E-Financial
FirstBank Expands African Footprint with FBNBank DR Congo
First Bank of Nigeria Limited, a subsidiary of FBN Holdings PLC and Nigeria’s most valuable bank brand hasunveiled FBNBank DR Congo, formerly registered as Banque Internationale de Credit (BIC).
In 2011, FirstBank acquired 75% equity interest in BIC and immediately reinforced it as one of the strongest banking institutions in the DRC.
Following the recent approval by Central Bank of Congo (BCC), the Banque Internationale de Credit has now become FBNBank DR Congo, a subsidiary of First Bank of Nigeria Limited. FBNBank DR Congo is strategically positioned to foster greater collaboration and provide better service for the country’s public and private sector clients, and the general public at large.
The launch further consolidates FirstBank’s position as the largest corporate and retail banking financial institution in sub-Saharan Africa (excluding South Africa) with presence in Ghana, Guinea, Gambia and Senegal as well as presence in the UK and representatives offices in Johannesburg, Paris, Abu Dhabi and Beijing, China.
The expansion represents FirstBank’s strategic objective to maintain significant market share, expand its pan-African footprint and diversify earnings while delivering value to shareholders.
With over 35 branches in DRC, FBNBank DR Congo leverages FBN’s international network, business expertise, which is part of the diversified synergies of the FBN Group to offer innovative, convenient and secure banking services to its customers and better seize the emerging opportunities of the market
Speaking on this development, Bisi Onasanya, GMD/CEO of FirstBank, said: “The launch of FBNBank DR Congo fulfills one of the critical stages of our ambition to steadily broaden and build a more diverse footprint across Africa. We are committed to developing a multi-local business model that broadens our geographic revenue base while providing enhanced service delivery to our new customers and equity participation to local investors.”
Commenting further, Cheikh-Tidiane N’Diaye, Managing Director, FBNBank DR Congo said “Having built value for Nigeria over the last 120 years, FBNBank DR Congo is poised to do even more in the DR Congo financial markets.
FBNBank DR Congo will provide customers with a bouquet of banking solutions that make their financial lives less cumbersome and stressful whilst providing a delightful service experience.
FBNBank has a history of leading the market with banking solutions that set the pace for other players in the financial landscape.
The orientation of FBNBank towards co-creation means it is constantly listening and inputting feedback received from customers in development of products and services that are relevant, N’Diaye added.
Also speaking, Folake Ani-Mumuney, Head, Marketing and Corporate Communications, enthused; “the refreshed launch of FBNBank DR Congo represents a milestone in our journey to be the largest financial services brand in Sub-Saharan Africa and since our brand is at the heart of the holistic experience we seek to deliver to our stakeholders, an essential part of retaining patronage and the competitive edge that keeps us at the coveted position of market leader.
Launching the FBNBank DR Congo is a major milestone in a wider strategic plan to expand our African footprints and as part of the drive to ensure that the group is more efficient and effective in meeting the needs of its customers as reflected in our value proposition of placing the highest priority on the needs of our customers.” As embodied by the new pay-off line, ‘You First’.
Improper Implementation to Account for 5 Percent of Card Fraud on EMV by Year End –Report
Following some high-profile data breaches in 2014, criminals have taken advantage of poor implementations of EMV chip payment applications, committing extensive fraud that defeats EMV controls for everyone in the payment card ecosystem.
In her research note “Avoid Pitfalls with Payment Card Security Technologies and PCI,” Avivah Litan, vice president and distinguished analyst at Gartner, points out some of the hidden problems with payment card security technologies and the payment card industry (PCI). By year-end 2015, at least 5 percent of card issuers will suffer fraud on EMV cards due to improper implentations, up from a handful today.
In her blog post, Ms. Litan shared some of the findings from her report. Ms. Litan said: EMV chip cards, already adopted in the rest of the world, have proven to dramatically reduce counterfeit card fraud because they are significantly harder to clone than magnetic stripe (magstripe) cards, which are still used throughout the U.S.
