FirstBank Wins 2025 Euromoney ESG Award

FirstBank has retained the title of Nigeria’s Best Bank for Environmental, Social, and Governance at the Euromoney Awards for Excellence 2025.

This marks the second consecutive win in the ESG category for FirstBank, affirming its leadership in sustainable finance and responsible banking across Nigeria, the organizers said in a statement.

The Euromoney Awards for Excellence are regarded as one of the most coveted accolades in the global financial industry. The highly competitive selection process involves rigorous analysis and assessment, measuring performance against strategic and impact-oriented criteria.

FirstBank said that it earned the award through its deepened sustainability commitments embedded across its operations and community initiatives. In 2024, FirstBank screened 237 transactions worth over N3tn for sustainability risks, integrating ESG considerations into its credit framework.

Highlighting some of its initiatives, the bank said that it commenced a tree planting campaign in partnership with the Nigeria Conservation Foundation, planting over 30,000 trees in 16 locations across Nigeria. This was the first phase of its 50,000-tree initiative, projected to absorb approximately 720 tonnes of CO2 by the end of 2025, contributing to climate resilience and supporting biodiversity preservation.

A statement by the lender read partly, “FirstBank has been proactive in gender inclusion through the Gender Market Strategy, disbursing over N43bn in FirstGem loans to women-led businesses in 2024.

The bank’s commitment to inclusive banking saw a significant increase in the worth of transactions facilitated by FirstMonie agents to over N9tn.

“The bank prioritises ESG/sustainability capacity building, evidenced by the training of over 9000 employees, and its webinars and workshops reaching over 2,000 SMEs and corporates. The bank’s investment in leadership for over 2,000 female employees through the FirstBank Women Network has demonstrated a dedicated structural commitment to cultivating a knowledgeable and diverse workforce catering to the dynamic ESG landscape.”

Commenting on the award, the Chief Risk Officer of the Bank/Chairman of the FirstBank Sustainability Committee, Patrick Akhidenor, said, “We are honoured to receive this prestigious award for the second time in a row, which is a validation of our efforts to create a sustainable and inclusive future for all our stakeholders. Our approach to sustainability is hinged on three pillars: education, health and welfare; diversity and financial inclusion; and responsible lending, procurement, and climate initiatives.

“We remain focused on driving impact through purposeful initiatives and inclusive growth, ensuring that our ESG efforts continue to create meaningful change in communities across Nigeria and beyond.”

 

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Interswitch Empowers Hospitality Industry With Tech Solutions

Interswitch empowers hospitality industry with tech solutions

Interswitch, a leading African technology company, has reaffirmed its commitment to transforming the continent’s hospitality sector through technology during its participation as an exhibitor at the Hotel Managers Conference Africa 2025, held recently in Lagos.

The two-day conference brought together stakeholders across the hospitality industry to explore new pathways for sustainable growth through technology, strategic partnerships, and global best practices. Interswitch’s participation spotlighted its comprehensive portfolio of payment solutions tailored to the evolving needs of hospitality businesses.

The company, in a statement on Sunday, said it showcased its Interswitch Smart POS, a high-speed, multifunctional terminal with innovative features relevant in the hospitality sector. In addition to Verve Cards, it boasts of international card acceptance from Visa, Mastercard, American Express, China UnionPay, Discover, Diners Club, and Japan Credit Bureau.

It also offers USD settlement for foreign transactions, allowing hotels to cater to international guests with ease. Additionally, the Smart POS includes a card-not-present feature, enabling secure remote payments for use cases such as pre-arrival deposits and incidental charges.

Also featured was the Interswitch Payment Gateway, which enables hotels to accept online bookings securely and process payments from major international card schemes such as American Express, Mastercard, and Visa cards. The gateway is designed for effortless integration with existing systems and provides USD settlement capabilities for international transactions, helping hospitality operators serve a broader customer base without complexity.

Interswitch also demonstrated its trusted bulk disbursement platform that simplifies payments to vendors, staff, and service providers, ensuring timely and efficient transactions with minimal manual input.

The Interswitch booth attracted significant interest from key decision-makers and hospitality business owners, many of whom expressed interest in adopting the company’s integrated solutions to streamline their operational efficiency and elevate guest experience.

