E-Financial
MasterCard Takes Cashless, E-Payment Messages to “Restaurant Week”
MasterCard, a multinational financial services corporation, said it is delighted with the efforts of the Central Bank of Nigeria and the financial institutions in ensuring a topnotch e-payment system in Nigeria.
Speaking to Nigeria CommunicationsWeek on the commencement of first MasterCard Restaurant Week presented by Lost in Lagos, Omokehinde Ojomuyide, vice president and Area Business Head, MasterCard West Africa, said that the Company’s participation was born out of desire to give its card holders and food-lovers, a priceless treat and promote cashless policy.
Ojomuyide told Nigeria CommunicationsWeek that “Restaurant Week is a new thing in Nigeria, but not in other parts of the world. Lost in Lagos said, the State is now filled with new business activities and focused feeding us; fine dining, cool environment and good service, so we need to showcase those restaurants.
“They are partnering with 28 out of the many restaurants in Lagos to say over a 21-day period, please give people the best offer you have. So, they came to us and shared the idea and we thought it wise to do something that impact on the people positively.
“We are happy that the number of people using MasterCard in Nigeria is impressive. The growth we have heard in the past three years is a welcome development. We are seeing the transition from cash to card payments”.
Satisfied with the pace of e-payment and card system adoption she said, “I do not think MasterCard will ever be satisfied until all transactions are electronic. So, it is a journey. In fact, every country that has embraced card system of payment must have passed through this phase. Even the US and UK have been doing this for over 50 years and they still have cash in circulation. So, you will never be satisfied, because our role is to move from cash to electronic payment. It just means we are going to be in the business for a long time.
“Having said we will never be satisfied until there is no cash, I would say that the growth Nigeria has made in the past three years, considering the unique challenges you have in Nigeria, it is good. You cannot take Nigeria in isolation. You cannot expect the cashless to be 100% successful without looking at the fact that having electricity always is a basic requirement for the terminals to be operational, communication has to be topnotch. There are challenges are easing away, which is good news for the industry and the country at large. The CBN and the banks are working round the clock to ensure the cashless and card payment systems are successful”.
According to the organizers, from 1 November – 21 November 2014, MasterCard cardholders will be able to enjoy the best dining experiences that Lagos has to offer at exceptional prices.
Famous the world over, Restaurant Week is a culinary event that celebrates all the qualities that define a great restaurant: high standards in food and presentation, ambiance and service.
Held in several cities including Amsterdam, New York, Singapore, Beijing and now Lagos, Restaurant Week gives food-lovers the opportunity to dine at top restaurants at discounted set-menu prices.
MasterCard Restaurant Week will include special menus from 28 of the city’s top restaurants including Spice Route, Fusion, Bistro 7, Oje, Viceroy and Bar Campione as well as a handful of exclusive, fine dining, establishments like Izanagi, Rooftop and Medici Restaurant among others.
“MasterCard Restaurant Week will change the way people look at dining out in Lagos as it will give food-lovers the opportunity to experience new restaurants that they may have been unable to try before,” said Tannaz Bahnam, founder of Lost in Lagos. “Each of the participating restaurants is known for their excellent cuisine and service, ensuring that restaurant-goers will enjoy an unforgettable dining experience,” she says.
Over the three-week promotional period, all participating restaurants will offer a three-course set menu including a choice of appetizers, main dishes and desserts.
Diners can select from an exclusive MasterCard Restaurant Week menu at a set price starting from N4,000 for lunch, N6,000 for dinner and N10,000 for fine dining.
To redeem these offers, MasterCard cardholders need to register on MasterCard’s Priceless Africa (www.pricelessafrica.com) platform.
“Consumers in Nigeria have a strong affinity for dining out, and through MasterCard Restaurant Week, we can reward our valued cardholders by offering an unrivalled experience that not only helps them to pursue their passion for great food, but encourages a continual shift from cash to electronic payments,” explained Ojomuyide.
MasterCard launched the Priceless Africa consumer loyalty platform in Nigeria in 2013.
Dedicated to bringing consumers closer to their passions while celebrating the spirit of Africa, the popular campaign offers a collection of special discounts and rare experiences, curated just for MasterCard cardholders.
MasterCard operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.
FundQuest Financial Services Limited marked this year’s International Women’s Month with a renewed commitment to economic empowerment, hosting the inaugural FundHER by FundQuest Conference.
This initiative brought together over 100 women-led Small and Medium Enterprises (SMEs), providing them with actionable business insights, high-value networking, and, most importantly, access to funding.
Delivering the first keynote address, Dr. Jennifer Seidu, Principal Consultant, JV Management Consulting Limited, underscored the critical hurdles female entrepreneurs face: constrained access to funding, market expansion limitations, regulatory roadblocks, and operational inefficiencies.
She lauded FundQuest’s decisive intervention through FundHER, recognising the initiative as a timely and much-needed response to the financial inequities that women-led businesses encounter.
Joan Ediagbonya, Group Head, Brand Communication and Customer Experience at FundQuest, also reinforced these concerns with data, pointing out that while women own 45 per cent of SMEs in Nigeria, only 10 per cent have access to formal funding. Quoting Michelle Obama, she emphasised, “No country can ever truly flourish if it stifles the potential of its women and deprives itself of the contributions of half of its citizens.”
