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E-Financial

Fidelity Bank Approves 22 Kobo Dividend Per Share For FY2020

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L-R: Non- Executive Director, Fidelity Bank Plc, Alhaji Isa Inuwa; Managing Director / Chief Executive Officer, Fidelity Bank Plc, Nneka Onyeali – Ikpe; Chairman, Board of Directors, Fidelity Bank Plc, Mustapha Chike- Obi; Company Secretary, Fidelity Bank Plc, Ezinwa Unuigboje at the 33rd Annual General Meeting 2020 FYof Fidelity Bank in Lagos, recently.
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The shareholders of Fidelity Bank Plc have unanimously endorsed the payment of a cash dividend of 22 kobo per share to all Shareholders whose names appear in the Register of Members at the close of business on April 16, 2021. This translates to a dividend yield of 9.2%, making it the 4th most rewarding Bank to investors in the Nigerian Capital Market. This announcement was made at the 33rd Annual General Meeting (AGM) held in Lagos on April 30, 2021.

L-R: Non- Executive Director, Fidelity Bank Plc, Alhaji Isa Inuwa; Managing Director / Chief Executive Officer, Fidelity Bank Plc, Nneka Onyeali – Ikpe; Chairman, Board of Directors, Fidelity Bank Plc, Mustapha Chike- Obi; Company Secretary, Fidelity Bank Plc, Ezinwa Unuigboje at the 33rd Annual General Meeting 2020 FYof Fidelity Bank in Lagos, recently.

Shareholders who spoke at the event praised the Board of Directors and the management team for the 38.7 percent increase in total customer deposits, which rose from N1,225.2 billion in 2019FY to N1.699.0billion and was driven by strong double-digit growth in both local and foreign currency deposits.

Mustapha Chike-Obi, Chairman of the Board of Directors of Fidelity Bank, reassured shareholders at the AGM that the board and management of the bank would maintain the high corporate governance standard synonymous with Fidelity Bank and also ensure the bank continued in its growth trajectory in the years ahead.

“We will continue to strengthen our enterprise risk management capabilities to ensure the sustainability of our business, while modeling our governance practices to align with international best practice”, said Chike-Obi.

Mrs. Nneka Onyeali-Ikpe, Fidelity Bank CEO echoed the Chairman’s sentiments, stating that the bank’s financial performance for the period reflected the resilience of its business model in a challenging operating environment.

Mrs. Ikpe revealed that local currency deposits grew by 49.6 percent to N1,400.8 billion and constitutes 82.5 percent of total customer deposits while foreign currency deposits grew by 3.3 percent to N298.2 billion and now accounts for 17.5 percent of total deposits.

She further highlighted that the bank’s retail banking push continued to deliver impressive results as total savings deposits increased by 54.2 percent to N424.4 billion, making it the 8th consecutive year of recording double-digit growth in savings deposits. Total savings deposits now account for about 25.0 percent of total deposits, an attestation of the Bank’s increasing market share in the retail market segment.

Speaking on the strategy for the current financial year, Mrs. Onyeali-Ikpe, said, “We will continue to focus on redesigning our systems and processes to enhance service delivery, deepen our cost optimization initiatives to reduce operating expenses, and enhance our overall risk monitoring capabilities to ensure both internal and external risks are identified and mitigated. Our growth aspirations will be sustained while we continue to identify new opportunities in the new normal.

“On the back of the evolving dynamics in the economy, we will continue to increase the adoption and migration of customers to our digital platforms and increase our retail banking market share through innovative products and services”, she concluded.

The shareholders expressed their continued confidence in the Bank for its 2020 performance which saw a 50.9 percent increase in core operating profit to N44.9 billion. The share price also rallied 22.9 per cent, outperforming the Nigerian Stock Exchange (NSE) Index, which only gained 10.1 percent. According to Mrs. Onyeali-Ikpe, the Bank showed “strong resilience to the adversities the global economy witnessed in 2020”.

Speaking at the meeting, Dr Farouk Umar, President, Association for the Advancement of the Rights of Nigeria Shareholders, commended the bank for posting encouraging performance in 2020 despite the challenges of the COVID-19 pandemic.

Umar appreciated the bank for paying dividend the same day of the Annual General Meeting unlike their peers in the industry that pay dividends a day after the AGM. Also speaking, Mrs Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria, commended the bank for declaring dividend in spite of unfriendly economic environment and the COVID-19 pandemic challenges. Bakare who welcomed Mrs. Onyeali-Ikpe and Mr. Chike- Obi, urged them to sustain the growth and ensure higher dividend in the years ahead.

