This alliance ultimately ushers in a new standard for cross-border payments, empowering Nigerians abroad with a quicker and simpler method of sending funds home.

With an estimated 17 million Nigerians living and working abroad, demand for fast, transparent and dependable financial connections to home has never been greater.

By leveraging Thunes’ Direct Global Network, Sterling Bank is rolling out this enhanced capability across multiple European markets, giving customers abroad a more consistent way to support their families and manage finances.

This alliance means that new and existing Sterling Bank account holders can now enjoy seamless, instant payments across borders.

Recent research released by Thunes revealed that for nearly half (46%) of diaspora consumers across Europe, sending money home is a regular and essential financial activity, comparable to paying rent or utilities.

Daniel Parreira, SVP, Sales – Africa at Thunes, commented:

“Welcoming Sterling Bank to our Direct Global Network marks another significant milestone in our expansion across Africa, and the trust in our infrastructure across the continent. Together, we’re enabling a new level of convenience, speed, and confidence for customers managing finances across borders. This alliance demonstrates our ongoing dedication to making global money movement instant, transparent and accessible for all.”

Ayodeji Saba, head, Switch & Remittances at Sterling Bank, commented:

“This partnership reflects Sterling Bank’s deep commitment to making it easier for Nigerians abroad to send money home. With Thunes’ trusted technology, we’re giving our customers a faster, more reliable, and more affordable way to fund their Sterling Bank accounts from their foreign bank accounts. It’s a major step forward in improving the experience for our diaspora community.”

This collaboration reflects the shared commitment of Thunes and Sterling Bank to financial inclusion, and community empowerment, helping people improve financial oversight while spending more effectively.

It also supports Thunes’ mission to onboard the next billion end users in emerging markets into the global economy.

Held at Filmhouse Cinemas, Lekki Phase 1, the event brought together leaders, innovators, and changemakers under the theme “Transforming Masculinity Through Infrastructure.”

What unfolded was one of the most emotionally charged and impactful TEDx editions the city has seen.

From the moment doors opened, the atmosphere carried a rare mix of vulnerability and excitement. Supported by headline sponsors Café One and Filmhouse, the event created the perfect environment for introspection, storytelling, and bold conversations about the future of masculinity in Nigeria.

When asked what the vision was behind TEDx Admiralty Way 2025, one of the conveners, Kelechi Nwaozuzu, said:

“There are a lot of events celebrating women, and I love them, I’m a woman. But we looked around and saw that there are not many events celebrating men or pointing them in the right direction… There’s a wrong definition of masculinity, so rather than wait for someone to redefine it, we will take the bull by the horns and redefine masculinity.” 

As conversations around gender evolve globally, Nigerian men face a unique set of pressures: to lead, provide, succeed, and remain emotionally guarded.

TEDx Admiralty Way carved out space to interrogate these expectations, giving room for honest storytelling, evidence-based ideas, and reflection.

The event emphasized how infrastructures: physical, cultural, emotional, and digital, shape the way men are raised, perceived, and supported.

The speakers, each distinguished in their field, offered powerful insights on redefining modern masculinity in a fast-changing Nigeria. They invited the audience to re-examine the “hard guy” narrative and embrace a healthier definition of male identity.

Key Moments From the Stage

Abubakar Suleiman, MD of Sterling Bank, spoke on leadership and vulnerability, stating that ‘The current definition of masculinity is outdated and needs to change’ and imploring all men to decide what makes them a man.

Olushola Olaleye, a serial entrepreneur, spoke about the anachronistic mentality of masculinity and how it has affected men’s success in business. He said, ‘We think that for you to be a man, you have to dominate, but what it takes to build successful empires is a level of emotional intelligence and collaboration.’

Obinna Ukachukwu, an Executive Director at Sterling Bank, explored the negative impacts of men hiding pain, loneliness and feelings of inadequacy. He explained that “Real masculinity is the courage to be whole, not perfect.”