Nevertheless, the adoption of EMV is relatively slow and as a result, payment card network participants must prepare for at least five more years of support for EMV chip as well as magstripe protocols on a single payment card.
Card data breaches have pushed U.S. banks, card networks, mega-retailers and other payment card acceptors into more aggressively adopting two further key security technologies in addition to EMV cards – tokenization and point-to-point encryption (P2PE).
Although these three security technologies have been around for years, interest in them soared after the breaches, and many enterprises have developed much more aggressive implementation timetables than they would have otherwise.
However, in the march to rollout these enhanced security systems some vulnerabilities and conflicts have surfaced.
This calls out the need for all players in the payment ecosystem to work together on open security standards, streamlined certification processes and shared education on best implementation practices.
EMV tokens, as first implemented by Apple Pay and the payment card networks, are based on different protocols than the tokenization systems merchants use to limit the scope of PCI audits, leading to potentially conflicting token implementations.
Merchants who use their own tokenization system, and also accept Apple Pay or other EMV token payments, will end up with multiple tokens for one card number, defeating a major reason why many merchants adopted tokenization in the first place.
As far as point-to-point encryption (P2PE) is concerned, P2PE can usually be turned on within 3 months if the solution uses remote key injection and management. Physically injecting keys into each card reader in a “safe room” under its own “lock and key” obviously takes much longer.
Once deployed, P2PE can help protect all card transactions against data breaches. Retailers we regularly speak with say they will turn on EMV acceptance “later”. They rightfully view EMV as mainly helping the card brands and issuers, although when EMV becomes ubiquitous it will help everyone.
Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.
Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.
The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.
Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.
This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.
Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.
Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.
Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.
Offsetting this were write-offs and reversals that mitigated losses.
First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.
Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.
Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.
Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.
On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.
Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.
FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.
Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.
Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.
Securities and Exchange Commission (SEC) has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with Investment and Securities Act (ISA) and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
”These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
Accion Microfinance Bank has unveiled AccionMonie, a next-generation digital financial services platform aimed at empowering individuals, micro, small, and medium enterprises (MSMEs), as well as low-income households across Nigeria.
Speaking at the official launch in Abuja, Chief Executive Officer of Accion MfB, Taiwo Joda, described the introduction of AccionMonie as a significant milestone and a testament to the bank’s culture of innovation, designed to meet the evolving needs of its customers.
“At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond,” Joda said.
He added that the app provides instant access to essential services including loans, savings, and other forms of financial support.
According to Joda, AccionMonie is a strategic component of the bank’s “Always There to Lend You a Hand” campaign, which underscores its commitment to small business development and the economic upliftment of underserved households. The campaign positions Accion MfB as not only a financial institution but also a trusted partner in its customers’ journey to prosperity.
Highlighting the economic role of MSMEs in Nigeria, he noted that with an estimated 37 million MSMEs, the sector accounts for 86% of employment and contributes 48% to Nigeria’s Gross Domestic Product (GDP). However, these enterprises continue to face major challenges such as limited access to finance, inadequate infrastructure, and an unfavourable business environment.
Also speaking at the launch, the bank’s Chief Commercial Officer, Stephen Olalere, said the combination of AccionMonie and the bank’s expansive network of over 74 branches across 12 states will help bridge the gap in financial service delivery to small businesses.
“The platform’s user-friendly features are designed to simplify payments and offer vital support to businesses and individuals alike,” he said.
Paul Ehiagbonare, Chief Digital Officer of the bank, described the launch as a bold step toward digital leadership and financial empowerment.
“For us, AccionMonie reflects customer empowerment through digital tools and technologies. It offers a range of customer-focused features designed to promote financial inclusion,” he said.
One of its standout features is Save2Loan, which allows users to save between ₦50,000 and ₦250,000 over a 90-day period and become eligible for a loan worth twice their saved amount. This, Ehiagbonare explained, will help promote a savings culture while enhancing credit access.
In addition, customers can conveniently fund their AccionMonie accounts using any debit card, eliminating the need for physical visits or long queues in banking halls.
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