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PocketMoni Processed 1.8m Transactions Worth $600m in 2013

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Mr Valentine Obi, CEO of eTranzact
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eTranzact, in 2013, company processed over $600 million which accounted for over 1.8 million transactions on PocketMoni and related services.

The Company’s effort in mobile began in 2003 long before mobile money was finally introduced in Nigeria.

Mr Ayo Oladimeji, Head of PocketMoni at eTranzact said that the Company always believed that mobile would be at the forefront of payment innovation and had a dedicated team working on research and development.

This led to pioneering research that kick-started the mobile banking sector in Nigeria and eventually birthed “PocketMoni”, the mobile money service.

PocketMoni was approved by the Central bank of Nigeria in 2012, and has acquired a customer base of about 1.1 million users, with a robust agent network of over 4500 agents across Nigeria, and has leveraged on innovative technology in delivering to the different bands of the financial pyramid.

The service has won a series of awards and grants, the most recent one coming from EFInA, a financial development organisation which is funded by the UK Government’s Department of International Development (DFID) and the Bill & Melinda Gates Foundation to the tune of $250,000.

As part of the terms of the grant, eTranzact will also put in $100,000 and will drive the execution of a mobile money project called the “PocketMoni 500” in North and South Western Nigeria.

According to eTranzact, with low internet penetration a major challenge to the adoption of mobile money in Nigeria, the key value proposition of eTranzact’s PocketMoni is ubiquity; being able to send, receive money and make payments using USSD, SMS, GPRS/lnternet and the web.

Oladimeji, said that security is a key feature that distinguishes PocketMoni from other products, with its seamless two way authentication that ensures fraud is minimized or non-existent.

The company has entered into several partnerships that have positioned it to be better for the population.

It has achieved direct fibre optic connection with 5 GSM and one CDMA operator which ensures that it can withstand high capacity traffic and minimizes transaction failure which has helped deliver premium user experience.

Partnerships with the two biggest international remittance organisations enable users to receive international payments on their mobile devices.

Also, a version of the product called “PocketMoni Global” has been developed to work in over 50 countries and allows airtime recharge, money and bank transfers in those countries.

The Head of PocketMoni at eTranzact added that key to adoption of the product has been the number of platforms available for users to carry out transactions.

“Users can use the USSD/IVR, and Smartphone Apps across all app platforms. Users also get prepaid and debit cards that allows them carry out transactions on ATMs and online.

Speaking on the recent nomination of the Company for awards, he said, “It’s a big honour for us to be nominated in such a prestigious category at the AfricaCom Awards 2014. eTranzact has been in operations since 2003, and early enough our CEO, Mr Valentine Obi who many describe as the Father of Mobile Payments in Nigeria, understood the importance of leveraging technology to make payments easy.

“This led to many of the innovative offerings that eTranzact has come up with over the years.At various times, we had gone to the Central Bank with several electronic payment initiatives, but the state of technology at that time slowed down the kick off of those initiatives, but with improved technology and the attentiveness of the Federal Government and CBN, today the cashless policy is becoming a reality”.

He added that the Company believes this is only the beginning and look forward to achieving more greatness with its mobile money service.

 


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E-Financial

Firm Plans Digital Platform for Easy Access to Loans

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Financial services firm, Spring Sky Finance Company is set to launch its digital banking services in Nigeria this week.

A statement by the company noted that this innovative initiative aims to streamline loan processing and enhance access to credit for businesses and individuals, thereby mitigating economic challenges.

According to Dr. Helen Oritsejafor, the chairman of the company, “the institution is driven by innovation and a commitment to empowering individuals, businesses, and communities”.

Oritsejafor emphasised that the finance company is dedicated to providing innovative financial solutions, focusing on customer-centric services that cater for both businesses and individuals.

“Our mission is to empower individuals, businesses, and communities to soar to new heights through innovative financial solutions. We aim to bring banking closer to home with our digital banking architecture, providing financial services to macro and micro-economies,” Oritsejafor stated.

She added that the company’s goal is to become a leading provider of financial services for macro, micro, and small business clients.

“With a strong focus on financial inclusion, Spring Sky Finance seeks to provide tailored solutions to businesses and individuals, enabling them to achieve financial security, build wealth, and realise their dreams,” Oritsejafor said.

She concluded that the company’s digital banking solutions are a key part of its strategy to enhance accessibility and efficiency.

“At Spring Sky, we lead, and others follow. We are positioned to redefine the banking landscape by providing flexible, technology-driven financial solutions that cater for the evolving needs of businesses and individuals in both micro and macroeconomic sectors,” Oritsejafor concluded.

 


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E-Financial

AfDB, Standard Bank Unite to Support SMMEs and Boost Trade

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The African Development Bank Group and Standard Bank Group (SBG) on Monday signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa.

The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA). This initiative strengthens Standard Bank’s lending capacity, ensuring greater access to finance for SMMEs, a critical driver of economic growth and job creation in South Africa.

The social bond investment promotes inclusive economic development, particularly for SMMEs with a turnover below R300 million and loan sizes under R40 million. This financing will support up to 4,000 businesses, helping them scale operations, create jobs, and contribute to economic resilience.

Kenny Fihla, Deputy Chief Executive Officer of Standard Bank Group and Chief Executive Officer of SBSA, welcomed the investment, stating: “This landmark partnership strengthens our ability to support SMMEs, the backbone of South Africa’s economy. With approximately 3.2 million SMMEs accounting for 60% of jobs, ensuring access to finance is crucial. This initiative aligns with our Sustainable Finance Framework and our commitment to financial inclusion.”

