E-Financial
First Bank Lauds OAU’s ‘Vigitab’ e-Learning Model
First Bank said it believes teaching and learning conducted through electronic media, such as laptops, tablet devices and mobile phones, typically via the internet is gradually gaining inroads into Nigeria’s tertiary institutions with improved technology, a development which worth huge investment and necessary to boost the country’s system of education.
For instance, the Centre for Distance Learning, Obafemi Awolowo University (OAU) recently partnered with EduTech Software Solution, an indigenous education software technology company, and Huwaei also ICT solution provider- on solutions that will increase its student base drastically and give 50,000 people annually the opportunity to receive certified undergraduate and postgraduate degrees from the university.
This pact gave birth to “Vigitab” a customized tablet device with eLearning management solution that allows students to receive lectures, upload and download assignments, relate with peers and lecturers, participate in group discussions and have access to endless books online anywhere they are in the country using the device.
According to the some financial and education stakeholders at the official presentation of device in Lagos, the millions of dollars that might be invested into the project is worth it acknowledging that leveraging on ICT latest innovations with broadband internet will drive development and growth in education in Nigeria.
Bisi Onasanya, chief executive officer, First Bank Nigeria, though represented, believes that “e-commerce evolution in Nigeria is a reality and it is equally noteworthy to know that the educational system in the country is also leveraging on technology solution to combat challenging to get access to university education. So I think invest on the project is worth it and the solution will be impacting.”
Speaking earlier, Prof. Bamitale Omole, vice chancellor of OAU, said that “The Nigerian Universities Commission (NUC) has approved its eLearning study program for some selected degree courses which contents can be streamed live over broadband internet or recorded for later online or offline access using the Vigitab introduced into the distance learning program”.
According to the Vice Chancellor, each student will be required to acquire the customized tablet from which their course materials are handed over to them. Their lectures will be received both in online and offline mode.
Prof Essor Omole who was optimistic that by 2015 more degrees and some M.Sc study programes will also be approved for eLearning scheme, a digital recording studio was built so that lecturers could conveniently record their lecture which was uploaded on the devices.
He explained that “The tablet was designed such that it can automatically connect to the school’s Centre for Distance Learning e-learning portal to download lectures and update student status based on level of classes attended, forums and assignments.”
“The mission of OAU online and the ‘Vigitab’ solution is to develop and provide through emerging network technologies, responsive and quality distance leaning opportunities that meet diverse local, national and global needs,” he said.
Prof Omole further noted that “The eLearning program is guided by the NUC’s policies within the frame work of the university general regulations governing admission for higher education, saying that” he explained.
According to Professor Olabode Asubiojo, OAU director, Centre for Distance Learning (OAUCDL) students on this platform will be taught by the same lecturers teaching the on-campus students and that all admission processes are online.
Olabode who spell out that “B.Sc degree programs for Accounting, Economics Education, Social Studies Education and Nursing was approved” said practical sessions and examinations will be taking on campus.
He reiterated that “The same core lecturers and Professors teaching in the traditional environment have provided their courses content and lectures in form of videos for the eLearning environment.
On her part, Professor Abiola Awosika, general manager, Edutech Business Solution, explained that the device was built to suit Nigerian environment saying that will help to overcome the twin problems of internet access and power supply.
She said “The tablet battery has a nine-hour capacity thus minimizing the problem of power outages. Connectivity will not be an issue for the student as the Tablet comes with its own network for which the subscription is renewed with every session’s registration.
“The classes are designed in such a way that the bandwidth needed is not too large and does not take too much time for it to be downloaded unto computers and other devices. Lectures (notes and video) and assignments downloaded can be viewed offline at student’s own time, and assignments submitted as requested by instructors”.
E-Financial
Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’
Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.
The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.
According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.
Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said, “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders.
Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”
One of the key drivers of the improved rating is the bank’s robust capitalization. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The agency also noted that further capital raising efforts are expected to position the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.
Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. The bank’s balance sheet is reinforced by a high proportion of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.
The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate of 12%.
It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.
Despite the impressive growth, the report highlights systemic inefficiencies.
“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.
However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.
In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.
Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.
The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.
According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.
“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.
Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.
The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.
“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.
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