E-Financial
BoI, IFC Partner to Enhance Finance Accessibility, Export Credit
The Bank of Industry (BoI) and the International Finance Corporation (IFC) have partnered to enhance the accessibility of finance and export credit, contributing to the advancement of Nigeria’s industrialization efforts
Dr Olasupo Olusi, managing director of BOI, said this at the BOI-IFC Conference on Empowering Futures in Lagos.
He said the conference presented an opportunity to develop innovative ideas and initiatives towards improving access to finance, export credit, partial credit guarantees and other risk-sharing financing structures.
He reiterated the importance of Nigeria’s current macro-economic realities placing a lot of responsibility on development banks like BoI and multilateral and financial institutions like IFC to expand their risk appetite through out-of-the-box financing ideas.
He added that the visit of IFC’s Regional Vice President for Africa, Sergio Pimenta, and his team, to Nigeria, underscored IFC’s strong commitment to supporting the development of Africa’s largest economy even as the event also signified the strong bond that existed between the IFC and development finance institutions (DFIs).
He said: “This conference is very important and timely which convenes leaders from the financial sector and other critical sectors of the economy to discuss how to advance Nigeria’s industrial sector. Few people may remember that the Nigerian Industrial Development Bank (NIDB) – which later became BoI – was set up in 1964 by the federal government in partnership with the IFC.”
He said the event aimed at delivering a coherent and actionable plan to advance Nigeria’s industrial growth and development in line with President Bola Ahmed Tinubu’s ‘Renewed Hope Agenda’.
Delivering his keynote, Pimenta said IFC’s investment portfolio in Nigeria is the second largest in Africa, and stands at $2 billion, concentrated across trade finance, manufacturing, financial markets, and infrastructure.
He added that IFC’s strategic objectives in Nigeria are aimed at supporting diversified growth, enhancing inclusion, and promoting sustainability and job creation.
“In addition, IFC’s work boosts universal energy access and green energy adoption, fosters increased access to finance for micro, small, and medium-sized enterprises (MSMEs) through financial intermediaries, supports agribusiness and manufacturing to enhance food security, meet domestic needs, and grow export and foster digitisation,” he said.
He stated that the Nigerian financial sector has a key role to play supporting trade, financial inclusion and access to finance for MSMEs.
Speaking on the nation’s infrastructure gap, he said Nigeria’s rapidly growing population—projected to nearly double to 400 million by 2050 coupled with urbanisation underscore the urgent need for infrastructure development.
“Estimates suggest that infrastructure deficits already cost Nigeria about 4 per cent of GDP growth annually. Therefore, it is imperative to work together to close infrastructure gaps, which are impeding private sector growth and overall economic development,” he advised.
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.
Firm Reports a 48% Increase in Malicious Packages Threatening Software Supply Chains
Senate Passes Harmonised Report on Tax Reform Bills
FG to Provide High-fibre Internet in 12 Universities by Year End
The Silent Killer of Great Companies: A Guide To Why Your Processes Will Break (and How to Fix Them)
EFCC Witness Admits Writing Off Arik Air’s $2.3M Debt Amid N76Bn Fraud Trial
E-Financial2 days agoEFCC Recovers over N20Bn Stolen by Hackers from 6 Banks in Nigeria
Telecom2 days agoEngr. Ikechukwu Nnamani Receives Two Prestigious @ABoICT Awards
Telecom2 days agoFG to Deploy 80 Percent of 7000 Telecom Towers to North
E-Financial2 days agoPonzi Scheme Operators Risk N10m Penalty, Others- IST Chair
E-Business1 day agoNigeria Among Hotspots as Kaspersky Warns of Rising Ransomware Threat in Africa
E-Financial2 days agoUBA Launches *919# Advance Top-Up Feature for Instant Access to Customers
E-Financial2 days agoCourt to Deliver Judgment in NIBSS’ Suit against CBN, Others over BVN Database Management
News2 days agoEFCC Recovers Funds, Arrests Suspects in N1.3 Trillion CBEX Crypto Fraud