E-Financial
E-PPAN, NIBSS Upbeat on Strategic Cashless Nigeria
The Nigeria Inter-Bank Settlement System Plc (NIBSS) and the Electronic Payment Providers Association of Nigeria (E-PPAN) said that through strategic alliances and partnerships across the e-payments space, the Central Bank of Nigeria (CBN) cashless policy tops the option to safeguard the nation’s economy.
The duo expressed hope that the trend has come to stay especially with the nationwide implementation of the scheme.
Speaking at a one-day training for ICT journalist on e-payment reporting in Nigeria organized by E-PPAN, Mr. Dipo Fatokun, director, Banking & Payments System Department at the Central Bank of Nigeria (CBN), said that the apex regulator in the financial system aims at creating an electronics payments infrastructure that is nationally utilized and internationally recognized.
Fatokun who was represented by Mr. Musa Itopa Jimoh, head, Banking and Payment System Policy at CBN said that the e-Payments objectives include amongst others the eliminate delays in the payment process. It enables the processing of payments on-line real time; minimize people interaction (contractors and government officials), which implies means less human interaction with the system value chain and improve controls and supervision.
He said that the relevant systems control is embedded, audit trail of transactions maintained for ease of oversight/supervision and improve process efficiency and effectiveness, as it allows for Straight Through Processing (STP) of eligible transactions.
He listed recent developments in the industry to include, “licensing of Mobile Money Operators (MMOs); licensing of Payments Terminal Service Providers; licensing of Switches/Processors; creation of Payments System Policy and Oversight Office (PSPO) to monitor compliance with the various guidelines and standards and payment Card Industry Data Security Standard (PCIDSS) requirements”.
On his part, Osamuede Odiase, head of Public Sector & Corporation at NIBSS, highlighted benefits of e-payment to include Financial Inclusion cum Vision 20:2020, as Cashless Nigeria initiative will lead to reduction on the level of Cash in Economy.
He said, “There will be DMBs investment in e-banking as an alternative low cost channel for serving their customers; High investments by e-payments / e-business operators to the cashless initiative. It will also signal African/ Nigeria Growth Prospects such as growing middle class, bringing the large unbanked population to the space, and integrate the technology savvy youthful population and spur growth in Telecommunication/ Mobile Phones.
According to Odiase, shared services infrastructure is another means of reduction on cost of doing business in Nigeria as there has been mandate to provide shared infrastructure services for the financial industry.
This is even opportunity for Innovation & to set industry standards for e-payments and openings to win market share from rivals.
On the challenges, he listed competitive landscape, regulator policy changes, dearth of required skills and harsh economic (operating) environment and user enlightenment as issues that must be addressed.
Earlier, Onajite Regha, executive secretary and chief executive officer of E-PPAN, said the role of the Association of Nigeria has increasingly become oriented to policy advocacy, capacity building and training towards the achievement of the adoption of E-payment and improving service delivery.
She said that “E-PPAN realizes the important function of the media in achieving its objectives and therefore entered into collaboration with Industry experts to train the men of the fourth estate of the realm whose duty amongst others is agenda setting for the society”.
Regha added that the objective of the training was to enlighten the journalists on the intricacies and peculiarities of providing electronic payment services and also to drive home the benefits to the society.
“While operators and regulators make efforts to ensure that the payment system in Nigeria meets global best practice, it is important that journalists who are the watchdog of the society understand the possibilities, trends, operational framework and challenges of an efficient payment system to ensure effective reporting of the industry”.
The training programme focused on overview of electronic payment industry; understanding policies and regulation of E-payment in Nigeria; understanding the challenges and opportunities of electronic payment and the need for knowledge-based reporting on electronic payment.
Sofri, Powered by Links Microfinance Bank plans a massive rollout of Point of Sale, PoS terminals for merchants and agency banking in the third quarter of this year.
This is coming against the backdrop of the banks revamp of its digital platforms to support better customer experience.
Paul Adebayo, managing director, Sofri, said the bank is technology and purpose-driven, with focus on financial inclusion and sustainability. As well with the determination of making banking simpler, inclusive, and impactful.
He said that the revamped mobile app features, faster onboarding, cleaner interface, real-time alerts, enhanced security and seamless loan applications.
“Our corporate internet banking Launched for SMEs and institutional clients features, secure payments, transfers, account management and enhances business banking experience.
“Laying the groundwork for greater reliability, product innovation and operational efficiency is our new core banking infrastructure. This change enables us to scale faster and serve customers better.
“Our Terminal Management System (TMS) improves the performance, uptime, and remote monitoring of our POS terminals. This ensures merchants and field agents enjoy better stability, quicker settlements, and stronger support,” he added.
