E-Financial
Paga Partners Visa to Expand Operations to Global Market
Paga, Nigerian payment platform, has announced partnership with global payments technology company, Visa, in a bid to offer secure and convenient mobile payments solutions and expand its range of offerings and delivery to consumers and merchants.
The partnership, which aligns with Visa’s goal to drive alternative payment channels through mobile wallets within its global ecosystem, will see both companies improve methods for day-to-day transactions in the market.
According to a statement released by Paga, the partnership with Visa is one step further in the company’s global expansion plans.
“Now, all Paga account holders will have access to Visa credentials (physical and virtual cards) tied to their Paga accounts and thus the ability to transact anywhere in the world Visa is accepted,” it stated.
The statement also revealed that both parties will create innovative payment solutions.
“Together, we are also working to launch a number of innovative merchant acceptance solutions which range from QR codes and NFC for in-store merchant payments, online payments, and international remittances all processed through Visa’s network.
“With this partnership, Paga is expected to launch QR codes and NFC (near-field Communication) into the Nigerian market as alternative ways of receiving payments to a debit card,“ the company noted.
Speaking on this new partnership, Mr Tayo Oviosu, founder and Ggroup CEO of Paga noted that the partnership with Visa’s aligned with its planned growth for emerging markets.
“We are excited to partner with Visa, a leader in payments globally, as they are constantly building world-class solutions for consumers and businesses. Our goals are well aligned.
“As we scale our wallet across emerging markets such as Nigeria, Mexico, and Ethiopia, partnering with Visa to give both consumers and businesses, who have been underserved, access to Visa’s global network made sense to us.
“Furthermore, it was clear to us in all our engagements the alignment of our goals towards solving the issues of cash, digitizing cash transactions and delivering financial services using new and innovative approaches.
“We are very happy to have signed a long-term relationship with Visa,” Mr Oviosu added.
The company, which has over 10 million users on the continent, has continued to expand its network of financial services for users across Africa and with this new platform, users will be able to make payment transactions including transfer of money, payment of bills and items purchase and can be accessed through its mobile-app or its 24,840-agent network.
Speaking for Visa, Mr Otto Williams, vice president, head of Strategic Partnerships, Fintech and Ventures for Central Europe Middle East and Africa, noted that the Paga partnership was a step towards its principles of partnership, innovation, trust and openness.
“This development ushers in a new era of speed and convenience beyond borders. It also allows us to continue working towards innovating robust platforms through which merchants using Paga’s payment collection suite can benefit from international money transfers and the growing eCommerce industry,” he said.
As part of the partnership, Paga will join Visa Fintech Fast-Track Program which makes it easier for fintechs to access the global Visa payments network.
The program is part of Visa’s global strategy to open up her network and support a broad range of players that are developing new commerce experiences.
The fintech fast-track program provides a new commercial framework that includes eased access to Visa’s payment capabilities and streamlined processes to support companies of different sizes and at different growth phases.
FundQuest Financial Services Limited marked this year’s International Women’s Month with a renewed commitment to economic empowerment, hosting the inaugural FundHER by FundQuest Conference.
This initiative brought together over 100 women-led Small and Medium Enterprises (SMEs), providing them with actionable business insights, high-value networking, and, most importantly, access to funding.
Delivering the first keynote address, Dr. Jennifer Seidu, Principal Consultant, JV Management Consulting Limited, underscored the critical hurdles female entrepreneurs face: constrained access to funding, market expansion limitations, regulatory roadblocks, and operational inefficiencies.
She lauded FundQuest’s decisive intervention through FundHER, recognising the initiative as a timely and much-needed response to the financial inequities that women-led businesses encounter.
Joan Ediagbonya, Group Head, Brand Communication and Customer Experience at FundQuest, also reinforced these concerns with data, pointing out that while women own 45 per cent of SMEs in Nigeria, only 10 per cent have access to formal funding. Quoting Michelle Obama, she emphasised, “No country can ever truly flourish if it stifles the potential of its women and deprives itself of the contributions of half of its citizens.”
Similarly, Ms. Olubukola Olaigbe, CEO of Veedic Nigeria Limited, shared how accessing financing from FundQuest facilitated her logistics firm’s expansion, proving that with the right financial support, women entrepreneurs can achieve remarkable business growth.
Speaking on the future of FundHER, Mr. Abiodun Akinjayeju, Managing Director and CEO of FundQuest, made it clear that this initiative is here to stay. In his words; “If you educate a woman, you educate a nation; if you fund a woman’s business, you are funding the economy.”
