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Embrace Artificial Intelligence, AI Expert Tells SMEs

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Small and Medium Enterprises (SMEs) in the country have been advised to embrace Artificial Intelligence (AI) technology to grow their businesses. Founder AI Nigeria, Ehia Erhabor, made this submission in his presentation titled “Using AI for business innovation” delivered at the Ecobank MySME Growth Series webinar. He emphasied that AI is a gamechanger particularly for small businesses.

According to him, AI is rapidly transforming industries by automating processes, enhancing analytics, and enabling personalized customer experience, stressing that the future of AI is its democratization where companies of all sizes including SMEs can harness its power to drive innovation and gain competitive edge.

Specifically, Erhabor pointed out that “AI technology holds the key to the future. It is quite pervasive. It is part of our existence and will impact businesses the way we can ever imagine. It can help SMEs develop new products and services by analysing data and identifying customers’ needs. AI can also be used to automate repetitive tasks, streamline workflows, and improve efficiency by reducing operational costs.”

He listed the challenges and risks of AI as bias, explainability, privacy, transparency and misuse, debunking claims in some quarters that AI will lead to the end of the world but rather a tool for development.

Also speaking, former Chief Operating Officer, Flutterwave, Bode Abifari said AI technology holds the key to the future, explaining that it simulates human intelligence to perform complex tasks like research, decision making, pattern recognition and problem solving.

She submitted that AI was capable of improving customers’ experience and engagements for the SMEs, adding that the technology can personalize interactions, provide personalized recommendations and enhance customer service leading to increased customer satisfaction and loyalty for small businesses.

Ecobank MySME Growth Series which started in February this year is designed to empower SME operators across the country. It is part of the bank’s commitment to train over 1 million SME operators in various sectors of the economy in 2024.  The training will provide resources for starting a business, registration processes, industry statistics, and essential considerations for running a business. The series cover key areas such as accounting, credit, sales & marketing, taxation, and inventory management.

Additionally, articles on important topics like increasing sales, advertising ideas, business management practices, case studies, and leveraging technology will be provided.  Ecobank also plans to launch an SME Mentorship program to collaborate with successful entrepreneurs. Taken together, the MySME Growth Series reflects Ecobank’s dedication to fostering growth and success within the SME community.

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Pan-African Bank Empowers Students with Digital Skills on 14th Ecobank Day

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Ecobank Nigeria has commemorated the 14th edition of Ecobank Day, its flagship Group-wide Corporate Social Responsibility (CSR) initiative, across four regions of the country, reaffirming its commitment to empowering communities through education and digital inclusion.

The selected schools include: Hope Fountain Foundation for the Deaf, Agege, Lagos; Ibadan School for the Deaf, Ibadan; Special Secondary School for the Deaf, Odakpu, Onitsha, and Kaduna State Special Education School, Kaduna.

This year’s Ecobank Day was celebrated under the theme, “Digital Education,” with a focus on equipping persons with disabilities and young people with essential digital skills that can enhance their educational, personal, and career development in today’s technology-driven world.

The initiative underscores Ecobank’s commitment to extending its impact beyond banking by helping to equip Africa’s youth with the digital and artificial intelligence (AI) skills required to succeed in the future economy.

As part of the programme, Ecobank employees visited selected schools across the four regions, where they conducted digital literacy sessions and donated learning materials and educational resources to support students’ development and prepare them to thrive in an increasingly digital world.

Speaking during the commemoration, the Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal said: “It is a pleasure to join you today as we commemorate the 14th edition of Ecobank Day, our Group-wide Corporate Social Responsibility initiative dedicated to creating meaningful impact across the communities we serve. “Ecobank Day reflects our commitment to being more than a bank. It demonstrates our dedication to empowering people and contributing to sustainable development across Africa.”

Bolaji noted that digital education has become increasingly important in bridging knowledge gaps and creating opportunities for young people, particularly those living with disabilities, enabling them to participate fully in today’s digital economy.

School proprietors and administrators who participated in the programme commended Ecobank for the initiative, describing it as a timely intervention that will help broaden students’ access to digital knowledge and opportunities.

They expressed appreciation to the Bank for investing in the future of young people and supporting inclusive education within their communities.

