E-Financial
Covid-19 Digital Converts Are the New Army that Arose from a Pandemic – Ogungbade

If the COVID-19 outbreak felt like a terrible dream to you, you are not alone! The rude awakening to the fact that the disease might be with us for a while is a new reality we all have to grapple with.
What started as some distant news in faraway China has suddenly transformed into a constant threat for those in major African cities as a clear and present danger.
Beyond the hazard that the COVID-19 disease poses to our health and wellbeing, it has also wreaked complete havoc on our economies, stemming from the practice of social distancing and stay-at-home orders that have extinguished the fuel of commerce – social interactions.
Businesses, forced to close their brick and mortars, as well as governments across the world that declared lockdown to keep people safe at home, were unprepared for continuity. Conversely, online retailers and service providers experienced a massive rise in earnings as more people embraced digital commerce for essentials in preference to the risky infection-prone visit to the grocery stores or supermarkets.
Worldwide, lives have been upturned, business models have either collapsed or pivoted, with people unsure of their finances and future. With an estimated reduction in Africa’s GDP by up to -1.1% (Source: AUC,2020) and -3.4% in Nigeria’s GDP due to COVID-19, the once socially distant African economy has started to experience the ramifications of the pandemic due to globalization.
Leon C. Megginson, an American author, and Professor of Management, once said that “it is not the strongest or the most intelligent who will survive, but those who can best manage change.”
This saying holds true more than ever in Africa today, with the emergence of CDCs (COVID-19 Digital Converts), a term coined and used by Tunde Ogungbade, the Managing Director of Global Accelerex. He used it to describe the new set of consumers coming online due to the impact of COVID-19 in Africa and perhaps beyond the continent.
Speaking recently at NIBSS Fintech Webinar, Tunde explained how these late entrants to anything digital – the CDCs – are taking an expedition into a digital financial services lifestyle because of the pandemic. The CDCs have been forced to embrace change to survive due to the unprecedented challenge and scale of the global pandemic.
In the business world, no one ever imagined a situation where staff of organizations and SMEs would be compelled to work from home, on lockdown away for an extended period from business gatherings and events. With these corporate and other restrictions on physical gatherings in compliance with social distancing norms, never before have there been an appetite for virtual meetings and events like we see today.
Businesses with products and services enabled for this new virtual reality for social interactions have experienced a dramatic increase in patronage and revenue. Business Insider reports that the Founder of the video conferencing app, Zoom, Eric Yuan, joined the Forbes’ billionaire list in April 2020, following a 135% increase in the company’s shares.
And the reason is not far-fetched. The company experienced 20X participant growth, making it the platform of choice for many people across the world who had to move their meetings, learning, or fraternizing online.
We have even encountered some exciting improvisations: players in the entertainment industry resorting to virtual concerts and games! Online education has been available for more than a decade and without mainstream adoption. COVID-19 changed educational content delivery globally.
And in the corporate environment, while nothing is more desirable than physical training for corporate staff, there is a significant surge not only in the providers of online training but also in the number of participants due to risk of infection.
There has been a boom in agency banking, online retail businesses, online healthcare consultation and e-commerce. Unprecedented but sustainable business models have either emerged or are fast emerging and will shape the future of businesses in Africa.
The swell in online purchases during the pandemic is proof that more online payments are being made. Without a doubt, COVID-19 has done a better job of convincing previously skeptical Africans to embrace digital payments as the new normal.
With more physical bank branches closed in a bid to reduce the potential spread of the disease, customers were compelled to explore digital payment alternatives. This indicates that COVID-19 has been a critical driver of the African CDCs’ venture into digital financial services. CDCs are likely the best tech evangelist in comparison to the billions of dollars spent by financial service providers to achieve the same result.
The best times are ahead for Fintechs in Africa. COVID-19 has compelled industry players to go back to the drawing board to rethink products and solutions that solve real problems for a post-COVID-19 Africa.
We foresee a future of hybrid products and solutions to address, not only financial inclusion problems, but other challenges in health, agriculture, education, and essential but neglected sectors pre-COVID-19. Without any doubt, COVID-19 Digital Converts (CDCs) are here to stay.
E-Financial
Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’

Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.
The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.
According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.
Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said, “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders.
Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”
One of the key drivers of the improved rating is the bank’s robust capitalization. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The agency also noted that further capital raising efforts are expected to position the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.
Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. The bank’s balance sheet is reinforced by a high proportion of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.
The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.
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.
E-Financial
SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
E-Financial
Africa Cross-border Payments Set to Hit $1 trillion by 2035

Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate of 12%.
It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.
Despite the impressive growth, the report highlights systemic inefficiencies.
“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.
However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.
In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.
Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.
The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.
According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.
“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.
Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.
The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.
“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.
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