E-Financial
MasterCard Introduces Authentication Security Measures for Online Checkout

Mastercard has introduced a digital commerce solutions suite that enhances the security of stored card credentials, advances authentication to reduce checkout errors, and speeds the online checkout experience, according to a press release.
The company will enable token services on all cards by 2020 to make online transactions simple, seamless and secure.
With token services, consumers can store their card credentials with a merchant or retailer without the risk of exposing actual card account details, adding another layer of security to online transactions without removing the convenience.
It also prevents service disruptions with a consumer’s favorite merchants by automatically updating card credentials should a card expire or need replacement, the release said.
Together with banks, merchants and payment service providers, Mastercard is bringing EMV-like security to digital environments.
The company is working with Adyen, BlueSnap, Digital River, Stripe, Square, Worldpay and Mastercard Payment Gateway Services to extend tokens to thousands of retailers.
According to the release, it is also working directly with issuers such as Citi and Fifth Third Bank to convert cards on file into tokens, and with Bank of America to provide enhanced fraud scoring to help increase approval rates over time.
Mastercard is also leveraging technology such as biometrics and artificial intelligence to enable merchants and issuers to verify a consumer is who they say they are, thereby reducing falsely declined transactions and delivering a better consumer experience, the company said.
Mastercard Identity Check provides merchants and issuers an easy way to support the new EMV 3-D secure standard and leverage enhanced security solutions to determine potential risks and ensure more transactions can be completed with a single touch or click.
The company has worked with issuers and merchants in the U.S. and Europe to enable the technology, and has partnered with merchants and issuers across the globe to begin rolling out the technology in early 2019, the release said.
The company will begin to roll out its solution based on SRC in the second half of 2019. Its Masterpass acceptance network supports this rollout, delivering a consistent checkout experience for consumers and reducing the multiple steps they face at different sites today.
SRC will also make it easier for merchants to implement and securely store tokens on file and improve their approval rates. This supports a move toward a token-only world by building on the tokenization standards. Masterpass acceptance is compatible with SRC.
Mastercard is also working to ensure consumers are made aware which card they have set with card on file merchants with the introduction of new digital branding requirements.
The requirements ensure a consumer is aware they are paying with a Mastercard credential during the checkout process whether it’s in-app, via browser, contactless, voice-enabled devices or a QR application.
“Adyen was the first to launch Automatic Billing Updater Direct with Mastercard and we are thrilled to now add tokenization capabilities.
“We see these integrations as important steps to ensure a seamless digital commerce experience for consumers backed by best in class security and transparency,” Kamran Zaki, president of Ayden North America,, said in the press release.
E-Financial
Kuda Co-founder Urges Young Developers to Build Tech with Purpose @NACOSS 2025

Musty Mustapha, co-founder of Kuda, delivered a compelling keynote address titled ‘Start Small, Build Bold’ at the inaugural NACOSS TechFest on May 13, 2025, held at the University of Ilorin Auditorium.
Organised by the Nigeria Association of Computer Science Students (NACOSS), the event, themed ‘Tech for Good: Creating Solutions for a Better World,’ brought together students, industry leaders, and tech enthusiasts to explore how technology can create meaningful solutions for society.
In his address, Mustapha emphasised the transformative power of technology when grounded in empathy and purpose. Reflecting on Kuda’s journey, he highlighted how addressing real-world challenges like financial exclusion can lead to impactful innovations that resonate with everyday Nigerians.
“Technology isn’t just about what we build; it’s about who we build for,” Mustapha asserted, urging young people in tech to prioritise building solutions that bridge societal gaps instead of chasing fleeting trends. He stressed that genuine innovation stems from understanding and addressing the struggles of individuals, from students burdened by transaction fees to small business owners awaiting timely payments.
Reflecting on Kuda’s origins, he explained how the fintech’s founders identified a critical problem — the exclusion of millions of Africans from modern financial services — and decided to build a solution that was accessible, affordable, and suited to real-world needs. “Real innovation is based on empathy,” he emphasised. “Understanding real struggles is critical to making the world better.”
Mustapha encouraged the audience to keep empathy at the core of their work. “Whether you’re coding your first app, designing a product, or starting a company, ask yourself: Who does this help? What problem does it solve? How does it make someone’s life better?”
Mustapha’s call to action aligns with the broader potential of technology to drive economic change. According to a recent report by research agency, Public First, Artificial Intelligence, for example, is expected to contribute an estimated $15 billion to Nigeria’s GDP by 2030, reflecting a projected annual growth rate of 27.08 per cent from 2025 to 2030.
As Mustapha aptly concluded, “You don’t need permission to create something meaningful. All you need is a clear problem, a bold vision, and the courage to take the first step.”
E-Financial
Fidelity Bank reclaims trillion-naira market cap as stock rises to ₦21

