E-Financial
MasterCard Debuts MSMEs Focused Acceptance Development Program in Nigeria
MasterCard has launched Nigeria’s first Micro, Small and Medium Enterprise (MSME) focused Acceptance Development Program that will extend the security and convenience of electronic payments to merchants and their customers who previously depended on cash to transact.
To kick off the program, MasterCard is partnering with First Bank of Nigeria and Guaranty Trust Bank Plc (GTBank) to roll out hundreds of Mobile Point of Sale (MPOS) devices to retailers including Fast Moving Consumer Goods outlets, grocers and leading online stores allowing them to process debit, prepaid and credit card transactions by using a smartphone connected to a secure card reader.
“MSMEs are an important sector in our economy, representing 95% of registered businesses in Nigeria. However, nearly 98 percent of all MSME transactions are still made with cash,” said Omokehinde Ojomuyide, vice president and area business head, MasterCard, West Africa.
“Using innovative payment technology, this program will help MSMEs reduce the costs of cash, increase sales, grow their customer base and improve cash flow, while making it easier and safer for their customers to pay.”
The MPOS solution comprises a MPOS payments application and a physical card reader with a secure PIN pad for PIN entry that connects to the merchant’s smartphone using Bluetooth.
This negates the need for merchants to access a fixed data or telephone line, and helps them to overcome connectivity challenges as the devices use a range of data connectivity options including EDGE, 2G, 3G, and 4G.
They also adhere to the ‘CHIP and PIN’ certifications mandated in Nigeria, meaning consumers can be assured that their transactions are safe and secure.
To further encourage MSMEs to adopt electronic payments, MasterCard is working with MPOS solution providers to introduce a range of value added services including loyalty programs, air-time top up, person-to-person remittances, bill payments, inventory control and others.
These services will enable merchants to grow their revenues and increase efficiencies.
“The rapid growth of smartphones in Nigeria provides a huge opportunity for innovation across all industries – especially in payments,” said Ojomuyide.
“This program uses smart technology that transforms mobile devices into tools of commerce, and delivers services that will benefit all stakeholders in the payments ecosystem. It also supports the Central Bank of Nigeria’s Cashless Nigeria policy, and will help this vital sector to connect more efficiently to the national and global economy.”
MasterCard remains a technology company in the global payments industry, operating the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.
Guaranty Trust Bank plc is also a foremost financial institution with vast business outlays spanning Nigeria, Cote d’Ivoire, Gambia, Ghana, Kenya, Liberia, Rwanda, Sierra Leone, Uganda and the United Kingdom.
With a network of 233 branches in Nigeria(including Cash Centers, 18 e-branches, 23 GTExpress locations), Guaranty Trust Bank plc has a bias for innovation, ethics, professionalism and a strong service culture that has enabled it record consistent year on year growth in clientele base and key financial ratios since inception in 1990.
And First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc, is Nigeria’s leading financial services institution by total assets and gross earnings and one of the largest corporate and retail banking financial institutions in sub-Saharan Africa (excluding South Africa).
Since its establishment in 1894, the Bank has consistently built relationships with customers focusing on fundamentals of good corporate governance, strong liquidity, risk management and strong capitalization. First Bank operates an extensive distribution network with over 750 business locations (623 branches, 61 quick service points and 69 cash centers/agencies), over 2464 ATM’s and over 9 million customer accounts.
The Bank provides a comprehensive range of financial services and has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank DR Congo, FBNBank Ghana, International Commercial Bank (ICB) The Gambia, Guinea, Sierra-Leone and Senegal as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi.
Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8% compared to N39.5 billion in Q1 2024.
Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc
The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2% from N192.1 billion in the same period last year.
Growth in interest income was primarily led by 38.6% yoy (7.4% ytd) expansion in earning assets base, while the increase in non -interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.
Commenting on the bank’s performance, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth.
This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”
Other areas of the unaudited financial statements, equally show a marked improvement with Total Deposits growing by 11.1% ytd to N6.6tn from N5.9tn in December 2024, driven by 10.6% ytd growth in low-cost deposits to N6.1tn, which represents 92.2% of total customer deposits. Local currency deposits increased by 2.0% ytd while foreign currency deposits increased by 21.4% from $1.9bn in December 2024 to $2.3bn.
Net Loans and Advances increased by 5.0% ytd to N4.6tn. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6% from 1.5% in 2024FY.
“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
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.
Securities and Exchange Commission (SEC) has unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.
In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.
According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”
The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.
Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.
He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.
According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.
Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.
He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.
International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.
However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.
“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)
“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness
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