E-Financial
CBN Lists Benefits of PSV 2020 Initiative
The Payments System Vision 2020 (PSV2020) initiative of the Central Bank of Nigeria (CBN) has been described as a catalyst in the revolutionised payment system landscape of the country.
Besides, it has been assessed to have facilitated economic activities, by providing safe and efficient mechanisms for making and receiving payments with minimum risks to the central bank, payment service providers and end users, extending the availability and usage to all sectors and geographies, banked and unbanked, and conforming to internationally accepted regulatory, technical and operational standards.
Godwin Emefiele, CBN governor, who made the observation at the inauguration of the Payments System Strategy Board, Scheme and Initiative Working Groups, reiterated that the core objective of PSV2020, was to make our payments system “nationally utilised and internationally recognised”.
He added: “It is gratifying to note that our country is not only acknowledged as a major economic force within Africa, but also increasingly becoming an active player in the global economy and to participate actively, our payments system must be successfully benchmarked against the global best practices.”
Emefiele noted that through the implementation of the original PSV2020 initiatives by the CBN, in association with the banking community, Nigeria has witnessed an impressive growth of electronic payments and a shift from the overwhelming dominance of cash as a means of payment.
He listed the implementation of the Nigeria Uniform Bank Account Number; deployed the real time gross settlement systems where transfer of money or securities takes place from one bank to another on a “real time” and on “gross” basis, without waiting period; and the popular cash-less policy.
Others were the deployment of deployment of the Scripless Securities Settlement System; introduction of Cheque Truncation, which reduced clearing cycles for Automated Clearing House payments and cheque from three days (T+2) to next day (T+1); and enthronement of limits on encashment of third party cheques and a maximum cap of N10 million for cheque payments, to encourage the use of electronic payments channels.
There were also the adoption of mobile money as a major channel for delivering financial inclusion; support for the implementation of the Federal Government’s Treasury Single Account; and migration of all payment cards from magnetic stripe technology to Chip-and-PIN, otherwise known as EMV, due to the assessed weaknesses of the former.
According to him, though the system has recorded some significant achievements so far in this journey, a lot still remains to be done and we do not intend to rest on our oars.
However, the new focus, which emerged from a detailed assessment of the Nigerian payments infrastructure, identified eight new industry verticals aimed at advancing the adoption of the electronic payments in Nigeria.
The CBN chief pointed out that in agriculture sector, the focus would be to develop electronic payment methods to support the value chain from inputs to tertiary production and supply, while a cashless model for Smart Cities will be developed.
For the smart cities scheme, the focus will be on both existing cities and “greenfield cities”, to ensure that less cash is used as a means of payment in retail outlets, transportation, and food.
Government’s cash flows would be reformed to ensure adoption of end-to-end electronic channels for all forms of salaries, pensions, suppliers, individual & business taxes payment and collection of revenues by private and public sector organisations.
In hotel and entertainment, there would be need to work with key pilot hotels and other key entertainment venues such as restaurants, cinemas, sports centres to promote the cash-less initiative.
Under the transportation sector, he said the new focus would develop strategies for getting the public to pay for transportation (inter-city and intra-city) electronically, while a pilot implementation would be organised with various transportation companies.
Expressing confidence on the success of in the transport sector, he said that a lot of traction has been gained on this initiative on air transportation, while a lot still remains to be done on land, water and rail transport systems.
Other areas of focus include education, health and bill payments and direct debits, by designing and developing channels with components such as grants, scholarships, consultancy services, Internally Generated Revenue (IGR), tuition and administrative fees, provision of personal and medical information and payments for health and medical services and driving the current initiative for bill payments like insurance, pensions, telecommunications, Cable TV and utilities to conclusion.
To achieve these, CBN invited nominations from the stakeholders for capable people to serve in any of the new Initiative Working Groups, one for each industry vertical, comprising the user community, banks and other service providers.
The groups will work on the principle of identifying quick wins for an initial period of two years, with an option to extend for another two-year term, subject to the level of achievements.
PalmPay, an African digital bank fintech, is in negotiations to fund between $50 million and $100 million in a Series B financing, according to people with knowledge of the situation.
Although its target worth is unknown, its most recent round in 2021 placed it among the most valuable firms on the continent, coming in just short of unicorn status.
A representative for PalmPay stated that the 6-year-old fintech company is “in a strong financial position and exploring growth opportunities,” but the company declined to comment on the specifics of the fundraising.
People with knowledge of the company’s finances say it is now profitable after raising about $140 million in seed and Series A rounds.
The additional funding, which is anticipated to consist of both loan and stock, will support PalmPay’s growth by expanding its presence in Nigeria, growing its more recent business-oriented product line, and introducing both goods in new African and Asian countries.
