Keystone Bank Becomes Fully Owned by Federal Government Following Landmark Court Ruling

Keystone Bank Becomes Fully Owned by Federal Government Following Landmark Court Ruling

 

In a significant legal development, the Lagos State Special Offences Court, sitting in Ikeja, has ordered the forfeiture of all shares previously held by the former owners of Keystone Bank Limited, effectively transferring full ownership of the bank to the Federal Government of Nigeria.

The ruling, delivered on Tuesday, February 11, 2025, marks the culmination of a legal battle over the acquisition of the bank by its previous shareholders—Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo. This follows a series of regulatory actions taken by the Central Bank of Nigeria (CBN) to address governance concerns within the financial institution.

Background of the Case

The ownership dispute dates back to January 10, 2024, when the CBN announced the dissolution of Keystone Bank’s Board and Management, citing breaches of corporate governance. In response, the Federal Government, through the Economic and Financial Crimes Commission (EFCC), initiated legal proceedings at the Lagos State High Court, Ikeja, to challenge the legitimacy of the bank’s acquisition by its former shareholders.

After months of legal deliberations, the court ruled in favor of the Federal Government, ordering the forfeiture of the bank’s shares held by the former owners. This decision now solidifies the government’s control over the bank, ensuring a new phase of stability and oversight.

Implications for Keystone Bank

With this judgment, Keystone Bank is now fully under the ownership of the Federal Government, providing a clear path for its recapitalization and long-term financial health. The bank has assured its customers, investors, and stakeholders that this transition will not affect its operations but will instead strengthen its stability and growth prospects.

Keystone Bank has reaffirmed its commitment to maintaining a strong financial position, fulfilling all regulatory obligations, and ensuring customer confidence in its services. The institution remains focused on enhancing its balance sheet, forging strategic partnerships, and driving profitability.

“We want to reassure our customers and stakeholders that Keystone Bank remains safe, stable, and resilient. This development further strengthens our financial standing and enables us to continue delivering value-driven banking solutions,” the bank stated in an official communication.

Next Steps and Future Outlook

As Keystone Bank embarks on this new phase under government ownership, industry analysts anticipate that the move will create opportunities for enhanced restructuring, potential capital injection, and long-term sustainability. The bank’s management has pledged to work closely with regulators to ensure smooth operations and uninterrupted service delivery.

Keystone Bank continues to prioritize customer satisfaction, innovation, and regulatory compliance, positioning itself for a new era of growth in Nigeria’s banking sector.

For more information, visit: www.keystonebankng.com.

CBN Governor, Olayemi Cardoso, Bags CIBN Fellowship; Unveils 2025 Economic Agenda

CBN Governor, Olayemi Cardoso, Bags CIBN Fellowship; Unveils 2025 Economic Agenda

By Anthony Emeka Nwosu

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has been conferred with the prestigious Fellowship of the Chartered Institute of Bankers of Nigeria (CIBN) at the 59th Annual Bankers Dinner held in Lagos. In his keynote address, Cardoso outlined Nigeria’s economic outlook for 2025, emphasizing the need for greater economic diversification and robust reforms to ensure financial stability.

Banking Sector Resilience and Economic Reforms
Reflecting on the past year, the governor highlighted the resilience of the banking sector, citing a non-performing loan (NPL) ratio under 5% and liquidity ratios exceeding 30%. He assured that banks are well-positioned to drive economic growth, particularly through increased credit access for micro, small, and medium enterprises (MSMEs).

“Our journey toward economic reform has yielded encouraging results,” Cardoso noted, adding that the CBN is committed to fostering trust and stability in the financial system.

The Riot Act on Financial Malpractices
Addressing allegations of financial malpractice and deliberate cash flow disruptions, the CBN governor read the riot act to institutions found culpable. “The CBN will not tolerate any sabotage of seamless cash flow for Nigerians,” he said, urging customers to report difficulties in withdrawing cash from bank branches or ATMs directly to the CBN starting December 1, 2024.

Inflation, Innovation, and Financial Inclusion
While acknowledging that inflation remains unacceptably high, Cardoso expressed optimism, saying, “Our commitment to price stability is unwavering. We aim to ensure the benefits are felt by every Nigerian.”

