In an effort to enhance financial literacy and empower Nigerians to make informed financial decisions, Stanbic IBTC Asset Management is addressing prevalent money myths that often hinder wealth creation and financial security.

Money myths, ranging from the belief that only the wealthy can invest, to the misconception that one cannot invest with small amounts, often shape financial behaviour in ways that limit long-term growth. These misconceptions prevent individuals, particularly young people, and aspiring investors, from seizing wealth-building opportunities available within the formal economy. Instead, they are drawn to quick and misleading Ponzi schemes that exploit their lack of knowledge.

Recognising these challenges, Stanbic IBTC Asset Management launched a campaign to inspire individuals to rethink their financial habits by exploring how money “thinks” about investing. The campaign, designed to demystify investment fears and misconceptions, encourages people to reassess their attitudes towards money and make strategic decisions to grow it.

With inflation eroding the value of uninvested cash and financial markets offering long-term growth opportunities, experts suggest that now is the time to put money to work.

Busola Jejelowo, Chief Executive of Stanbic IBTC Asset Management, recently shared insights on the company’s mission to provide clarity by addressing misleading financial narratives and replacing them with practical advice.

In her statement, she emphasised: “In an era of financial uncertainty, it is crucial to make informed, confident investment choices. We believe that financial growth is a journey of partnership, and many people make financial decisions based on myths rather than facts, which can limit their ability to build sustainable wealth. With the ‘Money’s Mind’ campaign, we aim to correct these misconceptions and provide individuals with the right tools and knowledge to take control of their financial future.”

Busola further mentioned that these tools have been housed in BluNest, Stanbic IBTC Asset Management’s intuitive digital investment platform. BluNest offers new and existing investors access to a variety of investment portfolios, including Money Market Portfolios, Commercial Papers, Treasury Bills, and Bonds. Some notable features of BluNest include The Wallet, a feature that allows customers to fund and purchase any investment instrument seamlessly; Auto-Invest, which helps automate investments periodically to keep users on track to meet their financial goals; and Target Savings, which assists customers in saving and making goal-oriented investments for specific milestones.

In today’s digital era, accessibility to financial information is more crucial than ever. BluNest by Stanbic IBTC Asset Management leverages technology to enhance financial education, ensuring that Nigerians can access valuable resources anytime, anywhere. Users can monitor investments, gain real-time market insights, and receive expert guidance tailored to their financial objectives.

Stanbic IBTC Asset Management remains committed to building a financially literate society where individuals can take charge of their financial futures.

The organisation has shown a particular interest in nurturing young investors through Beyond Dreams, a youth-centric community focused on sharing relatable investment insights with a younger demographic, equipping them with the right tools to make more informed investment decisions.

The “Money’s Mind” campaign reflects this commitment, fostering a shift from financial myths to financial empowerment. By prioritising education, accessibility, and expert-backed solutions, the company reinforces its role as a trusted partner in financial planning, helping Nigerians navigate their journey toward long-term financial security.

African enterprises are rapidly discovering that fragmented payment systems are a liability in an increasingly competitive marketplace.

As e-commerce surges and mobile payment adoption rises across the continent, businesses are searching for unified solutions that streamline operations while enhancing customer experiences.

For businesses looking to turn their payment systems from an operational necessity into a strategic asset, one company offers a compelling path forward. With its sector-specific approach to payment orchestration, Zest, the fintech subsidiary of Stanbic IBTC Holdings, is positioning itself as a crucial partner for businesses seeking growth in Africa’s digital economy.

At its core, Zest offers something desperately needed in Africa’s diverse payment ecosystem: unification. Through sophisticated payment orchestration, their flagship platform, a payment gateway, brings multiple payment capabilities like cards, mobile money, bank transfers, and QR codes, into a single, comprehensive business dashboard.

This consolidation eliminates the headaches of managing separate systems while providing businesses with powerful tools: aggregator capabilities for multi-location collections, real-time reporting, instant settlements, reduced payment failures, and valuable customer insights that drive strategic decisions.

“Businesses today don’t just need to accept payments, they need to orchestrate experiences that are fast, seamless, and scalable,” explains Stanley Jacob, CEO of Zest.

Industry-Specific Solutions

Beyond the plug and play payment gateway, what truly sets Zest apart is its commitment to sector-led customization. Rather than offering one-size-fits-all solutions, the fintech delivers customizations of its platform to address industry-specific challenges.

