Banking and Finance
BANKING BEYOND THE BALANCE SHEET: UNION BANK’S ASBON RECOGNITION AND NIGERIA’S SMALL BUSINESS ECONOMY
Photo caption:From left: President, Association of Small Business Owners of Nigeria (ASBON), Dr. Femi Egbesola and Head, SME Segment, Union Bank of Nigeria, Mr. Ayokunnumi Abraham during the presentation of the Best Bank for SME Growth Banking Initiative Award, 2025, to Union Bank of Nigeria at the 6th Nigeria National SME Business Awards (NNSBA), held on April 30, 2026, at the Rotary Centre, Ikeja, Lagos
Union Bank of Nigeria has been named winner of the Best SME Growth Banking Initiatives Award (2025) at the Nigeria National SME Business Awards, organised by the Association of Small Business Owners of Nigeria (ASBON) in partnership with the Lagos State Government through the Ministry of Commerce, Cooperatives, Trade and Investment.The recognition arrives at a moment when the relationship between Nigerian banks and Nigerian small businesses is being quietly redefined. Awards in this space have historically rewarded scale and product breadth. The ASBON criteria, by contrast, ask a more practical question: which banks are actually making it easier for entrepreneurs to operate?WHY THIS AWARD, AND WHY NOW?Across Nigeria, growth is no longer the only measure of success for a small or medium-sized enterprise. For most owners, success now looks like stability. Cashflow that holds up. Payments that clear without disruption. Financing that arrives in time to seize an opportunity rather than rescue a crisis. Operations that are not slowed by administrative friction.That shift in what SMEs need has changed what they look for in a bank. The institutions earning their attention are the ones that take the daily reality of running a business in Nigeria seriously, not those with the longest catalogue of products. It is in that environment that the ASBON recognition reads as something more than ceremonial.Union Bank’s SME work over the past year has been organised around a small number of practical priorities, and many of the issues SMEs cite as their biggest pain points sit at the centre of them.FASTER ONBOARDING, MORE USABLE DIGITAL TOOLSAccount opening and customer onboarding have long been one of the slowest stages of business banking in Nigeria. For an entrepreneur trying to receive payments, pay suppliers, or qualify for a tender, days lost at this stage are days lost from the business itself.Union Bank addressed this directly with enhancements to its Union360 platform and the rollout of a Straight-Through-Processing (STP) Digital Onboarding Platform. The intent was simple: cut the time between an SME deciding to bank with Union Bank and actually being able to transact. The improvements have meaningfully shortened onboarding, raised digital activity among SME customers, and brought in a notable cohort of new business clients.Behind those improvements is a recognition that Nigerian SMEs are increasingly multi-channel by default. A small retailer may take payments by transfer, POS, mobile money, and online checkout in the course of a single afternoon. The bank that supports them has to be reliable across all of those rails, not just the ones that photograph well in product brochures.FINANCING THAT MEETS BUSINESSES WHERE THEY AREAccess to credit remains the most frequently cited barrier for Nigerian SMEs, particularly for businesses without conventional collateral or a long paper trail of audited accounts.Union Bank’s response has been less about loosening criteria and more about widening the range of evidence that counts.Consistent transaction history, active account use, and clear cashflow patterns now carry meaningful weight in how the Bank assesses a small business. For a generation of entrepreneurs whose operations are real but whose paperwork is light, that is a material change.The Bank’s SME lending over the review period reflected this orientation, with funding directed at working capital, inventory, equipment, and the kind of operational expansion that sits between mere survival and genuine scale.THE HUMAN SIDE OF THE WORKDigital infrastructure matters, but it does not replace the value of someone an entrepreneur can actually call.Union Bank’s SME engagement is supported by a network of relationship managers, direct sales agents, and branches across the country. The Bank’s “Adopt, Engage and Grow” campaign was designed to reach SMEs at this human level, not as a once-a-year touchpoint, but as a sustained relationship that meets businesses where they are, both physically and operationally.The approach reflects a basic truth about small business banking in Nigeria.Entrepreneurs operate under pressure that is rarely visible from a head office. The institutions they trust tend to be the ones whose people understand that pressure, respond when it matters, and treat the relationship as ongoing rather than transactional.UNION BANK OF NIGERIA AND ASBONUnion Bank’s recognition is also tied to its partnership with ASBON, through the SME Empowerment Challenge run jointly by the two organisations.The Challenge encouraged entrepreneurs to open or reactivate business accounts, maintain proper transaction records, and develop structured plans for growth. On its surface, it was a campaign. In substance, it was an attempt to nudge a behaviour that Nigerian SMEs themselves often identify as one of the hardest to sustain: the discipline of running the business as a business, with clean books, separated finances, and a clear view of where it is going.That discipline matters because it is the gateway to almost everything else. Loans, grants, supplier credit, partnerships, and public sector contracts all depend on a business being able to show how it actually operates. By building that habit alongside ASBON, Union Bank invested in something that outlasts any single campaign cycle.WHAT THE AWARD ACTUALLY SIGNALSThere is a tendency to read awards as endpoints. This one reads better as a signpost. Nigerian SMEs are operating in one of the most demanding business environments on the continent. They are also, collectively, the largest source of employment in the country and the most direct route to broad-based prosperity. The banks that serve them well, with patient infrastructure, accessible financing, real human engagement, and a partnership posture toward the wider SME ecosystem, have a role to play that goes well beyond commercial performance.Union Bank’s recognition at the ASBON SME Awards 2025 is, in that sense, an acknowledgement of a posture as much as a portfolio. The work it points to, faster systems, more accessible credit, sustained engagement, and a habit of building alongside SME institutions rather than around them, is the kind of work that compounds quietly over years.For a bank, that is the most useful kind of award to win. Not the one that celebrates a moment, but the one that confirms a direction.
