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Beyond Banking, Union Bank Launches Future-Forward Innovative Co-Creation Hub, SpaceNXT

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Beyond Banking, Union Bank Launches Future-Forward Innovative Co-Creation Hub, SpaceNXT
…reiterates commitment to innovation and technological advancement in Nigeria

Lagos, Nigeria – Leading financial institution, Union Bank has launched a technological and innovation hub known as SpaceNXT. Built to promote innovation and encourage collaboration within the tech ecosystem in Nigeria, SpaceNXT is a future-forward purpose designed co-working hub for innovators, creators and techpreneurs.
Located within the Union Bank Head Office in Lagos Nigeria, SpaceNXT was set up to provide an enabling environment where tech enthusiasts, visionaries and creators can converge for the propagation of new ideas. It is a launching pad for innovators to collaborate, develop and improve on ideas around digital systems and technology.
Lola Cardoso, Executive Director and Head, Retail Banking and Digital, Union Bank, spoke on the benefits of SpaceNXT to the tech ecosystem. She said,
“Globally, technology and innovation are key drivers of growth, and here in Nigeria, the tech community is at the forefront of our ongoing digital revolution. To unlock the massive potential of the sector, we must create an enabling environment that promotes collaboration and fosters strong partnerships within the ecosystem, this is why we launched SpaceNXT – to serve and enable the growth of the tech community.”

The launch event which held on April 7th 2022 had Special Guest of Honour, Mr.Tunbosun Alake, Special Adviser on Innovation and Technology to the Governor of Lagos State, in attendance. He officially opened the space alongside the executives of the Bank. Speaking during the ribbon cutting ceremony, he said,
“This is indeed a laudable moment for Union Bank. With the launch of SpaceNXT, Union Bank has established itself as a bonafide trusted partner for the future generation. SpaceNXT is a sandbox for culture change and an enabling lever to drive innovation and technology in Nigeria.”
SpaceNXT was conceived as part of the Bank’s mission to enable success for the tech community in Nigeria by providing a space that would foster collaboration within the ecosystem. Union Bank’s Chief Executive Officer, Emeka Okonkwo, shared the Bank’s reason for launching the Space at this time. According to him,
“For us at Union Bank, we believe the best way to predict the future is to create it. This is why we are pushing beyond banking to take a strategic position as enablers of success within the tech and innovation industry. We are excited at the opportunity to enable the ecosystem and co-create a future that is brighter than we can imagine today”.

Besides being a hub for sharing and generating innovative ideas, SpaceNXT will also serve as a venue for tech and innovation events, hackathons, trainings and meetings. Union Bank remains committed to the acceleration of the technological landscape in Nigeria.

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GTCO Brings Google Pay to Both Sides of the Checkout As Google Pay launches in Nigeria

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…….GTBank customers can now pay with it and businesses on HabariPay’s Squad gateway can now accept it.

Guaranty Trust Holding Company Plc (“GTCO” or “the Group“) today announced that two of its subsidiaries are live with Google Pay on the day it launches in Nigeria. Customers of Guaranty Trust Bank Limited (“GTBank”) can add their GTBank debit cards to Google Wallet and pay with Google Pay online, in Nigeria and internationally. Businesses that use Squad, the payment gateway run by the Group’s payments subsidiary HabariPay, can now offer Google Pay to their customers at checkout.

The Group is therefore present at both ends of the same transaction: with the person paying and with the business being paid.

For GTBank customers, the change is simple. They add their GTBank debit card to Google Wallet once. After that, they choose Google Pay at checkout, pick the card and confirm, without typing a card number, expiry date or CVV again. Google Pay replaces the card number with a secure digital token, so the merchant does not receive the actual card details. The card can be used wherever Google Pay is accepted online, including for subscriptions, travel bookings, food delivery, bills and digital services.

For businesses on Squad, “Pay with Google Pay” now sits at the top of the Squad checkout, alongside card, bank transfer, USSD, bank payments and Squad’s buy-now-pay-later options. A customer with a card in Google Wallet selects Google Pay, chooses the card, confirms, and is returned to the merchant’s site once the payment is verified. Google Pay is switched on by default for every business on Squad, and a merchant can choose to turn it off. Merchants set up for international payments can accept Google Pay from customers anywhere in the world, which opens Nigerian businesses to buyers abroad, including the diaspora. Fewer fields mean fewer points at which a customer can abandon a purchase, which matters most to the small and growing businesses that make up much of Squad’s merchant base.

Commenting on the launch, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said: “Most failed online payments are not refused, they are abandoned. Somewhere along the way the customer gives up, and the business never learns about the sale it lost. As a customer centric Financial Services Group, we are committed to ensuring that we continue to deliver payment solutions that make transacting safe and simple for our various customer Groups. With Google Pay, what matters to us is that we are ready on both sides from the first day: a GTBank customer can pay with it, and a business on Squad can accept it.”