Tunde Onakoya, Founder of Chess in Slums Africa, moved the audience with stories of young boys who found identity and healing through chess, reminding everyone that “every boy child  is like a pawn on a chess board, but when he is enabled on his journey of becoming and makes it to the final square, he becomes powerful.”

Each speaker reinforced a unifying message: Masculinity is evolving, and society must evolve with it.

The success of TEDx Admiralty Way was made possible by a coalition of visionary sponsors who believe in the power of ideas and community transformation. They are; Cafe One, Filmhouse Cinemas, Quilo, Visionary Studios, Sterling Bank, BayRoyal International Ltd, Kaldi Africa, Hollandia (Chi), Red Bull, Fruta Jugo, Kaddos Cakes, Cake Mayor, One Bank, Coca Cola(NBC), Boshan, Nutrisnax, and McVities.

Their support enabled a world-class experience and helped amplify a conversation that will shape generations.

A New Chapter for TEDx Admiralty Way

As conversations continue long after the final talk, one thing has become clear: The world is ready for a more compassionate, more balanced, and more intentional definition of manhood.

Now, both Sterling Bank and Wema Bank want to be the face of digital transformation, but which one of them has actually earned that reputation?

The Digital Banking Reality Check

Nigeria’s banking sector has changed so much. Over 70% of banked Nigerians now use digital platforms weekly, and digital transaction volumes have surged by more than 240% in the past five years. What used to be a nice-to-have is now a necessity.

However, building a mobile app doesn’t make a bank digital, the actual transformation demands more, including culture change, customer trust, and consistent user experience. This is where Wema and Sterling’s approaches begin to diverge.

Wema Bank: The Digital Bank Before It Was Cool

When Wema launched ALAT in 2017, most banks were still struggling to understand fintech. That move gave it an eight-year head start in digital innovation. Today, Wema is living the digital transformation.

As of 2025, about three-quarters of Wema’s customers actively use its digital channels, and the results show. The bank’s gross earnings jumped by roughly 70% in the first half of the year, and profit before tax surpassed ₦100 billion, an increase from the previous year.

ALAT is a fully formed brand identity. From ALAT for Business to ALAT XPlore for teenagers, Wema has built a digital ecosystem that is modern and up-to-date. It’s also personable, playful enough to engage younger Nigerians, but structured enough to manage serious banking.

That’s what makes Wema’s transformation believable. It has turned its early digital test into a long-term advantage, earning awards, credibility, and genuine customer affection. Though the market is crowded with fintechs, Wema still manages to stay original.

Sterling Bank: From Brick Walls to “The One Customer Bank”

Sterling’s rebrand took a more philosophical turn. Instead of leading with an app, it led with an idea: “The One Customer Bank.” The goal was to treat every customer as if they’re the only one. It’s emotional, it’s human, and with our country filled with many people feeling neglected by their banks, it aligned.

Underneath that slogan, though, Sterling has been quietly re-engineering its systems. The OneBank app now offers a smoother experience, better transaction tracking, and new features like budgeting tools, card delivery requests, and foreign exchange services. 

The bank even scrapped certain switch charges in 2025, making digital banking cheaper for its users, and customers genuinely appreciated.

Around 60% of Sterling’s transactions now come through its digital channels. It’s not quite where Wema is yet, but the growth is noteworthy. The bank has also built goodwill through its human-centred culture, the HEART of Sterling framework (focused on Health, Education, Agriculture, Renewable energy, and Transportation) is part of how it connects purpose with profit.

Sterling’s brand has matured, and while its digital tools may not yet match ALAT’s variety, its sense of empathy and simplicity keeps it relatable. It feels like a traditional bank trying earnestly to learn new tricks, and that sincerity counts.

Head to Head: Two Routes to the Same Goal

Wema Bank and Sterling Bank may be in the same race, but they’re running on different tracks. 

Wema’s rebrand is confident, and data-driven. It leads with product innovation and doesn’t shy away from proving its claims. Every upgrade, campaign, or award reiterates the “Digital Bank” focus.