Commenting on the engagement, Vice President, Sales and Account Management, Interswitch,  Osasere Atohengbe, stated, “Our participation at HMC 2025 reinforces our mission to be a technology partner for hospitality businesses. We’re not just providing tools, we’re enabling transformation, and it was rewarding to connect directly with operators who are ready to take the next leap.”

With thousands of businesses across sectors relying on Interswitch’s trusted infrastructure, including industry leaders like Eko Hotels, Marriott Hotel, and The George Hotel, the company continues to lead innovation in digital payment solutions tailored for African markets.

Its engagement at the Hotel Managers Conference 2025 represents another key step in strengthening ties with the hospitality sector, while advancing its broader mission of inclusive growth through strategic partnerships and merchant-focused solutions.

 

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Banks Must Brace Up For Open Banking, Says KPMG

    KPMG has called on banks and financial institutions to urgently accelerate their preparedness ahead of the launch of open banking in Nigeria.

This was indicated in its latest report published on Thursday, which is titled ‘Modernising Core Banking Systems: Navigating challenges to achieve resilient transformation,’ a thought leadership piece which was the outcome of its recently held 2025 KPMG Core Banking Modernisation Summit.

There had been reports earlier this year that the Central Bank of Nigeria had approved the launch of open banking starting in August 2025. Recall that the apex regulator in February 2021 issued the regulatory framework for open banking in Nigeria.

Open banking allows a customer (end-user) to authorise their bank or financial service provider to share their financial information with other participants within the financial services system (e.g., other banks, third-party financial service providers) so as to develop more customer-centric services and financial products.

Open banking is powered by a technology called Application Programming Interface. With open API, participating banks and other financial institutions will be able to access information on other participants’ financial products and services, as well as personal information, transaction history, credit score, income ratings, etc., of other participants’ individual customers.

The thought leadership piece from KPMG partly read, “Open banking is currently serving as a powerful catalyst for the growth and innovation of Nigeria’s digital-first financial players by streamlining access to financial data and infrastructure through secure APIs.

“Open banking is an offshoot of the collaboration between traditional banks, neobanks, and fintechs, which seeded the growth of innovative financial products such as virtual accounts (offering digitally generated account numbers for seamless collections and automated reconciliations), card management solutions (including virtual and physical card issuance, tokenisation, and spend controls), payment rail integrations (connecting neobanks and fintechs to global and local payment networks for faster, cross-border transactions), and merchant payment gateways (facilitating secure, multi-channel payment acceptance for business).

“Open banking is paving the way for financial services innovation through ecosystem collaboration and partnerships. With the recent announcement of CBN’s push for the launch of open banking in Nigeria by August 2025, it is imperative for banks to ensure the readiness of their core technologies and operational processes to support open banking.”

The firm said open banking will impact data mobility and control as it allows customers to securely share their financial data with third-party providers, facilitating access to personalised financial services. Service integration and collaboration with APIs support seamless integration between banks and TPPs, resulting in the development of progressive financial products and services.

KPMG noted that open banking can boost financial inclusion by using alternative data sources (mobile phone usage, utility bill payments, social media activity) and extending access through digital channels, as well as drive core banking modernisation.

“Nigeria’s core banking systems are being reformed faster due to the need to accommodate API-driven data sharing and service integration,” the report affirmed.

KPMG asserted that the financial services landscape across West Africa is undergoing a shift, “As digital banking becomes the default and customer expectations accelerate toward real-time, personalised experiences, traditional institutions must confront a stark reality: legacy systems can no longer support the agility, innovation, and resilience that the future demands.

“Meanwhile, emerging digital challengers, free from the technical debt of outdated infrastructure, are redefining what modern banking looks like with intuitive platforms, frictionless service delivery, and rapid product evolution. For incumbent banks, the question is no longer whether to modernise their core platforms, but how to do so effectively.”

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Airtel Nigeria Revenue Soars 30% On Data Surge

Airtel Nigeria generated $333m in revenue for the quarter ended 30 June 2025, representing a 30 per cent year-on-year increase in reported currency and

a 48.9 per cent rise in constant currency.