In compliance with the guidelines of the Corporate Affairs Commission’s (CAC), the meeting was held by proxy and had in attendance very few shareholders because of the COVID-19 precautionary measures.

Onyeali-Ikpe thanked the shareholders and the members of the Board for their continued confidence in the management team and specially appreciated Fidelity Bank customers for their patronage and loyalty.

Fidelity Bank began the year on a positive note having recorded a strong financial performance in the first quarter of 2021, posting appreciable growth in profit for the period ended March 31, 2021.

Details of the unaudited results showed that its profit before tax (PBT) grew by 53.9 per cent from N6.6 billion in the corresponding period in 2020 to N10.1 billion in the period under review. Similarly, net revenue in the period increased by 13.4 per cent from N30.3 billion in the first quarter (Q1) 2020, to N34.4 billion at the end of March 2021. The bank also recorded growth in other performance indices.

 

 

 

 

 

 


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E-Financial

Africa  Launches PAPSSCARD, First Pan-African Card Scheme

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Africa has marked a significant step towards financial independence following the launch of PAPSSCARD, the continent’s first Pan-African card scheme.

Africa  Launches PAPSSCARD, First Pan-African Card Scheme

Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank,

Unveiled on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the new card represents a major leap in Africa’s efforts to achieve financial sovereignty by building resilient and independent payment systems, easing people travel and boosting trade integration.

PAPSSCARD, a joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS), enables fast, secure, and affordable retail payments across African borders. Currently, most African card payments are routed through global systems causing increased fees and loss of data control. By processing transactions entirely within the continent, PAPSSCARD keeps value, data, and economic benefit in Africa.

Speaking at the launch,  Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank, highlighted the significance of PAPSSCARD in reclaiming Africa’s financial autonomy.

“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data. PAPSSCARD changes that. It empowers us to move money swiftly, securely, and affordably across our borders. It is a transformative step towards strengthening intra-African trade and preserving value within the continent.”

Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as a major advancement in the continent’s financial architecture, noting that it is “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.” He added that the card reflects Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.

Muzaffer Khokhar, executive chairman, Mercury, said the launch represents a milestone in Africa’s move toward financial sovereignty.

“We are proud to support a system built by Africa, for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future. The PAPSS Card will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future.”

John Bosco Sebabi, acting CEO of PAPSSCARD, added that the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals.

He said that the PAPSSCARD card would “reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.”

Commemorative cards were unveiled at the 32nd Afreximbank Annual Meetings to mark the launch of the PAPSSCARD.

This initiative was made possible by strategic partnerships with issuing banks – Bank of Kigali and I&M Bank Rwanda; Rswitch, Rwanda’s national switch – Smart Cash; and Unified Payments, ensuring its seamless acceptance throughout Nigeria.

African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD.

This initiative will significantly advance Afreximbank’s strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy.


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E-Financial

Polaris Bank Backs Ethical Journalism with Strategic Media Support

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Polaris Bank
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Polaris Bank is set to host the 2025 edition of its Annual Media Capacity Seminar on July 17, 2025, from 10:00 AM to 1:00 PM. This year’s seminar is themed: “Empowering Journalists in the Digital Age: Storytelling, Tools & Transformation”, and will feature two distinguished facilitators: Taiwo Obe, Founder and Director of Journalism Clinic, and Abayomi Adisa, a Senior Journalist with the BBC.

Now in its 11th year, Polaris Bank’s Media Capacity Seminar has grown into a flagship media education initiative supporting journalism excellence and professional development across Nigeria. Since its inception in 2015, the program has trained over 5,500 journalists, equipping them with the contemporary knowledge and tools needed to thrive in an evolving media landscape and AI era.

The 2024 edition, held in a hybrid format, recorded over 500 participants and focused on “Integrating AI Tools in Contemporary Media Practices for Innovation and Excellence.” Participants gained insights into data journalism, fact-checking, multimedia storytelling, and the responsible use of artificial intelligence in the newsroom.

Building on last year’s success, the 2025 edition will explore critical aspects of modern journalism, including digital storytelling, transformative newsroom practices, and emerging tools that can help journalists remain relevant in practice and impactful in today’s information age.

Attendance at the seminar is free, but registration is mandatory. Interested participants can still register via bit.ly/PAMC2025.

Polaris Bank remains committed to promoting responsible journalism through robust, consistent and premium media education and investing in initiatives that foster a more informed and progressive society.


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E-Financial

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

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United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

Oliver Alawuba, GMD/CEO, UBA group,

This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.

The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.

Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.

He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.

“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.

The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.

“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.

Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.

 

 

 

 

 

 


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