Sterling, on the other hand, is playing the long game. Its rebrand is built around trust, not technology. While Wema sells speed and modernity, Sterling sells care and connection. The bank’s communications are calm, thoughtful, and rooted in its service philosophy. It’s more about reassurance.

The difference is that Wema’s transformation feels complete, it has successfully merged technology, branding, and performance into a single identity. Sterling’s transformation, though optimistic, still feels transitional. It’s moving in the right direction but hasn’t fully arrived.

Finally…

If the question is which bank has truly rebranded for the digital age, Wema Bank takes the lead. It’s modern in language and operations too. The ALAT brand has built its own loyal following, and its numbers back this up.

Sterling Bank, however, deserves credit for the authenticity of its journey. It’s not trying to copy the fintech playbook. Instead, it’s finding its own path by blending human warmth with digital progress. Its rebrand seems more grounded than flamboyant, more about people than code, and in a market driven by perception, that kind of authenticity is important.

Digital banking in Nigeria has become more about who can make technology feel human.

Wema Bank has turned its early bet on ALAT into a competitive edge, one that aligns perfectly with today’s digital reality. Sterling Bank, meanwhile, is proving that transformation doesn’t always have to be loud to be real. It’s steady, evolving, and genuinely trying to build trust in a space where trust is rare.

Both banks are changing what legacy brands can look like in the digital age. But in 2025, Wema Bank has the louder success story, and Sterling Bank has the quieter, more human one. In the end, the best rebrand may not be about who looks the most modern, but who seems the most believable.

A member of staff at Sterling Bank took it upon herself to spread the “gospel” of free transfers, as though divine intervention had finally struck the banking sector.

“BREAKING NEWS!!! Sterling Bank has CANCELLED TRANSFER FEES!!!

The message, a cross between a Nollywood script and a WhatsApp chain message, was peppered with urgent calls to action—open an account now, tag your bank, forward to 20 people before they “delete” it. Even the disclaimer was dramatic: “They will say it’s ‘April Fool’ but CHECK YOUR APP!!”

And just like that, Sterling Bank placed itself as a saviour of the Nigerian banking system—offering what no other bank has ever: free transfers, zero interbank fees, and even free ATM card issuance.

But let’s take a step back. Is this really an act of generosity, or is Sterling Bank simply playing catch-up after months of losing customers?

From Migration Issues to Damage Control

The timing of this campaign is hardly coincidental. It comes after a challenging year for Sterling Bank, with a massive migration to a new core banking system, SeaBaaS—Africa’s first indigenous core banking platform, developed by Peerless.

In August 2024, Sterling Bank informed customers of its plan to transition, and by September, the migration was complete. But instead of ushering in seamless banking, the process left customers stranded. For two weeks, the system disruptions meant no transactions, no transfers, and in some cases, no access to funds.

Businesses suffered. Individuals panicked. Some customers, understandably, packed their bags and took their money elsewhere.

Sterling Bank, which previously had around three million customers, lost a number during this migration. But the reputational damage was obvious. If trust in a bank is its currency, Sterling’s reserves took a serious hit.

By the time Sterling Bank resolved the issue in late September, the damage was already done. Many customers had closed their accounts and moved to competitors.

So, what do you do when you’ve lost a chunk of your customer base? You offer them freebies and hope they return.

Free Transfers?

In response, Sterling Bank’s No Transfer Fee campaign seems like a brilliant recovery strategy. Banking fees—especially hidden charges—are one of Nigerians’ biggest financial headaches. 

In Nigeria, economic hardship is squeezing every naira, and a bank promising zero charges could attract frustrated customers from other institutions.

To kick off the initiative, the bank has stated that the free transfer policy officially began on April 1, 2025. Customers who were charged between 12:00 am and 8:00 am on that day will receive a full refund.

Obinna Ukachukwu, Sterling Bank’s growth executive in charge of Consumer and Business Banking, stressed that the initiative is aimed at providing fair and inclusive banking.

