E-Financial
Banks Lost N1.63Bn to E-fraud in 2017 – CBN Report

The number of recorded electronic fraud cases in the banking industry increased by 28 per cent last year, rising from 19,531 in 2016, to 25,043, resulting in a loss of N1.63 billion, the Central Bank of Nigeria (CBN) has said.
The apex bank stated this in its draft 2017 Annual Report released on Thursday.
The banking watchdog, however, noted that the number of actual losses declined by 24.0 per cent relative to that of 2016.
According to CBN, the attempted fraud value also declined last year, falling to N4.03 billion from N4.37 billion in 2016.Interestingly, the study stated that the volume and value of electronic payments last year “rose by 60.0 and 39.7 per cent to 1,478.5 million and N99,292.3 billion, respectively, compared with 941.8 million and N71,100 billion in 2016.”
“The rise was attributed to increased consumer awareness and confidence in e-payment channels,” it added.
Besides, the CBN disclosed that following tough measures it put in place to ensure that financial institutions desist from making deductions from their customers’ accounts through excess and unauthorised charges, the number of complaints received from consumers against financial institutions fell by 11.5 per cent, from 2,656 in 2016 to 2,349 in 2017, with claim value of N22.23 billion, $2.57 million and €6,940.00.
“Of this number, complaints against banks and other financial institutions (OFIs) accounted for 2,284 (97.2%) and 65 (2.8%), respectively, compared with 96.0 and 4.0 per cent in 2016,” the apex bank explained.
The complaints included Automated Teller Machine (ATM) dispense errors, based on use of debit/credit cards, excess charges, disputes on international trade guarantees, loans, unauthorised charges and account management issues.
The CBN revealed that following mediation meetings and other measures it facilitated to resolve complaints, 2,510 of such grievances were resolved and closed in 2017, compared with 2,085 in 2016, leading to financial institutions refunding N5.98 billion, $2.55 million and €6,940.00.
Similarly, the banking watchdog stated that refunds based on directives and recommendations from compliance examination was N7.86 billion, adding that it imposed sanctions on 17 banks for failure to comply with regulatory directives.
Besides, the CBN also disclosed that last year; it conducted two examinations to ensure compliance with the provisions in the Consumer Protection Regulations and the Guide to Bank Charges.
It explained that the first examination was focused on compliance with previous post-examination directives, resolution of outstanding complaints, insurance charges on facilities; alignment of internal policies with provisions of the Consumer Protection Framework; and debits on dormant accounts, among others.
“Overall, the exercise revealed the following compliance levels in each focus area: previous post-examination directives (52.6%); resolution of outstanding complaints (26.2%); 2.0 per cent maximum cap on lending fees (50.0%); insurance charges on facilities (66.7%); and debits on dormant account (42.1%).
“Compliance levels, in respect of the focus areas for the second examination, were: previous post-examination directives (62.0%); resolution of outstanding complaints (24.6%); charges on debit cards (91.0%); and charge on status enquiries at the instance of customer (52.0%).”
E-Financial
Keystone Bank, Enterprise Devt Centre Sign MoU To Empower SMEs ln Nigeria

