E-Financial
Access Bank Assures Shareholders of Higher Dividend Payment
Access Bank Plc has assured shareholders of sustained dividend payout and improved performance in the years ahead. Mr Herbert Wigwe, Chief Executive Officer of the bank, gave the assurance while addressing shareholders at the 2020 Annual General Meeting (AGM), on Friday, in Lagos.
Wigwe said that the bank was well positioned to achieve significant growth in profitability and pay higher dividend given its position in the banking industry today.
He said that Access Bank had a healthy capital adequacy ratio, a robust balance sheet and strong brand that would lead to a better performance in the years ahead.
Wigwe noted that the bank recorded a profit after tax of N106 billion in 2020, an increase of 13 per cent from N94 billion achieved in the corresponding period of 2019.
According to him, the bank recommended a final dividend of 55k per share for the year ended Dec. 31, 2020, bringing the total dividend to 80k having paid an interim dividend of 25k earlier.
Wigwe said shareholders should expect better dividend that would be sustained given the various strategies put in place to grow the business.
According to him, Access Bank is best positioned to maximise the identified opportunities in Africa on the back of a growing customer base and the move to a cashless economy.
“We have identified Africa to be a vast pool of opportunities with over 370 million unbanked adults.
“With $9.2 billion in remittances and cross border payments, 89 cities of over 1.3 billion inhabitants by 2025 and the overall African financial ecosystem.
“We also see opportunities coming from the new African Continental Free Trade Area, as it is expected to expand intra-Africa trade to 53 per cent by 2022.
“Also eliminate tariff on qualifying trade and increase financial flows,” he said.
Wigwe said that on the domestic front, Nigeria presents several opportunities due to its large population, huge payments and remittance flows, and emerging insurance market.
“To capture these opportunities, Access Bank will transition into a holding company structure.
“The structure will enable it tap into the market opportunities that are available in the regulated banking and consumer lending market, electronic payments industry and retail insurance market.
“Through the restructuring, we will create new product revenues without taking incremental risks for the enterprise, ensure diversification of earnings, and support outside of Africa,” he said.
He added they had commenced green field operations in Mozambique and completed acquisition of Transnational Bank and Cavmont Bank in Kenya and Zambia, respectively to strengthen and increase their market presence.
“Early 2021, we received regulatory approval for our proposed acquisition of Grobank in South Africa to give us inroad into largest economic block in Africa and one of Africa’s biggest markets.
“Our acquisition of Grobank will help strengthen our foothold in Southern African market, Africa’s largest economic hub and place us in a strong position to take advantage of Africa,” Wigwe said.
In her address, Chairman of the bank, Dr Ajoritsedere Awosika, said in 2020, the bank made several investments to strengthen relationships with its customers.
“By redefining our approach to customer service through streamlining our internal processes, and digitising about 30 per cent of customer journeys, we were able to improve on our customer experience.
“Also, we were able to manage our expenses in line with the target for 2020 despite double digit inflation and overall cost of running the enlarged enterprise.
“As a result, we achieved a Cost-to-Income Ratio of 63.4 per cent from 66.1 per cent in 2019.
“We worked hard to recover and dispose of a significant portion of our non-performing assets.
“With a decline in the portfolio of overdue loans, our asset quality improved across our retail and wholesale segments.
“Our capital and liquidity ratios were also well above regulatory limits with our capital adequacy ratio remaining strong at 20.6 per cent,” Awosika said.
Shareholders at the AGM commended the board and management for efficient service delivery.
Mr Eric Akinduro of Ibadan Zone Shareholders Association, commended the bank for sailing through the COVID-19 pandemic by ensuring improved results that led to the declaration of 80k dividend.
Akinduro said the various acquisitions by Access Bank across Africa, showed that the institution was very strong and assured of shareholders continuous support.
Mr Sunny Nwosu of Independent Shareholders Association of Nigeria said given the expansion drive, the bank was really aiming to play a leading role on the African continent.
According to him, it is a good development that will lead to better returns for shareholders and other stakeholders going forward.
The Senate on Wednesday adopted the harmonised conference committee report on the four tax reform bills.
The resolution of the Senate followed its consideration and approval of the recommendations of the conference committee of both chambers set up to harmonize the Bills.
The Chairman of the Senate Committee on Finance and leader of the Senate delegation in the conference committee, Senator Mohammed Sani Musa, presented the report.
The four tax reforms Bills which were transmitted to the National Assembly in November last year by President Bola Ahmed Tinubu include: The Joint Revenue Board (Establishment) Bill, 2025 (SB. 583); Nigeria Revenue Service (Establishment) Bill, 2025 (SB. 584); Nigeria Tax Administration Bill, 2025 (SB. 585); and Nigeria Tax Bill, 2025 (SB. 586).
In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.
This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.
Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs.
“This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”
The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.
“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.
He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.
This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.
Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production.
This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.
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.
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has launched a new feature called Advance Top-Up on its USSD banking platform *919#, which is designed to provide instant access to airtime and data for its customers especially when they are out of call credit or disconnected from the internet.
The new feature which was unveiled at the UBA head office in Marina recently, allows customers to borrow airtime or data directly from their mobile devices, offering a fast, dependable solution.
Shamsideen Fashola, group head, Retail and Digital Banking, UBA, who spoke during the official launch, described the feature as a timely addition to the bank’s digital offerings and a testament to the its customer-first approach.
“At UBA, we are constantly looking for ways to make banking and everyday services more accessible for our customers. With the launch of Advance Top-Up on our USSD platform, *919#, we are giving our customers the power to stay connected without interruption, regardless of time, location, or airtime balance,” Shamsideen said.
UBA’s Advance Top-Up which is now live on *919#, joins a wide range of services on the platform, which include airtime and data purchases, money transfers to UBA and other banks, account balance checks, card blocking and freezing, online transaction controls, bill payments, and more.
Fashola emphasised the simplicity and convenience of the solution, adding that “You don’t need to download an app or visit a data centre. Just dial *919#, follow the prompt, and you’re immediately connected. It’s simple, fast, and reliable.”
Alero Ladipo, Bank’s Group Head, Marketing and Corporate Communication, added that the feature was developed based on real feedback from customers and their evolving needs.
“Our users asked for a way to stay connected when they have no airtime, and as always, we have come up with a quick solution, right there on their phones, instantly, with no fuss, and no need for internet connectivity. Whether for emergency communications or business continuity, *919# puts instant connectivity in every customer’s hands,” she explained.
She explained that only recently, the bank unveiled its newly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empower small and Medium Scale Enterprises across Africa.
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