E-Financial
CBN says Banking System Remains Resilient

The banking system continued to be resilient with major financial soundness indicators comparing favourably with the prudential thresholds as of the end of October 2022.
The Central Bank of Nigeria disclosed this in statements on monetary policies.
The Governor, CBN, Godwin Emefiele, said there was observed growth which was attributable to the substantial overshoot of domestic claims above programmed benchmark and importantly reflected the sustained growth of banking system credits to the private sector, consistent with the CBN policy to finance high-impact sectors.
He said, “Despite rising private sector credits and elevated uncertainties, the banking system remained resilient and stable as NPL ratio (4.81 per cent), liquidity ratio (40.14 per cent) and CAR (13.39 per cent), outperformed their prudential limits. In order to insulate our economy from adverse external developments, it remains imperative to fortify our economic base by de-risking the productive sector and diversifying completely.
“This is especially as frozen oil receipt impedes the FX market, shrinking external reserves from $37.39bn in September to $36.87bn in October, and abetting exchange rate pressures.”
A member of the MPC, Adeola Adenikinju, said the various Financial Soundness Indicators showed that the banking systems remained safe, sound, and resilient.
All the FSIs were within the prudential requirements and compared well with comparator countries, he said.
He said, “All measures of industry aggregates: assets, deposits and credit rose year on year. Total assets of the banking industry grew by N12.37tn between end-October 2021 and 2022.
“Similarly, industry credit increased by N5.32tn over the same period. In addition, total industry deposits rose by N6.92tn between end-October 2021 and 2022. In October 2022, a total of 125,305 new credits valued at N767.06bn were granted to various customers. There was marginal increase in lending rates in the industry in response to recent measures by the CBN.”
An MPC member, Robert Asogwa, said the domestic financial sector was still resilient as of October, except for observed volatilities in the stock market.
He said, “The banking sector indicators are robust, similar to the position at the last MPC meeting, with non-performing loans ratio declining further from 4.9 per cent to 4.8 per cent in October 2022 and with further increases in total assets.
“Of particular interest is the addition of above one N1tn in total industry deposits between September and October 2022. Of marginal concern, is the consistent decline in the capital adequacy ratio of the banks between June and October 2022, but this is attributed to increases in total risk-weighted assets, which for some time has been higher than the total qualifying capital.
An MPC member, Kingsley Obiora, said the banking system remained sound, safe and resilient to headwinds. The industry Non-Performing Loan ratio was 4.8 per cent at the end of October 2022, compared with 5.3 per cent at the end of the corresponding period of 2021, which was below the prudential maximum of 5.0 per cent.
He said, “The decline in NPLs was attributable to write-offs, restructuring of facilities, Global Standing Instruction and sound credit risk management by banks.
Total assets of the banking industry showed an increase of N12.37tn or 21.58 per cent from N57.30 per cent in October 2021 to N69.67tn in October 2022, driven largely by balances with CBN/banks, investments, and credit expansion to the real sector.
“As a result, the total flow of credit to the economy increased from N23.49tn in October 2021 to N28.81tn in October 2022, representing an increase of 22.66 per cent to the key sectors of the economy, including oil and gas, manufacturing, general, governments and commerce.”
According to an MPC member, Folashodun Shonubi, the banking system remained resilient so far in 2022, even as it continued to grapple with the effects of a challenging macroeconomic environment on businesses.
He said industry non-performing loan ratio was 4.8 per cent in October 2022 below the 5.0 per cent threshold, while industry liquidity ratio was 40.1 per cent, above the 30.0 per cent minimum level.
He said, “Of note is the sustained growth in total industry deposits, credits, and assets, reflecting positive impact of various measures by the bank. Industry capital adequacy, though lower at 13.4 per cent, was above the 10.0 per cent prudential minimum.
“Significant rise in domestic claims on private sector and the government has however pushed annualised growth of major monetary aggregate slightly above the benchmark for fiscal 2022, highlighting monetary aspect of the drivers of inflationary pressure.”
E-Financial
GOEs’ Remit Over ₦2tn to FG in 2024

