E-Financial
Fidelity Bank Prioritises Host Community’s Health, Wellbeing with Laudable CSR Initiatives

Excellent healthcare indisputably ranks high on the list of important requirements for sustained human existence and various nations are prioritising the provision of adequate healthcare for their citizens.
In fact, the United Nations succinctly captures this in its Sustainable Development Goal 3 with the objective to Ensure healthy lives and promote well-being for all at all ages.
Due to several factors however, Nigeria has consistently fallen behind on key indices for measuring progress on this all-important goal. For instance, 814 pregnant women lose their lives per 100,000 live births in the country with Nigeria (and India) accounting for about 34% of global maternal deaths.
Also, about 57 babies are lost to the cold hands of death for 1,000 live births in the country. These are startling statistics and an urgent call for attention to the nation’s ailing healthcare sector.
Keen to contribute its quota towards addressing this worrying development, foremost banking institution -Fidelity Bank Plc -is providing succor for vulnerable members of the populace through its extensive, life-changing Corporate Social Responsibility (CSR) campaigns specifically in the area of upgrading healthcare centres in various communities in the past few months.
For instance, through its Fidelity Helping Hands Programme (FHHP), the tier two lender completed the renovation of the Ugwuike Health Centre – a primary health care centre in Iwollo, Ezeagu Local Government Area of Enugu State -in April 2021.
The bank renovated the wards and other critical facilities at the health care centre in addition to donating items such as beds, delivery couches, drug preservation equipment, electrical fittings, amongst others.
A similar gesture was replicated at Onikan Health Centre in Lagos, where the Bank through the FHHP renovated the centre’s maternity wards and other buildings by providing floor tiles, plumbing work, medical equipment and other items, as well as repairing old and faulty air conditioners in addition to building a nurse’s workstation.
Shedding light on the bank’s intervention in the health space, Chief Executive Officer, Mrs. Nneka Onyeali-Ikpe said, “There is no gainsaying our healthcare system is in urgent need of support as anyone who has had cause to visit any of our primary healthcare facilities would attest to this.
“While we are given to delivering impeccable financial performance, as a responsible corporate organisation we are also mindful of the wellbeing and health of our host communities.
“We have therefore taken it upon ourselves as an institution to help with improving the state of healthcare facilities through our Fidelity Helping Hands Programme in true reflection of the age-old adage that health is wealth.”
In a nation with a burgeoning youth population (at least 46 percent of Nigerians are children under the age of 15years), it is saddening to note that a large percentage of these children are homeless.
Presently, over 8 million orphaned children exist in Nigeria, many of whom live in unsafe places such as beneath bridges, at railway stations and markets. A related statistics show that over 10 million Nigerian children are out of school despite being of legal school age. Orphanages offer some of these children the chance for a better life.
To show support for children living in such conditions, Fidelity Bank took its CSR initiatives a step further with a celebration of children at the Heritage Home Orphanage in Lagos in May 2021.
At the event, which will forever be etched in the children’s positive memories, inductees of the bank’s Experienced Hire programme donated several food items and domestic materials to assist the orphanage in caring for them.
To address the challenges facing the nation’s health sector, well-meaning organisations will need to play an active role in supporting the sector through compassionate interventions as it is being demonstrated by Fidelity Bank. Only then will the terrifying infant and maternal mortality statistics mentioned at the beginning of this article become a thing of the past.
E-Financial
Kuda Unveils New Wallet for Multiple Currencies

As the first currency supported by the functionality, Kuda launched an update for its app that allows users to send, receive, hold, and convert USD directly.