Keystone Bank Limited and the Enterprise Development Centre (EDC) of Pan-Atlantic University have signed a landmark Memorandum of Understanding (MoU) to promote Small and Medium Enterprises (SMEs), youth entrepreneurship, and financial inclusion across Nigeria.
The MoU signing ceremony took place at the bank’s head office in Lagos on Tuesday, June 24, 2025.
Speaking at the event, Mrs Nnenna Anyim Okoro, the Executive Director, Corporate and South, Keystone Bank, described the partnership as a bold and strategic step toward accelerating national economic transformation.
According to her, the collaboration underscores Keystone Bank’s unwavering commitment to empowering the next generation of business leaders and fostering an inclusive financial ecosystem.
“At Keystone Bank, we believe that entrepreneurship is the heartbeat of sustainable economic development.
Across Nigeria, MSMEs are not just businesses; they are the dreams and daily struggles of men and women determined to create value, provide jobs, and build a better future. They are, quite literally, the engine room of our national economy.
“Our sponsorship of the Annual EDC SME Conference 2025 and support for the Global Entrepreneurship Week (GEW) Walk reflect our deep belief in the transformative power of small businesses.
“This partnership is also about financial inclusion, youth engagement, capacity building, job creation, and collaboration,” she stated.
Olayemi Sule, Group Head, Retail & Digital Banking, Keystone Bank, emphasized the innovative offerings customers can expect as a result of the partnership.
“Our customers should look forward to a suite of innovative financial products and digital solutions specifically designed to support business growth, enhance financial literacy, and improve market access.
Also speaking, Dr. Nnenna Ugo, EDC board member and Head, Alumni Relations and Support Services at Pan-Atlantic University, expressed optimism about the partnership’s long-term impact.
“We are super excited about this partnership and confident that it will drive transformation for both institutions.
“The EDC was established to build capacity and provide support services for SMEs. In the past 21 years, we have trained over 350,000 entrepreneurs across Nigeria.
“Keystone Bank’s support comes at a critical moment as we scale our programs and expand our reach ahead of the 2025 SME Conference and GEW Nigeria.
“The SME Conference is a powerful platform that brings together key players in the ecosystem each year to address pressing issues affecting small businesses.
“This collaboration strengthens our capacity to engage more entrepreneurs, provide deeper insights, and drive conversations that inspire growth, resilience, and innovation.
“We commend Keystone Bank’s leadership for its vision and dedication to inclusive economic growth. The bank has truly distinguished itself as a champion of enterprise, and we are proud to have them as a strategic partner,” she concluded.
As part of the agreement, Keystone Bank becomes the major sponsor of the 2025 EDC SME Conference and a key supporter of the GEW Walk, a flagship event during Global Entrepreneurship Week Nigeria 2025.
Both events are expected to attract thousands of entrepreneurs, investors, thought leaders, and policymakers, offering a vibrant platform for knowledge-sharing, networking, and business empowerment.
E-Financial
Fidelity Bank Boosts Staff Morale with Mass Promotions and 20% Pay Raise

Fidelity Bank Plc, one of Nigeria’s top-tier financial institutions, has promoted 376 employees following its recently concluded annual performance review exercise.
This represents approximately 12% of the bank’s workforce, underscoring its management’s deep appreciation for the pivotal role played by staff in recoding the highest growth by percentage volumes in the banking industry with 210% increase in its Profit Before Tax (PBT) which grew from N124.3 billion in 2023 to N385.2 billion in 2024.
The announcement, which was recently communicated internally, comes on the heels of a 20% across-the-board salary increase implemented in June 2025—a gesture that reflects the bank’s commitment to staff welfare. It is worth noting that this follows a similar salary adjustment carried out in November 2024.
Under the leadership of Dr. Nneka Onyeali-Ikpe, Fidelity Bank has consistently outperformed market expectations. In 2024, the bank recorded the highest share price growth of 116% in the industry following the completion of its Public Offer which was over subscribed by 238% .
In recognition of the banks stellar performance, global rating agency, Fitch Ratings recently upgraded Fidelity Bank’s National Long-Term Rating from ‘A(nga)’ to ‘A+(nga)’ in a further endorsement of the bank’s financial strength and prudent management. The upgraded ratings reflects improved profitability metrics and robust capital buffers, reinforcing the bank’s sustained upward trajectory.
E-Financial
Fidelity Bank Clears the Air: MD Not Linked to Woobs Case

Fidelity Bank Plc on Wednesday refuted claims that its Managing Director, Dr. Nneka Onyeali-Ikpe, is involved in an ongoing fraud case concerning the account of Woobs Resources.
The Bank’s position follows reports published by Sahara Reporters alleging that Dr. Onyeali-Ikpe was listed as a defendant in the case.
However, documents sighted by Nigeria CommunicationsWeek revealed that the charge sheet dated May 12, 2025, named the defendants as Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba.
A statement by the Office of the Attorney General of the Federation and Minister of Justice dated June 9, 2025, confirmed that Onyeali-Ikpe’s name was struck off the charge list.
The Ministry noted that she was neither the Managing Director nor the account officer at the time the account in question was opened.
The clarification aims to dispel misinformation and uphold the integrity of the institution and its leadership.
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