He commended Nigeria’s burgeoning fintech sector for driving financial inclusion and attracting global investors, with several startups achieving unicorn status this year. “Nigeria’s leadership in innovation is undeniable,” he declared.

Payment System Vision 2025 and Capacity Building
Unveiling the CBN’s Payment System Vision 2025, Cardoso outlined plans to advance cross-border payments, implement an open banking framework, and expand the regulatory sandbox to foster innovation.

He also announced the launch of comprehensive mentorship and capacity-building initiatives to equip young Nigerians with the skills needed to drive economic resilience and sustainable growth.

A Call to Collective Action
Cardoso charged financial institutions to rise to their market-making responsibilities and deliver tailored solutions that empower customers to manage risks effectively. “This is not just the Central Bank’s journey; it is Nigeria’s journey. Building an economy where every individual, business, and community thrives requires collaboration among banks, regulators, businesses, and citizens,” he stated.

Recognition and Fellowship Awards
The evening also celebrated outstanding contributions to the banking industry, with CBN Governor Cardoso and Lagos State Governor Babajide Sanwo-Olu being awarded the CIBN Fellowship for their dedication to economic transformation.

As Nigeria steps into 2025, Cardoso’s vision signals a robust and inclusive approach to tackling economic challenges and positioning the nation as a leader in innovation and financial growth.

 

PalmPay Named Among Top 250 Fintech Companies in the World by CNBC and Statista

PalmPay Named Among Top 250 Fintech Companies in the World by CNBC and Statista

PalmPay (www.PalmPay.com), a leading Africa-focused fintech platform, has been included in the 2024 edition of CNBC and Statista’s prestigious list of the “Top 250 Fintech Companies in the World.” This recognition underscores PalmPay’s rapid growth and significant contributions to advancing financial inclusion.

 

The CNBC/Statista list honours fintech pioneers significantly transforming the financial services industry through technology. More than 2000 companies were evaluated globally based on general and sector-specific KPIs to determine the final selection. In 2024, some of the most influential fintechs in the world were included in the list, including Alipay, Nubank, Monzo, and Revolut. Six other African firms made the list: Flutterwave (Nigeria/US) – Payments; Kuda (Nigeria/UK) – Neobanking; MTN (South Africa) – Payments; Piggyvest (Nigeria) – Financial planning; and Yoco (South Africa) – Payments.

PalmPay has developed an integrated platform that caters to consumers and businesses in the African market. The startup, which has been operating since 2019, pioneered a unique model in Nigeria that provides financial services such as money transfers, bill payment, credit services and savings via a one-stop-shop fintech ‘superapp’ and mobile money agents.

This dual approach of easy-to-use digital banking, combined with offline touchpoints for those without smartphones, has contributed to driving financial inclusion in a market where more than 40% of adults remain unbanked.

This recognition validates our unique approach to financial services and our commitment to driving financial inclusion

In 2023, PalmPay announced a major milestone of reaching 30 million registered users on its smartphone apps and 1.1 million businesses in its network of mobile money agents and retail merchants. A third of PalmPay customers report that the platform was their first-ever financial account.

PalmPay has quickly grown to become a market leader in Nigeria thanks to its user-friendly interface, reliable transactions, and focus on driving market share through fee-free transfers and promotions. PalmPay processes 15 million transactions on its consumer app daily and maintains a 99.5% transaction success rate.

To achieve this scale in a market where 10% transaction failure rates were common, the company built out its payment infrastructure, channel integrations and transaction routing systems. In addition to its consumer wallet, PalmPay offers services to businesses that leverage the PalmPay platform via its suite of POS machines, APIs and checkout solutions.

“It’s an honour for PalmPay to be recognised by CNBC and Statista as one of the World’s Top Fintech Companies,” said Sofia Zab, Global CMO, “This recognition validates our unique approach to financial services and our commitment to driving financial inclusion. We are actively expanding PalmPay’s reach and offerings, ensuring more people have access to essential financial services and promoting economic development in emerging markets”

PalmPay operates in several key markets across Africa, including Nigeria, Ghana and Tanzania, with plans to expand further in the region and other emerging markets. The company has global HQs in China and London.

Anatsa Banking Trojan: A New Threat to Android Users – Anthony Emeka Nwosu

Anatsa Banking Trojan: A New Threat to Android Users – Anthony Emeka Nwosu

 

The Nigeria Computer Emergency Response Team (ngCERT), operating under the Office of the National Security Adviser, has issued a critical warning to Nigerian Android device users about a potent new malware known as the Anatsa banking trojan.

