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Squad by GTCO: Reshaping the Nigerian Payment Space Fragmentation in the Nigerian payment space has served more as a constraint than an enabler; Squad by GTCO positions to lead with innovation and efficiency

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Without a doubt, digital payment is the next growth frontier for financial services. Amongst other extenuating factors, growing digitalisation, mobile penetration, and evolving consumer behaviour have accelerated the shift towards cashless thereby creating entirely new business models and solutions built around payments. Given the key role digitalisation plays in the financial lives of many people today, electronic payments are at the core of the payment ecosystem. As is the case with all things economic, Nigeria remains a most attractive market. Over the past years, we have seen largely foreign investors make a play to participate in the Nigerian technology and financial sector with considerable investments in FINTECH companies creating so-called “unicorns” of these establishments. This is helping to generate needed cohesion within the payment landscape and putting it at the forefront of innovation. The gains from the payment sector will serve to spur the global remittance industry as well as enhance financial inclusion. Increasingly, it is expected that newer, more efficient form factors and product offerings will look to enhance the digital payment experience for consumers and merchants alike. Despite this trend, a more critical assessment of the payment industry shows that existing FINTECHs are merely scratching the surface of the payment landscape and its massive potential for financial inclusion. If anything, the fragmentation of the merchant-facing payments value chain has served to dampen the massive prospects of this sector. Available research point to the fact that asides security and privacy concerns, a major challenge presently facing the mobile payment ecosystem is the high level of market fragmentation as seen in multiplicity of platforms and the different service configurations on offer. With consumer adoption stalling, mobile payments still represent a small portion of total consumer payments. The complexities around payments and the rapid evolution of merchant services require a re-evaluation of business focus and value propositions.In comes Squad by GTCOIt is against this backdrop that the launch of Squad, a full-service digital payment company conceived by Guaranty Trust Holding Company Plc (GTCO Plc), is a most welcome development. For one thing, GTCO Plc is renowned for its strong corporate governance culture, bias for innovation and superior financial performance. Few financial institutions in Nigeria, and indeed Africa, can boast of GTCO’s impressive credentials. From its humble beginnings in 1990 as a pureplay banking institution, the company has morphed into a fully-fledged financial services powerhouse in a little over three decades. Underpinning this remarkably successful transformation is GTCO’s rich history of firsts: from pioneering industry-wide innovations in Online/Mobile Banking, USSD Banking, Instant Card issuance, and Fingerprint Banking to creating free business platforms to support small and medium-sized business owners in the food and fashion industries and revolutionising consumer lending with QuickCredit, GTCO has differentiated itself from other financial institutions by a mile. With the launch of Squad, GTCO Plc aims to deploy its trademark efficient operations and innovative capacity to drive adoption in payment services and enhance financial inclusion. With the overarching goal to be the most efficient off-line and online merchant acquiring platform in all of Africa, Squad is well positioned to serve four important enterprise verticals namely: micro- businesses (kiosks), online sellers, digital natives, and corporates. Reinventing the in-store payment experience, no longer limited to POSSquad’s top offerings will include a payment gateway and the Soft POS. While most are familiar with the functionalities of payment gateways, the Soft POS solution is as cutting-edge as it is simple-to-use. The Soft POS is a multiform-factor white-label solution that enables a smartphone to function as a merchant acceptance device. Essentially, the Soft POS allows any mobile phone with the NFC feature to be used as a point-of-sale. While this service is enjoying growing acceptance and use in other parts of the world like America, Europe, and Asia, Squad will be amongst the very first financial payments service in Africa to introduce this unique payment functionality. Merchants who have traditionally accepted cash payments or struggled with the sub-optimal nature of physical POS terminals, now have a simpler and more secure way to manage their transactions. The solution effectively addresses the needs of micro and small businesses as it provides a cost-efficient card acceptance solution as well as complete visibility of merchant transactions making reconciliation and decision making faster and easier. With Soft POS, the consumer experience is elevated as it facilitates line-busting to streamline check out queues and eliminates friction. How does the Soft POS work? Quite simple and fast. Sellers can start accepting contactless payments in just few minutes by downloading the app from Google Play Store and completing the registration process. Squad would also be offering other high-impact, value-adding services to merchants and corporates in various sectors of the economy to enhance their business operations and propel wide-scale growth. What makes Squad unique?As the name suggests, Squad denotes the power of a TEAM. The team at Squad is peopled by young, dynamic professionals who have imbibed GTCO Plc’s culture of innovation and efficiency to power next-generation payment solutions. If GTCO’s track-record of trailblazing achievements is anything to go by, Squad will in no time set the marker for merchant and customer fulfillment in payments. Squad is backed by a successful ‘Proudly African, Truly International” brand in GTCO Plc and is run by well-trained, digital-savvy minds with a keen understanding of market needs and trends. This is markedly different from what currently obtains where one or two founders set up and struggle to balance vision with ambition, and ultimately, falter off-course.With no less a visionary than Segun Agbaje leading the Holding Company, we can be sure that values like transparency and integrity, which have become synonymous with the Guaranty Trust brand, will come on to define the payment space resulting in more clarity of purpose and extensive trust in the reliability of digital solutions. In a recent forum to review GTCO Plc’s prior year financial statements and projections for the 2022 financial year, Mr. Agbaje pledged to disclose the performance of the Group’s new businesses on a quarterly basis. This is a rarity in today’s clime. It is exactly what one would expect from a brand looking to champion Africa’s growth as it serves to enhance competitiveness and value creation for all stakeholders. You would recall that the Group recently started Guaranty Trust Fund Managers Ltd and Guaranty Trust Pension Managers Ltd to compete in the Asset Management and Pension sectors. These, alongside the new payment company, will certainly add to the viability of GTCO Plc long-term.The future of payments is digital To reference one of Segun Agbaje’s seminal submissions, ‘the future of payments is digital.’ The launch of Squad is timeous if Nigeria, and indeed Africa, must ride the wave of continued cash displacement and go on to drive digital payment adoption and financial inclusion. And, if there is a question of how to radically transform Africa’s payment space, Squad is the answer.