One energy sector client now manages over 100 gas stations nationwide with real-time transaction monitoring against available inventory.

Additionally, Zest powers the client’s card-based loyalty system and pre-funding capabilities—a comprehensive solution that addresses multiple business needs simultaneously.

In another example, a major ports industry player benefits from custom-fitted payment collection infrastructure designed specifically for its complex operational requirements.

Empowering businesses of all sizes

While large corporations benefit from Zest’s enterprise-level customisations, smaller businesses aren’t left behind. The platform offers multi-rail payment checkout systems and free customizable storefronts embedded in its business dashboard.

With some of the most competitive pricing across different payment rails; cards, account-based transactions, USSD, QR codes, Apple Pay, and Google Pay, Zest enables even small merchants to offer customers multiple payment options. The platform’s bank-agnostic nature allows merchants to receive settlements in any bank of their choice.

“For Africa’s SMEs and corporates, orchestrated payments are no longer a nice-to-have, they are survival infrastructure,” emphasises Ifeoluwa Adekunle-Yusuf, VP of Products and Engineering at Zest.

With digital payments in Africa projected to exceed $40 billion in annual revenue by 2025 according to McKinsey, and mobile money penetration now reaching 46% across the continent, businesses need reliable payment partners who understand the unique challenges and opportunities of the African market.

Zest’s seamless architecture ensures that businesses of all types—from small retailers and educators to artisans and service providers—can deliver professional, reliable payment experiences that power sustainable growth.

As African businesses continue their digital transformation journey, payment orchestration platforms like Zest will play an increasingly vital role in determining which companies thrive in the digital economy and which get left behind.

L-R: Church Administrator, St. Patrick Catholic Church, Ado-Ekiti, Reverend Benedict Joseph; The Branch Leader, Fidelity Bank Plc, Ado-Ekiti, Mrs. Ikeolu Akinropo; Team Lead CSR, Fidelity Bank Plc, Victoria Abuka; and Fidelity Food Bank Partner, Reverend Michael Domingo, at the Fidelity Food Bank distribution event held in Ekiti recently.

As part of its ongoing commitment to community development and the fight against hunger, leading financial institution, Fidelity Bank Plc has donated hundreds of food packs to residents of Ado-Ekiti, Ekiti State through its flagship Fidelity Food Bank program.

The initiative is the bank’s nationwide food intervention aimed at alleviating hunger and cushioning the impact of economic hardship on underserved people across Nigeria. Since its launch in April 2023, the Food Bank has distributed over 250,000 food packs to beneficiaries across Nigeria’s six geo-political zones.

Speaking about the distribution event held in Ado-Ekiti, Divisional Head, Brand and Communications, Fidelity Bank Plc, Dr. Meksley Nwagboh, explained that “The Fidelity Food Bank is our way of responding to the rising levels of hunger in Nigeria. It is a proactive and compassionate CSR effort that has so far reached over 300 communities nationwide. We are proud to extend our coverage to Ado-Ekiti to continue that mission,”

“We have sustained this initiative for more than two years and it reflects our enduring commitment to addressing poverty and hunger across Nigeria. At Fidelity Bank we will continue to play our part in promoting food security for the unprivileged.

The event received commendations from stakeholders and beneficiaries alike. The Cathedral Administrator, Saint Patrick Catholic Cathedral, Reverend Father Benedict Bimbola Joseph praised Fidelity Bank for its generosity and partnership:

“Fidelity Bank has brought much-needed relief to our people in Ado-Ekiti. This is a welcome development and a first of its kind in our community. We hope other corporate organizations will emulate this gesture, as no contribution is too small if it brings relief to people during these trying times.”

Similarly, Reverend Father Michael Domingo, one of the Bank’s Food Bank programme partners, applauded the vision of Fidelity Bank’s leadership: “The Bank and its leadership have demonstrated wisdom and compassion by recognizing the urgent need to support government efforts in alleviating poverty, especially now when hunger is a pressing issue. We are truly grateful for this gesture,” he stated.

The Fidelity Food Bank remains one of the most impactful CSR initiatives Nationwide. Recently, the bank provided essential food items to over 1,500 flood victims in Mokwa, Niger State, and supported more than 2,000 displaced persons affected by the Yelwata attacks, currently sheltering at the Ultra-Modern International Market IDP Camp in Makurdi, Benue State. These efforts reflect the bank’s unending commitment to community development, health, and social welfare.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

L-R: President, Central African Republic, Faustin-Archange Touadéra and Group Chair, UBA and Heirs Holdings and Founder, Tony Elumelu Foundation, Mr. Tony Elumelu.

