E-Financial
MTN Uganda, Interswitch Launch Mobile Money ATM Cash Out Service

MTN Uganda, the leading Mobile Money network, has partnered with Interswitch Uganda to further increase their ATM Cash out footprint by allowing customers to cash out at all Interswitch’s ATMs across the country.
Interswitch Uganda, is one of East Africa’s leading integrated payments companies.
MTN Mobile Money customers can now generate a four digit TIN by dialling *165# from their mobile phone which can then be used at any Interswitch ATM across Uganda on a 24/7 basis to access their money.
Speaking at the launch at Serena Hotel, Ernst Fonternel, MTN Uganda’s chief marketing officer, , underscored MTN’s mission of making the lives of its customers a whole lot brighter through convenient and cost effective solutions such as access to MTN Mobile Money through ATM platforms.
“MTN Uganda’s market leadership continues to be driven by our investment in extensive coverage coupled by superior quality on Voice and Data, while offering innovative Value Added Services and putting customers first”.
Fonternel welcomed the partnership with Interswitch: “We are very pleased to be entering into this partnership with Interswitch which will give our customers significantly improved access to their money on a fast growing network of ATMs across Uganda.”
Muyiwa Asagba, Interswitch chief executive officer said, “We are delighted to be working with MTN Uganda to provide their customers with even greater access to their money via the MTN Mobile Money platform. At Interswitch we are firmly committed to rolling out our electronic payment and transactions services across Uganda. This agreement is the latest step in our mission to improve convenience, financial inclusion and encourage even faster economic growth across the continent.”
He added that the agreement forms part of Interswitch’s African expansion plans. Interswitch is committed to providing solutions that address local challenges by providing convenient and cutting-edge electronic payment and transaction services.
According to the Central Bank, Mobile Money transactions totaled Ushs 11.7 trillion in 2012, which was a 211% increase since 2011. MTN continues to lead Mobile Money in Uganda with almost 5 million registered users since their launch in 2009.
MTN Uganda has enjoyed unprecedented success since it was launched 4 years ago, now recording in excess of 25 million transactions each month.
As per the GSMA 2012 Global Mobile Money adoption survey, MTN Uganda ranks 2nd in terms of number of active Mobile Money customer accounts in the world.
E-Financial
Fidelity Bank Joins Trillion-Naira Club as Market Value Hits ₦1 Trillion

The Cable NG reports that the market capitalisation of Fidelity Bank has crossed the N1 trillion mark as the share value of the company appreciated by 1.27 percent at the close of trading.
According data from the Nigerian Exchange Group (NGX), the bank’s market capitalisation hit N1 trillion after its share price rose from N19.75 on Tuesday to N20 on Wednesday.
The increase moved the company’s valuation from N991.6 billion to N1 trillion.
With the development, Fidelity Bank joins the list of financial institutions with a market capitalisation of over N1 trillion.
The companies are Zenith Bank, Access Bank, United Bank of Africa (UBA), Guaranty Trust Bank (GTB), and First Bank.
On May 21, Nneka Onyeali-Ikpe, the managing director (MD) and chief executive officer (CEO) of Fidelity Bank, acquired an additional 18 million shares in the bank.
Two days later, Onyeali-Ikpe bought additional 2 million units of shares in the bank.
According to a regulatory filing on the NGX, the shares were acquired on May 22, at N18.6 each — amounting to a total value of N37.2 million.
The acquisitions increased her shareholding in the bank to 114.64 million shares — from 94.64 million held as at December 31, 2024.
In its latest financial performance report, Fidelity Bank said it reported a 167.8 percent year-on-year increase in profit before tax (PBT), which increased to N105.8 billion in the first quarter (Q1) of 2025.
E-Financial
Keystone Bank, Enterprise Devt Centre Sign MoU To Empower SMEs ln Nigeria

