E-Financial
TAJBank Leads in Tier-1 Capital, PBT

TAJBank, Nigeria’s fastest growing and technology-driven non-interest banking services provider, has again blazed a new trail in the non-interest banking space in half year of 2023, posting impressive performances in financial indices, particularly in recording the highest tier-1 capital in the non-interest banking subsector of industry in the six months period.
Similarly, the audited financial statements of the non-interest lender reflected a surge in its Profit Before Tax (PBT) to N6.019 billion, which is the highest in the banking sub-sector and surpassed analysts’ projections.
The bank’s latest financial performance feat came barely six months after it set an industry record with the payment of dividend to its shareholders at the end of the 2022 financial year, barely three years of its debut in the banking space.
Available records show that no Nigerian bank has achieved this feat in the over 100 years of banking in Nigeria.
Earlier this year, TAJBank also made history as the first corporate entity in Nigeria’s history to list the first tranche of N100 billion Sukuk Bond on the Nigerian Exchange Limited (NGX) after a successful issuance.
A further analysis of the latest audited financial statements of the non-interest and most innovative lender in H1 2023 showed that its total assets rose from N212.021 billion in December 2022 to N335.017 billion at the end of June 2023, indicating a 58 per cent increase while its gross earnings increased by 67 per cent from N136.149 billion at the end of December 2022 to N227.031 billion as of the end of June this year.
Other highlights of the bank’s financial scorecard in H1 2023 reflected that the financing also significantly increased by 62 per cent from N78.235 billion recorded as of December 2022 to N126.725 billion in H1 2023; the deposits base surged to N251.250 billion from N161.958 billion as of December 2022; while its total equity grew by 88per cent from N19.135 billion in December 2022 to N36.706 billion as of H1 2023.
Speaking on the bank’s performance in the period under review, TAJBank’s founder, Mr. Hamid Joda, attributed the financial indices feat to the increasingly proactive strategies being adopted by the management to respond to emerging trends in non-interest banking and deployment of the right resources, especially the well-trained personnel, to meet the expectations of the bank’s customers.
He said: “What I can say about TAJBank’s latest scorecard is that we have demonstrated that hard work pays. As we have maintained over the past three years, our interest is in our customers and we are pursuing this goal with all resources available to us to tell the whole world that TAJBank is the way to go in non-interest banking.
“To demonstrate our commitment to this customer-friendly corporate slogan, we are investing in world-class technologies and digital payment solutions in our services nationwide. Also, in pursuit of our non-interest financial inclusion drive, we have also opened five branches this year and plan to open more in other states in the next few months.”
In his remarks, the bank’s co-founder, Mr. Sherif Idi, linked the successes to the bank’s shareholders and customers, saying: “Our thanks go to our growing customers and shareholders whose belief in our vision and capacity to drive TAJBank to the leading edge of market competition has taken us this far.
“Let me assure them that TAJBank’s management and staff will continue to do its best to serve them better and protect their interests, which we value so much in all areas of operations.”
E-Financial
First Asset Management Launches National Initiative to Raise 100m Investment-Smart Nigerians

First Asset Management, one of Nigeria’s leading investment managers and a subsidiary of FirstHoldCo Plc, launches the 100 million Smart Inventors campaign.
Nigeria’s investment market has huge potential, yet it remains underutilised due to widespread distrust, misinformation, and past losses suffered through fraudulent schemes. Trillions of Naira have been lost, leaving many Nigerians fearful and excluded from real, rewarding investments and leaving them on the economic sidelines.
Reports show that less than 5% of adult Nigerians currently participate in the formal capital market, and as low as 0.25% invest in Mutual Funds, a stark contrast to participation rates often exceeding 50% in developed economies like the United States. This highlights the urgent need to restore trust and improve access to credible investment education.
In response to this critical challenge, First Asset Management has announced the launch of a landmark national movement, the “100 million Smart Investors Initiative”. The campaign is positioned as a direct strategy to rebuild investor confidence and democratise financial knowledge across the nation.
According to the firm, the initiative was conceived from the need to address the anxieties that have historically prevented countless Nigerians from participating in real wealth-building investments. Drawing on its track record of trust and market expertise, First Asset aims to cultivate a new generation of informed, confident investors.
At the heart of the initiative is a comprehensive investor education programme. The goal is to transform casual interest in investing into active participation within a supportive, well-informed community.
Beyond expanding investor numbers, the movement seeks to improve the quality of investment decisions by equipping individuals with the tools to evaluate opportunities and avoid fraudulent platforms.
For everyday Nigerians, the initiative promises simplified, practical financial education that demystifies investing. By building a strong peer network through a nationwide community platform, it seeks to reduce the isolation often faced by new investors and promote collective financial empowerment.
Ultimately, the 100 Million Smart Investors movement represents a significant investment in Nigeria’s human capital. By providing actionable steps, success stories, and sustained education, First Asset Management aims to usher in a new era of financial literacy and participation.
This initiative would not only enhance the financial well-being of individuals and families but also contribute to the broader economic prosperity of the nation by channelling dormant capital into productive sectors of the economy.
To kickstart this bold quest, the brand has planned a series of free educational bootcamps, podcasts and community engagement with industry experts and leaders. The inaugural event will take place live on 26 July 2025.
Follow @FirstAssetManagement on all social media handles to stay informed and visit https://first-assetmanagement.com/smart-investors for details on how to join the movement.
E-Financial
PalmPay Named Among CNBC and Statista’s World Top 300 Fintech Companies 2025

