E-Financial
Banks to Create, Share “Black Book” of Chronic Debtors
Chief executive officers of financial institutions have resolved to create and maintain what they term a ‘Black Book’ for the compilation of details of loan defaulters that will be shared among all their organisations.
They also agreed to blacklist such high-profile debtors.
The Body of Banks’ CEOs, as the group is known, announced this decision in a communique titled: “Review of Harassment and Criminalisation of Banks’ CEOs by Law Enforcement Agencies Based on Allegations by Bank Debtors,”
In addition, the meeting resolved that all banks must formally commit to collaborating with one another with a view to sharing details of chronic debtors and refusing them access to further financial services until they settle their indebtedness
They also resolved to engage the Central Bank of Nigeria on behalf of all banks on its need to adopt a “Reverse Reference” system for chronic debtors.
A reverse reference system involves black-listing of bad debtors and denying such customers as well as their directors further access to financial privileges through any financial services platform.
All cases of defaults would be presented and made to go through the Bankers’ Committee Ethics Committee, they noted.
The bank CEOs also disclosed plan to set up an Advocacy Group to write to and engage the regulators and other stakeholders on the dangers and implications of the continuous harassment of banks’ CEOs in the industry, the Nigerian economy and its effects on the reputation of the industry in the international community.
It said: “The group would also have the responsibility to work with legal councils and come up with ways and strategies to manage related cases effectively without disrupting businesses and the system.
“The meeting agreed that the activities of law enforcement agencies, working with chronic bank debt defaulters, to harass and criminalise banks’ CEOs is unacceptable, and is capable of adversely affecting the banking system vis-à-vis our reputation amongst international banks, destroying the economy, and therefore must be checked and managed.”
According to the statement, members noted the urgent need for all banks to cooperate and collaborate to identify and ex-communicate chronic debt defaulters.
The communique stated further: “This goes beyond publishing names of such defaulters in national media (which is inevitable), but involves all banks speaking with “one voice” and sharing information about those entities, and refusing to do further business with them until they settle their obligations.
“This initiative would make it necessary for banks to maintain ‘Black Books’ for the purpose of maintaining records of these customers and sharing same amongst banks and the regulatory authorities.
“There is need for banks to engage legal councils to advise the institution on the best approach/strategy to avoid further harassment.
“There is need to on-board and engage regulatory authorities, especially the Central Bank of Nigeria, to adopt a “Reverse Reference” system, which would basically involve “black-listing” of bad debtors and denying the customers as well as their directors from accessing further financial privileges through any financial services platform.
“In addition to the foregoing, there is need to present these cases before the Bankers’ Committee Ethics Committee,” it added.
The resolution by the chief executives of banks came exactly two weeks after the federal government resolved to bar debtors, both individuals and organisations, owing the Asset Management Corporation of Nigeria (AMCON).
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.
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.
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.
Prateek Suri CEO Maser Meets Zambia’s Education Minister to Propel Student Housing and Education Projects
First Asset Management Launches National Initiative to Raise 100m Investment-Smart Nigerians
Operators Seek Action Over Persistent Vandalization of Telecommunications Infrastructure Across Nigeria
MTN’s $150m Data Hub Gets Government Nod for Advancing Digital Economy
FirstBank Celebrates ₦1 Trillion Milestone in Instant Loans via AI-Powered Platforms
News2 days agoHCSF Describes Galaxy Backbone as a Strategic Partner in Civil Service Digitalization Reforms
General News2 days agoMayor of London Commits to Deepening UK-Nigeria Ties in Tech, Creatives and Trade
E-Financial2 days agoPalmPay Named Among CNBC and Statista’s World Top 300 Fintech Companies 2025
Telecom1 day agoOperators Seek Action Over Persistent Vandalization of Telecommunications Infrastructure Across Nigeria
General News1 day agoFirstBank Celebrates ₦1 Trillion Milestone in Instant Loans via AI-Powered Platforms
E-Financial2 days agoFidelity Bank Champions Education in Nasarawa with CSR Project
Telecom1 day agoMTN’s $150m Data Hub Gets Government Nod for Advancing Digital Economy
Telecom1 day agoCritical Telecom Infrastructure Under Siege as Vandalism and Theft Rise – ALTON