Baobab Microfinance Bank has launched the first phase of its Menstrual Hygiene Awareness Project in Ilorin, Kwara State, reaffirming its commitment to improving community well-being and supporting underserved populations. The initiative, implemented in partnership with Sisters of Jannah, provided 500 reusable sanitary pads to schoolgirls in a carefully selected beneficiary school.

The bank said the project was designed to address period poverty, a challenge that continues to affect many adolescent girls in low-income communities by contributing to school absenteeism, reduced academic performance, and, in severe cases, school dropout. By distributing reusable sanitary pads, the initiative seeks to provide a sustainable and cost-effective solution that enables girls to manage menstrual health with dignity and continue their education without interruption.

Chief Business Development Officer of Baobab Microfinance Bank Nigeria, Joy Micheal-Oti, said every girl deserves the opportunity to learn without disruption, stressing that menstrual health is a basic right. She noted that the intervention in Ilorin marks the beginning of a broader commitment to tackling period poverty across Nigeria.

Social Performance Manager, Barisi Samuels, explained that the project goes beyond the distribution of sanitary products by promoting dignity, confidence, and reassurance for young girls. The reusable pads were supplied by Sana Pads, a female-owned enterprise based in Kano that focuses on sustainable menstrual health solutions.

Representatives of Sisters of Jannah said their grassroots knowledge helped identify the school with the greatest need and ensured that support reached vulnerable girls within the community. The organisation described the collaboration as an example of how partnerships can drive meaningful and lasting change.

Baobab Microfinance Bank disclosed that the Menstrual Hygiene Awareness Project will be expanded to other states through its network of 38 branches across 16 states, with additional beneficiary schools and implementation plans to be announced in due course.

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Rotary International District 9111, in partnership with FirstBank, has empowered 140 aspiring artisans and small business owners across Lagos and Ogun states with business equipment valued at more than N45 million. The initiative is designed to support entrepreneurship, promote self-reliance, and improve economic opportunities for beneficiaries.

The empowerment programme provided starter kits, including sewing machines, grinding machines, hairdressing kits, and other vocational tools to individuals who have acquired skills but lack the financial resources to establish their businesses. Organisers said the intervention aims to bridge this gap and enable beneficiaries to build sustainable livelihoods.

District Governor-elect and Project Coordinator, Bukola Bakare, said the initiative reflects the long-standing collaboration between Rotary International and FirstBank in driving community development and economic empowerment. She encouraged beneficiaries to utilise the equipment responsibly and avoid selling the items, stressing that the tools represent opportunities to transform their lives and positively impact society.

Bakare disclosed that Rotary would monitor beneficiaries for one year through regular communication and periodic visits to ensure that the equipment is used for its intended purpose. She added that the beneficiaries were nominated by Rotary’s clubs across Lagos and Ogun states and underwent screening to confirm their need for support.

District Governor of Rotary International District 9111, Prince Henry Akinyele, described the equipment as seeds for future prosperity rather than mere gifts. He urged beneficiaries to invest in their trades and eventually extend similar support to others within their communities.

Representing FirstBank, Acting Head of Retail Business, SME Banking Department, Musiliu Olokodana, said the partnership with Rotary has lasted for more than five years and has empowered over 400 artisans through similar interventions. He noted that the programme aligns with the bank’s commitment to supporting micro, small, and medium enterprises and promoting financial inclusion.

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Heirs Insurance Group has expanded its Rewards and Loyalty Programme to include corporate clients, marking a new phase in its strategy to deepen customer engagement beyond traditional insurance services.

The expansion allows organisations with group life insurance schemes under the company to extend additional lifestyle and wellness benefits to their employees, enhancing workplace value propositions.

Through the upgraded programme, employees of participating organisations gain access to a growing network of partner services spanning healthcare, wellness, hospitality, lifestyle, and emergency response support.

The initiative is designed to strengthen employee wellbeing by offering discounts and benefits across selected partner outlets, including services in fitness, healthcare, dining, retail, and essential everyday needs.

Heirs Insurance also confirmed that the programme is available to retail customers who meet specified premium requirements, further widening access to the benefits package.

The company said the move reflects its commitment to innovation in the insurance sector by integrating lifestyle benefits into policy ownership, rather than limiting coverage strictly to risk protection.

By extending the rewards system to corporate clients, the insurer aims to help businesses improve employee satisfaction and retention while promoting a more holistic approach to benefits management.

Industry observers note that the development aligns with a growing trend in the insurance sector where companies are increasingly combining financial protection with lifestyle-driven incentives to remain competitive and relevant.

Heirs Insurance Group stated that it will continue expanding its partner ecosystem to provide more value-added services to both individual and corporate customers in Nigeria.

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The Central Bank of Nigeria has increased the fee for issuing and replacing ATM debit and credit cards by 50 percent, raising it from N1,000 to N1,500.

At the same time, the apex bank has scrapped the N50 monthly maintenance charge previously applied to naira-denominated debit and credit cards.

New Charges Framework Introduced

The changes were outlined in the apex bank’s Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions (OFIs) 2026, which seeks to update banking fees and promote digital financial services.

