Union Bank of Nigeria has won the Best SME Growth Banking Initiatives Award (2025) at the Nigeria National SME Business Awards, organised by the Association of Small Business Owners of Nigeria (ASBON) in partnership with the Lagos State Government.

The recognition highlights a growing shift in Nigeria’s banking sector, where small and medium-sized enterprises (SMEs) are prioritising speed, reliability and practical support over traditional banking scale.

Unlike previous awards that focused on product range, ASBON said its criteria centred on a key question: which banks are actually making it easier for entrepreneurs to operate?

Why it matters

SMEs are the backbone of Nigeria’s economy, accounting for the majority of jobs and a significant share of economic activity.

But many business owners now define success less by expansion and more by stability — steady cashflow, reliable payments and timely access to financing.

For many entrepreneurs, delays in account setup, payment failures or slow loan approvals can mean missed opportunities or stalled operations.

Union Bank’s recognition comes as financial institutions face increasing pressure to respond to these day-to-day realities.

Faster onboarding and digital tools

One of the biggest barriers for SMEs has been slow account opening and onboarding processes.

Union Bank said it addressed this through upgrades to its Union360 platform and the rollout of a Straight-Through-Processing (STP) Digital Onboarding Platform.

The goal was to reduce the time between account opening and active transactions.

The bank said the improvements have shortened onboarding timelines, increased digital usage among SME customers and attracted new business clients.

Industry analysts say such changes are critical in a market where businesses often rely on multiple payment channels including transfers, POS systems and mobile money within a single day.

Financing beyond traditional collateral

Access to credit remains one of the biggest challenges for Nigerian SMEs, particularly for businesses without formal collateral or audited financial records.

Union Bank said it has adjusted its lending approach by placing more emphasis on transaction history, account activity and cashflow patterns.

This allows businesses with limited paperwork but active operations to qualify for financing.

Loans during the review period were largely directed toward working capital, inventory and operational expansion.

The human connection

Despite increased digitisation, experts say personal relationships still play a critical role in SME banking.

Union Bank said its SME strategy includes relationship managers, sales agents and branch networks across Nigeria.

Its “Adopt, Engage and Grow” campaign was designed to maintain continuous engagement with entrepreneurs rather than one-off interactions.

Partnership with ASBON

Union Bank’s recognition is also linked to its collaboration with ASBON through the SME Empowerment Challenge.

The initiative encouraged entrepreneurs to open or reactivate business accounts, maintain proper transaction records and develop structured growth plans.

Experts say this kind of discipline, separating personal and business finances and keeping clear records is essential for accessing loans, grants and contracts.

Industry reactions

Stakeholders say the award reflects a broader transformation in Nigeria’s financial sector.

Government-backed SME programmes have also increasingly emphasised financial inclusion and access to credit as key drivers of economic growth.

What’s next

As Nigeria’s economic environment remains challenging, SMEs are expected to demand even more responsive banking services.

Analysts say banks that invest in faster systems, flexible credit models and real customer engagement will be better positioned to capture the growing SME market.

Union Bank’s award, they add, may signal a competitive shift across the industry rather than a final destination.

The nomination of Bola Ahmed Tinubu of Joseph Olasunkanmi Tegbe as Minister of Power has been widely praised by industry leaders, who say the move could help address Nigeria’s long-standing electricity challenges.

Many in Nigeria’s business and policy community describe the appointment as a strategic step toward reforming the country’s troubled power sector.

Tegbe currently serves as Director-General of the Nigeria–China Strategic Partnership and Chairman of the National Tax Policy Implementation Committee.

Why it matters

Nigeria’s power sector has struggled for decades with inadequate supply, grid instability, and structural inefficiencies.

Analysts say effective leadership is critical to coordinating reforms across key institutions such as the Nigerian Electricity Regulatory Commission and the Nigerian Bulk Electricity Trading Company.

They argue that aligning policy with execution and attracting private investment will be essential to improving electricity generation and distribution.

Industry voices back Tegbe

Dr Jonathan Achi, an industrialist, expressed confidence in Tegbe’s ability to deliver results.

“A pragmatic reformer with a clear understanding of how to drive results.”

He pointed to Tegbe’s work at the Nigeria–China Strategic Partnership, where he helped facilitate multi-billion-dollar investment engagements across sectors including agriculture, mining, steel, and energy.

Business leader Musa Abdullahi also highlighted Tegbe’s experience in executing large-scale projects.