PalmPay reported last month that its 35 million registered users were responsible for 15 million daily transactions.
The corporation claims that the value of these transactions now totals “tens of billions of dollars” every year.
Revenue has increased as well. According to those with knowledge of PalmPay’s finances, the company’s revenue has more than doubled since 2023, when it was $64 million, as reported by the Financial Times.
PalmPay was first introduced in Nigeria, the most populous country in Africa and a significant engine for fintech, in 2019.
Since traditional banks primarily served salaried or formal-sector clients, frequently with restrictions that barred mass-market users, more than half of the nation’s adults were unbanked at the time.
PalmPay saw a chance to reverse that approach by creating a digital bank from the ground up while tailoring it to the needs of the unorganized sector in Africa. To meet the needs of underbanked people and small companies, the company released an app with rapid onboarding, no transfer fees, and an expanding range of services (such as credit, savings, insurance, and bill payments).
Importantly, PalmPay relied on more than just digital acquisition. Through the PalmPay Business app and point-of-sale devices (for cash-in, cash-out services), the fintech established a massive on-the-ground network of over 1 million small businesses and agent merchants that currently serve over 10 million clients each month.
The hybrid strategy, which combines digital apps with physical touchpoints, has also been adopted by other significant fintech companies in the nation, such as OPay, Moniepoint, and Paga.
According to 25% of its members, PalmPay was their first banking account, and it promises to execute more transactions than any traditional bank in Nigeria. According to the report, that percentage rises to 60% among borrowers for loan products provided in collaboration with authorized lenders.
PalmPay’s relationship with Transsion, the Chinese phone manufacturer that controls the majority of smartphone sales in Africa with a market share of more than 40% across its brands (Tecno and Infinix), contributes to its strong distribution and marketing edge.
As part of the collaboration, PalmPay pre-installs its software on a few financed smartphones, which promotes user engagement and acquisition.
Now that it has become one of the most popular fintech applications in the nation, PalmPay is getting ready to expand its business strategy overseas.
The neobanking platform has made its first appearance outside of Africa in Tanzania and Bangladesh, where PalmPay is introducing consumer credit and device finance as stepping stones before adding more services. (With differing degrees of success, other African digital banks have extended their financial services into Asia, notably TymeBank, MNT-Halan, and FairMoney.)
According to a business representative, the company also intends to launch device financing in Nigeria.
The Fintech firm is aggressively looking into partnerships with additional original equipment manufacturers (OEMs), according to a representative for the firm, even if Transsion, who spearheaded PalmPay’s seed investment, is still a key partner.
Other investors include MediaTek, one of the biggest producers of mobile chipsets worldwide, and GIC, Singapore’s sovereign wealth fund.
PalmPay’s newly launched business feature, which is currently available in Nigeria, Kenya, and Tanzania (with South Africa in the works), handles “hundreds of millions of dollars monthly,” according to a company spokesperson. PalmPay facilitates cross-border payments for merchants who wish to send and receive payments across Africa via a single API, a persistent pain point (despite the promise of stablecoins).
Source: techbooky.com
The Board of Directors of Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, is pleased to announce the appointment of Ayo Adepoju, the current group chief financial officer (CFO), to the Board as Group Executive Director, effective June 4, 2025.
Ayo brings two decades of broad-based leadership experience and deep institutional knowledge as a proud product of the Ecobank Group. His expertise spans financial management, capital markets, strategic planning, capital raising and structuring, treasury management, investor relations, business performance management, governance, enterprise transformation, financial due diligence, internal control, and risk-based audit.
As a distinguished finance executive, he has been instrumental in shaping the Group’s financial transformation, capital strategy, and long-term resilience. Since joining Ecobank in 2012, he has held several key leadership positions, including Group Financial Controller, Group Head of Business Performance and Analytics, and currently Group CFO.
Over the years, Ayo has led numerous strategic initiatives, including landmark capital market transactions such as Eurobonds, Basel III-compliant instruments, and sustainability-linked debt. These efforts have significantly enhanced Ecobank’s presence in international capital markets and strengthened transparency and investor engagement.
Prior to joining Ecobank, he worked at PricewaterhouseCoopers (PwC) in London and Lagos, serving in the Financial Services Practice.
Commenting on the appointment, Papa Madiaw Ndiaye, Chairman of the Ecobank Group, stated: “On behalf of my fellow directors, I commend Ayo for his outstanding performance and warmly welcome him to the ETI board. His proven leadership has fostered trusted relationships with the Board and made this appointment both natural and strategic for the Group’s future.
“I believe that Ayo embodies Ecobank’s renewed talent philosophy, a homegrown leader with global exposure and a compelling track record.
