Business
Unity Bank Posts N59.3bn in Gross Earnings, Grows Deposits by 23% in 2023 FY
Retail lender, Unity Bank Plc posted gross earnings of N59.3 billion for the full year ended December 31, 2023, representing a growth of 3.84% year-on-year.
In its audited financials submitted to the NGX Group Limited, the Bank also witnessed improvements across key performance indicators, including a significant appreciation of customer deposits by 23% to N402.9 billion from N327.4 billion within the period under review – an indication of sustained retail growth and customer confidence.
Other key highlights of the full-year results include the total assets which stood at N472.5 billion; net fee and income commission, N5.2 billion and an increase in interest income by 9.6% to 53.7 billion from N48.8 billion within the period.
Commenting on the result, the Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs. Oluwatomi Somefun said the Bank had issued a profit alert to reflect revaluation loss arising from Naira devaluation which was due to the acute shortage of Forex that created an inclement business environment and, on the aggregate, set in an economic headwind. She noted, however, that in the full-year statement, this has bottomed out and the key performance indicators are rebounding from the low level of growth and negative trends that characterized the year.
Mrs. Somefun stated: “As we begin to see the margins being closed, it is an indication that the measures being taken to revamp all aspects of the business is being well received by the market: be it workable recapitalization plan, aggressive drive for asset creation, product innovation, or digital banking”.
“We will need to covet the improvements and further build upon it. As a corporate brand, we have a lot that is keeping us going: the positive sentiments and optimism, the growing franchise of the business and steady growth in different segments of the retail market across all the geo-political zones of Nigeria” ” she said.
She added, “We have the right indicators to reclaim lost grounds – innovating with the development and soon to be launched an omnichannel digital app to improve reliability, customer experience, support diverse products functionality which will impact earnings, income and profitability.”
The Central Bank of Nigeria (CBN) has recently approved a business combination with another innovative Bank in Nigeria, marking a significant milestone in the Bank’s growth strategy as it advances its recapitalization plans. This partnership is built on a shared vision to redefine the banking experience for our customers and will drive the transformation of the consolidated entity. By leveraging Unity Bank’s extensive branch network and strong customer relationships alongside the entity’s digital expertise and commitment to innovation, we aim to create a seamless integration of traditional and modern banking services.
Amid a review of key highlights that support the steady growth of the retail business, analysts are of the view that the Bank has continued to reflect a good outlook in terms of perception and confidence in the market, which by and large creates an entity with remarkable resilience whilst investors’ sentiments remain positive.
Wema Bank Launches Hackaholics Accelerator 2026 Cohort With Ten Startups
Wema Bank, Nigeria’s most innovative bank and the pioneer of Africa’s first fully digital bank, ALAT, has launched the 2026 Hackaholics Accelerator Program, welcoming ten startups into the cohort. The Hackaholics Accelerator, a selective growth program under Wema Bank’s Hackaholics platform, is designed to help promising Nigerian startups strengthen their business foundations and prepare for sustainable scale and investment.
After six years of driving innovation through Hackaholics, Wema Bank is extending its support beyond ideation and competition into hands-on startup building through Hackaholics Accelerator. The initiative provides founders with the structure, mentorship, and ecosystem access they need to turn strong ideas into viable, scalable businesses.
The 2026 cohort comprises ten startups in total, drawn from the top 10 performing finalists from Hackaholics 6.0. The startups include Farmslate, Ploy, Stocmed, Feest (Chao), Varsityscape, MamaAlert, Sane, Cyclex, Kieva, and Loocomo.
Commenting on the evolution of Hackaholics and the second edition of its Accelerator program, MD/CEO of Wema Bank, Moruf Oseni, said it reflects the Bank’s commitment to supporting founders beyond ideation and helping promising innovations grow into sustainable businesses.
“Over the past six years, Hackaholics has grown into more than a competition; it has become a platform that reveals the depth of innovation and entrepreneurial potential that exists across Nigeria,” Oseni said. “With this second edition of Hackaholics Accelerator, we are taking the next step by supporting founders beyond the ideation stage and into the process of building sustainable businesses. The startups selected for this cohort represent some of the most promising solutions emerging from the Hackaholics ecosystem, and we are committed to helping them refine their models, strengthen their foundations, and scale their impact.”