The Anatsa banking trojan is a sophisticated type of malware specifically engineered to target banking applications. Once it infiltrates an Android device, it stealthily steals financial information, including login credentials, personal identification numbers (PINs), and even banking transaction details.

The advisory from ngCERT outlines the increasing cyber threats posed to bank customers, citing a surge in reports of such incidents. This warning comes as part of a broader effort to protect the financial data of millions of Nigerians who rely on mobile banking for their daily transactions.

Instances of Anatsa Banking Trojan Attacks

In one notable instance, users received seemingly legitimate emails or text messages from their banks, prompting them to click on a link to update their account information. Once clicked, the link redirected them to a fake banking site that captured their login details and transmitted them to the malware operators.

Several Android users reported downloading apps from third-party app stores that appeared to be genuine banking or utility apps. These apps, once installed, activated the Anatsa trojan, which silently collected sensitive banking information and sent it to cybercriminals.

In another sophisticated attack, the Anatsa trojan was found to create overlays on top of legitimate banking apps. When users opened their banking app and entered their credentials, the malware captured the information in real-time and sent it to the attackers.

Precautions and Recommendations

To mitigate the risk of falling victim to the Anatsa banking trojan, ngCERT advises users to avoid clicking on suspicious links, especially in unsolicited messages and emails. It is crucial to download apps only from trusted sources like the Google Play Store and avoid third-party app stores that may not vet apps for security. Regularly updating the device’s operating system and apps ensures that the latest security patches are in place. Using strong, unique passwords for banking apps and considering the use of a password manager can provide an added layer of security. Enabling two-factor authentication (2FA) on banking apps, where possible, is also recommended for enhanced protection.

The warning from ngCERT underscores the importance of vigilance and proactive measures in safeguarding personal financial information against the growing threat of cyberattacks. Users are encouraged to stay informed and take necessary steps to protect themselves from the Anatsa banking trojan and other similar threats.

 

Anthony Emeka Nwosu

Step into the Next Generation of Banking with FinTrak’s Comprehensive Suite of Solutions!

Step into the Next Generation of Banking with FinTrak’s Comprehensive Suite of Solutions!

 

FinTrak Software Co. LTD, an international IT powerhouse headquartered in Lagos, has launched an upgraded version of its core banking solution, aimed at revolutionizing the banking experience for African financial institutions. This robust and adaptable core banking system is designed to meet the diverse needs of banks across the African continent, from East to West and down to Southern Africa. The new system is supported by a comprehensive, round-the-clock client support framework, ensuring seamless operations and customer satisfaction.

FinTrak Software Co. LTD is a global financial technology organization renowned for providing innovative technology and business solutions to financial institutions and enterprises worldwide. The company’s extensive deployment of its solutions across numerous African countries stands as a testament to its reliability and effectiveness.

“Discover the power of FinTrak’s comprehensive suite of financial technology solutions,” enthused Bimbo Abioye, the Group Managing Director of FinTrak Software LTD. “With our innovative budget planning, automation, and reporting tools, we are redefining modern banking solutions for success.”

FinTrak’s Core Banking  product offers an integrated approach to enterprise performance management. This toolstreamlines reporting processes and provides valuable insights for informed decision-making, crucial for banks aiming to stay competitive in today’s fast-paced financial landscape.

“Tailored solutions for unique needs,” Abioye continued. “FinTrak’s software offers unmatched customization while maintaining top-tier quality. Experience the freedom to adapt and thrive in today’s dynamic financial environment.”

He further emphasized the advantages of their core banking system: “Your journey to financial excellence starts with FinTrak’s Core Banking System. Seamlessly integrated, highly efficient, and strategically designed for success. Choose FinTrak for unparalleled performance.”

FinTrak’s innovative automation tools simplify financial processes, eliminating the need for manual tasks and significantly boosting efficiency. “Transform your banking experience with FinTrak today,” Abioye added. “Elevate your financial operations with FinTrak’s Core Banking System. More than just software, it’s a strategic choice for excellence. Experience seamless integration and efficiency like never before.”