“We believe access to your own money shouldn’t come with a penalty. This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused,” Ukachukwu stated.

But is Sterling truly offering something for nothing?

History shows otherwise. Nigerian banks have a habit of introducing “free” services only to quietly reinstate charges later. In December 2012, several banks promised zero ATM withdrawal fees—only to reverse the decision within months. Even fintechs like Opay and PalmPay initially offered free transfers, but later introduced fees.

So the real question is How long will Sterling keep this up?

Here are three possible scenarios:

1. Short-Term Gain, Long-Term Reversal:
   • Sterling gets a wave of new account openings.
   • In a few months, the bank introduces “maintenance fees” or finds another way to recover lost revenue.
2. Ripple Effect Across the Industry:
   • If customers start leaving other banks for Sterling, competitors might be forced to follow suit.
   • This could lead to a brief period of lower banking fees across the industry—before banks find a way to sneak charges back in.
3. Genuine Shift in Strategy:
   • If Sterling truly commits to this model, it could disrupt traditional banking.
   • Other banks may be pressured to find new revenue streams instead of relying on transfer fees.

But that’s a big if.

How Are Customers Reacting?

The response so far has been mixed. While some Nigerians are commending Sterling’s move, others are in doubt:

“Wow! Sterling Bank is starting a revolution. This is nice.”

Another posted: 

“Well because this is coming today 1st April I’m just going to watch out for your customer’s comments on transfer charges and see how true this is before I join your bank else I remain where I dey.”

Even financial experts are questioning the endgame. One who preferred to remain anonymous, told us:

“This is a temporary solution to a long-term trust problem. If Sterling Bank cannot guarantee stable digital banking services, no amount of free transfers will keep customers loyal.”

Can Sterling Bank Rebuild Trust?

Sterling’s migration to SeaBaaS aimed to set the bank apart in innovation. Instead, it highlighted the risks of poor execution. Now, with this No Transfer Fee campaign, the bank is trying to amend the situation.

But free transfers alone won’t fix a broken reputation.

What Sterling really needs to do is:

1. Prove System Stability: Customers need assurance that another major system failure won’t happen.
2. Be Transparent: If there’s a time limit on this free transfer offer, they should say so upfront.
3. Rebuild Customer Confidence: Offering compensation to those affected could go a long way.

For now, Nigerians will enjoy the honeymoon phase—free transfers, zero fees, and Sterling’s new-found customer-friendly image. Hopefully, this will last.

That’s the real test.

The bank’s transition to SeaBaaS is meant to bring faster transactions, improved security, and better financial products. While these improvements are rolling out in phases, customers will need more than free transfers to regain confidence.

For now, Sterling Bank is fighting to stay relevant. Whether Nigerians will buy into the redemption story is another matter entirely.

The bank revealed this on its X(formerly Twitter) page, which reads:

“That’s Right! As of Today;

Sterling Bank will not take any money for itself for:

• Mobile app, online – 100% FREE!
• Interbank transfers – ZERO FEES!
  ATM Card Issuance – 100% FREE!

The bank stated that the free transfer will kick-off from April 1, 2025 and all customers who were charged between 12:00 am and 8:00 am on that day will receive a refund for the charges.

Obinna Ukachukwu, Sterling Bank Growth Executive in charge of Consumer and Business Banking emphasized that the initiative is aimed at providing fair and inclusive banking. He believed that people should have access to their funds without additional cost.

Sterling Bank is demonstrating its commitment to reducing Nigeria’s financial burden by removing transfer charges and fostering a more inclusive banking system.

The bank’s decision reinforces its role as a trusted financial partner that values customer convenience over profit.

This initiative is expected to relieve Nigerians and make transactions more affordable and accessible for individuals and businesses.

With fewer transaction costs, Nigerians can send money without worrying about extra fees, especially in the current face of rising economic challenges.

Your friends, colleagues, and relatives could not reach you on WhatsApp.