Keynote Address delivered by Tony O. Elumelu, CFR, Group Chair, Heirs Holdings | UBA | Transcorp | Founder, The Tony Elumelu Foundation at the African Caucus Meeting of World Bank and IMF in Bangui, Central African Republic, delivered the keynote address titled: Resilient Infrastructure, Human Capital and Green Assets. 

Introduction

Your Excellencies, Ministers, Central Bank Governors, esteemed representatives of the IMF & World Bank, Distinguished Guests, Ladies and Gentlemen.

It is truly an honour to be here with you today. This gathering could not be timelier, as we work together to amplify Africa’s voice and shape a development path that reflects our unique needs and aspirations.

We live in a highly volatile, complex world. It is a world where the rules-based order has been challenged, where we need to reaffirm our commitment to the idea of a global community.

But as an African, I must be frank. This global community has not always served Africa interests, ensured that Africa’s voice is heard or delivered for Africa.

And Africa’s voice not only needs to be heard, but has to be heard.

Africa has solutions to so many of the world’s problems. Our young people are the answer to the world’s demographic crisis, our minerals power the extraordinary technological changes we are experiencing, our fields can feed the world.

But these African solutions, this African opportunity, must be on African terms, benefit African people, catalyse true value creation on the African continent. And it must be based on true partnerships, partnerships of equality and mutual respect.

We must also be realistic. African governments must do better. If we are to deliver that opportunity to our next generation – and if we are to be truly heard in the community of nations, Africa needs to step up.

This year’s theme – ‘Resilient Infrastructure, Human Capital, and Green Assets’ – reflects what must be our shared priorities if Africa is to thrive.

It captures the essence of what we must prioritise if Africa is to truly rise. 

Africa’s Infrastructure Gap

Let me begin with infrastructure. Across our continent, we face a deep and persistent infrastructure gap. From roads to ports, power to internet connectivity – we lag behind. We cannot achieve prosperity without the foundations of modern development.  Without addressing these gaps, we cannot unlock the growth and prosperity our people deserve.

To bridge this divide, we must do three things:

• Strengthen our fiscal capacity
• Drive efficiency and
• Unlock innovative financing – especially by inviting and enabling private sector to co-lead infrastructure development.

Powering Africa’s Future

Energy access remains the biggest enabler — or barrier — to our progress.

Up to 70% of our people lack electricity. My home country, Nigeria, generates less than 7,000 MW for over 200 million people.

If we are to industrialise, create jobs, and participate meaningfully in the global AI revolution, we must invest aggressively in energy — from renewables to cleaner gas-based solutions.

Imagine what Nigeria’s economy could become with 100,000 megawatts of reliable, affordable energy. That is the scale of transformation we need. And the story is not different across Africa.

The Role of the Private Sector

Through our investments in Transcorp and Heirs Energies, we are working to solve this challenge – generating power, exporting it through the West African Power Pool, and using gas from our oil operations to power our plants. This is Africapitalism in action: private capital solving public challenges.

Africapitalism is the belief that the African private sector must take the lead in driving economic development. It is about long-term investments in key sectors that create both economic returns and social impact.

But success requires collaboration.

To succeed, we need strong partnerships. Governments must create the right environment. Private sector must bring capital and innovation. And our development partners must support Africa’s realities – including recognising gas as a viable transition fuel on our path to clean energy. 

Youth: Africa’s Greatest Resource

No resource is more valuable than our people – especially our youth. Africa is the youngest continent on earth, with over 60% of our population under 35. This presents both our greatest asset or our greatest risk.

If empowered, our youth can transform Africa. If neglected, they can become a source of instability.

At the Tony Elumelu Foundation:

We have empowered over 24,000 young entrepreneurs across all 54 African countries.

Each with a non-refundable seed capital of USD5,000.00.

Trained 1.5m youth.

Catalysed 1.2m jobs.

These entrepreneurs are creating jobs, building businesses, and changing lives. 

Call to Action

Let me leave you with three massages:

Africa’s development is our responsibility.  No one else will do it for us.  Africa’s future is in our hands. No one will build this continent for us. We must lead.

