E-Financial
Grow Your Business and Make More Money with PalmPay

In today’s world of e-commerce, the right financial tool can gravitate from the more technical accounting software and payroll management tool to the less complicated but secure digital payment platform and Point of Sales (POS) machine.
Big on secure digital payments, leading fintech platform PalmPay offers digital financial tools such as PalmPay Business app and Point of Sales (POS) machines for business owners to collect payments from customers and help grow their sales and increase profit.
As of 2023, PalmPay’s cashless payment ecosystem processed up to 15 million daily transactions and $6 billion monthly transaction value, earning it one of the highest retention rates in the market, with 75% of users returning every month to transact.
More than 40 million people, representing 1 in 5 Nigerians, trust PalmPay’s network to shop and pay for utilities monthly. This number represents the number of people who have accessed PalmPay services through its secure and seamless smartphone apps or merchant and agent networks.
PalmPay POS
One challenge faced by business owners before the coming of fintech platforms was the lack of more options to receive payments. With fintech apps or POS machines, businesses can now effortlessly receive payments.
Since launching in Nigeria in 2019 under a Mobile Money Operator (MMO) license, PalmPay has grown to over 30 million users and 1.1 million businesses, including 600,000 merchants and 500,000 agents, as part of its cashless payment ecosystem.
The PalmPay POS is fully certified by the Central Bank of Nigeria (CBN) and Nigeria Inter-Bank Settlement System (NIBSS) and supported by private organizations in Nigeria’s financial industry to receive payments from customers.
The over 600,000 merchants using the PalmPay POS experience an impressive 99.5% success rate and enjoy loads of other financial benefits on daily transactions.
PalmPay App
The PalmPay app is the jewel in the crown of digital payment platforms for business owners in Nigeria. The PalmPay app held the top spot on the Nigerian Google Play download chart as the most downloaded finance app for a long time.
One thing that makes PalmPay attractive is its reward system. Both business owners and their transacting customers get rewarded using the PalmPay app. Each time your customers make payments, they get discounts and cashback.
Customers enjoy cashback when they use the ‘Pay to Shop’ feature on the PalmPay app. With the PalmPay ‘Pay With Transfer,’ customers can experience a better way to shop and pay in-store by earning exclusive cashback.
Buyers using the PalmPay app can pay via the ‘Pay Shop’ feature to a network of over 500,000 shops, restaurants, and street vendors who accept the ‘Pay with Transfer’ and earn up to N500 cashback daily when paying the merchants.
Businesses or merchants of all sizes can display or paste the PalmPay Brand Mark Poster with their Merchant Account and accept payment from any Nigerian bank with the PalmPay app with no additional fee for any hardware.
Also, customers who make payments for purchases to traditional bank accounts of businesses through the PalmPay app enjoy discounts and cashback.
Why Use PalmPay?
As a small business owner, deciding to use PalmPay has its benefits. One is its reliable network. As the industry’s leading, reliable and seamless fintech platform, 99.5% of transactions are successful on the PalmPay app.
Then there are discounts. Unlike other competing fintech platforms, PalmPay offers its users several exciting discount packages and bonuses whenever they transact with the app, including 90 free monthly transfers to other banks.
How to Get Started
Entrepreneurs looking to get POS machines to receive payments for their business can fill out the application form with their personal and business details, including their name, address, phone number, and email address, and submit it for approval.
Are you interested in becoming a merchant? Download the PalmPay Business app from the Google Play store and join the thousands of businesses on the platform.
In the world of unending bank charges, PalmPay is an oasis in the desert. So, yes, turn your small business’s New Year resolution of “No gree for anybody” into a challenge on how to grow your business and earn more money.
E-Financial
EFCC Drags Cititrust to Court over Unreported ₦200mTransfers

