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United Capital Group Unveils First Digital MicroFinance Bank, UCEEU
nited Capital Group (UCAP) has unveiled the first digital MicroFinance Bank in the country.This is in an effort to bridge financial inclusion gap in Nigeria and increase access to financial services.With this, UCAP has become the first digital microfinance institution to start Microfinance Bank in Nigeria.
UCEE is a subsidiary of UCAP, which began operations in Lagos and is adopting a hybrid banking model by integrating technology of a neo bank with an operational infrastructure of a traditional bank. Mr Peter Ashade, the Group Chief Executive Officer (CEO) of United Capital, said the introduction of the Microfinance Bank was inspired by promoting financial inclusion as a tool for economic empowerment and to improve lives across Africa.Ashade described the opening of the bank as a significant milestone in the journey of United Capital services industry, marked by legacy, growth and transformational business success.He said: “Our activities here today mark not only the unvieling of a new financial institution, but the beginning of a vision that aims to redefine banking experience in Nigeria to bring about positive changes in the lives of our people.“The opening of UCEE is a crown to the sixth decade journey of UCAP, which started as a department with the United Bank For Africa ecosystem”.According to him, the group is determined to replicate the success story of UCAP at the newly birth Microfinance Bank.He said the Microfinance Bank, since its inception, has grown to understand the plight of strong spirited Nigerians living in rural areas.Ashade noted that data revealed that approximately 40 million Nigerians remained formally excluded from financial ecosystem.“It will be our joy to see the entire ecosystem do more to provide the last man access and focus on deepening financial inclusion.In her remark, Ms Esther Adeola-Balogun, Managing Director/CEO, UCEE Microfinance Bank, said the financial institution was opened to democratise access to credit and innovative banking solutions.Adeola-Balogun stated that the bank would redefine banking to be more than just transactions, but to serve as partner in supporting and enhancing the quality of lives of customers.She explained that financial institution’s medium of reaching the public is through its Mobile Application, which is a one-stop shop for all its services and products for both public and private sector salary earners as well as traders.“The bank has already hit the ground running especially in the heart of the Lagos Island market, where we are located.“We are already selling our MSMEs products to the market traders.“The mobile bank is the first stop centre for the bank, but there is a banking hall for customers who are not technologically savvy to walk in and transact,” she said.She said that the bank’s customers would enjoy access to wide range of services which includes: loans, savings, deposits, cardless withdrawals and bill payments, among others.The managing director added that the microfinance bank would provide personalised financial solutions, from saving plans to budgeting tools, to help its customers not only manage their money, but to empower them.Also speaking, Mr Tony Elumelu, Chairman, Heir Holdings, lauded UCAP for its forward-thinking initiatives and impressive track record.Elumelu commended the company’s role in advancing “Africapitalism” by promoting prosperity and economic transformation in Africa.He expressed his support for UCEE’s mission to serve Micro, Small, and Medium-sized Enterprises (MSMEs), which reflects his own passion for supporting growing businesses.Sir Stephen Nwadiuko, Chairman, UCEE Microfinance Bank, said the bank chose to operate largely digitally because that is what drives business currently.Nwadiuko added that the bank would leverage other physical platforms to increase its market share in the industry.He said: “We believe that everyone regardless of their background or financial standing deserves equal access to financial empowerment.“This fusion enables us provide unparallel financial solutions; by breaking down barriers and bridging gaps, we provide inclusive, innovative, convenient and accessible banking services. NANBusiness News
DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report
By Tony Obiechina, Abuja
The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.
DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.
He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.
He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.
He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.
He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.
Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.
On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.
He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.
Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.
He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.
On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.
Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.
The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.
Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.
Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.
The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.
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NLC Threatens Nationwide Action as Talks With FG Collapse
By Tambaya Julius, Abuja
The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.
The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.
The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.
The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.
In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.
According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.
The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).
The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.
The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.
“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.
It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.
The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.
The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.
“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.
The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.
“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.
The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.
However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.
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Election Campaigns: FRSC Bars Officers from Politicians’ Escort
The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.
Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.
Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.
She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.
The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.


