E-Financial
FastCredit Adopts PFS’ Clirec for Accounts Reconciliation Solution for Business Growth
The leading financial technology company, Fast Credit has adopted Clirec, an integrated account reconciliation solution developed by Precise Financial Systems to ease its financial reconciliation conundrum.
Emeka IIoelunachi, CEO of FastCredit, said the adoption of Clirec has put an end to the company’s reconciliation nightmare.
He explained that Clirec is a financial reconciliation solution that has assisted the company to ensure the integrity and completeness of data used in reconciliation exercises and the confidentiality of results of reconciliation.
“We are growing our portfolio significantly but we have always had reconciliation challenges because finance is about keeping the proper record. Imagine serving the entire Nigeria Police Force and the army of Nigeria’s civil service. There is a need for good reconciliation system to ensure that loan disbursed each month and the loan repayment has been collected with the appropriate record”, he said.
According to him, “We needed an automated solution to deal with the bottleneck we were experiencing in our reconciliation processes. We had different proposals and we reviewed them. At the end of the exercise, we chose Cleric from PFS because Clirec meets our needs.
“We are working with PFS and the relationship has been wonderful. Our reconciliation system has been significantly improved. Now, we spend less time and less human resources. These are costs saving for us”.
Mr Philip Ayeni, Deputy Managing Director of Precise Financial Systems [PFS], said that “Fast Credit, as a leading microfinance institution is already actualizing its vision of creating value that deeply impacts the Nigeria financial ecosystem. And it will continue to achieve this by relying on CLIREC, a newly implemented auto-reconciliation solution that validates the integrity of reports of its influence in the society.
“PFS will continue to support the financial sector with world-class products like Clirec to ensure the industry attains the global standard. As an indigenous firm, our solutions are running thousands of computers and serving numerous clients in Nigeria and 30 countries in Africa.
“Working with Fast Credit has been a good experience. Fast Credit is a trailblazer in the deployment of technology that suits its target market. I am not surprised considering the company’s market positioning to be one of the leading Fintech company in the economy”.
Aside Clirec, PFS’ other cutting edge environmentally friendly solutions include an integrated account reconciliation solution; cheque and e-payment processing, security and remittance solution; end-to-end outward and inward cheque clearing solutions etc.
FCMB Capital Markets Ltd. successfully led the issuance of GLNG Funding SPV Plc’s ₦11.85 billion 10-Year Series 2 Senior Guaranteed Fixed Rate Infrastructure Bond, which closed in February. This milestone underscores investor confidence in Nigeria’s clean energy transition.
The bond, issued by GLNG Funding SPV Plc and sponsored by Green Liquified Natural Gas (GLNG) as part of its capital-raising plans, is a key step in financing the construction of a mini-LNG plant with a liquefaction capacity of 200,000 standard cubic meters of gas per day.
The facility will help bridge Nigeria’s power supply gap and offer industries a cleaner, cost-effective alternative to diesel.
The issuance was backed by InfraCredit, an AAA-rated infrastructure credit guarantee firm, and is expected to generate over 500 direct and 2,000 indirect jobs, supporting Nigeria’s sustainable economic growth.
“FCMB Capital Markets remains committed to financing projects that drive clean energy adoption and long-term economic impact,” said Ikechukwu Omeruah, Managing Director, FCMB Capital Markets Limited.
“We appreciate the trust placed in us by GLNG and the invaluable role played by InfraCredit and investors in enabling the successful conclusion of this transaction.”
As gas adoption accelerates in Nigeria, a 2022 Clarke Energy report estimates that manufacturers could save up to 30% by switching to gas from the grid and as much as 80% compared to diesel.
FCMB Capital Markets, a part of FCMB Group, has been instrumental in raising over ₦3 trillion in debt and equity capital for leading corporate organizations in Nigeria over the past five years, reinforcing its position as a key player in the country’s capital markets.
Nine leading Nigerian banks collectively generated N14.26 trillion in interest income in 2024, reflecting a 119.55% increase from N6.49 trillion in 2023.
This surge is attributed to the Central Bank of Nigeria’s Monetary Policy Committee raising benchmark interest rates to combat inflation, which reached 34.80% by the end of the year.
Among the banks, Zenith Bank recorded the highest actual income increase, while First Holdco led in percentage growth. Access Holdings, UBA, GTCO, Stanbic IBTC, FCMB Group, Fidelity Bank, and Wema Bank also reported significant gains.
However, a portion of this income was derived from non-performing loans, raising concerns about the sustainability of these earnings.
In contrast, the manufacturing sector faced operational costs of N2.5 trillion, with high interest and energy expenses straining growth. Industry leaders have called for a halt to further rate hikes, warning of potential risks to the real sector’s recovery.
This financial dynamic underscores the contrasting fortunes of Nigeria’s banking and manufacturing sectors. What are your thoughts on these developments?
In a bid to woo global capital and enhance investor’s confidence, Nigeria’s top financial leaders presented a unified front at a strategic investment forum hosted at the Nasdaq MarketSite in New York.
The event was organised by the Central Bank of Nigeria (CBN) in collaboration with Nigerian Exchange Group (NGX Group), JPMorgan, and the African Private Capital Association (AVCA).
The exclusive gathering brought together leaders from the Nigerian diaspora, global investment institutions, and corporate executives for insightful dialogue on the country’s evolving financial landscape and its readiness to attract global capital for sustainable growth.
Governor of the CBN, Olayemi Cardoso in a fireside chat with Nobel Prize-winning economist Dr. James Robinson, outlined Nigeria’s monetary policy direction, growth prospects, and efforts to deepen its financial markets.
He reaffirmed the CBN’s commitment to disciplined policy management, market-friendly reforms, and enhanced transparency to foster a stable, investor-friendly environment. Cardoso also stressed the importance of strong collaboration between regulators like the CBN and market operators such as NGX Group, describing it as critical to building a resilient financial system and mobilising long-term investments.
Temi Popoola, Group Managing Director/CEO of NGX Group, moderated an engaging discussion on how Nigeria’s reforms are repositioning the country as an increasingly attractive destination for global capital.
“Today’s dialogue marks a pivotal step in reshaping global perceptions of Nigeria’s investment story,” said Popoola. “The candid engagement between policymakers, market operators, and investors reflects the real progress Nigeria is making. NGX Group remains committed to supporting reforms that strengthen market structures, drive innovation, and accelerate economic growth.”
While investors welcomed Nigeria’s reform agenda, they emphasized that sustained confidence will require consistent FX policies, lower transaction costs, reduced regulatory friction, clearer direction on non-oil revenue reforms, an improved ease of doing business, and continued transparency in monetary and fiscal communication.
The forum ended on an optimistic note, with participants expressing strong confidence in Nigeria’s economic prospects and its potential for deeper integration into global financial markets, provided reform momentum continues.
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