Keystone Bank Limited and the Enterprise Development Centre (EDC) of Pan-Atlantic University have signed a landmark Memorandum of Understanding (MoU) to promote Small and Medium Enterprises (SMEs), youth entrepreneurship, and financial inclusion across Nigeria.
The MoU signing ceremony took place at the bank’s head office in Lagos on Tuesday, June 24, 2025.
Speaking at the event, Mrs Nnenna Anyim Okoro, the Executive Director, Corporate and South, Keystone Bank, described the partnership as a bold and strategic step toward accelerating national economic transformation.
According to her, the collaboration underscores Keystone Bank’s unwavering commitment to empowering the next generation of business leaders and fostering an inclusive financial ecosystem.
“At Keystone Bank, we believe that entrepreneurship is the heartbeat of sustainable economic development.
Across Nigeria, MSMEs are not just businesses; they are the dreams and daily struggles of men and women determined to create value, provide jobs, and build a better future. They are, quite literally, the engine room of our national economy.
“Our sponsorship of the Annual EDC SME Conference 2025 and support for the Global Entrepreneurship Week (GEW) Walk reflect our deep belief in the transformative power of small businesses.
“This partnership is also about financial inclusion, youth engagement, capacity building, job creation, and collaboration,” she stated.
Olayemi Sule, Group Head, Retail & Digital Banking, Keystone Bank, emphasized the innovative offerings customers can expect as a result of the partnership.
“Our customers should look forward to a suite of innovative financial products and digital solutions specifically designed to support business growth, enhance financial literacy, and improve market access.
Also speaking, Dr. Nnenna Ugo, EDC board member and Head, Alumni Relations and Support Services at Pan-Atlantic University, expressed optimism about the partnership’s long-term impact.
“We are super excited about this partnership and confident that it will drive transformation for both institutions.
“The EDC was established to build capacity and provide support services for SMEs. In the past 21 years, we have trained over 350,000 entrepreneurs across Nigeria.
“Keystone Bank’s support comes at a critical moment as we scale our programs and expand our reach ahead of the 2025 SME Conference and GEW Nigeria.
“The SME Conference is a powerful platform that brings together key players in the ecosystem each year to address pressing issues affecting small businesses.
“This collaboration strengthens our capacity to engage more entrepreneurs, provide deeper insights, and drive conversations that inspire growth, resilience, and innovation.
“We commend Keystone Bank’s leadership for its vision and dedication to inclusive economic growth. The bank has truly distinguished itself as a champion of enterprise, and we are proud to have them as a strategic partner,” she concluded.
As part of the agreement, Keystone Bank becomes the major sponsor of the 2025 EDC SME Conference and a key supporter of the GEW Walk, a flagship event during Global Entrepreneurship Week Nigeria 2025.
Both events are expected to attract thousands of entrepreneurs, investors, thought leaders, and policymakers, offering a vibrant platform for knowledge-sharing, networking, and business empowerment.
E-Financial
Fidelity Bank Boosts Staff Morale with Mass Promotions and 20% Pay Raise

Fidelity Bank Plc, one of Nigeria’s top-tier financial institutions, has promoted 376 employees following its recently concluded annual performance review exercise.
This represents approximately 12% of the bank’s workforce, underscoring its management’s deep appreciation for the pivotal role played by staff in recoding the highest growth by percentage volumes in the banking industry with 210% increase in its Profit Before Tax (PBT) which grew from N124.3 billion in 2023 to N385.2 billion in 2024.
The announcement, which was recently communicated internally, comes on the heels of a 20% across-the-board salary increase implemented in June 2025—a gesture that reflects the bank’s commitment to staff welfare. It is worth noting that this follows a similar salary adjustment carried out in November 2024.
Under the leadership of Dr. Nneka Onyeali-Ikpe, Fidelity Bank has consistently outperformed market expectations. In 2024, the bank recorded the highest share price growth of 116% in the industry following the completion of its Public Offer which was over subscribed by 238% .
In recognition of the banks stellar performance, global rating agency, Fitch Ratings recently upgraded Fidelity Bank’s National Long-Term Rating from ‘A(nga)’ to ‘A+(nga)’ in a further endorsement of the bank’s financial strength and prudent management. The upgraded ratings reflects improved profitability metrics and robust capital buffers, reinforcing the bank’s sustained upward trajectory.
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