PalmPay, a leading neobank and fintech platform focused on emerging markets, has been recognised in CNBC and Statista’s 2025 Top 300 Fintech Companies in the World list. This marks the second year in a row that PalmPay has earned a place among the world’s most innovative and impactful financial technology firms.
The selection is based on a rigorous evaluation of thousands of companies globally, assessing growth, innovation, market penetration, and impact. This year’s list includes a mix of global leaders – including Revolut, Nubank and Ant Group – alongside rising stars from high-growth markets, underscoring the growing influence of emerging-market fintechs like PalmPay.
PalmPay’s inclusion reflects its continued momentum as one of Africa’s leading fintech platforms. With over 35 million registered users and up to 15 million transactions processed daily, the company offers a comprehensive suite of digital financial services tailored to the needs of underserved communities.
In its main market, Nigeria, PalmPay operates as a full-service neobank, offering consumer financial services such as transfers, bill payments, credit, savings, and insurance – all accessible through its user-friendly app and supported by a nationwide network of over 1 million agents and merchant partners. The company also provides POS and API-driven B2B solutions tailored to the needs of merchants and enterprise clients.
“To be recognised as one of the world’s top fintech companies by CNBC and Statista is a powerful affirmation of our mission to build a more inclusive financial system,” said Sofia Zab, Founding Chief Marketing Officer at PalmPay.
“Through cutting-edge technology, deep local distribution, and a customer-first mindset, we’ve built Nigeria’s leading neobank. As we scale PalmPay to more emerging markets, including Tanzania and Bangladesh, our focus remains on closing financial access gaps for everyday consumers and businesses, while expanding the partner ecosystem that fuels our reach and impact.”
As part of its broader expansion strategy, PalmPay recently launched in Tanzania and Bangladesh through a smartphone device financing model that serves as an entry point to digital financial services.
“PalmPay is building a neobanking platform tailored to the realities of emerging markets,” said Jiapei Yan, Group Chief Commercial Officer at PalmPay. “We are creating the infrastructure for a connected digital economy – where people and businesses can thrive through reliable, inclusive financial tools.
This recognition from CNBC and Statista affirms our progress and also the scale of the opportunity ahead. As we expand across more emerging markets, we are committed to creating lasting value for our users, partners, and the communities we serve.”
PalmPay’s inclusion follows another major recognition earlier this year: the company ranked #2 overall and #1 in the financial services sector on the Financial Times – Africa’s Fastest-Growing Companies 2025 list. The ranking, based on revenue growth between 2020 and 2023, highlighted PalmPay’s rapid scale and market traction across Africa.
PalmPay currently operates in Nigeria, Ghana, Tanzania, and Bangladesh, and is expanding its presence across Africa and Asia through device financing, digital banking, and B2B payment services. Backed by a robust neobanking platform and a partnership-led approach, the company is committed to shaping the next chapter of inclusive financial growth.
E-Financial
Fidelity Bank Champions Education in Nasarawa with CSR Project

Fidelity Bank Plc has reaffirmed its commitment to quality education and youth empowerment with the renovation of a classroom block and donation of textbooks to Aso Pada Government Secondary School in Karu LGA, Nasarawa State.

L-R: The Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka; Vice Principal, Government Secondary School, Aso Pada, Maraba, Mr. Abdullahi Idris; Project Co-ordinator, Elite Bankers 2025 Inductee Class, Fidelity Bank Plc, Onyinyechi Ihesiaba; Vice Principal -Academics, Government Secondary School, Aso Pada, Maraba, Mr. Ela Isa; during the commissioning of a renovated block of classrooms and the distribution of Back-to-School Materials at Government Secondary School Aso Pada, Maraba, Nassarawa State recently.
The project was executed through the Fidelity Helping Hands Program (FHHP), a corporate social responsibility initiative that enables staff to identify community needs, raise funds, and receive matched support from the bank.
Speaking at the handover ceremony, Dr. Meksley Nwagboh, Divisional Head, Brand and Communications, said the school was chosen due to its impact on the local community and its lack of renovation in over 15 years.
Vice Principal Abdullahi Idris praised the bank’s gesture, calling it “an investment in the future of our nation,” and expressed hope for a lasting partnership.
The initiative follows Fidelity Bank’s recent donation of 1,000 solar-powered schoolbags to pupils across Ogun State, aimed at improving study conditions in areas with limited electricity.
Fidelity Bank serves over 9.1 million customers and has received multiple awards for innovation and SME support, including the 2024 Excellence in Digital Transformation Award and Best Bank for SMEs in Nigeria by Euromoney.
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