The NetplusDotCom, which is licenced by the Central Bank of Nigeria (CBN) as a Payment Service Provider (PSP), is collaborating with Zenith Bank, FCMB, Wema Bank, First Bank of Nigeria and Providus Bank, to promote contactless payment in Nigeria.

Contactless payment is enabled by SoftPOS technology that converts mobile phones into POS devices.

Participants at a forum with the theme “Accelerating Contactless Payment: A Collaborative Approach to Overcoming Barriers,” which was organised by NetplusDotCom, identified the low penetration of identified the low penetration of Near Field Communication (NFC) as major hindrance to utilisation of contactless payment in Nigeria.

Mr. Wole Faroun, Founder/Managing Director of NetplusDotCom, explained that “the essence of this forum is to bring industry stakeholders together to talk about our payment system and evolution of contactless payments.

“At NetplusDotCom we have been at the forefront of providing SoftPOS for the last two years. This is a technology that converts your mobile phone into a POS device. But we know that there is still a need for adoption and education and there are barriers stalling the adoption of this technology.”

He added: “All the stakeholders agree that this is the technology that has come to stay. They also agree that there are some barriers to adoption in the market.

We are forming a semi-industry group that has a number of banks in it. And we are going to steer that committee or group to come up with strategies to combat some of those barriers that we have.”

Mr. Kayode Sangoleye, group Head of e-business, Providus Bank, said that Providus SoftPOS was launched in 2023 in partnership with Mastercard.

Also, the Divisional Head of Payment and Solutions, FCMB, Mr. Frank Atat, noted that most Nigerians do not own NFC-enabled phones because it is expensive.

However, the Vice Chairman, Committee of e-Business Industry Heads, Ajibade Laolu-Adewale, said that the challenges facing NFC’s adoption in Nigeria could be overcome through partnerships among government, industry, academia and civil society.

In demonstration of its leadership in the Sustainability space, leading financial institution – Fidelity Bank Plc – has emerged the first bank to publish its 2023 ISSB-Compliant Sustainability and Climate Report in the Nigerian banking industry.

Hosted on the bank’s website on 30 June 2024, the report provides insights into the Bank’s Governance, Strategy, Risk Management, Metrics and Targets around Sustainability and Climate-related risks and opportunities, Human Capital, Community Efforts, amongst others in the 2023 financial year.

“2023 marked a pivotal point in our sustainability journey. We became a signatory of the UN Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking (PRB) and the UN Women’s Empowerment Principles (WEP).

“These associations go beyond mere statements of membership – they actively integrate sustainability and climate-related goals into our core business strategy and daily operations.

“We believe innovation and transparency are essential for building trust in our strategies and achievements. As we progress towards sustainability, we remain committed to our diverse stakeholders including our dedicated workforce, esteemed shareholders, and valued customers”, remarked Mr. Mustapha Chike-Obi, Chairman, Board of Directors, Fidelity Bank Plc in the report.

The document, which was prepared in accordance with the requirements of IFRS S1 and S2, highlights the bank’s achievements and aspirations as pacesetters within the financial services sector.

Speaking on the bank’s strategy on Sustainability and Climate change, Mr. Kevin Ugwuoke, Executive Director/Chief Risk Officer, Fidelity Bank Plc, stated, “Our 2023 Sustainability and Climate Report details our commitment to continually situate ESG and Climate-related risks & opportunities considerations at the core of our business operations and activities as we constantly explore means of meeting our corporate objectives in a manner that significantly reduces the negative environmental and social effects.

“We are glad to be the first bank to publish its report as this emphasizes our market leadership in the Sustainability space and we commit to do more to increase our positive impacts in all aspects of sustainability.”

It will be recalled that Fidelity Bank was recently listed amongst the top Nigerian banks in ESG performance according to a survey commissioned by the Independent Project Monitoring Company (IPMC) Limited.

To access the Fidelity Bank 2023 Sustainability and Climate Report, please visit https://www.fidelitybank.ng/documents/Fidelity_Bank_Sustainability_Climate_Report_2023.pdf

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

NOVA Bank has officially commenced operations as a National Commercial Bank, as the bank opened its first commercial banking branch in the Victoria Island area of Lagos.

This followed Central Bank of Nigeria’s (CBN) approval of its final licence.

In a statement yesterday, Phillips Oduoza, chairman and founder of NOVA Bank, emphasised the bank’s unwavering commitment to customer focus and delivering exceptional service.

He also introduced the innovative ‘PHYGITAL’ model, which, according to him, is a trademark of NOVA.

“We are pleased to continue our tradition of excellence established as a merchant bank and further extend the banking experience to the retail end of the market. As we expand our services, we remain dedicated to delivering an unparalleled banking experience that seamlessly integrates the physical and digital realms.

“Our trademarked PHYGITAL experience combines a select number of strategically located physical branches with high-tech, seamless digital banking capabilities, ensuring that our customers receive the best of both worlds. This approach allows us to provide personalised, in-person service where it is most needed, while also offering the convenience and efficiency of cutting-edge digital solutions,” he explained.

Wale Oyedeji, managing director/chief executive officer of the bank, added, “For over half a decade, NOVA has been instrumental to the success of leading corporates and high-net-worth individuals, delivering tailored solutions to meet the unique needs of their businesses. As we evolve to serve a broader customer base, we remain committed to delivering innovative services, building on our legacy as a leading merchant bank.

“Through disruptive, seamless digital products and services, we are poised to deepen financial inclusion, provide convenient and secure banking solutions, and elevate the SME market as a key economic driver.”

NOVA Bank, which was established in 2018, is set to open additional branches in Lagos, Abuja, Port Harcourt and Kano.

Mrs Esther Adino, group head of Retail and Digital Banking, NOVA Bank, highlighted the innovative financial solutions the lender offers.

She asserted, “At NOVA Bank, we provide a comprehensive suite of banking services tailored to meet the diverse needs of individuals, SMEs, and large corporations.”