Beyond traditional banking services, FinTrak Software also excels in offering comprehensive risk management solutions. Banks face credit risks in various financial instruments, including interbank transactions, trade finance, forex, futures, swaps, bonds, and equities. FinTrak’s solutions are designed to fortify credit risk strategies across the financial services sector, ensuring robust risk management and operational resilience.

Anthony Emeka Nwosu

 

 

 

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Access Holdings Appoints Bolaji Agbede as Acting Group CEO Following Tragic Passing of Herbert Wigwe

Access Holdings Appoints Bolaji Agbede as Acting Group CEO Following Tragic Passing of Herbert Wigwe

 Access Holdings Plc, a leading financial institution, announced today the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer (GCEO) in the wake of the untimely demise of the former GCEO, Dr. Herbert Wigwe, who tragically lost his life in a helicopter crash on February 9, 2024, in the United States.

In a statement released on Monday, the Board of Directors of Access Holdings Plc stated, “Following the unfortunate demise of its former Group Chief Executive Officer, Dr. Herbert Wigwe, on February 9, 2024, the Board of Directors is pleased to announce the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the Company.”

Ms. Agbede, an experienced professional with nearly three decades in banking and business consultancy services, joined Access Bank in 2003 and has held various key positions within the organization. Notably, she served as Head of Group Human Resources from 2010 to 2022, after which she assumed the role of the company’s founding Executive Director, Business Support.

Bolaji Agbede, holding a Bachelor’s Degree in Mathematics and Statistics from the University of Lagos and a Master of Business Administration Degree from Cranfield University UK in 2002, is also a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.

The appointment of Ms. Agbede is subject to the approval of the Central Bank of Nigeria. Abubakar Jimoh, chairman of Access Holdings, stated, “The appointment of Ms. Bolaji Agbede is in alignment with our robust succession planning practices. We are strongly convinced that Ms. Agbede, being the company’s most senior executive, with exceptionally rich, professional, and leadership experience and understanding of the Access culture, would provide the much-needed leadership to steer the company towards the attainment of its strategic vision.”

Access Holdings Plc expresses its deepest condolences to the families affected by the tragic incident and remains committed to continuing its operations under the capable leadership of Ms. Bolaji Agbede.

Tony Elumelu Mourns the Loss of Herbert Wigwe and Bimbo Ogunbanjo – Tribute to Great Lights and True Patriots

Tony Elumelu Mourns the Loss of Herbert Wigwe and Bimbo Ogunbanjo – Tribute to Great Lights and True Patriots

 

Tony Elumelu, a prominent figure in business and philanthropy, expresses deep sorrow and distress at the untimely passing of Herbert Wigwe and Bimbo Ogunbanjo. Describing them as “Great Lights” and “True Patriots,” Elumelu reflects on the significant contributions both individuals made to Nigeria and Africa as a whole.

In a heartfelt statement, Elumelu notes, “The news of Herbert Wigwe’s and Bimbo Ogunbanjo’s untimely passing is terribly sad and distressing. Nigeria, indeed Africa, has lost two of our brightest minds. I admired them both, and we all shared the desire to drive Nigeria’s transformation.”

Herbert Wigwe, recognized as an exceptional talent, devoted his efforts to advancing the banking and financial sector in Nigeria through his role at Access Holdings. Similarly, Bimbo Ogunbanjo’s tenure as the Group Chairman of the NGX group was marked by excellence and dedication.

Elumelu emphasizes the profound impact of their leadership and entrepreneurial drive, stating, “Both will be sorely missed by all. Their leadership and entrepreneurial drive will continue to serve as shining examples to millions of our young people.”

The business tycoon extends his condolences to the families affected by this tragedy, saying, “May Bimbo, Herbert, his dear wife, Chizoba, and his son, Chizi, rest in perfect peace. May God give their immediate families strength and grace in this difficult time.”

Tony Elumelu encourages the community to join him in remembering and honoring the legacies of Herbert Wigwe and Bimbo Ogunbanjo, emphasizing the enduring impact they have had on Nigeria’s business landscape.

 

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“May Bimbo, Herbert, his dear wife, Chizoba, and his son, Chizi, rest in perfect peace. May God give their immediate families strength and grace in this difficult time.”