Power is everything. No industrial revolution can happen without electricity. We must prioritise energy. Without power, there can be no progress.

We must invest in our youth. They are not just our future – they are our present.

Together, by working across public and private sectors, and in partnership with institutions like the IMF and World Bank, we can build an Africa that is resilient, inclusive, and full of opportunity.

I commend the growing focus of global institutions on Africa. I sit on the IMF Advisory Council on Entrepreneurship and Growth, and I’m pleased with our emphasis on job creation as a path to lasting growth. I also applaud Ajay Banga’s ‘Mission 300’ initiative at the World Bank – an ambitious goal to connect 300 million Africans to power.

Africa is ready. Let’s seize this moment – and build the prosperous, empowered continent our people deserve.

Stanbic IBTC Bank has successfully enhanced the financial well-being of 148 savers by distributing ₦23 million in the recent May and June draws of its Reward4Saving Season 4 promo.

The second and third monthly draws, along with the inaugural quarterly draw of 2025, have had a positive impact on individuals across Nigeria. This initiative continues to transform everyday savings into substantial rewards and also inspires a growing saving culture among individuals.

In the combined May and June monthly draws held at Stanbic IBTC’s head office in Lagos, 140 customers each received ₦100,000, totalling ₦14 million in cash prizes. Under the supervision of regulatory authorities including the Federal Competition & Consumer Protection Commission (FCCPC), the Advertising Regulatory Council of Nigeria (ARCON); and the Lagos State Lotteries and Gaming Authority (LSLGA), the draws were conducted transparently, rewarding savers who maintained a minimum balance of ₦10,000 in their Stanbic IBTC Savings Account or @ease Wallet for 30 consecutive days. From market traders to students and retirees, these winners are now better equipped to pay school fees, grow small businesses, or meet family needs.

The excitement peaked with the emergence of eight additional winners from the first quarterly draw which took place on the same day. Seven winners, one from each business zone, each claimed N1 million; while one grand quarterly winner took home ₦2 million, totalling ₦9 million. These draws show how Stanbic IBTC values every saver’s effort.

The recent draws build on the Reward4Saving promo’s strong start in May 2025, with ₦30 million already shared among 218 winners in this fourth season; and over ₦300 million awarded to more than 2,000 savers since the Reward4Saving promo began in 2021. Stanbic IBTC is making a lasting impact in the lives of Nigerians.

Emmanuel Aihevba, the Country Head of Personal Banking at Stanbic IBTC Bank, commented on the promo and the draws achieved so far this year.

“The combined draws of two monthly events, as well as the first quarterly draw of the Reward4Saving Season 4 promo celebrate our customers’ dedication. We are rewarding 148 savers with a total of ₦23 million to support their aspirations ranging from education to entrepreneurship. At Stanbic IBTC, we are committed to appreciating our loyal customers by providing meaningful opportunities that enhance their financial well-being and promote a culture of saving across Nigeria.”

Kesena Igben, a retiree who won a monthly prize, beamed: “My daughter came with me to receive my prize. On our way to Stanbic IBTC office, she said, ‘Daddy, you are so excited.’ I said to her, ‘Did you know that this has saved me money on petrol expenses for two weeks?’ So, for me to have money that Stanbic IBTC gave me, which took away the pain of spending on petrol for two weeks, is great to me.”

Stanbic IBTC’s dedication to fairness is evident with its Reward4Saving promo earning the “Most Transparent Consumer Promotion” award from ARCON in both 2023 and 2024.

Join the excitement! Save ₦10,000 or more for 30 consecutive days in a Stanbic IBTC Savings Account or @ease Wallet to qualify for the next draw.

Sterling Bank, Nigeria’s leading financial institution, has announced the first recipients of its ₦2 billion Beyond Education Scholarship, a groundbreaking nationwide initiative designed to fund university education for 600 exceptional young Nigerians and connect them to future careers in high-impact sectors.

The announcement reflects a major step in the Bank’s commitment to long-term, inclusive national development through strategic investment in human capital.

At its core, the Beyond Education program is built not just to provide scholarships, but to create real-world pathways to employment and socio-economic mobility.

Launched in June 2025, Beyond Education is Sterling Bank’s most ambitious education-focused intervention to date.

The scholarship fully covers undergraduate tuition at two forward-looking, accredited institutions, Miva Open University, Nigeria’s first licensed online private university, and Hillside University of Science & Technology (HUST), a STEM-centered campus in Ekiti State.