Speaking on the ten startups selected for the cohort, Babatunde Mumuni, Chief Transformation Officer, Wema Bank, added that the Accelerator will guide founders through a structured process to strengthen their businesses and prepare them for sustainable growth.
“The startups selected for this cohort already have strong foundations, with products already in market, early traction, and clear potential for growth,” Mumuni said. “Each of the selected startups brings a unique solution to real challenges across different sectors. What Hackaholics Accelerator provides is the environment to strengthen those foundations through hands-on mentorship, strategic guidance, and access to the right networks. Over the course of the program, we will work closely with these founders to refine their models, deepen market traction, and prepare them for sustainable scale.”
All 10 startup founders will undergo a series of training sessions led by industry experts across key areas critical to startup growth. Facilitators for the programme include the Chief Transformation Officer, Corporate Transformation & Innovation, Wema Bank, Babatunde Mumuni; Head, Strategy & Investor Relations, Wema Bank, Femi Akinfolarin; Head, Data Transformation, Wema Bank, Olamide Jolaoso; and Team Lead, Corporate Social Investment, Wema Bank, Oluwatoyin Adetunji.
Other facilitators include the Managing Director, Impact Hub Lagos, Idowu Akinde; Managing Director, B4B Partners, Napa Onwusa; Startup Advisor and Scout, Onaopemipo Dara; Mentor at Google for Startups, Rosemond Phil-Othihiwa; Head of Growth, Africhange, Tega Ogigirigi; and Startup Advisor and Mentor, Ademola Adewuyi.
Hackaholics Accelerator is supported by Wema Bank’s broader innovation infrastructure, including IDEAx Labs, the Bank’s innovation and venture platform, and its corporate venture programme, which focuses on enabling startup growth through partnerships, infrastructure, and capital access.
Since its launch in 2019, Hackaholics has grown into one of Nigeria’s most influential youth innovation platforms, attracting over 15,000 applicants and supporting hundreds of digital solutions across multiple industries. Through the Hackaholics initiative, Wema Bank has disbursed over $400,000 in funding to young innovators and startup founders across Nigeria. Startups such as Feegor, Myitura, and Bunce are among those that have participated in previous editions of the program, reflecting the Accelerator’s focus on supporting growth-ready companies across diverse sectors. This second edition builds on that progress by helping startups move decisively from innovation to growth.
Business
IWD: Fidelity Bank Partners Groups to Empower Nigerian Women, Unveils ‘Give Her Power’ Initiative
Fidelity Bank Plc has reaffirmed its commitment to advancing women’s economic empowerment with the signing of strategic Memoranda of Understanding (MoU) with partner organisations at the launch of the bank’s “Give Her Power” initiative, a programme designed to equip Nigerian women with practical skills, tools, mentorship, and financial knowledge.
The partnerships, formalised as part of activities commemorating the 2026 International Women’s Day, bring together a diverse network of stakeholders: LUSH Hair, Barbergirl Academy School of Barbering, Dee ‘n’ Ell the Shoe Architect, Inter-Bau Foundation, IVM Innoson, National Credit Guarantee Company (NCGC) and One Universe.
The collaboration is anchored on the Bank’s HerFidelity Apprenticeship Programme, a structured platform created to provide vocational training, business support, and sustainable enterprise opportunities for women across multiple sectors.
Speaking during the event, Managing Director and Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, highlighted that the bank’s ‘HerFidelity’ initiative reflects Fidelity Bank’s continued commitment to creating opportunities that empower women to achieve financial independence and build sustainable businesses.
“At Fidelity Bank, we strongly believe that empowering women is not only a social responsibility but also a powerful economic strategy. Through the ‘Give Her Power’ initiative and the HerFidelity Apprenticeship Programme, we are providing women with practical tools, vocational skills and financial knowledge that will enable them to move from effort to earnings and from hustle to sustainable enterprise.”