The figures were disclosed in the second-quarter financial report of Airtel Africa Plc.

The growth was primarily driven by strong performance in data and voice services. Data revenue rose to $164m, reflecting a 40.2 per cent increase in reported

currency and 60.3 per cent in constant currency. Voice revenue also climbed to $134m, up 19.1 per cent in reported terms and 36.7 per cent in constant

currency.

Earlier this year, the Nigerian Communications Commission approved a 50 per cent tariff increase for telecommunications operators, resulting in higher

prices for data bundles and voice calls, an intervention that significantly contributed to the revenue boost.

The company’s average revenue per user increased from $1.70 to $2.10, marking a 22.9 per cent rise in reported currency and 40.8 per cent in constant currency.

Meanwhile, Airtel Africa, parent company of Airtel Nigeria, posted total revenue of $1.42bn for the second quarter of 2025, reflecting a 24.9 per cent growth in constant currency and 22.4 per cent in reported currency. The group said it benefited from improved macroeconomic conditions, data usage growth, and tariff adjustments in Nigeria.

Airtel Africa operates in 14 countries across the continent, with Nigeria remaining its largest and most strategic market. The company noted that while Nigerian operations played a central role in the overall growth, strong performance in Francophone Africa also contributed to the acceleration in revenue, driven by a continued focus on customer experience.

Its Chief Executive Officer Sunil Taldar said, “We are very pleased with the strong growth in our operating and financial performance in the first quarter. The strength of this performance and the scale of the growth we achieved, reflects the sustained demand for our services and the strength of our business model to meet these demands.

“Operationally, the acceleration in customer base growth to 9 per cent, and 17.4 per cent growth in our data customers to 75.6 million reflects the strong on-ground execution with a relentless focus on digitisation and the simplification of the customer experience.”

 

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Golden Penny commits To quality nutrition At Food Fest

Golden Penny Foods, a Flour Mills of Nigeria Plc brand, has pledged to nourish Nigerian families with quality food products, following real-time feedback from consumers during its debut food festival in Enugu.

According to a statement, the event, held at Ngwo Park, Uwani, drew hundreds of residents, families, students, and food lovers who participated in live cooking demonstrations, food tastings, and interactive brand experiences. The company noted that the event was to deepen its regional presence, particularly in the Southeast.

Managing Director of Golden Penny Foods, Devlin Hainsworth, said the food fest exemplified the brand’s focus on producing nourishing and innovative products that meet consumer expectations.

Hainsworth said, “The Golden Penny Foods festival is a celebration of our wide range of superior quality and nourishing food products produced as an innovative response to the consumers’ need for tasty nutrition.”

He described the turnout as “applaudable,” noting that it reflects the brand’s “established trust over the years between the Golden Penny brand and our consumers, a journey marked by the organisation’s unwavering commitment to delivering excellence across various generations.”

Marketing Director, Illyas Kazeem, explained that the food festival builds on earlier efforts such as the Semovita Soup Festival, noting, “We started this journey two years ago with the Semovita Soup Festival across some regions, and this is a step further, bringing it to a full food fest. You can see the wide variety we have here, from pasta to noodles, cereals, oil, and many more.

“The goal is to let consumers experience our brand directly and get acquainted with our endless brands of tasty nutrition.” Golden Penny Foods added that it also designed the festival to connect more meaningfully with consumers by offering product sampling, experience centres, and cooking education that showcase the versatility of its product lines.

Associate Marketing Director, Pasta and Noodles, Foluke Makinde, emphasised the strategic importance of the region, remarking, “The South East is a very important part of the country, and as a company, it is a strategic focus for us to win here and win strongly.”

She noted that the brand wants consumers to associate food with enjoyment and not just sustenance. “We want people to know that food can be fun, and that nutrition can be enjoyable. Beyond just the products, we are giving people a full brand experience,” Makinde stated. “They are not just tasting pasta or noodles but learning new ways to enjoy them and leaving with new memories.”

Golden Penny noted that it gathered consumer insights that will shape future product development and marketing strategies from the event.

