E-Financial
Interswitch Group Unveils Coordinated Interventions Against COVID-19
Interswitch Group, one of Africa’s leading integrated payment & digital commerce players has announced a series of intervention measures as part of a coordinated effort to complement ongoing efforts from public and private sector perspectives to address the spread and mitigate the negative impact of the novel coronavirus pandemic in Nigeria.
Inspired to make a difference as far as playing their part in fighting the scourge, employees of the company have rallied together to voluntarily contribute various amounts from their compensation, raising a total of 75 million Naira in an employee-led effort, which the company has supplemented with the sum of N230 million, thereby bringing the funds raised towards the organization’s COVID-19 response effort to a grand total of N305 million Naira.
This is coming on the heels of concerted efforts by good-spirited individuals and corporate organisations to support the Federal and State governments in combating the COVID-19 pandemic.
This intervention fund from the Interswitch Group and its employees is being deployed to provide support to Federal & State Governments, as well as some selected private sector-led initiatives.
The primary focus of the fund is supporting the creation and equipment of isolation centres, purchasing COVID-19 Test kits, providing personal protective gear and related support to frontline heath workers and to setting up foodbanks to cater to under-privileged communities in Lagos.
Execution has commenced with Interswitch’s Verve Brand, which has sealed a partnership with the Lagos State Feeding Program to provide raw material food items for poor & vulnerable communities in Lagos. Interswitch also supported The Young President’s Association (YPO) and the Lagos State government in setting up the already functional Eti-Osa isolation centre in Lagos.
The fund has also supported the Delta State Government by providing tropicalized ultra-low temperature (ULT) laboratory refrigerators that will be used for the storage of reagents and other laboratory consumables and COVID-19 test samples pending when they will be transported to the designated COVID-19 Testing Laboratory in Irrua, Edo State.
The company is finalizing discussions with states including Edo, Enugu, Kaduna, Ogun and Oyo with a view to providing test kits and personal protective equipment (PPE) for frontline health workers in these states.
Furthermore, by way of providing free technology for the use of governments and healthcare authorities, Interswitch has leveraged its core capabilities as a technology company and systems integrator, manifested through the initiative of eClat Healthcare, Interswitch’s health-tech subsidiary company, in building out a user-friendly, locally-nuanced software application which is useful for members of the public as a first-line intervention for the assessment of risk and pre-disposition to the novel Coronavirus infection.
The software platform analyses users’ information provided from answers to a series of questions around risk factors, recent exposure, observed symptoms, health and travel history.
From an epidemiological mapping perspective, the application also offers insight-based analytics, based on its capabilities to track and aggregate insights into geographical heat-maps which highlight areas in which pre-disposition is deemed to be higher, to optimize decisioning and ultimately enable prioritization of interventions, a key value proposition to public healthcare authorities.
This initiative essentially serves to provide guided and up-to-date information on COVID-19, reduce panic, lower gross footfall to medical facilities, being a first-line checkpoint and ultimately reduce risk of exposure to health workers on the frontlines of fighting the pandemic.
Designed with an interactive interface, the solution facilitates further virtual consultation for infected persons, meaning infected persons can stay in their homes and access consultation as to whether their symptoms give cause for alarm or not.
The eClat Health-tech solution supporting State Governments’ response to COVID-19 has been implemented in 20 states across the country.
It is currently in use in Lagos State’s Eti-Osa isolation centre, and in Edo, Ogun and Oyo States, while it has been implemented and is set to go live in Delta, Kaduna, Bayelsa, Yobe and Jigawa States, where healthcare personnel have also been trained in readiness to go-live. The system has been primed for the other states which are at various stages of implementation, training and approval to go live. These are Kano, Katsina, Rivers, Abia, Enugu, Anambra, Ebonyi, Akwa Ibom and Imo States.
Also by way of exploring collaborative private-sector led initiatives to complement the drive of Federal & State Governments as well as public health authorities to mitigate the spread of the pandemic, Interswitch will leverage its existing partnership with players such as PAX Technology (a leading international provider of Point-of-Sale payment terminals) to provide essential medical consumables and supplies such as N95 facial masks and thermometers as part of the quest to contain the COVID-19 pandemic in Nigeria.
Interswitch has also expressed a commitment to leveraging its creative capabilities, social and digital media assets to roll out awareness and sensitization campaigns to propagate WHO-approved messaging & information on COVID-19, under the umbrella platform of #FlattenTheCov.
Commenting on the essence of these interventions, Mitchell Elegbe, Founder and Group Chief Executive Officer at Interswitch opined that;
“These interventions sit well within the context of our corporate mission; to create transaction solutions that enable individuals and communities prosper across Africa.
“Our efforts are underpinned by the realization that this pandemic, if left unchecked is a potent threat to interactions which facilitate entrepreneurship and commerce, without which inclusive prosperity will remain a pipe dream.
It is our desire and earnest hope that these initiatives, aggregated with the goodwill and committed efforts of many other like-minded corporate entities and well-meaning individuals who have rallied to this noble cause would significantly contribute to the flattening of the COVID-19 infection curve in Nigeria, which remains one of Africa’s most important economic hubs”.