Fidelity Bank Plc, leading financial institution, released its 2024 full-year Audited Financial Statements, reporting a 210% growth in Profit Before Tax to N385.2 billion.
According to the Bank’s results released on the Nigerian Exchange (NGX) on Friday, 28 March 2025, Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn.
The increase in Interest Income was led by a combination of improved yield on earnings assets and 51.6% expansion in earnings base to N6.3tn. This led to a Profit After Tax of N278.1 billion, representing a 179.6% annual growth.
Commenting on the results, Dr. Nneka Onyeali-Ikpe, managing director/chief executive officer, Fidelity Bank Plc said, “We are delighted with our 2024 full-year (FY) performance, which showed strong growth across key revenue lines, improved asset quality, and significant traction in our strategic business segments.
“Our impressive results led to a triple-digit increase (210.0%) in Profit Before Tax (PBT), rising from N124.3bn in 2023 to N385.2bn in 2024.”
A further review of the financial performance revealed that the bank’s net interest income increased by 127.1% to N629.8 billion, driven by a high-yield environment in 2024.
To optimize its margin, the bank sustained its asset yields above funding cost by maintaining a high low-cost deposit profile at 92.6%. This led to an increase in its Net Interest Margin from 8.1% in 2023 FY to 12.0%.
Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9% from N4.0trn in 2023FY to N5.9trn. The increase was driven by strong double-digit growth across all deposit types.
The Retail Banking Business gained significant traction with savings deposits increasing by 28.8% to N1.1trn, marking the 10th consecutive year of double-digit annual growth in savings deposits.
Despite the difficult economic terrain in 2024, the bank has continued to support the real sector of the economy by increasing its Net Loans & Advances from N3.1tn in 2023FY to N4.4tn in 2024FY.
“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders. In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share”, explained Onyeali-Ikpe.
Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year, subject to shareholders’ approval at its Annual General Meeting (AGM) on 29 April 2024. The dividend will be paid on 29 April 2025 to shareholders whose names appear on the register of members as of 15 April 2025.
It will be recalled that the bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed by 237.92% and 137.73%, respectively.
The positive result is a testament to the strength of the Bank’s franchise in the capital market. A total of N175.9bn was recognized as fresh capital in 2024 financial year from the exercise, which had a positive impact on its Capital Adequacy Ratio (CAR) at 23.5%.
The bank plans to conclude the second phase by Q3 2025, ahead of the Central Bank of Nigeria’s deadline, which will further strengthen its capital base and reaffirm its attainment of Tier 1 Bank status in the Nigerian Banking Industry.
Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.
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
The World Bank has approved a $500 million loan to Nigeria to support the country’s Community Action for Resilience and Economic Stimulus Programme.
According to information obtained from the bank’s website on Sunday, the approval, which took place on March 28, 2025, marks a significant step in addressing Nigeria’s economic challenges through expanded access to livelihood support, food security services, and grants for poor and vulnerable households and firms.
The project, officially titled the NIGERIA: Community Action (for) Resilience and Economic Stimulus Program, aims to provide essential support to households affected by economic downturns and to bolster community resilience.
It also seeks to improve food security and create economic opportunities for populations most affected by recent economic disruptions.
According to the World Bank, the program represents a significant step toward addressing systemic vulnerabilities in Nigeria’s economy.
By channeling resources directly to underserved communities, the project should alleviate the burden of rising living costs while fostering sustainable growth.
The $500 million loan is not the only financial commitment Nigeria anticipates this week as two additional funding packages are in the pipeline, awaiting final approval.
One of the loans is valued at $80 million and will focus on accelerating nutrition outcomes across the country.
The second, worth approximately $552 million, is designed to enhance access to quality basic education nationwide as both projects are scheduled for final clearance on March 31, 2025.
These loans are part of the World Bank’s broader strategy to support Nigeria’s development priorities, most especially in areas such as healthcare, education, and poverty alleviation, while the institution emphasized the importance of implementing these programs efficiently to ensure maximum impact.
While the loans aim to address urgent socio-economic needs, Nigeria’s rising debt profile has raised concerns among stakeholders. Under the President Bola Tinubu’s leadership, the country has received approvals for 11 World Bank projects totaling 7.45 billion in less than two years. However, data from the Debt Management Office (DMO) reveal that only 774.99 million (about 16% of the approved amount) had been disbursed as of July 31, 2024.
This slow pace of disbursement has sparked debates about the efficiency of project execution and fund utilization
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