“A rare ability to connect vision with delivery.”

Stakeholders say this experience could prove valuable in repositioning Nigeria’s power sector for sustainable growth.

Track record in policy and investment

Under Tegbe’s leadership, the Nigeria–China Strategic Partnership recorded major milestones, including investment commitments aimed at boosting industrial capacity and job creation.

His involvement in initiatives such as the National Integrated Poultry Project and collaboration with Huawei Technologies has also been cited as evidence of his ability to drive cross-sector development.

In addition, his role at the National Tax Policy Implementation Committee has been linked to efforts to strengthen Nigeria’s tax framework and improve stakeholder engagement.

Background: Who is Joseph Tegbe?

Joseph Olasunkanmi Tegbe is a consultant and public policy expert with experience spanning both private and public sectors.

He studied Civil Engineering at Obafemi Awolowo University and holds a Master’s in Public Administration from University of Birmingham.

He has also attended executive programmes at Harvard Business School and INSEAD.

Before entering public service, he was a Senior Partner at KPMG, where he led advisory work on fiscal reform and governance.

What’s next

Tegbe’s nomination is expected to undergo legislative confirmation.

If approved, analysts say attention will quickly shift to how he plans to tackle electricity shortages, improve grid stability, and attract investment into Nigeria’s power sector.

The Nigeria Customs Service (NCS) has intensified its efforts to combat illicit financial flows and terrorism financing through a sensitisation programme held at its headquarters in Maitama, Abuja.

The training, held on Monday, 4 May 2026, brought together officers of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Unit as part of the Service’s first-quarter operational review.

Officials say the initiative is aimed at strengthening enforcement capacity, promoting ethical conduct, and improving collaboration across agencies.

Why it matters

Financial crimes, including money laundering and terrorism financing, pose growing risks to Nigeria’s economy and national security.

Authorities warn that these crimes are increasingly shifting into digital and cross-border channels, making enforcement more complex and requiring better-trained personnel.

The Customs Service plays a critical frontline role in monitoring financial flows through borders, airports, and seaports.

‘A critical component of national security’

Speaking at the event, Assistant Comptroller-General in charge of Headquarters, Muhammad Shuaibu, said the AML/CFT Unit has become central to protecting Nigeria’s financial system.

“This is a major milestone. Nigerians can now travel and use their cards anywhere in the world, with transactions reflecting the local currency. This is a significant achievement for the nation,” he said.

He added that the Unit’s responsibilities extend beyond traditional border points, describing its work as vital to Nigeria’s broader financial and security architecture.

Shuaibu also urged officers to view postings to the unit as opportunities for career development rather than punitive assignments.

Integrity and professionalism emphasised

The Acting Provost Marshal, Saulawa Sunusi, stressed discipline and ethical conduct as key pillars of the Service.

“Officers must remain disciplined, professional, and committed to ethical conduct. Integrity remains the foundation of everything we do,” he said.

He called on personnel to maintain high standards of punctuality, fairness, and leadership, while encouraging continuous training and teamwork.

Tackling evolving financial crimes

In his remarks, National Coordinator of AML/CFT, Mas’ud Salihu, highlighted how financial crimes are rapidly evolving.

He noted that illicit activities are increasingly moving into digital and virtual spaces, requiring more proactive and technologically aware enforcement strategies.

Salihu said ongoing reforms are focused on:

Strengthening enforcement mechanisms

Identifying operational gaps

Improving communication between field officers and management

He urged officers to remain proactive in identifying and blocking emerging threats.

Training and internal coordination

The session also included a lecture by Faisal Abubakar on service correspondence, aimed at improving official communication within the agency.

Participants were advised to remain vigilant, avoid sharing sensitive information without authorisation, and adhere strictly to communication protocols.

Officials say stronger internal coordination is essential to improving operational effectiveness across the Service.

Industry perspective

Experts say Nigeria’s renewed focus on AML/CFT compliance aligns with global standards promoted by bodies such as the World Customs Organization.

Improved compliance could enhance investor confidence, strengthen financial transparency, and reduce Nigeria’s exposure to global financial risks.

What’s next

The Nigeria Customs Service says it will continue to prioritise sensitisation programmes and inter-agency collaboration as part of broader reforms.

Authorities are also expected to deepen the use of technology and intelligence-sharing to keep pace with increasingly sophisticated financial crimes.