By virtue of the alliance with technology providers such as PAX, Interswitch has also underscored commitment by the partners to promote the adoption of contactless point-of-sale payment solutions across the West Africa market.
Contactless payment solutions include payments with contactless-enabled credit and debit cards, as well as QR codes, underscored by the realization that the widespread adoption of contactless payment solutions have greater propensity to better mitigate the spread of COVID-19.
In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.
This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.
Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs.
“This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”
The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.
“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.
He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.
This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.
Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production.
This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.
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.
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has launched a new feature called Advance Top-Up on its USSD banking platform *919#, which is designed to provide instant access to airtime and data for its customers especially when they are out of call credit or disconnected from the internet.
The new feature which was unveiled at the UBA head office in Marina recently, allows customers to borrow airtime or data directly from their mobile devices, offering a fast, dependable solution.
Shamsideen Fashola, group head, Retail and Digital Banking, UBA, who spoke during the official launch, described the feature as a timely addition to the bank’s digital offerings and a testament to the its customer-first approach.
“At UBA, we are constantly looking for ways to make banking and everyday services more accessible for our customers. With the launch of Advance Top-Up on our USSD platform, *919#, we are giving our customers the power to stay connected without interruption, regardless of time, location, or airtime balance,” Shamsideen said.
UBA’s Advance Top-Up which is now live on *919#, joins a wide range of services on the platform, which include airtime and data purchases, money transfers to UBA and other banks, account balance checks, card blocking and freezing, online transaction controls, bill payments, and more.
Fashola emphasised the simplicity and convenience of the solution, adding that “You don’t need to download an app or visit a data centre. Just dial *919#, follow the prompt, and you’re immediately connected. It’s simple, fast, and reliable.”
Alero Ladipo, Bank’s Group Head, Marketing and Corporate Communication, added that the feature was developed based on real feedback from customers and their evolving needs.
“Our users asked for a way to stay connected when they have no airtime, and as always, we have come up with a quick solution, right there on their phones, instantly, with no fuss, and no need for internet connectivity. Whether for emergency communications or business continuity, *919# puts instant connectivity in every customer’s hands,” she explained.
She explained that only recently, the bank unveiled its newly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empower small and Medium Scale Enterprises across Africa.
Economic and Financial Crimes Commission (EFCC) has said that it has uncovered a series of cyberattacks targeting Nigerian banks, with six financial institutions falling victim to highly coordinated hacking efforts by cybercriminals.
Ola Olukoyede, chairman, EFCC
Ola Olukoyede, chairman, EFCC who disclosed this during an interview posted by TVC, asserted that the anti-graft agency has recovered billions of naira and launched a robust investigation into insider collusion fueling the fraud.
He stated that the attacks were not isolated incidents but part of a sophisticated operation involving both local and international actors.
Olukoyede confirmed that ₦9.7 billion, ₦6.7 billion, and ₦3.7 billion were successfully recovered in three separate cases, preventing what could have been catastrophic losses for the affected banks.
He lamented that the methods employed by the criminals are alarming, noting that they use specialised devices.
The perpetrators, often in collaboration with insiders within the banks, gain unauthorised access to internal banking platforms.
The EFCC boss added that once access is granted, an external accomplice—frequently operating from overseas locations such as Eastern Europe or the United States—takes over the bank’s systems remotely.
He highlighted that what makes these operations especially dangerous is the active participation of bank staff.
According to him, in all the cases investigated, the EFCC has found strong evidence of insider collusion, prompting the agency to call on bank executives to audit their internal processes and personnel.
He said, “One major crisis we may face in the near future—if we don’t act decisively, which we are already doing—is the escalating issue of bank fraud.
“As I speak to you now, about six banks have been hacked by young individuals. I won’t mention their names to protect their image. In one case, we were able to recover about ₦9.7 billion for a major bank.
In another, we recovered about ₦6.7 billion, and in a third case, ₦3.7 billion was saved. This is the kind of work we are currently doing.
“Here’s how the fraud typically happens: the perpetrators use a device which they connect to the bank’s system—often with the help of insiders, particularly some bank staff. Once this device is connected, a collaborator outside Nigeria—whether in Eastern Europe, America, or elsewhere—can remotely control the bank’s platform.
“Just like a bank officer can transfer funds in and out of an account, these criminals can also move billions of naira within seconds.
“They often distribute the stolen money across multiple customer accounts, gain back-end access to these accounts, and then move the funds into digital wallets or through POS terminals, withdraw the cash, and vanish.
“The alarming part is that many banks remain vulnerable to these attacks. However, it’s important to emphasize that these fraudulent activities are not the fault of the banks themselves, but rather of some complicit staff members.
“In every single case we’ve investigated, there has been clear evidence of insider involvement. That is why we have urged bank executives to look inward. These attacks cannot be successfully carried out without the active connivance of their staff.
“This issue has drawn our full attention at the EFCC. We are working tirelessly to combat it. However, because of the potential impact on public confidence and economic stability, we are deliberately not making too much noise about it. We do not want to trigger panic or a rush to withdraw funds.”
“Nonetheless, rest assured that we are on top of the situation,” he stated.
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