader banking services, including SME financing, trade services, electronic banking solutions, and wealth management offerings.

Preparations are already underway for a smooth transition, including infrastructure upgrades, technology integration, and corporate rebranding initiatives scheduled over the coming months.

The bank has set its official commencement of commercial banking operations for the fourth quarter (Q4) of 2026, while further details on its new corporate identity, product rollout, and exact launch date are expected to be announced in due course.

The transition is expected to position the institution for stronger market competitiveness and improved customer experience through expanded financial solutions and enhanced digital banking channels.

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