The majority of the groups you belong to were worried sick. Are you well? Had something bad happened to you? They wondered why they could not reach you.

Eventually, you solved the challenge. Still, you could not retrieve some friends’ data. You were troubled for days.

On the one hand

By going offline for extended periods, the banks are saying, ‘Hey customers, your time is worthless.

Let us make you wait hours or even days before you access your money. What the bank customers have undergone in the last week is not 24/7 banking but 24/7 frustration. This frustration was glaring: Missed payments. Late fees. Failed transactions. Endless hold times.

On the other hand        

An IT expert shared that over the years no bank has asked the question, “How can the bank cut over seamlessly without disruptions?’’ He said some of the banks have turned a bad habit and culture into a norm.

Then the banks had spent so much money to acquire software and hardware, yet their understanding of this tool ’’is not that deep. I would not delve into this because we hate criticism.’’

He added that the banks’ explanation would make sense to the troubled customers. What happened was pure “technical and operational incompetence.’’

A troubled bank customer told me in one of the banking halls that, ’’I have the right to speak because my business is crippled by the banks’ technical failure. The issue is not perception management. It is a rollout mismanagement. Regardless of whatever messaging the banks put out, if you rely on the banks, you are doomed’’.

In the long term

Sterling Bank kicked off the service disruptions in September when it cutover to SEABaaS, a new custom-built core banking application locally developed. GTBank followed.

It migrated to Finacle from Basis software. Zenith Bank also shifted to Oracle’s Flexcube from Phoenix. Industry reports showed that the banks are looking for systems with better security.

Besides, the banks are cutting costs on banking software, which they acquired with dollars. Many of the banks rely on software from India. The applications are valued in dollars.

The bottom line is that the banks are cutting IT costs and in the process, they are troubling the customers with endless service disruptions.

An IT professional friend said that anytime the bank switches platforms, service disruption could not be overruled. It is like buying a new mobile phone. Transferring your data from the old to the new phone will pose a little challenge.

On a broader scale, an IT guru noted that when it comes to improving IT infrastructure management in banking, cloud migration is significant. Because large on-premise solutions do not measure up on affordability, dependability, and standardization. These are the qualities modern businesses need.

‘’The banks do not need to make incremental changes but should focus on the areas where they can make the biggest improvements with the least long-term disruption. Combining this approach with a thorough assessment of current application usage and future needs ensures a smooth transition to the cloud and helps prevent delays’’, she advised.

The banks have failed in this area with many days of service disruptions, which have led to unhappy bank customers. Some of these customers could not access their funds. They could not remit payments.

They could not receive payment. The customers were – in the word of another friend – ’’groping in the dark.’’

Research further showed that modern customers and businesses expect more from their banks. Since many bank customers are digitally aware, they expect the banks to keep up with the same pace.

Ok. Can we develop a homegrown, bespoke core-banking app to avoid service disruptions? Save cost and build the Nigerian software industry?

Sterling Bank has demonstrated this approach with minimal disruption to service. Maybe this tactic will make the customers happy. Now with the banks’ IT cost-cutting method, the customers are troubled.

In the short term

If the banks embrace locally developed core banking apps, the Nigerian software industry will be the biggest beneficiary. Maybe the customers will not be troubled after all.

[Featured Image Credit]

This single-digit interest rate facility is designed to boost Nigeria’s small and medium enterprises (SMEs), providing much-needed financial support to both new ventures and expanding businesses.

Sterling Bank has partnered with SMEDAN to create a comprehensive database of SMEs, enabling the provision of financial solutions and intervention programs. 

This partnership is highly important as it concerns Nigeria’s economic development, aiming to enhance job creation and economic growth.