Under the revised framework:

• ATM card issuance/replacement now costs N1,500
• Monthly maintenance fees on naira cards have been eliminated
• Virtual debit cards will be issued at no cost
• Charges for premium cards will remain negotiable

However, customers using foreign currency-denominated cards will still pay an annual maintenance fee of $10.

Merchants to Bear Transaction Costs

The CBN also clarified that cardholders will no longer bear costs for transactions at merchant locations.

Instead, the Merchant Service Charge (MSC) will be paid entirely by merchants, set at 0.5 percent per transaction, with a cap of N10,000.

This means customers making payments via Point of Sale (PoS) terminals will not be charged directly for those transactions.

Policy Aims and Financial Inclusion Drive

In a circular signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department, the CBN said the review aligns with its mandate to ensure a stable financial system.

The apex bank noted that the revised guide is designed to:

• Encourage adoption of electronic payment channels
• Support innovation in financial services
• Expand financial inclusion
• Reduce transaction costs for low-value payments

The update also reflects changes in Nigeria’s financial ecosystem since the last guideline issued in 2020, including the rise of fintech players and digital banking solutions.

Implications for Customers and Banks

While the increase in card issuance fees may raise short-term costs for customers, the removal of monthly maintenance charges is expected to reduce long-term banking expenses.

Analysts say the move could further accelerate the shift toward cashless transactions, as the CBN continues efforts to deepen digital payment adoption across Nigeria.

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The Federal Government has formally inaugurated the board of the Nigerian Consumer Credit Corporation following the disbursement of more than ₦37 billion in consumer loans within its first year of operations, reinforcing its ambition to deepen credit access across the country.

Vice President Kashim Shettima presided over the inauguration ceremony on Thursday, describing consumer credit expansion as a strategic pillar in Nigeria’s journey toward becoming a one-trillion-dollar economy. According to a statement issued by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, the administration views structured credit access as essential for stimulating household consumption and economic growth.

The Vice President disclosed that within just one year, CREDICORP has disbursed over ₦37 billion to more than 200,000 Nigerians, with more than half of the beneficiaries accessing formal credit for the first time. He noted that the milestone signals early progress in bridging Nigeria’s longstanding credit gap and formalising retail lending channels.

President Bola Ahmed Tinubu established CREDICORP to build a trusted consumer credit infrastructure, reduce borrowing costs through catalytic capital, and address the cultural hesitancy toward credit usage. Shettima emphasised that the institution is mandated to provide wholesale funding and credit guarantees via its partner financial institutions, while strengthening credit data systems and identity verification frameworks.

The newly inaugurated board is chaired by Otunba Aderemi Abdul. Other members include Engr. Uzoma Nwagba as Managing Director and Chief Executive Officer; Olanike Kolawole, Executive Director, Operations; and Aisha Abdullahi, Executive Director, Credit and Portfolio Management. Institutional representatives include Dr. Armstrong Ume-Takang of the Ministry of Finance Incorporated, Engr. Bisoye Coke-Odusote of the National Identity Management Commission, and Mohammed Naziru Abbas representing the Federal Ministry of Industry, Trade and Investment. Additional members represent the Federal Competition and Consumer Protection Commission and the Federal Ministry of Finance, alongside independent directors.

Shettima stressed that the long-term sustainability of CREDICORP would depend on the board’s governance discipline, integrity, and adherence to public service regulations. He urged members to comply strictly with the Board Charter and applicable financial management frameworks, underscoring that accountability in the stewardship of public resources remains non-negotiable.

In his remarks, Chairman Aderemi Abdul thanked the President for the confidence reposed in the board and pledged to guide the institution in delivering measurable economic benefits. Managing Director Uzoma Nwagba added that over the past 18 months, the corporation has expanded its reach to students and working Nigerians, widening financial inclusion and supporting asset acquisition.

CREDICORP was launched in 2024 as part of the Federal Government’s strategy to expand access to structured consumer finance. The initiative seeks to reduce the reliance on informal lending, improve credit reporting systems, and stimulate domestic production by linking credit access to locally manufactured goods.

One of its flagship programmes includes a vehicle financing scheme for locally assembled automobiles. In February 2025, the corporation introduced credit facilities for motorcycles and tricycles assembled by Simba (TVS), Nigeria’s leading two- and three-wheeler manufacturer. The initiative followed a December 2024 collaboration between CREDICORP and the National Automotive Design and Development Council, supported by a ₦20 billion consumer credit fund.

Earlier in October 2025, President Tinubu announced during Nigeria’s 65th Independence Anniversary broadcast that 153,000 Nigerians had already benefited from ₦30 billion in affordable loans under the scheme. Beneficiaries reportedly used the facilities to acquire vehicles, solar energy systems, home improvement materials, and digital devices.

The administration has set a target of enabling at least 50 percent of working Nigerians to access consumer credit by 2030. Analysts suggest that achieving this objective will require continued expansion of credit infrastructure, robust risk management systems, and collaboration with financial institutions and identity verification agencies.

With the board now formally inaugurated, the Federal Government appears poised to accelerate the next phase of CREDICORP’s operations, positioning consumer credit as a central driver of financial inclusion, household asset ownership, and macroeconomic growth.

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