Fidelity Bank Plc, has reentered the trillion-naira market capitalisation club, after its share price rose by 5.3%, climbing from ₦19.95 to ₦21.00 on May 13, 2025, according to data from the Nigerian Exchange Limited (NGX).
This latest development also brings the total number of Nigerian companies with a trillion-naira market capitalisation to 19.
According to a report published on Techcabal website, the bank had previously dropped below the threshold on May 12, marking another fluctuation in its valuation.
Earlier in the year, Fidelity Bank Plc first reached the trillion-naira milestone on April 4, 2025, joining tier-1 banks such as Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, First HoldCo, and United Bank for Africa (UBA). However, it fell below the mark on April 7 before reclaiming its position on April 23.
With 50.2 billion outstanding shares, the valuation reflects renewed investor confidence and signals Fidelity’s potential transition to tier-1 status. Analysts believe the bank is well-positioned to meet the Central Bank’s ₦500 billion ($311.9 million) minimum capital requirement through equity.
“The strong Q1 results suggest continued upward momentum in its stock,” said Nabila Mohammed, an analyst at Chapel Hill Denham. “This could boost investor confidence and help sustain its valuation.”
The stock has surged 141% in the past year, up from ₦8.70 in May 2024. Meksley Nwagboh, Head of Brand and Communications, attributed the rally to a 189% rise in 2024 after-tax profit—the highest among Nigeria’s top 10 banks.
That momentum carried into 2025, with Q1 after-tax profit soaring 190% to ₦91 billion ($56.8 million), driven by higher interest income, forex gains, and cost efficiencies.
“Lower credit losses helped boost net interest income,” said Olamide, a Lagos-based banking analyst. “Combined with solid full-year results and dividend expectations, the bank’s fundamentals are attracting investors.”
A report from Proshare noted the NGX Banking Index gained 6.96% in Q1 2025, driven by recapitalisation efforts that injected ₦2.4 trillion into the sector. Fidelity was the NGX’s third most-traded stock between February and May.
According to Mohammed, Fidelity’s high net interest margin and low-cost deposit base enhance its appeal. On February 8, it completed the first phase of its capital raise with 237% oversubscription. CEO Nneka Onyeali-Ikpe confirmed plans to conclude the next phase before H2 2025.
The bank’s Vision 2025 agenda includes expanding internationally—starting with its 2023 acquisition of Union Bank UK—and securing tier-1 status.
Afrinvest projects continued growth, with gross earnings and pre-tax profit forecasted to rise 46% and 49.4% respectively in 2025, reaching ₦1.5 trillion and ₦415.4 billion. The firm maintains a 12-month target price of ₦21.60 for the stock.
With robust earnings, a solid recapitalisation strategy, and growing investor interest, Fidelity is positioning itself as a strong contender in Nigeria’s top banking tier.
E-Financial
FirstBank Hikes SMS Alert Fee from N4 to N6

FirstBank of Nigeria has announced an upward review of its transaction alert fee, raising the charge from N4 to N6 per SMS.
In a customer notice, the bank attributed the increase to the recent hike in telecom service costs by network providers.
“We understand that staying connected and informed about financial activity on your FirstBank account is crucial,” the bank stated. “Unfortunately, due to the recent increase in telecom service charges by service providers, the fee for our SMS transaction alerts has been adjusted from N4 to N6 per message.”
The bank acknowledged that the change may cause some inconvenience to customers but assured that efforts are being made to minimise the impact while maintaining service quality.
“We know that this change might cause you some inconvenience, but we are committed to minimising the impact of this change while we continue to provide you with the best financial services possible,” the message read.
The bank encouraged customers with concerns or questions about the adjustment to reach out through its official contact channels.
The adjustment comes at a time when banks are reviewing cost structures following increased operating expenses, including rising telecom tariffs and inflationary pressures across sectors.
The new SMS fee will apply per transaction alert received by customers.
However, some customers took to X (formerly Twitter) to criticise the move, especially at a time when other banks are reportedly scrapping similar charges.
An X user, @Tonyvyncent, wrote, “FirstBankngr have mercy. In a period when others like Sterling Bank are removing charges for customers, you’re increasing charges. No emotional intelligence.”
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