Similarly, Ms. Olubukola Olaigbe, CEO of Veedic Nigeria Limited, shared how accessing financing from FundQuest facilitated her logistics firm’s expansion, proving that with the right financial support, women entrepreneurs can achieve remarkable business growth.
Speaking on the future of FundHER, Mr. Abiodun Akinjayeju, Managing Director and CEO of FundQuest, made it clear that this initiative is here to stay. In his words; “If you educate a woman, you educate a nation; if you fund a woman’s business, you are funding the economy.”
Fidelity Bank Plc, leading financial institution, released its 2024 full-year Audited Financial Statements, reporting a 210% growth in Profit Before Tax to N385.2 billion.
According to the Bank’s results released on the Nigerian Exchange (NGX) on Friday, 28 March 2025, Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn.
The increase in Interest Income was led by a combination of improved yield on earnings assets and 51.6% expansion in earnings base to N6.3tn. This led to a Profit After Tax of N278.1 billion, representing a 179.6% annual growth.
Commenting on the results, Dr. Nneka Onyeali-Ikpe, managing director/chief executive officer, Fidelity Bank Plc said, “We are delighted with our 2024 full-year (FY) performance, which showed strong growth across key revenue lines, improved asset quality, and significant traction in our strategic business segments.
“Our impressive results led to a triple-digit increase (210.0%) in Profit Before Tax (PBT), rising from N124.3bn in 2023 to N385.2bn in 2024.”
A further review of the financial performance revealed that the bank’s net interest income increased by 127.1% to N629.8 billion, driven by a high-yield environment in 2024.
To optimize its margin, the bank sustained its asset yields above funding cost by maintaining a high low-cost deposit profile at 92.6%. This led to an increase in its Net Interest Margin from 8.1% in 2023 FY to 12.0%.
Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9% from N4.0trn in 2023FY to N5.9trn. The increase was driven by strong double-digit growth across all deposit types.
The Retail Banking Business gained significant traction with savings deposits increasing by 28.8% to N1.1trn, marking the 10th consecutive year of double-digit annual growth in savings deposits.
Despite the difficult economic terrain in 2024, the bank has continued to support the real sector of the economy by increasing its Net Loans & Advances from N3.1tn in 2023FY to N4.4tn in 2024FY.
“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders. In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share”, explained Onyeali-Ikpe.
Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year, subject to shareholders’ approval at its Annual General Meeting (AGM) on 29 April 2024. The dividend will be paid on 29 April 2025 to shareholders whose names appear on the register of members as of 15 April 2025.
It will be recalled that the bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed by 237.92% and 137.73%, respectively.
The positive result is a testament to the strength of the Bank’s franchise in the capital market. A total of N175.9bn was recognized as fresh capital in 2024 financial year from the exercise, which had a positive impact on its Capital Adequacy Ratio (CAR) at 23.5%.
The bank plans to conclude the second phase by Q3 2025, ahead of the Central Bank of Nigeria’s deadline, which will further strengthen its capital base and reaffirm its attainment of Tier 1 Bank status in the Nigerian Banking Industry.
Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards
The World Bank has approved a $500 million loan to Nigeria to support the country’s Community Action for Resilience and Economic Stimulus Programme.
According to information obtained from the bank’s website on Sunday, the approval, which took place on March 28, 2025, marks a significant step in addressing Nigeria’s economic challenges through expanded access to livelihood support, food security services, and grants for poor and vulnerable households and firms.
The project, officially titled the NIGERIA: Community Action (for) Resilience and Economic Stimulus Program, aims to provide essential support to households affected by economic downturns and to bolster community resilience.
It also seeks to improve food security and create economic opportunities for populations most affected by recent economic disruptions.
According to the World Bank, the program represents a significant step toward addressing systemic vulnerabilities in Nigeria’s economy.
By channeling resources directly to underserved communities, the project should alleviate the burden of rising living costs while fostering sustainable growth.
The $500 million loan is not the only financial commitment Nigeria anticipates this week as two additional funding packages are in the pipeline, awaiting final approval.
One of the loans is valued at $80 million and will focus on accelerating nutrition outcomes across the country.
The second, worth approximately $552 million, is designed to enhance access to quality basic education nationwide as both projects are scheduled for final clearance on March 31, 2025.
These loans are part of the World Bank’s broader strategy to support Nigeria’s development priorities, most especially in areas such as healthcare, education, and poverty alleviation, while the institution emphasized the importance of implementing these programs efficiently to ensure maximum impact.
While the loans aim to address urgent socio-economic needs, Nigeria’s rising debt profile has raised concerns among stakeholders. Under the President Bola Tinubu’s leadership, the country has received approvals for 11 World Bank projects totaling 7.45 billion in less than two years. However, data from the Debt Management Office (DMO) reveal that only 774.99 million (about 16% of the approved amount) had been disbursed as of July 31, 2024.
This slow pace of disbursement has sparked debates about the efficiency of project execution and fund utilization
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