She explained that the programme will deliver a range of interventions throughout the month of March, including the distribution of 1,000 sewing and grinding machines to support women-led microbusinesses, as well as vocational training in automobile mechanics, interior decoration, barbing, hair making, and shoe making.
Other components of the initiative include professional headshot sessions to strengthen women’s personal and professional brands, mentorship engagements with leading female entrepreneurs, and hands-on skill acquisition training in areas such as makeup artistry, nail care, and traditional headgear tying.
Dr. Onyeali-Ikpe also noted that empowering women economically has ripple effects that extend beyond individual beneficiaries.
“When women are empowered economically, the impact extends far beyond individuals. It strengthens families, grows businesses, and uplifts entire communities. Research suggests that advancing women could add up to $12 trillion to global GDP. This reinforces the need to deliberately create platforms that support women to build sustainable businesses and strengthen their economic independence,” she added.
Applauding the bank’s initiative, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, commended Fidelity Bank for its leadership in promoting entrepreneurship and supporting women across the nation.
“This initiative strongly aligns with the Lagos State Government’s commitment to building an inclusive economy where women have access to skills, mentorship and financial opportunities they need to thrive”, Ambrose-Medebem stated.
Her words, “Women remain key drivers of commerce and enterprise across Lagos, from traditional markets to emerging digital sectors. This initiative by Fidelity Bank has ensured that we stayed true to the promoting and supporting women”.
Also speaking at the event, the Lagos State Commissioner for Women Affairs and Poverty Alleviation, Mrs. Bolaji Cecilia Dada, praised Fidelity Bank for championing financial inclusion and economic independence for women.
“Empowering women economically is one of the most effective ways to reduce poverty and strengthen communities. We commend Fidelity Bank for this forward-thinking initiative and for demonstrating how collaboration between the private sector and government can create meaningful opportunities for women across the state,” she said.
Representatives of the partner organisations also expressed appreciation to Fidelity Bank for the collaboration, noting that the partnership will play a significant role in expanding vocational training opportunities and strengthening entrepreneurship among women.
The Give Her Power initiative is expected to empower hundreds of women through skill development, mentorship, and startup support, while reinforcing the role of women as key contributors to Nigeria’s economic growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 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.
Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to host a special edition of its impactful quarterly UBA Business Series, which be specifically focused on celebrating and empowering the modern woman with the theme: “gen w – ‘The Evolved Woman’
The session, which is scheduled to hold on Thursday, March 12, 2026 from 11AM at UBA House, Lagos, will bring together an array of accomplished female leaders and professionals who will share insights, experiences and practical strategies for navigating ambition, leadership and growth in today’s dynamic environment.
The session will also be streamed live across all UBA digital platforms, and interested participants can register to attend virtually or in person via this link: on.ubagroup.com/tfig.
This edition of the Business Series aims to move the conversation around women intensely forward, highlighting a new generation of women who are not simply seeking opportunities but confidently creating them. The discussion will explore how women today are shaping industries, leading businesses, and redefining success on their own terms.
The event will feature an inspiring lineup of speakers, including entrepreneur and founder of ORÍKÌ Group, Joycee Awosika; media personality & entrepreneur, Tomike Adeoye; entrepreneur and founder of Fine Funky, Olufunke Davies; and award-winning Broadcaster, Ayo Mario-Ese. The conversation will be hosted by media personality and actor, Tobi Bakre.
Panelists’ will share their personal journeys and perspectives on navigating professional spaces, building resilient businesses, embracing authenticity and redefining leadership as women in a rapidly evolving global landscape.
Speaking ahead of the event, UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, explained that the special edition of the Business Series reflects the bank’s firm commitment to supporting women for the critical roles they play in driving economic growth and innovation across Africa.
She said, “The modern African woman is evolving in remarkable ways. She is bold, visionary, and intentional about the spaces she occupies. Through this edition of the UBA Business Series, we want to celebrate women while also creating a platform where meaningful conversations around leadership, ambition and opportunity can take place.”
The quarterly UBA Business Series has become a key knowledge-sharing platform designed to equip entrepreneurs, professionals and business leaders with insights, tools and strategies needed to grow sustainable enterprises as well as navigate the evolving business landscape.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