Babs Ogundeyi, MD, Kuda
The action comes in response to growing consumer demand for currency-neutral spending, savings, and income management.
As part of its expansion strategy, digital bank Kuda has introduced a multicurrency wallet to assist Africans who live, work, and travel internationally.
Users may keep, fund, and convert between five main currencies—the US dollar, British pound, euro, Nigerian naira, and Canadian dollar—all within a single wallet on the Kuda app with this application, which is still undergoing testing.
“The new wallet is designed to simplify the fragmented experience Africans face when managing money across different countries and currencies,” said Nosa Oyegun, senior vice president, Business Banking, Kuda, during a media parley in Lagos.
“People no longer reside in a single nation. Due to their global reach, Africans should be able to transfer their money with ease, Oyegun stated.
He claims that eligible customers outside of Nigeria may already access the wallet on Android smartphones, and an iOS deployment is planned.
He clarified that Kuda purposefully decided against developing a distinct wallet app.
Customers will be able to log in as normal, open foreign currency balances, convert money when needed, and send or spend money without switching platforms because it will be integrated into the core Kuda experience.
More than N100 billion entered Kuda accounts from LemFi in 2024 alone.
“This wallet is just our first step in acknowledging and supporting the fact that our customers are already living this cross-border reality,” Oyegun stated.
Kuda wants to give people a smooth financial tool that suits their lifestyle, not only currency exchange.
By removing the bottlenecks involved in the need to switch between various apps or financial services, the wallet will enable users from overseas to send money home, exchange currencies, and continue spending from the same account when they visit Nigeria.
Oyegun emphasized throughout the event that the wallet also takes client retention into account.
Kuda plans to keep helping people who move overseas as they adjust to life in other nations rather than losing them.
He further claimed that these users had not churned. “They simply switched nations. We wish to continue servicing them.
Kuda is now one of many African fintech companies developing products for cross-border use cases as a result of the move.
Oyegun pointed out that Kuda’s goal is to become a financial partner for Africans wherever they may be, going beyond simply exchanging currencies.
The bank’s growth trajectory is reflected in Kuda’s first-quarter 2025 performance, which was disclosed during the briefing. Customer confidence in the company’s digital-first strategy was strengthened when it recorded N453 billion in savings deposits and processed N8.4 trillion in total transaction volume.
With the new feature being introduced on the app, Kuda Microfinance Bank hopes to assist online business owners, freelancers, and remote workers who make money in USD with the recently added feature, which is currently undergoing testing.
Users can choose to accept USD payments directly or convert naira into USD using the Spend tab.
In the near future, GBP and EUR will be recognized as alternative currencies, according to the financial institution.
Additionally, in Nigeria, where inflation is severe, having USD on hand might be advantageous and convenient for people.
More Nigerians have recently begun to use digital platforms to improve the stability of their financial status.
For the majority of them, managing multiple currencies—whether via remote work, cryptocurrency, or international trade—has become the standard. Kuda Bank aims to meet these demands and grow its business to meet the demands of the market.
The financial institution’s continued dedication to providing solutions that give its users the best possible experience which is demonstrated by the multicurrency wallet feature.
Speaking about the project, Kuda representatives emphasized that the new wallet was created to make it easier for Africans to manage their money across various nations and currencies.
Customers can log in as normal, open foreign currency balances, convert funds, and spend or send money without switching platforms thanks to the integration of this feature within Kuda.
Along with currency conversion, Kuda plans to provide a financial tool that eliminates the need for users to switch between apps or financial services by enabling users from other countries to send money to Nigeria, convert currencies, and spend from the same account when they visit.
E-Financial
Reps Investigate 25 Insurance Firms for Financial Infractions

The House of Representatives has launched an investigation into 25 insurance companies over alleged financial infractions that have reportedly led to the loss of hundreds of billions of naira in government revenue.
Chairman of the House Sub-Committee on Capital Market and Institutions, Hon. Kwamoti Laori, made the disclosure on Monday during a meeting with representatives of the affected companies at the National Assembly Complex in Abuja.
Laori said the probe was prompted by petitions accusing the companies of violating statutory provisions in their operations, thereby shortchanging the federal government.
“This committee is saddled with the responsibility of addressing a petition based on infractions by these insurance companies regarding their operations and non-compliance with certain statutory provisions,” he said.
“These infractions have led to the federal government losing hundreds of billions of naira in revenue. That is why the companies were invited—to either confirm or refute the liabilities ascribed to them.”
According to the lawmaker, each of the 25 companies had been formally notified of their respective liabilities and summoned to explain their financial dealings.
“The essence of this engagement is to ensure that what is due to the federal government from these private entities is fully remitted,” Laori added.
He emphasized that it is within the constitutional mandate of the National Assembly to track government revenue and block leakages, particularly in sectors involving private sector collaboration.
The committee also frowned at some of the companies’ attempt to stall the investigation by resorting to legal action.
“Some of the companies have gone to court and served the House with court processes. It is now up to us and the House leadership to examine those court papers,” Laori said. “If the court action does not affect the core of our mandate, we will proceed. If it does, we’ll await the court’s decision.”
He criticized what he described as a strategy aimed at obstructing parliamentary oversight.
“Going to court appears to be a deliberate attempt to throw a spanner in the works of the National Assembly,” he stated.
Laori also expressed dissatisfaction with the failure of some company heads to appear in person, instead sending representatives who were unable to respond to critical questions.
“We have insisted that Chief Operating Officers (COOs) must appear in person. One of the COOs sent someone who couldn’t answer any of the allegations—this is unacceptable,” he said. “It is the same people that will later accuse the National Assembly of not doing its job.”
The committee chairman did not spare the industry’s regulator—the National Insurance Commission (NAICOM)—which he accused of negligence.
“NAICOM has a supervisory role, and if they were doing their job effectively, we wouldn’t be here conducting this investigation. They need to sit up,” Laori said.
Meanwhile, 17 of the companies currently in court sent a legal representative, Mr. Abimbola Kayode, to the hearing on Monday.
E-Financial
Naira Slides Again, Hits ₦1,532.34/$ Despite CBN’s Dollar Push