 

From Payment Gateways to Agency Banking: ARCA Payments’ Role in Transforming African Finance

From Payment Gateways to Agency Banking: ARCA Payments’ Role in Transforming African Finance

 

In an exclusive media chat with Dare Owolabi, the Executive Vice Chairman of Arca Payments Company Limited, a prominent figure in Nigeria’s financial technology sector, discusses the company’s role in payment gateway, payment switches, and the newly introduced ARCA Agency Banking (ArcaMoney). The interview, conducted by Anthony Nwosu, delves into the Nigerian payment landscape and the company’s relationship with the regulatory body, the CBN, while also exploring strategies to enhance electronic payments in the country.

 

ARCA has been into the Fintech ecosystem, tell me the journey.

 

ARCA, established in 2016, is a Fintech company holding numerous regulatory licenses issued by the Central Bank of Nigeria, including a Switching License, Agency Banking License, Processing License, and more. Distinguishing itself as one of the few entities with this array of licenses, ARCA takes pride in having developed its switches in-house. The company’s proprietary switch technology has played a pivotal role in its journey, propelling it to significant achievements within the fintech ecosystem and solidifying its market presence.

 

ARCA’s core mission revolves around simplifying payment acceptance and processing for financial institutions and SMEs, with a primary focus on Africa’s dynamic payment landscape. Its suite of products and solutions seamlessly operates within the multifaceted payments environment, effectively bridging the gap between individuals, financial institutions, banks, and businesses, all contributing to the growth of Africa’s digital economy.

Industry watchers always cite Kenya as a leader in electronic payment in Africa, Do you think that Kenya is leading the way?

My perspective differs; the assertion about Kenya’s prominence often centers around the MPESA model, which has indeed seen remarkable success. However, Nigeria boasts an exceptional electronic payment system anchored by institutions like NIBBS and our interbank payment model. Our ability to execute instant transfers is particularly noteworthy, a feature not universally available. Notably, even in the United States, there are limitations on the amount you can transfer.

 

It’s worth noting that while I acquired a mobile money license in 2010, the reality is that mobile money adoption in Nigeria hasn’t achieved the same scale as Kenya. Nevertheless, Nigeria stands out as a leader in payment gateways and various fintech sectors. Our domestically developed payment gateway has found utility in several other African nations, affirming our substantial contributions to the advancement of payment systems across the continent. Indeed, we’ve made significant strides in shaping the African payment landscape.

 

Do you think that the regulator, CBN, is doing much to support indigenous fintechs like yours?

 

Yes, the regulator has been very supportive to the industry, the Central Bank of Nigeria has shown leadership and created an environment for us to thrive. The Nigerian fintech space has scaled from what it was in the early 2000s to now. They have been very supportive of some of the products and compliance. The CBN has also ensured that risk and other complications are taken care of and we just need to work and collaborate from the operational and legal point of view.

 

You can be described as a stakeholder in Nigeria, are you looking at expanding to other African countries?

 

Yes, we can not only play in Nigeria, we have the intention of exporting our expertise to other African countries. We are going into the East African region in a few months’ time, we are working on our license in Kenya, and we are looking at South Africa also.  These are the few countries we are looking at. By the time our licenses are ready, we will deploy in those countries.

 

Tell us about the business-to-business (B2B) Solutions.

 

These are looking at PoS services, a lot of our PoS are across regions and we have unique features in our PoS called the Arca Pay,  this addresses some of the challenges we have today in PoS space, we have our Agency Banking which we just launched and it is in pilot mode but the numbers that are coming out from the Agency Banking solution is very impressive and we are deepening that.  We have other things such as issuing cards through the banks and most of our customers are very impressive be it virtual or physical cards.

 

Your Agency Banking solution that you launched is making waves in the ecosystem, what are the unique solutions that you have added there as a feature?

 

Our Agency Banking, named ArcaMoney, empowers authorized agents to facilitate financial transactions for customers, enhancing accessibility to banking services. In our quest to develop this innovative solution, we conducted a thorough analysis of existing agent banking models, including their relationships with merchants and aggregator frameworks. Through extensive research, we meticulously engineered a platform that ensures the seamless execution of transactions, providing customers with instant settlements and industry-leading uptime.

 

Moreover, we carefully considered commission structures that would satisfy our merchant partners, incorporating these features into our solution. Our Point of Sale (PoS) system has been meticulously designed to simplify banking and transactions for agents. By making our PoS system readily available and more cost-effective across various regions, we have streamlined processes, resulting in improved accessibility. We are also actively engaged in raising awareness about these developments within the industry.

