Wema Bank, Nigeria’s longest-standing indigenous financial institution and pioneer of Africa’s first fully digital bank, ALAT, marked its 80th anniversary with a glittering gala evening held at the Eko Convention Center in Lagos on Friday, 2 May.

Themed A Night of Timeless Elegance, the anniversary event not only reflected the bank’s storied history but also offered a heartfelt gesture of appreciation to its customers. A total of 88 customers were rewarded with cash prizes exceeding ₦14 million in what the bank called the grand finale of its 80-for-80 campaign.

Eight customers each received ₦1 million, while 80 others were awarded ₦80,000 each. The campaign, which began on 17 April, was designed to recognise loyal customers across all segments of the bank.

“Reaching 80 years is a celebration of longevity and a testament to the resilience of our brand and the trust of the people we serve,” said Wema Bank’s Managing Director and CEO, Moruf Oseni, during the event.

MDCEO, Wema Bank PLC, Moruf Oseni, addressing esteemed guests at Wema Bank’s 80th anniversary gala event.

“We chose to give back in this way because our customers are the heartbeat of our success. It gives us great joy to know that this celebration is also about the lives we can touch. At Wema Bank, every milestone is an opportunity to show appreciation and deepen our connection with the people who make our journey possible.”

The event was marked by live presentations of the winnings, with Mr Oseni personally handing over giant cheques to the eight new millionaires.

Among them was Kazeem Lawal, one of the top prize winners, who said:

“I’m still surprised! Being among the 80th-anniversary raffle draw winners was completely unexpected. I attended the event to celebrate with my bank, enjoy music performances, and celebrate with fellow customers. Hearing my name announced as a winner was surreal. I’m grateful for the surprise and thrilled to have been part of this memorable celebration. Thanks to Wema Bank for the incredible experience and many more years to celebrate!”

The anniversary gala drew a crowd of dignitaries, customers, and celebrities. It was co-hosted by Nollywood veteran Femi Branch and media personality Olive Emodi. The entertainment lineup featured legendary fuji musician Ayuba, who performed a specially composed Wema Bank anthem, as well as high-profile performances from Davido, 9ice, Wande Coal, Cobhams Asuquo, IB Quake, Yinka Davies, and spoken word poet Kehinde Adolo.

Other guests included actor Stan Nze, broadcaster Morayo Afolabi-Brown, and dancer Kaffy.

Notable dignitaries in attendance included:

Chief Sir Kessington Adebutu

Ondo State Governor, Lucky Aiyedatiwa

Ogun State Governor, Dapo Abiodun

Chairman of Elizade Motors, Chief Michael Adeojo

Special Adviser to the President on Job Creation and MSME, Temitola Adekunle-Johnson

Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim

Chairman, Odu’a Investment Company, Otunba Bimbo Ashiru

Speaker of the Lagos State House of Assembly, Mudasiru Obasa

The Emir of Lafiaji, HRH Alhaji Mohammed Kudu

Oyo State Governor, Seyi Makinde

The evening closed with a message of gratitude and optimism. For Wema Bank, the gala was not just a celebration of the past, but a renewed promise to stay “with you all the way.”

Moniepoint, one of Nigeria’s leading fintech and business banking firms, has released a landmark case study spotlighting its transformative role in Onitsha, West Africa’s largest market. The report underscores how Moniepoint’s digital solutions are reshaping trade and accelerating financial inclusion in one of Africa’s most vibrant commercial hubs.

Titled “How Moniepoint is Driving Trade in West Africa’s Largest Market,” the study draws from extensive field research and interviews with traders in Onitsha. It provides a comprehensive look at the region’s complex trading environment while detailing how Moniepoint’s payment infrastructure, business support tools, and grassroots engagement have revolutionised the market experience.

Speaking on the company’s mission, Tosin Eniolorunda, CEO and Co-founder of Moniepoint Inc., stated:

“Our mission has always been to empower businesses with the tools they need to thrive. This case study is a testament to the impact of digital innovation in Africa’s most vibrant markets. By providing reliable, accessible, and secure financial services, we are not just facilitating transactions—we are helping to build stronger, more resilient communities.”