Banking and Finance
Polaris Bank Supports the Launch of NACCIMA Call Center to Drive Growth for Nigerian Exporters
Photo caption:Chris Ofikulu, Executive Director, Retail & Commercial Banking, Polaris Bank, presents office equipment for takeoff and smooth operation of NACCIMA Export Support Centre in Lagos recently.
Polaris Bank, Nigeria’s leading digital retail and commercial bank, has proudly facilitated the launch of the NACCIMA Export Support Call Center, a vital initiative designed to provide comprehensive support to Nigerian exporters, especially those operating in the non-oil sector and enhance their ability to access global markets. This partnership marks a significant step in the Bank’s commitment to strengthening Nigeria’s export ecosystem.
Chris Ofikulu, Executive Director of Polaris Bank, in his address, emphasised the Bank’s commitment to empowering Nigerian businesses for global markets. He highlighted the importance of the NACCIMA Call Center as a key resource for exporters, offering valuable information, knowledge, expert guidance, and advisory services to navigate the complexities of international trade.
“Today, we are marking a pivotal moment in our mission to empower Nigerian businesses for global markets,” said Chris Ofikulu. “Through this collaboration, we are equipping exporters with the tools, infrastructure, and expertise needed to thrive in global markets.”
The NACCIMA Call Center, supported by Polaris Bank, will act as a key platform where exporters can access real-time information, technical assistance, and regulatory advisory services. This strategic initiative is in alignment with Polaris Bank’s vision to drive trade facilitation, improve market access, and support Nigeria’s economic growth.
Polaris Bank’s contribution includes providing advanced infrastructure such as laptops, a fully equipped workstation, internet-enabled modems, and high-capacity printers to support the operations of the center. This donation is aimed at ensuring the center runs smoothly and effectively meets the needs of Nigerian exporters.
During his speech, Ofikulu highlighted the importance of initiatives like the NACCIMA Call Center, emphasizing its role in bridging gaps for exporters, especially those in the non-oil export sector. “By offering exporters the right support, we are unlocking their potential to compete globally. This center is not just a call center; it is a catalyst for success, providing exporters with the resources, knowledge, and access they need to excel,” he added.
The partnership between Polaris Bank and NACCIMA also ties into the Bank’s broader mission to support Nigeria’s export sector. Polaris Bank provides a comprehensive range of solutions for exporters, including stock refinancing, working capital support, and advisory services on regulatory processes such as NXP documentation. Through its digital platform, VULTe, the Bank facilitates seamless intra-African trade, enabling faster and more efficient payments via the Pan-African Payment and Settlement System (PAPSS).
“We are excited to be part of this transformative initiative, which empowers Nigerian businesses to scale and compete on the global stage,” Ofikulu concluded. “Our focus on innovation and our dedication to supporting SMEs are central to our role in shaping the future of Nigeria’s export sector.”
Polaris Bank’s collaboration with NACCIMA reinforces its ongoing commitment to advancing Nigeria’s economic landscape by enhancing export readiness, improving access to finance, and supporting the growth of SMEs. The unveiling of the NACCIMA Call Center is a prime example of the Bank’s continuous dedication to driving positive change within Nigeria’s export ecosystem.