Loan Details and Benefits

The SMEDAN N5 billion loan program brings several key benefits:

• Affordable Interest Rates: The loans are provided at single-digit interest rates, making them a cost-effective financing option for SMEs.
• Flexible Repayment Terms: Repayment plans are targeted to meet the specific needs of businesses, ensuring manageable instalments.
• Streamlined Application Process: The application process is fully digital and collateral-free, eliminating the complexities of traditional loan applications.
• Expert Guidance and Support: Borrowers can access expert advice and support from Sterling Bank’s SME specialists.

Eligibility 

To qualify for the SMEDAN/Sterling loan, businesses must meet the following criteria:

1. Registered Business: The business must be registered with the Corporate Affairs Commission (CAC).
2. Operational History: The business must have been in operation for at least 18 months.
3. Clean Credit Record: The applicant must have a clean credit record.

Certain business types are excluded from this loan program, including specialized businesses such as haulage companies, petrol stations, healthcare facilities, schools, and firearms/armoury businesses.

How to Apply

The application for the SMEDAN/Sterling loan involves a straightforward two-step process:

1. Register on the SME Databanc Platform: Applicants must first sign up on the SME Databanc platform powered by SMEDAN to generate a Promoter ID and Business ID.
2. Apply via the Banca by Sterling App: After obtaining the necessary IDs, applicants need to download the Banca by Sterling mobile app from Google Play or the App Store, sign up, and complete the loan application.

It’s important to ensure that your business is registered with the CAC and has a valid Tax Identification Number (TIN) before applying.

Support for Non-Qualifying Businesses

For businesses that do not initially qualify, Sterling Bank and SMEDAN provide clear feedback and guidance on how to improve their business to become eligible for future funding. 

This approach ensures that the loan program goes beyond providing financial assistance but also facilitates growth and development among SMEs.

At the launch event in Lagos, themed “Building with Data: Promoting Economic Growth through Data-Driven Insights,” key stakeholders noted the importance of data in driving business growth. 

SMEDAN and Sterling Bank aim to leverage this data to provide local and tailored support for SMEs, enhancing their export potential and sustainability.

To apply for the SME loan, visit the website.

This product, branded as ‘Afreximbank Tradelink,’ is one of Afreximbank’s digital offerings under the umbrella of the Africa Trade Gateway (ATG).

ATG provides African cor­porates and commercial banks with relevant digital tools to access market information, connect with buyers and sellers across the continent for efficient marketing and procurement, facilitate Know Your Customer (KYC) processes, and promote trade payments between Afri­can countries in local curren­cies.

Payables Finance enables suppliers to access financing from the banking system by ob­taining early payment for invoic­es which have been approved for payment by their corporate buyers.

The buyers continue to receive trade credit from the suppliers, and the suppliers finance their working capital through the early payment re­ceived, enabling them to grow their business.

The financing cost is linked to the credit rating of the cor­porate buyers, thereby making this product particularly valu­able for SME suppliers who may face challenges in access­ing bank finance at competitive pricing.

Payables Finance is the fastest growing trade finance product globally and there is an enormous opportunity for Afri­can businesses to benefit from it.

The partnership with Ster­ling Bank is a unique and in­novative arrangement which leverages the complementary strengths of both institutions to provide a comprehensive market-led solution to Nigerian corporates and their suppliers.

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Under this arrangement, Afreximbank will provide financing to corporates and banks in both US Dollars and Euros while Sterling Bank will manage financing in Naira.

Suppliers of Nigerian cor­porates can thus benefit from financing in both local and foreign currency as per their requirements.

Haytham ElMaayergi, executive vice president of Afreximbank Global Trade Bank, welcomed the launch as anoth­er milestone in realising the Bank’s vision of transforming Africa’s trade.

He said:

“Afreximbank identified supply chain finance as a solution for improv­ing access to trade finance in Af­rica and embarked on a journey to increase penetration through financial intervention and ca­pacity building.

The Bank’s Factoring Work­ing Group has done extremely well to provide lines of credit to support factoring and has ac­tively promoted factoring across the continent in collaboration with other institutions.”

Known as Project Radar, the platform built was an important step in safeguarding the integrity of the country’s thriving fintech ecosystem.

