E-Financial
Lagos Automates Process of Issuing Money Lending Licenses
Lagos State Ministry of Home Affairs has said that the State Government has started the procedure of automating the processing of money-lending licenses, revealing that since the commencement of the process a few months ago, it has received 207 applications out of which approvals were granted for 184 applicants.
Gov. Babajide Sanwo-Olu
Prince Anofiu Elegushi, commissioner for Home Affairs, who disclosed this at a Ministerial Press Briefing commemorating the first year in office of Mr. Babajide Sanwo-Olu at JJT Park, Alausa, Ikeja, explained that the decision to automate the process of money-lending licenses in the State was to ensure a hitch-free renewal and fresh applications by prospective applicants.
Elegushi reported that only one application has so far been declined by the Ministry, while 22 applications are currently being reviewed, stressing that the initiative would henceforth guarantee easy access to loan opportunities by residents of the State and ultimately provide employment for the youths.
According to him, “the initiative is cost-effective for grassroots financing and the requirements are simple and straightforward. The forms are available and the processes are very friendly. In addition, the automation of the money-lending processes would help address several issues of trust that had over time bedevilled the practitioners”.
Elegushi described the various Money Lenders across the State as mini-micro economic stimulants that create jobs, generate wealth, alleviate poverty while widening the tax net, thereby increasing the socio-economic status of the State, through the provision of enabling environment for small scale businesses and entrepreneurship.
He recalled that prior to the automation of the money lending processes, the Ministry had earlier held a Stakeholders’ Forum on the need to examine the laws guiding the activities of money lenders in the State to make members of the public have more confidence in the practitioners.
The Commissioner also acknowledged the support of the Governor Babajide Sanwo-Olu in creating an enabling environment for easy loan accessibility to the citizens, with an emphasis on pragmatic strategies for achieving positive and cost-effective results in grassroots financing, which will invariably help in achieving the T.H.E.M.E.S Agenda pillar objective of ‘Making Lagos a 21st Century Economy’.
While noting that the moneylender practitioners constitute key players in small and medium enterprises and are promoters of economic growth and prosperity of the State, Elegushi expressed the hope that other practitioners in the business of money lending would key into the initiative of the government.
He also used the occasion to make a renewed call to all money lenders operating in the State to obtain a valid license from the Ministry for smooth and legal operation of their businesses while advising borrowers to only patronise licensed money lenders.
Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8% compared to N39.5 billion in Q1 2024.
Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc
The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2% from N192.1 billion in the same period last year.
Growth in interest income was primarily led by 38.6% yoy (7.4% ytd) expansion in earning assets base, while the increase in non -interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.
Commenting on the bank’s performance, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth.
This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”
Other areas of the unaudited financial statements, equally show a marked improvement with Total Deposits growing by 11.1% ytd to N6.6tn from N5.9tn in December 2024, driven by 10.6% ytd growth in low-cost deposits to N6.1tn, which represents 92.2% of total customer deposits. Local currency deposits increased by 2.0% ytd while foreign currency deposits increased by 21.4% from $1.9bn in December 2024 to $2.3bn.
Net Loans and Advances increased by 5.0% ytd to N4.6tn. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6% from 1.5% in 2024FY.
“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.
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 unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.
In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.
According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”
The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.
Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.
He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.
According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.
Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.
He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.
International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.
However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.
“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)
“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness
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