Associate Director for New Product Development, NTW & RS, Oluwatooni Odewole, said the feedback mechanism is central to the brand’s innovation drive. She said, “Feedback is a major part of how we ensure that our products are directly responding to our consumers’ nutritional needs. From social media to in-person surveys and direct interactions like this, we are always listening and using those insights to serve our consumers better and reach more communities across Nigeria.”

 

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Sanwo-Olu Launches Produce For Lagos ₦500b Offtake Guarantee Fund

Sanwo-Olu Launches Produce for Lagos ₦500b Offtake Guarantee Fund

Lagos State Governor, Mr Babajide Sanwo-Olu, has launched the Produce for Lagos Programme and the ₦500billion Offtake Guarantee Fund, an initiative of the State Government aimed at boosting food security, reducing imports, and enhancing agricultural productivity across Nigeria.

Governor Sanwo-Olu said the programme and the fund reflect his administration's commitment to achieving food security, inclusive prosperity, and sustainable growth not just for Lagos State but for Nigeria.

Speaking during the launching of the programme at the Lagos House, Ikeja, Governor Sanwo-Olu said Lagos is Nigeria’s largest food market, consuming over 50 per cent of the food traded in the South-West with a food economy valued at ₦16.14 trillion.

The Governor expressed optimism that the programme would provide guaranteed off-take contracts, access to financing, and logistics support, connecting Lagosians directly with Lagos’s dynamic food economy.

He said the initiative, which is a partnership between government and the private sector, will boost agricultural production.

Governor Sanwo-Olu, also announced and commissioned the deployment of a fleet of 150 cold and dry trucks, the largest of its kind, in partnership with the private sector.

He stressed further that the initiative "will boost agricultural production and reduce reliance on informal and uncoordinated supply channels, create jobs for our youth and increase economic returns for all ecosystem stakeholders.

"It will be implemented through the Lagos Food Systems Infrastructure Company (LAFSINCO) and supported by key Special Purpose Vehicles like the Lagos Bulk Trading Company, Ekolog (Eko Logistics), and the Produce for Lagos Fund.

"This ₦500 Billion Offtake Guarantee Fund will provide working capital for bulk traders, finance for logistics operators, liquidity for aggregators, and credit support for food producers across Nigeria. It is a demonstration of our understanding that our food economy cannot thrive on policy alone – it requires financing.

"This fund is not a subsidy; it is an investment vehicle that will catalyse private capital, stabilise food prices, and de-risk agricultural operations across the value chain. What we are doing here is creating a whole new agricultural ecosystem, one that rises to meet the demands of today and of tomorrow—combining policy, financing, infrastructure, and data.”

Speaking during the event, Governors Dapo Abiodun of Ogun State, Mohammed Bago of Niger State, Agbu Kefas of Taraba and Usman Ododo of Kogi commended Governor Sanwo-Olu and the Lagos State Government for the bold initiative on food security.

The governors, whose states are expected to be major beneficiaries of the Produce for Lagos Programme and ₦500 billion Offtake Guarantee Fund, expressed readiness to partner with Lagos State in the areas of comparative advantages in boosting food security, not only in Lagos but in Nigeria.

Also speaking, the Minister for Digital Economy, Bosun Tijani; the Minister of Livestock, Idi Maiha; and the Minister of State for Finance, Doris Aniete, hailed the Lagos State government for the Produce for Lagos Programme, noting that it underscores the state’s commitment to food security and partnership with other states.

The Chief of Defence Staff, General Christopher Musa, expressed his confidence in the initiative, stating that it would work well in addressing food security challenges in the state.

He also expressed the readiness of the Armed Forces of Nigeria to support the Produce for Lagos Programme initiative, which, according to him, will tackle hunger in the country.

Also speaking, Lagos State Commissioner for Agriculture and Food Systems, Abisola Olusanya, said the initiative aims to centralise agricultural aggregation to cut post-harvest losses, stabilise food prices, and create an efficient urban food supply logistics system.

She said the Lagos State Government has launched several programmes, including the Lagos Innovation Club, Lagos Food Festival, Lagos Agriculture Scholars Programme, and Lagos Apprenticeship Programme, to support agricultural entrepreneurs and promote food culture.