One year after its launch, the platform, now renamed Reporta, has successfully strengthened Nigeria’s financial sector in the fight against digital fraud.

Meant to serve as a joint fraud prevention network, the project has gained massive adoption, delivered noticeable impact and proved that collective action is need in securing the nation’s digital finance industry.

With the ever-increasing number of Nigeria’s fintech firms—home to over 217 startups and a sector that attracted nearly 50% of Africa’s total fintech funding between 2019 and mid-2023—the need for standard fraud prevention system has always been important.

Digital financial crimes have become technically advanced, with fraudsters taking advantage of any hole between isolated payment networks.

Reporta was developed as an industry-wide solution to counter these threats and protect millions of Nigerian users who rely on digital payments daily.

Today, Reporta is an independent, voluntary registry that is collectively owned by a group of financial and fintech organisations in Nigeria with board members rotated from various financial institutions.

The platform pulls together country-wide pockets of siloed information on suspicious digital behaviour. It proactively protects businesses from suspicious transactions by leveraging behavioural fingerprints.

Since its inception, Reporta has been accepted by over 25 leading banks, fintech companies, and verification platforms including Sterling Bank, Moniepoint, Busha, First Bank, Unity Bank, Wema Bank, Dojah, Flutterwave, Voyance, Preambly, Remita, Paddy Cover, Globus Bank, Herconomy, Kredi Bank, VFD, and the Nigeria Inter-Bank Settlement System (NIBSS).

The platform reported over 50,000 fraudulent transactions, thereby allowing financial institutions to detect and block suspicious activities faster than ever before.

There are now plans to extend the project to the insurance industry, which is also susceptible to fraud.

Before its introduction, fraud alerts were often shared informally via WhatsApp groups, making real-time detection chaotic and unreliable.

Now, with Reporta’s centralized intelligent database, banks and fintech firms can quickly search for flagged transactions using BVN, account numbers, or phone numbers—resulting in a 70% improvement in fraud detection accuracy.

A fraud analytics officer at a bank acknowledged the platform’s impact. “Before Reporta, fraud reports were scattered and often buried in long chat threads. Now, with a quick search, we can immediately see flagged transactions and take action—saving millions in potential losses.”

Apart from transaction monitoring, the system also gives fraud analysis, which helps banks understand new fraud patterns and tackle risks before they escalate.

According to a fraud and compliance officer at another bank, before Reporta, siloed information didn’t help in getting up to date analytics on new trends people are using.

“Now we can check the dashboard and see these types of data, significantly increasing our fraud detection capabilities.”

The impact is even more pervasive in Nigeria’s fintech companies, which are much younger than the banks.

According to a staff at one of the leading fintech firms, Reporta has opened up access to more important data, enabling them to upgrade their infrastructure.

“Due to better access to crucial data, we can now update our infrastructure to be more secure and can better educate customers on how to protect their accounts.”

Reporta’s impact goes beyond technology—it’s about collaboration. Over the past year, the platform has forged strategic partnerships with financial institutions, security agencies, and regulatory bodies.

These partnerships have led to fraud intelligence sharing across banks and fintechs, improved coordination with law enforcement agencies to track and prosecute fraudsters, and new regulatory standard that aligns with fraud prevention system.

One of the biggest achievements was the hassle-free integration with Nigeria’s top banking networks, giving the ground for coordinated fraud reporting and prevention efforts across multiple financial institutions.

This level of cooperation is very important in the fight against fraudsters, who sometimes take advantage of weak points and update their tactics. With all hands-on deck, fintechs and banks can close security gaps and stay ahead of cybercriminals.

Looking ahead, Reporta is working towards maximizing Artificial Intelligence (AI) and machine learning to detect fraud patterns before they happen. Instead of relying on manual reporting, AI-powered fraud prevention will analyze transactional behaviours to detect fraud before it occurs, which gives traditional banks and fintechs the edge to proactively prevent losses instead of just reacting after it occurs.