Unlike conventional scholarship programs, Beyond Education is intentionally designed to support Nigeria’s critical development agenda. It aligns with Sterling’s HEART strategy, an investment framework focused on Health, Education, Agriculture, Renewable Energy, and Transportation.

The goal is to build a talent pipeline for sectors that are vital to the country’s future.

“This is more than a scholarship. It’s a national development strategy,” said Obinna Ukachukwu, Growth Executive for Consumer and Business Banking at Sterling Bank. “We’re closing the gap between education and employability. Our mission is to prepare young people for the future of work in sectors that matter most to Nigeria’s progress.”

The first 30 scholars were selected through a transparent, community-driven voting process open to Sterling Bank account holders. All nominees were thoroughly vetted to ensure they met admission requirements at the partner universities.

The inaugural winners are:

Abdulahi Afolabi, Damilare Tijani, Abdulwahab Eniafe, Abubakar Isah, Tahir Enesi Ibrahim, Julius Agbene Agbo, Chinedu Kelechi Patrick, Ayomide Ojo, Fyneseed Nwogu, Miracle Woyinmomoemi Daniel, Serene Clinton, Temiloluwa Orekunrin, Udeme Umoh, Victor Esogwa, Rosemary Kosipre, Ali Mohammed, Usman Isiaka Ololade, Kayode Aikulola, Saviour Philip, Ademola Afolabi, Emmanuel Enekwa, Bashir Sani Ibrahim, Ezekiel Adeseye, Deborah Umeaku, Abba Kaka Lawan, Haisam Sunusi Mahmuda, John Gumuan, Afan Ajiji, Bajepade Kehinde, and Chioma Igwe.

While the scholarship covers full tuition, recipients are responsible for associated costs such as internet access, learning materials, and living expenses, a structure designed for sustainability and scale.

To ensure effective rollout, nominations for the next round of candidates will pause until September 2025.

However, voting remains open, and verified nominees are encouraged to continue engaging their communities as the next cohort will be selected in the coming weeks.

With 570 scholarships still to be awarded, Sterling Bank remains committed to expanding access to quality education and helping shape a future-ready workforce for Nigeria.

About Sterling Bank

Sterling Bank is a leading Nigerian financial institution recognized for its innovative HEART strategy, which channels investment into Health, Education, Agriculture, Renewable Energy, and Transportation. The Bank is widely known for its inclusive banking models and purpose-led initiatives that deliver measurable impact.

The start of the third quarter saw a pick-up in growth momentum in the Nigerian private sector. Rates of expansion in output and new orders accelerated, leading to a sharp rise in purchasing activity and the fastest increase in employment since October 2023.

Firms were helped to some degree in their efforts to secure new business by a further softening inflationary pressure.

Output prices increased at the slowest pace in more than two years. The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI rose to a three-month high of 54.0 in July, up from 51.6 in June. The reading signalled a solid monthly improvement in the health of the private sector, extending the current sequence of expansion to eight months. Sharp and accelerated expansions in output and new orders were recorded in July.

In both cases, the increases were the fastest in three months. Panellists reported improving customer demand, in some cases due to softening inflationary pressures. The launch of new products was also a factor supporting growth.

Rising new orders and efforts to speed up the completion of projects encouraged firms to take on extra staff at the fastest pace since October 2023. Extra workforce capacity meant that companies were able to keep backlogs of work broadly stable, following increases in each of the prior three months. Companies also increased their purchasing activity sharply in response to higher new orders, feeding through to a marked accumulation of inventories.

A renewed shortening of suppliers’ delivery times also helped with stock building. The pace of purchase price inflation eased for the third consecutive month in July and was the weakest since April 2020. Costs for purchases continued to rise sharply, however, linked to currency weakness and higher raw material prices. In contrast to the picture for purchase prices, the rate of staff cost inflation quickened and hit a five-month high.

The latest rise in part reflected increased employment, but also efforts to help staff with higher costs, in particular those related to transportation fares. In line with the picture for purchase costs, the pace of output price inflation eased for the third consecutive month and was the weakest since May 2023. Some firms reportedly took advantage of softer purchase cost pressures to offer discounts in a bid to secure new business.

Companies remained optimistic that output will rise over the coming year, but sentiment eased from the near three-year high posted in June. Those firms that predicted an increase in output linked this to plans to raise capital for business expansions and advertising.