In addition to the social bond, the $200 million RPA enhances trade finance across Africa, focusing on Low-Income Countries and Transition States. This agreement enables local banks to increase lending by sharing risk, bridging the trade finance gap, and promoting intra-African trade.

Leila Mokaddem, Director General for Southern Africa at the African Development Bank, highlighted the broader impact: “This collaboration marks a significant milestone in our long-standing partnership and is a testament to our shared commitment to supporting SMMEs’ growth and enhancing trade finance across Africa.

“Expanding financial inclusion and trade opportunities empowers businesses to drive economic transformation and regional integration. The Standard Bank Group remains a strategic partner in our shared vision for economic development on the continent.”

This initiative aligns with the African Development Bank’s Ten-Year Strategy (2024–2033), which prioritises industrialisation, regional integration, and improving the quality of life in Africa. It also supports Standard Bank’s Sustainable Finance Framework, reinforcing both institutions’ commitment to fostering green and inclusive growth.

“We are proud of this transaction, demonstrating our shared commitment to sustainable financing. By supporting businesses, we create long-term economic opportunities and financial resilience,” stated Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank.

Kenny Fihla reaffirmed the significance of the collaboration: “By providing much-needed capital, we are helping enterprises overcome challenges and thrive. This partnership illustrates the power of collaboration in driving meaningful economic and social change in Africa.”


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Analyst Predict Fidelity to meet Recaptalization Threshold ahead of Regulatory Deadline

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Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc
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Fidelity Bank Plc is making impressive strides on its path to fulfilling the recapitalization targets set by the Central Bank of Nigeria (CBN). With a successful first phase of its capital-raising initiative that recorded over 238% over subscription and share price growth of over 100% evidencing a huge surge in investor confidence for the bank.

Following the successful completion of phase 1 of its capital raise, the bank is exceptionally well-positioned to not only meet the regulatory threshold strengthen but also fuel its growth trajectory.

With the recent conclusion of its equity capital raise through a Public Offer and Rights Issue, collectively known as the Combined Offer. The response has been nothing short of extraordinary, with the Public Offer oversubscribed by an astounding 237.92%. This translates to 107,588 valid applications for a total of 23,768,724,000 ordinary shares, amounting to ₦231.7 billion. The Rights Issue also shone brightly, achieving a remarkable 137.73% subscription rate with 6,903 valid applications for 4,407,252,795 ordinary shares, totaling ₦40.7 billion.

Dr. Nneka Onyeali-Ikpe, the Managing Director and CEO of Fidelity Bank, expressed heartfelt gratitude for the overwhelming support from investors, stating, “The positive results recorded in our Combined Offer are a testament to the strength of the Fidelity Bank franchise in the capital market.” Such a robust response not only underscores investor confidence but also reaffirms the bank’s unwavering commitment to delivering innovative financial solutions and sustainable returns to its stakeholders.

Following this remarkable success, Fidelity Bank has secured shareholder approval to launch the second phase of its capital-raising initiatives. This includes a significant increase in the bank’s issued share capital from ₦26.7 billion to ₦36.7 billion. Shareholders endorsed this expansion during an Extraordinary General Meeting on February 6, 2025, approving the creation of an additional 20 billion ordinary shares of ₦0.50 each.

This strategic capital boost positions Fidelity Bank to meet the CBN’s new minimum regulatory capital requirement of ₦500 billion for banks with international authorization by March 31, 2026. This ambitious goal aligns seamlessly with the bank’s vision for sustainable growth and exceptional service delivery, setting the stage for a dynamic future.

Fidelity Bank’s stock performance has further solidified its status as a top contender in the financial sector. From an initial offer price of ₦9.75 per share during the Public Offer, shares soared to a high of ₦21.15 on February 7, 2025, representing an impressive growth rate of over 116%. This positions Fidelity Bank as one of the best-performing financial institutions in the market, with analysts from Apel Asset Limited noting an impressive 80% return on investment for shareholders who have held shares since 2023.

Market analysts project a considerable upside potential of 28.88%, establishing a fair value of Fidelity Bank at ₦23.15 against a reference price of ₦19.50. Such promising indicators not only enhance investor confidence but also position Fidelity Bank as a compelling investment opportunity within the Nigerian banking landscape.

The funds raised from the initial phases of the capital-raising exercises are earmarked for several key initiatives. Fidelity Bank plans to utilize these resources for local and international business expansion, enhancing technology infrastructure, and improving customer service initiatives. This proactive approach showcases the bank’s commitment to innovation and operational excellence.

As the bank gears up for the next phase of its capital-raising initiative, the primary focus remains on achieving its recapitalization targets while consistently delivering value to stakeholders. The bank’s leadership is confident that, with sustained investor support and a robust financial strategy, it will adeptly navigate the evolving landscape of the Nigerian banking sector.

Fidelity Bank’s recent achievements in capital raising signal a pivotal moment in its journey toward strengthening its financial foundation. With robust investor backing, strategic capital allocation, and a clear vision for growth, Fidelity Bank is not just on track to meet its recapitalization target—it is poised to exceed it.

The road ahead promises to be one of sustained growth and innovation, reinforcing Fidelity Bank’s position as a leader in the Nigerian financial sector. As the bank looks toward the future, it remains steadfast in its commitment to fostering strong relationships with investors and delivering on its promise of financial excellence and exceptional customer satisfaction.

Fidelity Bank’s proactive measures and impressive market performance pave the way for a brighter, more prosperous future—one where it continues to lead with integrity and vision in the ever-evolving financial landscape.


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