Federal High Court in Lagos has fixed July 1, 2025, for the commencement of trial in a money laundering case involving Cititrust Holdings PLC and three of its subsidiaries.
The subsidiaries are Cititrust Funding PLC, Cititrust Credit Limited and Cititrust Financial Services Limited,
The companies are facing an eight-count charge filed by a team of prosecutors from the Economic and Financial Crimes Commission (EFCC), comprising Anasoh Henry Onyekachi, Frankklin Ofoma, Abdulhamid Lamido Tukur, and A.A. Usman.
According to the charge, between 2021 and 2023, the companies, all incorporated in Nigeria, allegedly operated investment management services without a valid licence from the Central Bank of Nigeria (CBN).
This act contravenes Section 57 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and is punishable under Section 57(5) of the same legislation.
The prosecution also alleged that the companies conducted a Collective Investment Scheme without registering with the Securities and Exchange Commission (SEC), another violation of regulatory requirements.
In one of the counts, Cititrust Credit Limited is specifically accused of failing to report high-value financial transactions to the Nigerian Financial Intelligence Unit (NFIU).
These transactions include a N20 million transfer on January 7, 2021; a N200 million transfer on April 4, 2021; and a N200 million lodgement on January 29, 2021.
Additionally, both Cititrust Credit Limited and Cititrust Financial Services Limited are alleged to have made a single transfer and lodgement respectively of N42 million into their bank accounts on January 29, 2021, without proper disclosure to relevant authorities.
The alleged offences are in breach of Sections 11(1)(b) and 11(3) of the Money Laundering (Prohibition) Act 2022, as well as Section 54(1) of the Investment and Securities Act 2007, and are punishable under the respective laws.
The court is expected to begin full proceedings on July 1.
E-Financial
S&P Global Ratings Downgrades Ecobank Nigeria’s Credit Rating to CCC-, Outlook Negative

Ecobank Nigeria’s long-term issuer credit rating has been downgraded to ‘CCC-’ from CCC, with the outlook placed at negative by S&P Global Ratings. This is a resultant effect of the $150 million bond buyback offer on the bank’s $300 million Senior Unsecured Eurobond.
Part of the tender offer made by Ecobank includes an early tender premium of $12.50 for every $1,000 in principal (equivalent to 1.25%), with the anticipated settlement date set for July 8, 2025. The offer also requests bondholders’ consent to eliminate the capital adequacy covenant on the outstanding notes.
These actions also led S&P to downgrade the $300 million Eurobond from ‘CCC’ to ‘CCC-’. Although S&P notes that it does not consider the tender offer a distressed debt restructuring.
However, this assessment is at risk of changing if the bank does not receive the promised capital injection from the parent group, Ecobank Transnational Incorporated (ETI).
Following the naira devaluation, Ecobank was unable to meet the regulatory Capital Adequacy Ratio (CAR) requirement, as its CAR dropped to 7 per cent. This was below the 10 percent regulatory minimum. The breach of the CAR caused the bank to seek the consent of its bondholders to pause the capital adequacy notes on the Eurobond notes till September 2025.
Following this development, the bank received a $50 million prepayment on promissory notes from its parent company, ETI, along with early repayments on certain foreign currency loans. However, it has been insufficient in restoring the capital adequacy to regulatory levels.
According to S&P, the bank is expected to receive another $50 million capital injection from its parent group before August 2025. However, the ratings agency notes that if the bank is unable to receive this capital injection, it will inevitably default on its bonds. A situation that would cause a further downgrade to ‘CC’.
It was recommended that Ecobank Nigeria consider raising $150 million through additional Tier-1 instruments to strengthen its liquidity buffers. Additionally, the bank was advised to intensify efforts to recover its foreign currency-denominated loans.
E-Financial
Fidelity Bank Uplifts Old People’s Home with Essential Items Donation

Fidelity Bank Plc, leading financial institution has reaffirmed its commitment to corporate social responsibility with the donation of food and essential items to the Old People’s Home in Yaba, Lagos.
The donation was made possible through the generosity of the bank’s Nexus Inductees Class, under its Corporate Social Responsibility initiative known as the Fidelity Helping Hands Programme (FHHP).
Through the FHHP, staff across Fidelity Bank branches nationwide identify crucial interventions needed in their immediate community and raise funds to execute them. The bank’s management then matches this contribution with an equal amount and disburses it for the selected project.
Commenting on the donation, Divisional Head, Brand and Communications, Fidelity Bank Plc, Dr Meksley Nwagboh, emphasized the bank’s unwavering commitment to impacting its host communities positively noting that the community is an essential part of the bank success story.
“Today’s donation is a token of our appreciation for our incredible parents and guardians who have raised outstanding individuals that trust us with their banking needs.
“Our donation to the Old People’s Home reflects our deep commitment to supporting the well-being and dignity of our senior citizens.
“We are honored to contribute to a cause that ensures they receive the care, comfort, and respect they deserve.” Nwagboh stated.
Appreciating the gesture from the bank, the Director-in-Charge of the Home in Yaba, Adetutu Ipaye, said “Community support initiatives such as this from Fidelity Bank is vital to sustaining our mission and enhancing the quality of life for the elderly.
“We urge other organizations to follow in the Bank’s footsteps as this kind of support will go a long way to ensure that the elderly live with dignity and comfort”.
One of the beneficiaries from the home, Mr. Kamoru Adeyetu noted that, “Your presence today has brought us immense joy, and our greatest happiness lies in seeing the younger generation thrive. Beyond the gifts, your visit means the world to us and please remember to visit us regularly.”
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.
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