 

Tell us about your Arca payment gateway ( ArcaPay) and disbursement?

 

Arca’s platform simplifies fast and secure fund transfers for businesses, with advanced technology for single and bulk transfers. While Arca TMS is a software that manages POS terminals, offers monitoring and analytics for ARCA Payments and its customers,and provides a report engine for acquirers and merchants to access transaction data from their terminals. Arca payment gateway ( ArcaPay) ArcaPay facilitates secure and speedy electronic payments for merchants by acting as an intermediary between them and their customers. We also created Arca Switch which is a cutting-edge payment infrastructure for modern demands. Our open-source switching system, built with cloud-native tech, facilitates seamless payments between both FI and NFI players.

 

What are the security parameters you have as a switching and payment gateway solution provider?

 

Security is not merely a token gesture within our platform; we take it seriously. Our commitment to security is exemplified by our robust compliance team dedicated to this sphere. We are proud to hold the Payment Card Industry Data Security Standard (PCI DSS) certification and maintain strict compliance—a pivotal benchmark in the payment sector. This commitment has been upheld for years, and it underscores our alignment with global best practices.

 

Furthermore, our track record speaks for itself; we have never encountered a fraud issue. This success can be attributed to the vigilance of our dedicated fraud monitoring and compliance teams, who consistently prioritize security as a paramount concern.

 

What  are the measures  that you have put in place to address downtime and support systems?

Well, in the area of downtime we have put into place a robust mechanism that deals with online real time here, but sometimes it comes from our internet network providers but we have backup that addresses these challenges. We have ensured that we have support system that addresses queries 24/7

 

What advice can you give to the regulator as an industry stakeholder in Nigeria?

 

My advice is simple, that we should continue to collaborate, work together and develop framework together. We should continue to  showcase our capabilities across board, especially those that work with regulators from bank, microfinance point of view and other areas. This will help us have a holistic team that will help up align with the view of the regulator.

Are we looking at any new solution from ARCA ?

Our current focal point revolves around enhancing our Agency Banking offering. We have plans to introduce new features and functionalities that are currently absent in the system. This initiative is a key priority for us as we approach the end of this year.Looking ahead to the coming year, our focus will shift towards the development and presentation of our payment switch. We anticipate showcasing a range of innovative features within the payment switch that will contribute to an enriched user experience.

 

During this final quarter, we are actively engaged in conducting extensive awareness campaigns and sensitization efforts, particularly centered around our Agency Banking services.

 

“Furthermore, our track record speaks for itself; we have never encountered a fraud issue. This success can be attributed to the vigilance of our dedicated fraud monitoring and compliance teams, who consistently prioritize security as a paramount concern.”

 

Across Multiple African Markets, Fintrak Software Limited Brings AI-Powered Credit Management Software

Across Multiple African Markets, Fintrak Software Limited Brings AI-Powered Credit Management Software

 

Fintrak Software Limited, a financial technology (Fintech) firm headquartered in Lagos, has set a new benchmark in the African financial landscape with its groundbreaking introduction of AI powered “Fintrak Credit 360”. This cutting-edge credit management software, laced with the power of Artificial Intelligence and Machine Learning, is poised to revolutionized credit processes within banks and allied institutions across the continent.

In a recent international webinar engagement spanning multiple African countries, from Kenya to Tanzania, Gambia, and Uganda, Fintrak Software Limited showcased its innovative software to a gathering of prominent industry players and bankers. The event was not merely a demonstration; it was a revelation. The Fintrak Credit 360 software garnered unanimous acclaim for its seamless integration of Artificial Intelligence and Machine Learning in credit risk management.

Bimbo Abioye, the Group Managing Director of Fintrak Software, said the software’s transformative impact on the credit lifecycle. Unlike conventional banking solutions, Fintrak Credit Risk 360 comprehensively captures every stage of credit management, from origination and appraisal to customer approval, loan approval, and even rescheduling. The infusion of Artificial Intelligence (AI) ensures a flawless execution of these processes, eradicating the possibility of human error.

Abioye emphasized the software’s ability to automate credit transactions, including intricate processes like payday loans, end to end. Through strategic integration with credit bureaus and regulatory bodies like the Central Bank of Nigeria, Fintrak Credit Risk 360 emerges as a holistic solution for any bank, empowering them to manage various loan types effectively.