For 14 years, Ecobank Day has served as an annual platform for Ecobank employees across Africa to give back to society through impactful volunteer activities that address critical social challenges.

The initiative continues to demonstrate the Bank’s dedication to fostering sustainable development and creating lasting positive change across the communities where it operates.

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Double Honours As Fidelity Bank, Onyeali-Ikpe Win at 2026 BAFI Awards

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Fidelity Bank Plc has won two honours at the 2026 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

The bank’s Managing Director and Chief Executive Officer, Dr Nneka Onyeali-Ikpe, received the Award for Excellence in Banking Leadership, while Fidelity Bank was named Best Bank in Oil and Gas Financing.

The awards were presented at the 14th BAFI Awards held recently at the Civic Centre, Victoria Island, Lagos.

According to BusinessDay Media Limited, the leadership award recognises banking executives who have delivered institutional growth, strengthened shareholder value, promoted innovation and inclusion, and contributed to the development of Nigeria’s financial services sector.

Onyeali-Ikpe thanked the organisers and dedicated the award to Fidelity Bank’s customers, board, management and employees.

“I am deeply honoured to receive the Award for Excellence in Banking Leadership. I sincerely thank BusinessDay Media Limited for this recognition and dedicate it to our valued customers, whose trust and support have strengthened and inspired me throughout my career.

“The African philosophy of Ubuntu teaches us, ‘I am because we are.’ In that spirit, this honour also belongs to the board, management and staff of Fidelity Bank Plc, whose dedication and professionalism continue to drive our vision of a stronger, more innovative and customer-focused financial institution,” she said.

Onyeali-Ikpe has more than three decades of banking experience spanning retail, corporate and commercial banking, treasury and business development. Since becoming the Chief Executive Officer, she has led Fidelity Bank through sustained growth and an expansion of its international operations, including the acquisition of the former Union Bank UK, now FidBank UK Limited.

The Best Bank in Oil and Gas Financing award recognised Fidelity Bank’s support for projects across Nigeria’s energy value chain.

The bank financed the development of an onshore crude oil export terminal at the Otakikpo Marginal Field in Rivers State. It also supported the Pinnacle Oil and Gas Terminal in Lekki and part-financed a 23,000-cubic-metre liquefied petroleum gas carrier for Temile Development Company Limited.

Fidelity Bank also participated in the $3bn SNEPCo Contractor Finance Facility, which provides naira and dollar financing to indigenous contractors working on SNEPCo projects.

The projects are expected to strengthen local participation, petroleum product distribution, gas availability and critical energy infrastructure.

The two awards underscore Fidelity Bank’s growing profile in the financial services industry and its role in financing sectors critical to Nigeria’s economic development.

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NEC 2026: UBA Offers N41m in Grants to Nigerian Students

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The United Bank for Africa (UBA) is poised to give five young Nigerians a shot at getting a share of N41million in educational grants towards their university education.

The Bank, through UBA Foundation National Essay Competition (NEC), is the much talked about life changing opportunity and it is back for with the 16th edition, and this year, with even more reason for young writers to put pen to paper and change their lives in the process.

Previously, there was a lot of talk around education not given priority or due reward as against reality shows or ephemeral activities. Now that talk is gone with the wind.

The UBA annual competition is designed to give senior secondary school students across Nigeria a platform to express their ideas, showcase their writing and critical thinking skills, which will see the top five finalists, receive financial support throughout their university education.

Most importantly, the prize pot has just gotten bigger as the first-place winner will receive a N15 million university grant, while the second and third-place winners will receive N10 million and N7.5 million respectively. It gets even more rewarding as the fourth and fifth-place winners – introduced for the first time ever in the competition – will also receive N5 million and N3.5 million each.

Participants will be expected to tackle a question that directly affects Nigeria’s future: “No nation can develop without food security. How can Nigeria deal with this problem?” That means this is a chance not just to write, but to think, question, and propose practical ideas for a challenge that affects everyone.

The opportunity is open to Nigerian every senior secondary school student.

According to a statement made available to this medium, applications close Friday, October 23, 2026.

The essay is expected to be handwritten and in not more than 750 words, with applications submitted through the competition’s digital portal, https://www.ubagroup.com/nec/

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