On sustainability impact, Adebayo, added that Sofri is embedding ESG principles into its lending and operational models — from offering green financing options, to supporting waste-to-wealth entrepreneurs, and making inclusive finance part of Nigeria’s circular economy.
Sofri is a trademark of Links Microfinance Limited (Links Mfb). Links Mfb is licensed and regulated by Central Bank of Nigeria (CBN) and deposits insured by the Nigeria Deposit Insurance Corporation (NDIC). Links Mfb is a member of DLM Capital Group, owners of DLM Asset Management as regulated by the Securities and Exchange Commission (SEC).
Current market research has confirmed that buyside investors are increasingly focused on high-growth sectors such as small businesses and consumer lending— sectors that fuel both the demand and supply sides of the economy.
However, capital allocation to these areas requires robust risk mitigation frameworks to preserve principal and ensure returns that are not just economically viable but outpace inflation.
Against the backdrop that DLM Capital Group has developed an innovative solution – the Sovereign Bond Backed Composite Notes (SBCNs) to meet this critical economy needs.
According to Sonnie Babatunde Ayere, the Group CEO of DLM Capital Group, “We believe that the consistent issuance of SBCNs by qualified entities will play a key role in de-risking corporate bond portfolios.
“By blending sovereign-backed security with enhanced yield exposure, portfolio managers gain a rare opportunity to simultaneously increase portfolio safety and performance”.
The first of its kind fixed income product combines the security of direct sovereign bond-backed principal protection, such as FGN Bonds, with the enhanced yield potential of corporate and consumer lending cash flows. This hybrid structure, the first of its kind in the local market, merges public-sector credit safety with private-sector income generation.
The instrument is designed as such that the private sector credit tranche will be secured by the FGN-bonds, which will be the senior tranche.
The N30 billion Sovereign Bond Backed Composite Notes issued by DLM Funding SPV Plc is being packaged as a AAA-rated note. With a held-to-maturity yield of 49.9 percent, the notes are designed to be attractive to institutional investors seeking a balance between capital preservation and superior returns.
Sonnie Babatunde Ayere, noted about the SBCN, “For asset managers, it enhances portfolio quality, improves credit profiles, supports diversification, and delivers competitive returns.
In a media parley describing the instrument, Ayere highlighted the role of the instrument in driving credit expansion to the underserved private sector. He highlighted how the note could help drive institutional capital into sectors that were previously considered too risky.
“By channeling domestic capital into these critical but underserved sectors without exposing investors to excessive risk, it becomes possible to mobilize funding for parts of the economy that have long been neglected.” He added.
E-Financial
Fidelity MD,Onyeali-Ikpe Champions Lifelong Learning and Sisterhood for Women’s Career Growth
Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, has encouraged women professionals to embrace continuous learning, courage, and collaboration as key habits for achieving long-term career success and breaking through professional barriers.
Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, (Middle) flanked by participants of a Women’s Roundtable themed, “Mentorship with Dr. Nneka Onyeali-Ikpe” hosted by the bank over the weekend at the Fidelity SME Hub, Gbagada, Lagos recently.
She gave the charge during a Women’s Roundtable hosted by the bank over the weekend at the Fidelity SME Hub in Gbagada, Lagos. Themed “Mentorship with Dr. Nneka Onyeali-Ikpe”, the event drew female professionals from various sectors and was held under the Recognition and Networking arm of the bank’s HerFidelity Proposition—a flagship initiative designed to empower women entrepreneurs and professionals across Nigeria.
Explaining the vision behind HerFidelity, Dr. Onyeali-Ikpe noted that the initiative was born out of a strong need to provide women with holistic support beyond access to finance.
“In my engagements with women across different industries, I’ve seen first-hand that while talent and ambition abound, many still lack access to capital, skills development, health support, and networks,” she said.
“HerFidelity was created to bridge that gap by focusing on four key pillars: access to capital, capacity building, wellness for work-life balance, and entrepreneurship support. It’s one of the initiatives I’m most proud of, because when women thrive, communities prosper and economies flourish.”
The interactive mentorship session, held in a Q&A format, offered participants an opportunity to learn directly from the trailblazing CEO, who shared personal experiences and career insights.
Advising young women aspiring to leadership, she said: “Believe in yourself, be ready to work hard, and never shy away from taking smart risks. Seek out mentors, invest in meaningful relationships, and above all, collaborate—because no one truly succeeds alone.”
The event also featured fun competitions and giveaways, with attendees winning exciting gifts courtesy of Fidelity Bank.
Dr. Onyeali-Ikpe’s session left participants inspired, reinforcing Fidelity Bank’s position as a champion for gender empowerment and a leading supporter of women’s advancement in business and leadership.
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