Independent revenue remittance by the Government-Owned Enterprises (GOEs) moved from ₦200 billion in 2013 to over ₦2 trillion in 2024, Fiscal Responsibility Commission (FRC) confirmed the updated figure, on Wednesday.
FRC attributed the surge to collaboration between it and House of Representatives Public Accounts Committee (PAC).
Speaking at 2025 National Conference on Public Accounts and Fiscal Governance, held at the Transcorp Hilton, Abuja, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq however notes with concern persistent challenge despite achievements. He cited weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level as according to him, only 26 out of 36 states have adopted similar laws.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the exclusive legislative list. He urged federal and sub-national actors to align their fiscal policies under the renewed hope agenda of President Tinubu’s administration.
Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework.
The event organized by House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management.
He lauded administration’s of president Bola Ahmed Tinubu commitment to strengthening financial policies aimed at driving economic growth. He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.
Highlighting a critical legislative gap, Muruako noted that the FRA 2007 currently outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.
“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed.
He congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the Exclusive Legislative List. He urged federal and subnational actors to align their fiscal policies under the Renewed Hope agenda of President Tinubu’s administration.
Reaffirming the FRC’s commitment to advancing transparency and reducing financial leakages, Muruako pledged continued support to the PAC in institutionalizing sound public financial management practices.
He also congratulated the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.
E-Financial
PalmPay Expands Access to Digital Insurance Through Strategic Partnerships

PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.
This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.
With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.
PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”
With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”
This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.
E-Financial
Fidelity Bank Intensifies Support for Displaced Persons in Makurdi Camp

In a timely gesture aimed at improving the plight of internally displaced persons (IDP) in Benue State, leading financial institution, Fidelity Bank Plc, has distributed mattresses and essential food items to over 2,000 victims of the Yelwata attacks currently taking refuge at the Ultra-Modern International Market IDP Camp in Makurdi.

Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka (Left); CEO, The Abbasid Charity Foundation, Hauwa Abbas (Centre); and Branch Leader, Fidelity Bank Plc, Makurdi, Terwase (Right), representing the Regional Bank Head, North Central, Sadi Zawiya, with some beneficiaries during the Fidelity Food Bank distribution event in Makurdi, Benue State recently.
The donation, which was carried out in collaboration with the Abbasid Charity Foundation, is part of Fidelity Bank’s ongoing commitment to supporting vulnerable communities through its flagship Fidelity Food Bank program. Since its launch in April 2023, the Food Bank has distributed over 200,000 food packs to beneficiaries across Nigeria’s six geo-political zones.
Speaking about the donation event, the bank’s Divisional Head, Brand and Communications, Dr. Meksley Nwagboh reaffirmed Fidelity Bank’s dedication to Corporate Social Responsibility (CSR) and its mission to uplift communities.
His words, “Since its launch, the Fidelity Food Bank initiative has helped to alleviate the effect of poverty and malnutrition across the country. We are honored to be back in Benue State to continue this impactful initiative, and we hope that today’s donation brings much-needed relief and comfort to the beneficiaries during this difficult time”.
In her remarks, the Executive Officer, the Abbasid Charity Foundation, Mrs. Hawa Abbas, emphasized the importance of restoring dignity to the displaced, stating that the donation of mattresses was to ensure the IDPs no longer sleep on bare floors.
“This gesture is our way of letting the displaced persons know that they are not forgotten. We care deeply for them, and we hope this donation offers some comfort and hope, even in these difficult circumstances,” Abbas noted.
The Executive Secretary of the Benue State Emergency Management Agency (SEMA), Dr. James Iorpuu, who was represented by Camp Manager, Mr. Robert Nyom, expressed deep appreciation to Fidelity Bank and the Abbasid Charity Foundation for their timely support.
“Your intervention has brought much-needed relief to the camp and we thank you for your compassion and generosity towards improving the welfare of the displaced persons,” he said.
The bank’s outreach to the International Market IDP Camp in Makurdi represents the most recent of its ongoing critical and timely interventions. Previously, through its Food Bank Initiative, the bank provided essential food items to more than 1,500 residents impacted by the recent flood disaster in Mokwa, Niger State.
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.
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