The naira closed the past week weaker than the previous one, as it depreciated by 0.14 per cent week-on-week to settle at 1,532.34/$ at the Nigerian Foreign Exchange Market.
This weakening came despite the naira rebounding to a four-month high on the first trading day to close at 1,518.88/$. After that, it weakened to 1,530.25/$, then lower to 1,533.11/$ before gaining some strength to close the week at 1,532.34/$ at the official market.
During the past week, the highest amount that the naira traded for was 1,538/$, and the lowest was 1,515/$ on the NFEM.
At the parallel market, the currency closed trading within the band of 1,535.00/$ and 1,544.00/$1.
Analysts have maintained that the intervention of the Central Bank of Nigeria and improvement in the foreign exchange liquidity were essential to stabilising the naira at the FX market.
Cowry Assets Management Limited, in its weekly market report, averred that the naira had recorded mixed trading across the markets as it appreciated slightly by 0.06 per cent week-on-week to close at 1,544.00/$1 at the parallel market while closing in the red zone at the official market.
“The divergent movements reflect ongoing supply-demand imbalances and the evolving FX liquidity landscape,” stated the analysts, who, however, maintained that the naira looks to record further gains as improved oil output and elevated prices drive higher dollar inflows, which could sustain the current pace of reserve accretion.
“The positive oil earnings outlook, combined with steady capital inflows, should offer continued support for the naira and enhance near-term FX market stability,” the report added.
Recent data from the Nigerian Upstream Petroleum Regulatory Commission shows that the average daily crude oil production (excluding condensates) rose by 3.6 per cent to 1.51 million barrels per day in June 2025 from 1.45 mbpd in May. This marks the first time in five months that Nigeria has met its OPEC production quota, reflecting improvements in operational efficiencies and security around key oil-producing assets.
AIICO Capital Limited, in its weekly report, noted that the CBN had intervened intermittently in the FX market in the past week.
It stated, “Dollar sales early and late in the week helped maintain relative stability. The naira closed at 1,532.34/$, down 13.6 bps w/w. Reserves rose by $422m to $37.85bn” as of Thursday from $37.43bn in the previous week.
It is expected that the naira will likely hold its current range amid better liquidity, while markets weigh potential FX impacts from the Monetary Policy Committee’s decision starting Monday (today).
Analysts are split on what the decision of the MPC should be regarding the benchmark. On one side, doves are calling for a modest rate cut, pointing to cooling inflation, a more stable naira, and signs of reform traction. On the other hand, hawks are warning that premature easing could undo all the gains of FX reforms and decelerating inflation, especially with food supply shocks and global risk still very much in the picture.
“For now, traders are positioning around the edges, but the real signal will come from the tone of the communique,” Comercio Partners asserted.
- Telecom2 days ago
MTN Nigeria Rewards 1,500+ Winners with ₦290m in Mega Billion Promo
- E-Financial2 days ago
Naira Slides Again, Hits ₦1,532.34/$ Despite CBN’s Dollar Push
- E-Business2 days ago
Microsoft Server Hack Likely Solo Actor, Thousands at Risk
- Telecom2 days ago
MENXTT Tech NG Debuts USA-Spec Devices and Redefines IT Retail in Nigeria
- E-Business2 days ago
Flaw in Microsoft SharePoint Sparks Global Cybersecurity Concern
- E-Financial2 days ago
Fidelity Bank to Empower 100 SMEs Across Nigeria with Digital Tools
- E-Financial2 days ago
Reps Investigate 25 Insurance Firms for Financial Infractions
- Telecom2 days ago
MTN, MTV Base Launch “Room of Safety” Series to Promote Online Child Safety