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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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$242m Petroleum Products Diversion Claim: UBA Secures Court Order Against Vitol, Four Others

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A Lagos State High Court, last Thursday, granted interim preservative orders of Mareva Injunction against Vitol SA – a Switzerland based Energy Trading company, and four other shipping companies in favour of United Bank for Africa Plc.

The bank alleged Vitol of wrongful release of cargoes of petroleum products which were consigned to the order of United Bank for Africa Plc in the Bills of Lading.

Addressing the Court, Bode Olanipekun, SAN, lead counsel for United Bank for Africa, urged the Court to grant the interim preservative orders against Vitol and the other shippers.

In a ruling on the application, the presiding judge, Honourable Justice K. A. Jose (Mrs.) granted three prayers in UBA’s application, including requests to restrain the dissipation of assets and dealings with funds up to the disputed amount by Vitol S.A.

“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.

The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.

UBA is seeking to contend in the substantive proceedings that Vitol SA and the owners of the vessels, are liable for alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.

UBA also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.

In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank issued a letter of credit for the benefit of Vitol SA to facilitate a petroleum products transactions.

UBA alleged that the cargo was transported to Nigeria and that the vessels’ masters issued several bills of lading.
The bank further alleged that Vitol subsequently endorsed the bills of lading “to the order of” UBA and handed over the original copies to it.
UBA maintained that the endorsement entitled it to take possession of the cargo upon completion of the voyage.
However, Chilaka stated that the bank had not received the gasoil despite the completion of the voyage.
“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.
UBA alleged that the cargo was instead, applied to the use of another party, contending that the respondents’ failure to deliver it amounted to conversion and negligence.
The bank argued that the respondents had obligations arising from the transaction and the endorsement of the shipping documents, which it claimed were not fulfilled.
The bank alleged that the cargoes associated with those transactions were also diverted to the use of other parties after their voyages, rather than delivered to UBA.

 

 

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BANKING ON HER TOMORROW: ZENITH BANK EMPOWERS 300 GIRLS WITH EDUCATION, KNOWLEDGE AND CONFIDENCE

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Caption: (L-R) Founder, Aruwa Capital Management, Adesuwa Okunbo-Rhodes; Group Managing Director/CEO, Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON; The Queen Consort of Warri Kingdom, Her Majesty, Olori Atuwatse III ; and Executive Director, Zenith Bank Plc, Mrs. Adobi Nwapa, with girls from selected schools in Lagos during the maiden edition of the Zenith Bank Girl-Child Empowerment Programme held at the Civic Centre, Victoria Island, Lagos, on Monday.