Key Insights from the Study

Onitsha Market as a Living Business School

The report highlights how Onitsha serves not only as a centre of trade but also as a business incubator through the Igbo apprenticeship system. This long-standing tradition fosters entrepreneurship by transferring knowledge, skills, and wealth without reliance on formal education.

Payments Infrastructure Driving Safety and Speed

Transitioning from cash to digital payments—driven largely by Moniepoint—has greatly reduced theft risks, sped up transaction times, and ended the need for hazardous bank runs, thereby streamlining business operations.

Widespread POS Adoption

Moniepoint’s presence is now deeply rooted in Onitsha’s daily transactions, with two-thirds of all in-person payments being processed through its POS terminals. This reflects the fintech’s success in penetrating a traditional, informal economy through hyperlocal, reliable solutions.

Access to Instant Credit

By leveraging digital transaction records, traders now access quick credit, allowing them to respond rapidly to price changes and restock efficiently—a game-changer in high-turnover environments.

Hyperlocal Trust and Cultural Understanding

One of Moniepoint’s strongest differentiators is its deployment of local account managers who speak the language and understand the culture. This proximity has helped foster trust and community acceptance—critical for digital finance adoption.

Fintech Driving National Impact

The Onitsha case study adds to Moniepoint’s growing library of insights aimed at policymakers, investors, and the public. Previous publications have examined family-owned enterprises, community pharmacies, and women-owned businesses across Nigeria.

Processing over $17 billion in monthly transactions, Moniepoint continues to support millions of businesses with digital banking, credit, payments, and management tools. Its latest research solidifies its role as a driver of economic resilience and empowerment across the country.

The full case study is available for download on the Moniepoint website.

A bold initiative aimed at redefining SME financing in Nigeria has been unveiled by Cascador, a leading entrepreneurial accelerator, in partnership with Sterling Bank. The $2 million Catalytic Fund is set to introduce a revolutionary model for small and medium enterprises (SMEs), blending flexible debt funding with mentorship and dramatically reduced collateral requirements.

The fund is targeted at alumni of Cascador’s accelerator programme, providing low-interest capital with tailored repayment terms and structured around the real-life cash flow of growing ventures.

“This is a breakthrough moment for Cascador and for the entrepreneurs we serve,” said Dave DeLucia, Founder of Cascador. “Through our partnership with Sterling Bank, we’re deploying capital in a way that’s truly catalytic—pairing mentorship and education with access to capital that’s structured around the real-life cash flows of growing businesses.”

Sterling Bank will act as the fund’s custodian and structuring partner. The bank will offer a mix of financial instruments including equipment loans and revenue-based financing, focusing on key sectors such as healthcare, logistics, education, manufacturing, agribusiness, and financial inclusion.

“We’re proud to support purpose-driven entrepreneurs with capital that meets them where they are—flexible, affordable, and designed around the realities of building a business in Nigeria,” said Abubakar Suleiman, Managing Director and CEO of Sterling Bank. “This isn’t just about funding, it’s about creating a new kind of financial support system that prioritises impact over formality and progress over paperwork. We hope the fund presents a new model for capital deployment—one that other institutions and private investors across the continent can adopt to unlock the potential of Africa’s entrepreneurs.”

The funding approach stands apart from traditional lending by emphasising trust, traction, and long-term business viability. Beneficiaries will receive custom repayment plans and benefit from reduced-risk lending, bolstered by a first-loss guarantee from Cascador and expert advisory support.

Applications for the Catalytic Fund opened on 14 February. Finalists will pitch their ventures at an exclusive event on 14 May before an elite investment panel comprising business leaders, faculty advisors, and investment experts. Cascador will allocate both debt and equity funding based on impact and long-term scalability.

Further support for the initiative comes from the Nigeria Sovereign Investment Authority (NSIA) and the Development Bank of Nigeria (DBN), which will sponsor innovation awards for standout ventures at the Pitch Day.

Since its launch in 2019, Cascador has empowered over 60 entrepreneurs who have collectively raised more than $55 million and created thousands of jobs across Africa. The new partnership with Sterling Bank marks a significant milestone in the accelerator’s mission to foster inclusive economic growth.

Entrepreneurs are encouraged to apply for Cascador’s 2025 accelerator programme to gain eligibility for the Catalytic Fund.