E-Financial
PalmPay to Lead “Future of Money, Security and CX” Discussions at AfriTECH 3.0
PalmPay, a leading African-focused fintech company committed to driving financial inclusion through technology, will lead the discussions on future of money, Fintech app security/safety and customer experience (CX), at the third Africa Tech Alliance Forum (AfriTECH 3.0).
AfriTECH 3.0 is scheduled to hold this Wednesday, November 08 2023 at The Providence Hotel, Oba Akinjobi Street, GRA, Ikeja-Lagos, under the theme: “Technology-as-a-Service (TaaS) in Emerging Economy.
PalmPay, a leading Africa-focused fintech platform committed to driving economic empowerment in Africa has been on the forefront promoting customer safety in the Fintech sub-sector.
Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians.
PalmPay offers money transfers, bill payments, credit services, and savings on its app and via its mobile money agents.
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to 30 million users, and 1.1 million businesses including 600,000 merchants and 500,000 agents are part of its cashless payment ecosystem.
The company has disclosed USD$140m of funding. The PalmPay app is available on Google Play Store and iOS App Store in Nigeria and Ghana, with more markets going live in 2023.
Speaking ahead of the session on Future of Money, Security and CX session at AfriTECH 3.0, Chika Nwosu, Managing Director, PalmPay, said that in building solutions to bring more customers from the informal into the formal sector, players in the fintech ecosystem should work on building customers’ trust as this is a key factor because customers have a lot of panic due to past experiences of failed banks.
“At PalmPay, we are centred on balancing security and user experience. We employ a closed-loop risk management system that involves continuous monitoring, analysis, and response to security threats. It allows us to detect and prevent risks in real time, reducing the potential impact of security incidents”, he said.
Speaking on the sidelines of the AfriTECH 3.0, Adeloju added, “In PalmPay we are happy with the opportunity to educate our users on how to safeguard their wallets, educate them on fraud issues and proffer safety tips to apply to limit fraudulent incidents.
He reiterated PalmPay’s commitment to strict adherence to regulations by government agencies like the CBN and NDIC which gives PalmPay users the confidence to trust that their money is safe.
Hosted by TechCastle Foundation in collaboration with Techeconomy and partners, AfriTECH 3.0 is a unique engagement platform for global thought leaders, regulators, and other stakeholders to discuss and collaborate on contemporary strategies for accelerating technology ecosystem in the African continent and globally.
Speaking ahead of the Forum on Wednesday, Mr. Chike Onwuegbuchi, co-convener of AfriTECH, said that other key topics to be explored include TaaS-driven last mile solutions, leveraging big data and artificial intelligence, inclusive product innovation, Driving ‘TaaS’ Model through infrastructure deployment, leveraging subscription model to survive tough economic times, cloud computing, omnichannel communications for improved CX, Consumer protection, fraud and data privacy, etc”.
The past editions of AfriTECH were well attended by C-Suite executives, investors, innovators, senior government officials from within and outside the Continent. With over 1,500 participants and feedback on the events overwhelmingly positive, the 2023 edition is much anticipated.
AfriTECH 3.0 is sponsored by PalmPay, Zoho Nigeria, the Nigerian Communications Commission (NCC), Digital Encode Limited, Inq.Digital, Notion Technologies, and Comercio Limited.
Others are, Africa Data Centres (ADC), Open Access Data Centres (OADC), Reliance Infosystem, Digital Realty, ActivEdge Technologies, WTES, ESET and a host of others.
Techeconomy, Nigeria CommunicationsWeek, RaveNewsOnline.com, ITPulse.com.ng, ITNews Nigeria, Swift Reporters, TechBuild.Africa, TechTrends.Africa, BusinessMetricsng.com, BusinessRemarks, DigitalTimesng.com, ITRealms.com.ng, GrassRoots.ng, TechTv, TechLifeWithUgo, DigiVation Network; TechnologyMirror, TechandBiz News; APNews, CyberEra, have demonstrated their support towards AfriTECH 3.0 actualization as media partners.
AfriTECH 3.0 is also backed by leading industry associations such as the Nigeria Computer Society (NCS); Association of Licensed Telecoms Operators of Nigeria (ALTON); Association of Telecommunications Companies of Nigeria (ATCON); Information Technology Association of Nigeria (ITAN); InnovationBed Africa; Institute of Software Practitioners of Nigeria (ISPON), amongst others.
Register: https://africatechallianceforum.africa/ to Attend AfriTECH 3.0 FREE.
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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