E-Financial
E-PPAN Intensifies Grassroots Mobilization on Cashless Initiative
With the nation-wide implementation of cashless policy introduced by the Central Bank of Nigeria (CBN) on July 1, 2014, the E-Payment Providers Association of Nigeria (E-PPAN) has intensified its Grassroots Mobilization to ensure the initiative meets the targets.
Mrs. Onajite Regha, executive secretary and chief executive officer of E-PPAN, said that the nationwide implementation amongst others will spur development and modernization of the payment system in line with vision 2020.
According to her, the measure will lead to reduction in the cost of banking services and drive financial inclusion as well as improve the effectiveness of monetary policy in managing inflation and driving the economic growth.
Ntia Nnene Sylvia, media and strategy development manager at E-PPAN, in a statement said that the grassroots mobilization, this time, took E-PPAN to Enugu, Cross River and Edo States.
Meanwhile, E-PPAN believes that, “Besides, there is the need for the country’s monetary system to fall in line with standard practices obtained across the world which the cashless policy exemplifies.
With all these in mind, the E-PPAN whose overarching goal is to enhance institutional frameworks and processes for a robust and effective e-payment system in Nigeria aligned its strategies with the objectives of the CBN to mobilize and sensitize the grassroots on the cashless initiative, Regha said.
“This was to get the total support and full commitment of the people at the bottom of the pyramid in order to actualize the laid down objectives of the apex bank in its Cashless initiative drive.
“The last wave of the sensitization exercise which saw E-PPAN touring through the cities, towns, villages, and communities in Cross River, Edo and Enugu state, gave the team the opportunity to experience firsthand the challenges of not being included in the financial mainstream and the opportunities that lie fallow in converting these challenges to solutions that can revolutionarize the payment industry, particularly with the advent of mobile payment which came as an exciting channel for everyone the team came across.
Giving accounts on the outing the E-PPAN CEO said, the grassroots sensitization in Enugu state commenced with a visit to all the major media outfits.
“This was to create awareness and also enlighten the listeners and viewers alike on the cash policy and the activities of the sensitization team in the state.
“After the media sessions the team then moved into the markets for proper sensitization of the grassroots in Enugu state. The first point of call for the team was the Night Mile Market,” she said.
In Cross River State, Regha, said that the people awoke to the news of the cashless initiative as they watched the live interview on their popular breakfast morning show.
The team which was made up of the Branch Controller Central Bank of Nigeria Cross River State and the E-PPAN representative spoke extensively on the benefits of the cashless initiative to the people of cross River state.
After the discussion, the viewers called to ask numerous questions on the implication of the cashless initiative to the ordinary man and its benefits as well as disadvantage if any.
The team also visited Edo State. The sensitization in Edo took off at the Edaiken Market at Uselu in Egor Local Government Area.
With the presence of the market women leader, the enlightenment kicked off at the car park within the market which lasted for about two hours.
The team then moved on to Uwelu Auto Spare Parts Market and Mechanic village. In attendance was the Chairman, executives and members of the traders union.
It was observed that apart from hearing of the term cashless Nigeria on radio adverts, they had no clue as to what the policy means, how it applied to them and its benefits.
After the sensitization session, the people were excited by the electronic payments options available as an alternative.
“At the popular Lagos Street Market which is at the city centre, the team met with the community Head, Chief Osula (the Arala of Benin kingdom) who listened to our purpose of coming. He addressed the teaming youth, the market executives and all who gathered at the meeting ground imploring them to pay attention to the good news that the team brought.
“Being the Community market day at Aduwawa, the team went there and kicked off the exercise with a visit to the Odionwere (Eldest man of the community) Chief David Osemunekha.
“The Aduduwa people who came out in mass were entertained by our professional dancers prior to to delivering the cashless message to the traders.
Interestingly, the team carried out live demo on the use of the PoS and Mobile Payment.
United Bank for Africa (UBA) has informed its customers that, in compliance with a new directive from the Nigerian Communications Commission (NCC), charges for USSD banking services will no longer be deducted from bank accounts, effective June 3, 2025.
In a notice sent to customers, the bank explained that the charges would now be deducted directly from users’ mobile airtime balances, in line with the NCC’s newly introduced End-User Billing (EUB) framework.
It said the new model aimed to ensure transparency in USSD transactions and shift billing responsibility to mobile network operators.
According to UBA, each USSD session would now cost ₦6.98 per 120 seconds, saying that customers initiating transactions would receive a prompt to provide consent at the start of each session, and airtime would only be debited if the bank is available to process the request.
The bank advised customers who are not comfortable with the new billing arrangement to opt for other digital banking alternatives such as the UBA mobile app and internet banking platform, which remain fully operational and user-friendly.
UBA reaffirmed its commitment to providing secure and accessible digital services, and encouraged customers to choose the channel that best suits their banking needs.
The policy marks a significant shift in Nigeria’s digital banking ecosystem and is expected to address longstanding disputes over USSD service charges between telecom operators and financial institutions.
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.
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.
Nigeria Strengthens Cybersecurity, Launches National Cleanup Plan
ARCON to Crackdown on AI-Generated Fake Ads
UBA Compiles with NCC, to Deduct USSD from Customers’ Accounts
Microsoft Sacks 300 Staff as Job Cut Hits 6,300
FG, UNICEF Partner to Train 20m Youths on Digital Skills
E-Business2 days agoFarmers to Get Identity Card for Loans, Inputs
Telecom2 days agoARCON Probes 9mobile over Alleged N1Bn Advertising Debt
News2 days agoSERAP Sues NNPC over Alleged Missing ₦500Bn, Seeks Accountability
News2 days agoFirst Asset Management Receives 2024 Fund Manager Award
E-Business2 days agoDyna.Ai Launches Operations in Nigeria
News1 day agoJAMB Waxes Worriedly over Rising Digital Exam Fraud
General News2 days agoNigeria Relaunches National Talent Export Programme to Unlock $1 Trillion Global Outsourcing Market
E-Business1 day agoNIMC Plans to Register 95 Percent Nigerians by December