Banking and Finance
ALAT at 9: Wema Bank Celebrates Nine Years of Redefining Digital Banking in Nigeria
Wema Bank Plc is celebrating the 9th anniversary of ALAT by Wema, Africa’s first fully digital bank, marking nine years of transforming how Nigerians experience banking.Launched in 2017, ALAT by Wema was introduced as a bold response to the limitations of traditional banking, long queues, physical barriers, and slow processes. By eliminating these constraints, Wema Bank redefined banking as a fully digital, instant, and accessible experience, enabling customers to open accounts, transact, and manage their finances seamlessly from anywhere.Over the past nine years, ALAT has evolved beyond convenience into a comprehensive digital ecosystem designed to meet the changing needs of individuals, businesses, and a new generation of financially aware users. From enabling structured savings through features like ALAT Goals to simplifying payments and expanding access to financial services, the platform has consistently delivered solutions that empower users and drive financial inclusion at scale.This journey of continuous innovation has positioned ALAT not just as a digital banking product, but as a platform that adapts, grows, and evolves alongside its users.To commemorate this milestone, Wema Bank has launched the ALAT at 9 campaign, a series of customer-focused activities, rewards, and interactive experiences designed to celebrate users while deepening engagement.As part of the anniversary celebration, customers can access their personalized ALAT Wrapped, offering a simple, visual summary of their journey on the platform, which can be downloaded and shared across social media.Customers can also participate in the 9 Features in 9 Days experience by engaging with a designated feature each day. Completing all nine activities unlocks rewards, encouraging consistent and active use of the platform.In addition, customers who complete their 9th transaction at exactly 9:00am or 9:00pm will receive instant rewards.The celebration also features the ALAT Evolution Jingle Challenge, inviting customers to create and submit the second verse of the ALAT jingle for a chance to win rewards.Speaking on the milestone celebration, Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said;“ALAT at 9 is not just a celebration of time. It is a reflection of how far we have come and a clear indication of where we are going. Over the years, we have continued to evolve with our customers, building a platform that is not only functional but also engaging and rewarding. This campaign is designed to give back to our users while reinforcing our commitment to innovation and customer experience.”Also commenting, Chief Digital Officer of Wema Bank, Olusegun Adeniyi, noted that the anniversary campaign was designed to merge everyday banking with meaningful engagement.“With ALAT at 9, we are transforming routine banking into an interactive experience. By combining personalized insights, gamified missions, and real rewards, we are creating a platform that responds to users in a more dynamic and rewarding way. This reflects our vision to build a digital bank that is intuitive, adaptive, and centered around the customer,” he said.The anniversary activities will run from May 2 to May 31stwith customers encouraged to log into the ALAT app to participate, complete tasks, and unlock rewards. Existing customers can access the experience by updating the ALAT app via the Google Play Store or Apple App Store and signing in with their existing details. New customers can download the app and get started in minutes to enjoy the full range of features and anniversary benefits.With ALAT at 9, Wema Bank continues to reinforce its leadership in digital banking, delivering not just financial services, but a platform that continue to evolve with its users and rewards them at every stage of their journey.
Banking and Finance
WEMA BANK CELEBRATES 81ST ANNIVERSARY AND 9TH ANNIVERSARY OF ALAT
…Set to Reward Hundreds of Customers, Launch 5 for 5 Season 5
Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has simultaneously marked its 81st anniversary and the 9th anniversary of ALAT on Saturday, May 2nd, 2026.
Adopting a different approach from its grand 80th anniversary celebration in 2025, Wema Bank is set to celebrate its 81st anniversary this year by giving back to its customers. The Bank’s anniversary celebration features rewards for customers on the ALAT App in celebration of ALAT at 9 as well as rewards for Wema Bank customers at the launch event for the 5th Season of the Bank’s 5 for 5 Reward Initiative, happening on the Bank’s anniversary day, May 2nd 2026.
In line with the Bank’s 81st anniversary theme, “Your Future of Possibilities, Powered by Wema Bank”, the Bank will also rollout a specialised customer success initiative dedicated to helping different demographics of its customers to map out and build the future of their dreams. From businesses to students, working class women, creatives and more, Wema Bank will provide tailored, practical and strategic insights and support that will help these unique demographics access better opportunities, receive useful support and make accelerated progress towards meeting their goals.
Commenting on the Bank’s motive behind its approach to celebrating its 81st anniversary, Wema Bank’s MD/CEO, Moruf Oseni, said, “The world is rapidly evolving. Digital evolution and emerging technologies continue to present newer opportunities and realities. To thrive, one must be prepared to adapt where needed and ready to leverage the possibilities ahead; and this is what we want to help our customers achieve. With millions of individuals and businesses in our care, we have a deep sense of responsibility towards helping them make meaningful progress and our 81st anniversary presents the perfect opportunity for us to deepen our efforts towards fulfilling that responsibility”.
“We are building a smarter and more secure financial future for our customers, one where banking is effortlessly aligned with their goals, intelligently anticipating their needs and proactively providing the right solutions. Beyond banking solutions, we are curating opportunities, providing platforms, building an entire ecosystem engineered in the best interests of every unique Wema Bank customer. Our goal is for our customers to grow as we grow, to always be one step ahead, and to make accelerated progress towards their future of possibilities as we journey with them”.
“To every stakeholder who has been a part of Wema Bank’s 81-year journey: our investors, regulators, partners, esteemed customers and dearest employees; this anniversary is dedicated to you, and this is why we have chosen to celebrate this way. On behalf of the entire board and management of Wema Bank, I say THANK YOU for 81 historic years. We have, we are, and we will be with you, all the way. Happy 81st Anniversary to us all”, Oseni concluded.
Wema Bank has established a proven track record of empowering lives, supporting businesses and providing tailored solutions that meet real needs. From financial support to digital solutions, unique opportunities and customised service, Wema Bank continues to show that it is a Bank that truly cares, understands and is committed to helping individuals and businesses thrive and achieve their goals.
For more information on how to tap into the rewards curated by Wema Bank, visit wemabank.com
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