The introduction of predictive analytics will further increase fraud intelligence, which will reduce false positives while legitimate transactions remain hassle-free.

According to Lead project engineer, Wilson Adenuga, this next phase of creativity, stating that AI fraud detection system will improve security for Nigeria’s fintech firms.

Within just one year, Reporta has moved from being a promising idea to an important fraud- prevention weapon used by top banks and fintech firms. Its impact is undeniable with tens of thousands of fraud cases have been identified and blocked, and financial platforms now have a more coordinated and efficient approach to fraud detection.

The experts sitting as panellists at a webinar organised by the Nigeria Computer Society (NCS) in partnership with Sterling Bank, this week, reiterated that adequate education and awareness would mitigate the fraud in the financial sector.

A report by the Nigeria Inter-Bank Settlement System (NIBSS) shows that at third quarter of 2023, the Nigeria banking sector lost over N9.5 billion naira to electronic fraud.

Also, a fraud and forgeries, First Quarter 2023 report by FITC, underscored the pressing need for proactive measures in the face of escalating cyber threats.

To this end, the NCS webinar which was sponsored by Sterling Bank had the theme ‘Information Security in the Financial Sector’.

Leading the discussions, Professor Adesina Shodiya, the immediate past president (IPP) of NCS said that education and awareness are very important in promoting financial security.

Sodiya said that training of the employees was vital because ‘what you do not know is bigger than you and what is bigger than you can cost one a lot’.

He said that training of employees, creating awareness and education of customers would mitigate the challenges of fraud faced by financial institutions.

According to Sodiya, digital payment is a good development because of the convenience, however, the challenge is that majority of the people using such platforms do not have sound knowledge of information security “and are not bothered”.

“The way to go is education, training and security awareness because a lot of attack is going on in the financial sector, not reported.

“Employees must have training and knowledge about best practices and such training should be done in such a way that it would be of interest to the employees.

“So, the financial industry should continue to prepare against any form of attack because we will continue to see new wave of attacks. They need all forms of mechanism to protect their systems,’’ he said.

According to the IPP of NCS, it is also very important for financial sector to conduct research so as to protect resources entrusted to them.

Dr Tombari Sibe, the lead forensic examiner, Digital Footprint Nigeria Limited, said that Ransomware has been of concern in recent times and financial services sector is the most impacted.

Sibe said that financial service sector is data-centric hence the increase in ransomware threat and vulnerability attributed to new technology trends.

“As Financial service sector and customers, these things are real and it is good to take it seriously. It is also good that NCS and Sterling Bank are bringing it to fore burner’.

According to him, there is need for education, need to know what to do and not to do such as clicking on link of suspecting source or give out   information on phone.

The security expert also said that one should not hop on any free WiFi because it is easily hacked and financial vectors should take care of their enterprise; have an incidence response plan, business continuity plan, among others.

He however commended the financial sector for the compliance level with regards to the Nigeria Data Protection Law.

Also speaking at the panel discussion, Dr. Oluseyi Akindeinde, the founder and chief executive officer, Hyperspace Technologies Ltd., said that a lot of organisations have ditched capacity training for their employees due to the brain drain syndrome witnessed in the country.

Akindeinde said that the training, capacity building, competence development and education should be reintroduced.

According to him, investigation carried revealed that the human compromise is a threat to information technology security; “a lot of internal people that were trained and administrators of the information security are now out-of the country and sabotaging the system”.

He said inspite all, capacity building should be maintained and all time monitoring system should be set up.

Speaking on the need for regulation, Akindeinde said that innovations proceeds regulation and one cannot regulate what one does not understand.

He said that in trying to regulate, policy makers are over-regulating hence they (policymakers) need to have sound knowledge about technology to develop helpful regulations.

The Nigeria Computer Society (NCS) led by Dr. Muhammad Sirajo Aliyu as the president, is the umbrella organization of all information technology professionals, interest groups and stakeholders in Nigeria.