₦203 billion bad loans: Unity Bank’s crisis deepened amid Providus merger, job cuts
Unity Bank reported ₦203 billion in impaired loans for 2023. The bank laid off 27 employees, including 4 senior management staff.
NIBSS bets on QR codes as a cash alternative for small-value payments
NIBSS has improved the speed of QR code payments by eliminating separate fee queries and enhancing security. NIBSS partnered with the Lagos State government to test QR code bill payments, achieving 750,000 transactions in the first week.
Allawee credit card launch in partnership with Mastercard, in line with Credicorp 2030 mandate
Allawee launched a credit card for Nigerians in partnership with Providus Bank, Mastercard, and Remita. The card allows users to access 30-90% of their net income in credit, capped at ₦1,000,000 ($605).
After hints at an acquisition, CBN approves Providus Bank and Unity Bank merger
Central Bank of Nigeria (CBN) approves merger between Providus Bank and Unity Bank. Providus Bank previously made moves to acquire a majority stake in Unity Bank.
FrontEdge raises $10M in debt, equity from TLG, Flexport to facilitate trade for African exporters
FrontEdge, a Lagos-based fintech, has raised $10 million in debt and equity seed round to enable the growth of African cross-border trade. The company provides SME exporters and importers with working capital and software tools needed to facilitate their cross-border and international transactions.