Zenith Bank Plc has launched the maiden edition of its Girl-Child Empowerment
Programme, themed “Banking on Her Tomorrow,” bringing together 300 schoolgirls aged 13 to 17 from selected schools across Lagos for a day of learning, mentorship and personal development.

Held on Monday, October 12, 2026, at the Civic Centre, Victoria Island, Lagos, the programme featured sessions on finance and investment, etiquette and personal development, social media ethics, and social relationships and interactions, equipping participants with practical knowledge and skills for their personal, educational and future career journeys.

The initiative, a brainchild of the Bank’s Group Managing Director/Chief Executive Officer, Dame (Dr.) Adaora Umeoji, OON, reflects Zenith Bank’s commitment to nurturing the potential of young girls and helping them make informed choices about their futures.

In her welcome address, Dame (Dr.) Umeoji urged the participants to believe in their abilities, pursue their ambitions and remain focused and disciplined. Drawing on examples of young girls who have achieved remarkable feats, she challenged them to look beyond their present circumstances and envision the women they aspire to become.

“To all my amazing young ladies here today, each of you possesses gifts, talents, and ideas that are capable of revolutionising the world. You can revolutionise the world with your ideas,” she said.

The GMD/CEO further encouraged the girls to explore their interests and resist societal limitations, stressing the importance of taking ownership of their futures.

“Never allow gender or age to limit your goals. Whatever interests you today, explore it. Whatever you choose to pursue in life, give it your best shot,” she said.

Delivering the keynote address, Her Majesty, Olori Atuwatse III, Queen Consort of the Warri Kingdom, encouraged the girls to embrace their identities, develop resilience and use their abilities to make a positive difference in the lives of others.

Using the mangrove tree as a metaphor for resilience, she reminded the participants that challenges need not define their futures and that their worth extends beyond academic results and external expectations.

“Every time you affirm the truth about who you are, you are building confidence. Every time the tide of life goes out and you are still standing, you are building resilience. And every time you use your gifts for another person, you are discovering your purpose,” Olori Atuwatse III said.

The programme featured interactive sessions led by accomplished professionals and personalities:

Ayanime Edem, founder of The Elite Finishing School and modern etiquette educator, discussed confidence, communication, self-presentation and etiquette.

Nigerian actress and content creator Bukunmi Adeaga Ilori, popularly known as Kie Kie, addressed responsible social media use, authenticity and digital boundaries.

Representing Zenith Bank, Thelma Okonye and Adesola Adeyemo introduced the girls to saving, responsible money management and investment, highlighting the importance of developing sound financial habits early.

While Nigerian filmmaker, creative executive and educator,Praise Onyeagwalam, Director Pink, led a session on healthy relationships, self-awareness and effective communication.

The sessions encouraged active participation, giving the girls opportunities to ask questions and engage with the speakers on issues relevant to their experiences and aspirations.

The programme also featured competitions, with cash prizes totalling over ₦1 million awarded to winners. The participants received books to encourage reading and personal growth, while musical performances by Nigerian singers Qing Madi and No. 11 added to the lively atmosphere. The event was hosted by Temi Badru, public speaker, communications coach and lawyer, with Darasimi Destiny Nadi serving as mini host.

Delivering the closing remarks, Executive Director, Zenith Bank Plc, Dr. Mrs. Adobi Nwapa, highlighted the GMD/CEO’s vision for the initiative and the Bank’s commitment to sustaining its impact.

“The programme is the vision of our GMD/CEO, who conceived and championed it, demonstrating her unwavering commitment to the empowerment of the girl child. Through her leadership, she has shown the girls what is possible when a woman dares to lead. At Zenith Bank, our commitment to the girl child extends beyond today, and we will continue to nurture their aspirations through this annual initiative,” she said.

Dr. Nwapa thanked the speakers and participants for contributing to the programme’s success and encouraged the girls to apply the lessons learnt, remain confident and pursue their aspirations with determination.

The initiative builds on Zenith Bank’s longstanding commitment to advancing opportunities for women and girls through programmes including its annual International Women’s Day Seminar, the Zenith Women’s Basketball League, the Women of Honour Awards in partnership with the Ford Foundation, the Pad-a-Queen Initiative and Z-Woman, which supports women-owned businesses through business support and access to credit at discounted rates.

Through “Banking on Her Tomorrow,” Zenith Bank is extending this commitment to a younger generation, equipping girls with the knowledge, skills and confidence to pursue their ambitions and contribute meaningfully to their communities and society.

 

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