 

 

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Sanwo-Olu Launches Wee Policy Roadmap To Break Barriers Against Women Potentials

In line with his administration's commitment to break the barriers hindering the realisation of women’s potential, Governor Babajide Sanwo-Olu has unveiled the Lagos State Women Economic Empowerment (WEE) Policy Roadmap.

The WEE Policy Roadmap launched at Muson Centre in Lagos is developed by the Ministry of Women Affairs and Poverty Alleviation as a strategic, forward-thinking framework designed to address the systemic challenges faced by womenfolk.

Speaking during the launching of the policy roadmap document, Governor Sanwo-Olu said the initiative reflects his administration’s unwavering commitment to gender equity and inclusive economic growth.

Governor Sanwo-Olu promised that his administration will ensure that the WEE Policy Roadmap is not just a policy on paper but a living instrument that transforms lives across Lagos.

The Governor assured that his government will continue to work collaboratively with all state ministries, partners, the private sector, and civil society to ensure the successful implementation of the policy roadmap.

He said: "The Lagos State WEE Policy Roadmap, developed by the Ministry of Women Affairs and Poverty Alleviation, is a strategic, forward-thinking framework designed to address these systemic challenges. This roadmap aligns not only with our state’s developmental agenda but also with national policy frameworks and global commitments such as the Sustainable Development Goals (SDGs).

"The development of this roadmap was underpinned by a robust stakeholder engagement process. From government ministries, departments, and agencies, including the Ministry of Wealth Creation and Employment, Ministry of Tertiary Education, and Lagos State Employment Trust Fund, to non-governmental organisations, private sector players, community leaders, and women’s groups across the state, including women with disabilities, we ensured that no voice was left unheard.

"This participatory approach helped shape a contextual and inclusive understanding of who a woman is in Lagos State: a woman is not only defined by her biology but also by her social, cultural, and economic realities. Her aspirations and challenges, from youth to old age, must be central to the policies we design.

"This roadmap is not just a document; it is a strategic tool for unlocking the full potential of the women of Lagos State. Empowering women economically does not only lift individual households; it strengthens our communities, grows our economy, and secures a prosperous future for generations to come.

"I urge every stakeholder to come together with purpose and conviction. Through true collaboration, we will shape a Lagos that stands as a beacon of inclusion, equity, and economic empowerment—a city where every woman is not only welcomed but actively empowered to realise her full potential and lead the way to lasting progress.”

Speaking further, Governor Sanwo-Olu disclosed that the roadmap seeks to harness opportunities in agriculture, entrepreneurship, the traditional labour market, emerging industries, education and skill acquisition.

"In agriculture, we aim to increase women’s access to digital tools, e-commerce platforms, and targeted financing to grow agribusinesses and connect them to broader markets.

"In entrepreneurship, the roadmap recommends designing gender-friendly financial services, simplifying access to capital, and strengthening mentorship networks.

"For women in the traditional labour market, we plan to improve working conditions, enforce labour laws, promote family-friendly policies, and expand digital tools that ease access to market information.”

Speaking earlier, Lagos State First Lady, Dr (Mrs) Ibijoke Sanwo-Olu, who was represented by the wife of the Deputy Governor, Mrs Oluremi Hamzat, said the policy roadmap is a bold step in addressing challenges facing women in Nigeria.

Dr Sanwo-Olu said the policy roadmap, if fully implemented, will empower women. She said domestication of the policy is very important and also urged women to stay focused.

The Minister of Women Affairs, Iman Sulaiman-Ibrahim, who was represented by Mrs Agnes Abraham, said, “Lagos is a beacon of diversity and development. Lagos reflects the possibility of gender inclusivity. As we launch the Lagos State Women Economic Empowerment, I urge you to increase budget allocation for women empowerment.”

Lagos State Commissioner for Women Affairs and Poverty Alleviation, Mrs Bolaji Dada, said the launching of the policy is an affirmation of a collective resolve to break barriers, expand opportunities, and elevate the economic power of women across Lagos State.

She disclosed that the roadmap would break down gender stereotypes that inhibit women’s participation in high-growth and non-traditional industries.

“This roadmap offers a well-defined strategy to address the systemic challenges limiting women's participation in the economy, from limited access to finance and skills to gender-based constraints in both traditional and emerging sectors," she said. 

  

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