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E-Financial

Blockchain to Reinvent African Economies, Ecosystems, Organizations

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By Dipo Faulkner

In today’s fast emerging economic zones, technology adoption can be a journey of faith into the unknown, riddled with the conflicting priorities of modern societies, bouts of human and institutional inertia and not to forget, legal and regulatory considerations.

Having grown up in Nigeria, I have first-hand experience on how complex or excruciatingly difficult real estate transactions can be.

I stand to be corrected but the multibillion-dollar property and real estate sector, a key sector of the Nigerian economy, is largely driven by paper-based systems and processes, and the industry could do better with the aid of information technology. Advanced technology solutions will help tidy things up, and make transparency, trust and peace of mind a permanent feature of dealings in the sector.

Every document or financial transaction that needs to be exchanged, settled, confirmed, validated or signed has a similar element of friction. It is obvious that when these sorts of bottlenecks are eliminated, significant economic value is unlocked.

In any property deal, the number of participants that are required to be involved from realtors, banks, insurance companies, brokers, land registries, government tax authorities, and other intermediaries is incredible, not to mention the ever-present danger that the seller of the property may not be the actual owner of the property being sold.

In any case, I suspect this is not a problem unique to Nigeria. The respected Peruvian economist Hernando De Soto believes that up to five billion people worldwide suffer from lack of title to their property. He reckons that this global scenario results in more than $20 trillion of capital that is outside of the traditional financial services ecosystem.

Banks have a key role to play in this dynamic. Their functional and statutory obligations mean they must galvanize social harmony, business investment and economic value for their diverse stakeholders.

I am aware that Nigerian banks and financial institutions across Africa have consistently sought for ways to resolve key sector issues like this one. But before supporting economic activities, these banks must ensure that their product and service delivery value chains are driven by a creative workforce and technology innovation.

Also, I know from my interactions with chief technology officers in the financial services sector that their ongoing investments in technology systems has helped the sector to build operational resilience into their systems even they begin contemplating adopting new concepts and practices like blockchain.

Designed to inject the trust element in technology-enabled transactions, blockchains are built on shared ledgers where participants write transactions in near real-time to an unbreakable chain that becomes a permanent record of an asset or transaction. This is viewable by all parties in the transaction. Blockchain thus allows businesses to work together in a new way resulting in lower cost, faster transactions and less risk.

In this way, blockchain can be used by individuals who want to complete transactions involving multiple parties.

Large organizations may also want to use blockchain to collaborate across organizational silos. Ecosystems could tap blockchain to handle complex transactions across different jurisdictions, or governments may want to use it in the service of citizens.

This will have a profound impact, bringing wholesale change to organizations, ecosystems and economies. My personal view, also echoed by other experts, is that blockchain technology will do for transactions what the internet did for information — and in the relatively near future.

My thoughts on this subject seem to have been authenticated by two recent studies released by IBM’s Institute for Business Value (IBV) which found that banking and financial markets are adopting commercial blockchain solutions much faster than initially expected.

15% of banks and 14% of financial market institutions globally interviewed by IBM plan to adopt full-scale, commercial blockchain solutions in 2017. And within the next three years, 65% of banks expect to have blockchain solutions in production.

Consider how assets from cars to contracts, art to corporate bonds — even identity-based assets, such as health, product provenance, or tax records — can be shared, exchanged or transferred on a blockchain platform with greater efficiency and privacy.

As transaction costs plummet and the way organizations are governed matters more and more, blockchains will create a new distributed form of business governed and managed transparently through smart contracts that include agreed upon by-laws.

In the emerging blockchain economy, the role of third-party intermediaries to broker trust and/or to reconcile will increasingly be called into question as we reinvent new processes that eliminate the need for such reconciliation and intermediation.

While blockchains can powerfully improve businesses’ efficiency, trust and value, executives must carefully evaluate where blockchains can be used to gain improved efficiency and support new business models. I would therefore recommend that businesses answer these three questions:

  • How fast should we move? Early movers in the blockchain adoption race may have an advantage as they are setting business standards and creating new models that will be used by future adopters of blockchain.

We’re also finding that these early adopters are better able to anticipate disruption, fighting off new competitors along the way.

  • How can we scale across business networks? Once blockchain technology has scaled across multiple participants, they can anticipate achieving the kind of network effects that can drastically reduce the frictions that curb growth.
  • How can we innovate with new revenue models? As new entrants and business models emerge, banks may be forced to defend current revenue streams or move to where the money will flow next.

New revenue models must anticipate the potential for disruption in areas core to the business today and in the future.

As the market evolves, blockchain technology may add at least one new revenue stream; and so, the potential to monetize reference data looms large.

My take is that African businesses, especially banks and non-bank financial institutions, will be the first set of enterprises to get on board the blockchain train, and fervently exploring the potential uses of blockchain technology.

Beyond banking and real estate, other economic sectors including manufacturing, retail and government agencies will pick and choose lessons from these trailblazers, recalibrating their needs and expectations as they gradually adopt blockchain technology.

In other climes, the Japan Stock Exchange and London Stock Exchange Group are two of the leading bourses collaborating with IBM to explore blockchain to manage risk and bring additional transparency to global financial markets.

Dipo Faulkner is the country general manager, IBM Nigeria.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

Keystone Bank, Enterprise Devt Centre Sign MoU To Empower SMEs ln Nigeria

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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.


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E-Financial

Fidelity Bank Boosts Staff Morale with Mass Promotions and 20% Pay Raise

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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.


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E-Financial

Fidelity Bank Clears the Air: MD Not Linked to Woobs Case

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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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