In the words of Omar Mboob, a seasoned banker from Gambia, Fintrak’s software has streamlined their operations, introducing meticulous underwriting and enhancing client oversight. The automation features have instilled confidence in auditors due to adherence to international financial reporting standards (IFRS), significantly boosting efficiency and productivity.

Bimbo Abioye, Group Managing Director, FINTRAK Software Limited

Kenneth Uzoegwu, a financial analyst, added that Fintrak’s Credit Risk software is impactful for its swift decision-making capabilities, facilitated by AI and machine learning components. 

Christopher Sualeze, Head of Commercial Banking SBU, FinTrak Software, highlighted the software’s open architecture, making seamless integration with other credit software possible. He also emphasized its prowess in anomaly detection and behavioral analysis of customers, facilitated by a dynamic product rack.

Fintrak Credit Risk 360 incorporates a comprehensive array of core components essential for managing credit risk effectively. This robust system encompasses features such as loan origination and collateral management, corporate bulk loan breaking, credit reporting, disbursement execution, loan restructuring, and real-time loan monitoring. Furthermore, the system integrates an embedded document management system, utilizing cutting-edge artificial intelligence and machine learning technologies for efficient data analysis and decision-making processes. It also streamlines credit documentation processes, including Credit Approval Memos (CAM) and Credit Approval Forms (CAF). Additionally, the platform facilitates rigorous credit appraisal through in-depth financial analysis and risk rating methodologies.

The system further extends its functionality to accommodate various approval levels, from bank officers to credit committees and board committees. It provides mobile loan approval capabilities, ensuring flexibility and accessibility for stakeholders involved in the approval process. Through its digital lending capabilities, the platform transforms the lending experience, making it more efficient, transparent, and secure for both financial institutions and borrowers.

Heirs Holdings: Transforming Communities Through Profitable Ventures – Elumelu

Heirs Holdings: Transforming Communities Through Profitable Ventures – Elumelu

At Heirs Holdings, we create institutions that do more than just make profits – we do well in business and do good in society.

We carry a vision: To improve lives and transform Africa by investing our resources, our time, and our knowledge in critical sectors of the economy, and the UBA Group Graduate Management Accelerated Program (GMAP) is a testament to this vision.

UBA Group recently concluded its Graduate Management Accelerated Program – a program focused on identifying outstanding, young, fresh graduates across Africa, and equipping them with a wide range of specialized training to launch their careers in UBA Group, Africa’s Global Bank.

For me, it is a critical testament to our mission to be truly pan-African and truly invest in African talent. UBA is Africa’s Global Bank – we had young graduates from Cameroun, Ghana, Nigeria, Tanzania, and other African countries. There were 700 graduates in the 2023 GMAP cohort!

After undergoing the 6 months of intensive training program, spanning Treasury, Sales, Marketing and Customer Service, Financial Accounting, Risk Management, and Governance, these aspiring young professionals have now been equipped with the best skills and knowledge required to accelerate their banking career – and Africa.

We all know the reality when it comes to youth unemployment in Africa. Unemployment is the biggest challenge we face – a betrayal of a generation. We know governments alone cannot create all the jobs we need on the continent – so it is up to us, African private sector leaders to intervene and support the government in solving this unemployment deficit. And it is gratifying to see UBA play its part.

Listening to and interacting with the brilliant minds at the graduation ceremony, I am proud to say that we made the right decision. I would like to see branch managers form this cohort in the next 3 years and CEOs in the next 5 years. I believe that this is possible because we have selected the best talents, with the right enthusiasm and energy, and we, at UBA Group will continue to provide the right environment for them to flourish – this is a testament to our corporate mantra of “building to last”.

We have all learned the importance of Enterprise, Excellence, and Execution. So, congratulations to you all, the world is just about to start.

My sincerest appreciation goes out to the Group Managing Director, UBA Group, Oliver Alawuba, and his executive team, as well as our Group HR Director, Katrina Modupe Akindele, and her amazing team for delivering this wonderful project.

And to everyone else who was part of this dream, I appreciate so much your commitment to transforming lives the #HeirsHoldingsWay, #TheUBAWay #TheTOEWay.