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E-Financial

Fidelity Bank Reaffirms Support for Digital Innovation in Africa

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L – R: Chief Innovation Officer, Africa Technology Expo, Nnaemeka Clinton; Commissioner for Innovation, Science, and Technology in Lagos State, Olatubosun Alake; Executive Director and Chief Risk Officer, Fidelity Bank Plc, Mr. Kevin Ugwuoke; and Vice President, Ventures and Ecosystem, Africa Technology Expo, Cynthia Chisom; at the 2024 Africa Technology Expo (ATE 2024) which took place over the weekend in Lagos.
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Fidelity Bank PLC, leading financial institution has restated its devotion to support the development of the African technology sector to actualize its potentials. This was revealed at the Africa Technology Expo (ATE 2024) which took place over the weekend.

L – R: Chief Innovation Officer, Africa Technology Expo, Nnaemeka Clinton; Commissioner for Innovation, Science, and Technology in Lagos State, Olatubosun Alake; Executive Director and Chief Risk Officer, Fidelity Bank Plc, Mr. Kevin Ugwuoke; and Vice President, Ventures and Ecosystem, Africa Technology Expo, Cynthia Chisom; at the 2024 Africa Technology Expo (ATE 2024) which took place over the weekend in Lagos.

Held at the Landmark Event Center, Victoria Lagos, the well-attended event provided an avenue for African businesses to display their creativity and gain opportunities in the competitive tech industry.

In her keynote speech at the event, Dr Nneka Onyeali-Ikpe,  Managing Director/Chief Executive Officer, Fidelity Bank Plc, stated that Fidelity Bank is rapidly implementing a digital-based retail-banking strategy by creating an SME business hub to facilitate networking and collaboration among startups, content creators and other digital entrepreneurs.

“At Fidelity Bank, we are convinced that Africa can be the hub of emerging technology and we encourage stakeholders to close ranks to tackle the two main constraints to start-ups tech growth, namely: lack of investment -an internal issue, and inadequate support -an external issue.

“This informs our decision to partner with SPARK Africa and other stakeholders to host the African Technology Expo -a platform for start-ups and participants to meet with investors, growth partners and network amongst leaders in the industry. We are convinced that the 2024 edition can kickstart Africa’s Digital transformation and spur growth across communities and economies. Fidelity Bank seeks to water the seeds for this Digital transformation and we are delighted to host tech start-ups aligned with this purpose”, explained Dr Onyeali-Ikpe, who was represented by the bank’s Executive Director and Chief Risk Officer, Mr. Kevin Ugwuoke.

Speaking earlier at the event, the Lagos State Governor, Babajide Sanwo-Olu, who was represented by the Commissioner for Innovation, Science, and Technology in Lagos State, Olatubosun Alake, highlighted the State’s intervention in the technology and innovation industries while acknowledging the role of tech startups in driving economic growth and social development.

On his part, the Chief Innovation Officer of the Africa Technology Expo, Nnaemeka Clinton, pointed to the commendable growth and innovation within the African tech industry in his welcome address, noting that, “From the wider tech landscape of the African continent to the busy hubs of Accra and Lagos, we have witnessed relentless innovation that is shaping our future.”

He acknowledged the challenges faced by startups, including competition and the need for more support, but stressed the resilience and potential of African tech entrepreneurs.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

GTCO to Become First Nigerian Bank to List on London Stock Exchange

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By 8 am on July 9, GTCO Holdings is set to commence trading on the London Stock Exchange.

GTCO to Become First Nigerian Bank to List on London Stock Exchange

As the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.

This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange.

The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.

On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List.

It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.

In place of the GDRs, the group will list all its ordinary shares directly.

aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List.

The shares will also begin trading on the LSE’s main market for listed securities.

According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria.

Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.

This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.

As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.

 


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E-Financial

NAICOM Issues New Licenses to SanlamAllianz Life, General Insurance

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The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja.

Olusegun Omosehin, commissioner for Insurance emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.

The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.

SanlamAllianz recently launched its operations in Nigeria, marking a significant step in the company’s Pan-African expansion.

The launch follows the merger of Sanlam and Allianz’s Nigerian operations, creating a new entity named SanlamAllianz Nigeria.

This joint venture aims to transform the Nigerian insurance landscape by offering enhanced customer experiences, innovative solutions, and improved financial inclusion.


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E-Financial

World Bank Approves Extra $65m for Nigeria’s SPESSE

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World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.

World Bank Approves Extra $65m for Nigeria’s SPESSE

The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.

The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.

The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.

This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.

The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.

Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.

This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.

In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.

Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.

These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.

Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.

In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.


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