“His intellect, integrity, and impact-driven leadership have long been evident. His appointment to the Board is a testament to our belief in recognizing and elevating excellence from within.”
Jeremy Awori, Group Chief Executive Officer, added: “Ayo has played a critical role in strengthening Ecobank’s financial resilience and enabling sustainable business growth.
“His ability to manage complexity, innovate in financial strategy, align finance with enterprise-wide transformation, and lead collaboratively has made him a critical member of our executive team. I look forward to deepening our partnership as we drive forward our Growth, Transformation and Returns strategy.”
Ayo holds a First-Class Honours degree from the University of Lagos and is a Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Management Accountants (CIMA), UK. He also holds an MBA from Warwick Business School and a Ph.D. in Organizational Leadership from Regent University, USA.
He has completed executive education programs at Wharton, London Business School, and most recently in 2024, the Advanced Management Program at Harvard Business School. An official member of the Forbes Finance Council, he is also a published author and respected thought leader in finance and organizational strategy.
This appointment reinforces Ecobank’s continued commitment to nurturing internal talent and promoting leadership excellence across Africa.
In a strong demonstration of its commitment to community development and poverty alleviation, leading financial institution, Fidelity Bank Plc has donated food packs to over 1,500 individuals in Ihie Town, Etche Local Government Area of Rivers State, through its Food Bank initiative.
Speaking at the donation event, the Regional Bank Head, Rivers/Bayelsa 1 & South Commercial, Fidelity Bank Plc, Mr. Ibisiki Eretoru, noted that the success of the bank is essentially linked to the well-being and prosperity of the communities in which it operates.
“The Food Bank Initiative is our way of contributing to the well-being of our host communities through regular food support. Each month, with the support of our network of dedicated partners, we distribute food packs to individuals and families across the country,” Eretoru said.
He further highlighted that the Fidelity Food Bank initiative, launched in April 2023, is part of the bank’s broader corporate social responsibility drive aimed at combating hunger and improving livelihoods across Nigeria. The initiative also perfectly aligns with the United Nations’ Sustainable Development Goal 2 which aims to achieve zero hunger.
“To date, we have distributed over 200,000 food packs through similar outreaches aimed at supporting individuals, strengthening businesses and transforming entire economies,” Eretoru added.
The food distribution in Ihie town was executed in partnership with The Reach Nigeria Foundation, a non-profit organization focused on sustainable development. Speaking at the outreach, the Foundation’s CEO, Benedicta Ibiyemie Ayarete, said that the community was selected due to its need for food support during the post-planting and pre-harvest period.
“Though Ihie is an agrarian community, we identified it as needing food support at this time. The peaceful nature of the community also makes it a viable location for Fidelity Bank to sustain and grow its presence. We are proud to be part of the meaningful impact of this outreach on the people,” she explained.
Expressing his gratitude, the paramount ruler of Ihie community, His Royal Highness, Eze Richard Amadi, commended the bank’s timely intervention, describing it as “a stitch in time” and a noteworthy effort that addresses the needs of the people.
Also speaking at the event, Chairman of the Ihie Community Development Committee, Mr. Stephen Asoh, expressed appreciation to Fidelity Bank, highlighting the positive difference the donations will make in the lives of many residents.
One of the beneficiaries, Mike Okere, praised Fidelity Bank for the initiative and called on other financial institutions to emulate the bank’s approach to community engagement and impact.
The Fidelity Food Bank continues to be a beacon of hope for underserved communities across Nigeria, reflecting the bank’s unwavering commitment to social responsibility and inclusive 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 a 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.
NOTAP Boss Laments Loss of IPR by Nigerian Researchers
NIMC Denies Blocking Police Commission from Verification Server
PalmPay Seeks $100m Funding Round
AFC Proffers Action Plans for Nigeria, Africa to Unlock $4trn from Investors to Grow Economy
Ayo Adepoju Joins Ecobank Board as Group Executive Director
E-Business3 days agoAXIAN Telecom Invests in Jumia Post-MTN Era
- E-Financial3 days ago
UBA Compiles with NCC, to Deduct USSD from Customers’ Accounts
E-Business3 days agoNigeria Strengthens Cybersecurity, Launches National Cleanup Plan
News3 days agoARCON to Crackdown on AI-Generated Fake Ads
Telecom3 days agoUnion Bank and PAPSS Revolutionize Cross-Border Payments
News3 days agoFG, UNICEF Partner to Train 20m Youths on Digital Skills
Telecom3 days agoMTN Nigeria Unveils 21 Days of Y’elloCare to Empower Communities through Digital Tools
Telecom2 days agoTelcos Threaten to Disconnect Banks over Misinformation on New USSD Charges