E-Financial
SANEF, CBN Achieve Interoperability at Agents Banking Units This November
Financial inclusion initiative of central bank of Nigeria, CBN, will receive a boost next month as agent banking units under the initiative will begin to enjoy interoperability, Nigeria CommunicationsWeek has learnt.
Ronke Kuye, managing director, Shared Agent Network Expansion Facility, SANEF, disclosed this on the side line at Inlaks digital summit last week. She said that interoperability has posed a major challenge for agents under the SANEF programme as agents are unable to open any bank account for customers from one unit.
“By November this year banking agents under SANEF programme will begin to open accounts and make transactions in all the banks from a single unit. By then we would have achieved interoperability,” she said.
She also expressed the need for collaboration among stakeholders in the financial services delivery especially in the area of financial literacy.
A player in that space, Fasasi Sarafadeen Atanda, managing director, Ecosystem Hybrid Network, described interoperability as open banking that allows customers at agent banking location to be able to access banking facility of any of their choice of brand bank at a single agent unit.
“Achieving interoperability at agency banking level is a welcome development and there are a lot of services that we need to have with interoperability not just about opening of account alone. When you open an account, interoperability also allows transactions to move from one bank to the other and also from one mobile money operator to the other.
“As it is today, the major challenge we have is actually interoperability because some banks are not allowing inflow of transactions from banks they don’t have good relationship with or they don’t have good perception about.
“They see it as competition and prevent instant inflow of transactions from such banks to their bank. Also in terms of wallets, today you cannot move money from Paga to Firstmonie or from Opay to Firstmonie. CBN and SANEF need to intervene for banks and wallets to see themselves as partners not competitors for us to deepen financial inclusion in its real sense.
“However, some of these things happening in the field, CBN and SANEF may not be aware; some of these issues I have highlighted may be deliberate for business sense and may also not be deliberate because of technology.
“Because there are no standard set for digital banking in Nigeria, some banks are not supposed to be playing in digital banking space because the level of their technological deployment cannot accommodate huge instant transactions to their bank.
Moreover, if we have to achieve full interoperability, there is needed to set standard for technology deployed by banks, super agents and mobile money operators,” he said.
According to Victor Olojo, National President, Association of Mobile Money and Bank Agents of Nigeria (AMMBAN), “Financial inclusion should enable people irrespective of whatever financial institution they are operating. It means, if I have a Paga wallet I should be able to send money from my Paga wallet to Quickteller or PocketMoney wallet. Presently, this is not happening. What we have in the market place today is using different point of sale terminals for different banks, in that regard, I ‘m using 10 PoS for 10 banks. The ideal situation should be one PoS from Bank A should be able to attend to customers from nine other banks.
“That will solve the problem and the money I spent in buying the other nine PoS for other banks could be invested in the business. Imagine investing N900,000 in other areas of my mobile money business that will assist in driving financial inclusion. If interoperability issue is resolved, it means a problem of financial inclusion would have been adequately addressed”.
United Bank for Africa (UBA) has informed its customers that, in compliance with a new directive from the Nigerian Communications Commission (NCC), charges for USSD banking services will no longer be deducted from bank accounts, effective June 3, 2025.
In a notice sent to customers, the bank explained that the charges would now be deducted directly from users’ mobile airtime balances, in line with the NCC’s newly introduced End-User Billing (EUB) framework.
It said the new model aimed to ensure transparency in USSD transactions and shift billing responsibility to mobile network operators.
According to UBA, each USSD session would now cost ₦6.98 per 120 seconds, saying that customers initiating transactions would receive a prompt to provide consent at the start of each session, and airtime would only be debited if the bank is available to process the request.
The bank advised customers who are not comfortable with the new billing arrangement to opt for other digital banking alternatives such as the UBA mobile app and internet banking platform, which remain fully operational and user-friendly.
UBA reaffirmed its commitment to providing secure and accessible digital services, and encouraged customers to choose the channel that best suits their banking needs.
The policy marks a significant shift in Nigeria’s digital banking ecosystem and is expected to address longstanding disputes over USSD service charges between telecom operators and financial institutions.
E-Financial
Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’
Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.
The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.
According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.
Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said, “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders.
Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”
One of the key drivers of the improved rating is the bank’s robust capitalization. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The agency also noted that further capital raising efforts are expected to position the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.
Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. The bank’s balance sheet is reinforced by a high proportion of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.
The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.
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 warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
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