He added: “This is what a group structure is for. Our Bank and our Payments Business were built to do different jobs, and today they meet at the same checkout. We will keep putting the full weight of the Group behind those small moments where people decide whether paying digitally is worth the effort. When it is, everyone in the transaction wins: the customer, the merchant and the wider economy that depends on both.”

The Managing Director of HabariPay, Mr Eduofon Japhet, said: “For a merchant, every extra field at checkout is a reason for a customer to leave. Squad businesses now get Google Pay inside the checkout they already use, so their customers can pay in a few taps with a card they have already saved. A merchant set up for international payments can now be paid with Google Pay by a customer anywhere in the world, with nothing new to integrate.”

Availability. GTBank customers can add an eligible GTBank debit card through the Google Wallet app on Android or through their Google Account. From today, Google Pay is on by default for all businesses on the Squad payment gateway, and merchants can choose to turn it off. Squad merchants set up for international payments can accept Google Pay from anywhere in the world. More information is available at www.gtbank.com and www.squadco.com.

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ZENITH BANK SET TO HOST SIXTH EDITION OF ANNUAL TECH FAIR

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Zenith Bank Plc is set to host the sixth edition of its flagship technology event,
Zenith Bank Tech Fair 2026: Future Forward 6.0, on Thursday, November 5, 2026, under the theme, “AI: Embrace or Extinct.”

Renowned for its scale and showcase of technological innovation, the annual Tech Fair has evolved into a platform for connecting ideas, talent and opportunities. Over the years, the event has brought together technology leaders, entrepreneurs, and young innovators to explore emerging technologies, showcase solutions and examine the future of the digital economy.

Conceived by the Bank’s Founder, Jim Ovia, CFR, the initiative reflects his vision of empowering young Nigerians through technology and nurturing inventors capable of developing solutions with global relevance. It also reinforces Zenith Bank’s commitment to digital advancement and the growth of Nigeria’s technology ecosystem.

The impact of the Tech Fair is evident in the solutions emerging from its competitions. Previous winners include JumpnPass, which developed a self-checkout solution for retail, and CreditChek, which uses artificial intelligence and open banking to streamline credit verification. At the 2025 edition, TrustLoopwon the hackathon for its digital identity verification solution, while Cubbes Technologies won the startup pitch competition with its AI-powered EdTech learning platform. Through millions in prize funding and mentorship, the Tech Fair continues to support promising innovators in developing practical solutions to real-world challenges.

For the first time, the Tech Fair will be held virtually, opening participation to a wider borderless audience across Nigeria and beyond. This year’s theme explores the growing influence of AI and challenges individuals and organisations to consider howbest to harness its potential in an increasingly technology-driven world. The event will offer participants an opportunity to discover emerging innovations, gain fresh insights and engage with ideas shaping the future of work and business.

The Tech Fair will be accessible via Zoom, Instagram, X, TikTok, Facebook and YouTube.

Be part of the future of technology. Register now at www.zenithbank.com/techfair and experience the possibilities of AI at Zenith Bank Tech Fair 2026.

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AUBA Commences Comtempt Proceedings Against WEMPCO Directors over Alleged Disobidence of Court Order

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Mr. Lewis Tung and his brother Robert Tung

The Federal High Court, presided over by Honourable Justice Aluko, has granted an application by United Bank for Africa (UBA) Plc for substituted service of Form 49 on directors of Wempco named as alleged contemnors in the case of UBA v. Wempco.

The application forms part of proceedings seeking to determine whether the named individuals disobeyed an order of the court and whether they should be committed to prison for contempt.

The directors named as alleged contemnors are Lewis Shui Ngor Tung, Phillip Shui Chei Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Aali Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, C.L. Ip and Taiwo Alli.
In advancing the application, counsel to UBA argued that service of Form 49 on the alleged contemnors was necessary to enable them to appear before the court and show cause why an order of committal should not be made against them.
He also argued that the Directors of Wempco and some members of staff took illegal steps in an attempt to disobey the Order of Court.

The court’s decision to grant substituted service provides a procedural step towards bringing the notice to the attention of the individuals concerned in accordance with the court’s directions.

Form 49 is a notice requiring an alleged contemnor to show cause why an order of committal to prison should not be made against them for alleged disobedience of a court order.

The Federal High Court had earlier made an Order of Mareva Injunction and appointed a Receiver/Manager over some of the Assets of Wempco following the indebtedness of Wempco to UBA in the sum of N61,445,695,993.76 (Sixty One Billion FourHundred and Forty-Five Million Six Hundred and Ninety Five Thousand, Nine Hundred and Ninety Three Naira, Seventy Six Kobo).

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