E-Financial
SANEF’s Uche Uzoebo Highlights AI as Next Frontier in Advancement of Financial Inclusion
With progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, the Shared Agent Network Expansion Facilities Limited (SANEF) has posited Artificial Intelligence (AI) as the next step to advancement in financial services in the country.
Speaking at the just concluded Payments Forum Nigeria (PAFON 2.0), Mrs. Uche Uzoebo, md/ceo, SANEF Limited, noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.
According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria. “By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved.”
With the Agent Banking model, SANEF has bridged critical gaps by reducing the need for long queues in physical bank branches, allowing individuals in the hinterland areas to access banking services without traveling long distances. Additionally, agents often communicate in local languages, making transactions easier for those with limited literacy, while reducing reliance on complex documentation. This has remained a critical and important elixir in Financial Inclusion.
She however noted that AI presents a huge opportunity to align with global trends in pushing financial inclusion further and faster.
“It is no gainsaying that, Artificial Intelligence (A.I.) is transforming the financial services industry at an unprecedented pace, reshaping how businesses interact with customers, manage risks, and expand financial inclusion. It has become the invisible engine driving the modernization of financial products and services. It is no longer a futuristic concept; it is at work right now all over the world, powering mobile banking apps, automating customer service, detecting fraud and enabling instant lending decisions.
In Nigeria, where millions remain unbanked and underbanked, Artificial Intelligence presents a game-changing opportunity to bridge financial gaps, enhance accessibility, and improve the overall efficiency of the financial ecosystem.”
She disclosed that the application of AI in the system will among other things, help to:
Ø Minimize KYC Roadblocks
Ø Detect Fraud and Flag Suspicious activities in real-time thus enhancing greater trust in digital payments and solutions
Ø Personalize and Tailor Financial products and services according to customers’ specific needs, amongst other key benefits and advantages.
While highlighting the benefits of AI in the ecosystem, Mrs. Uzoebo noted that stakeholders must work towards guaranteeing that our Artificial Intelligence systems respect individual privacy, maintain equitable standards for all, remain transparent in their operations, and elicit trust.
“The use of Artificial Intelligence in payment solutions and within the broader financial inclusion industry must comply with existing regulatory frameworks such as; Central Bank of Nigeria’s (CBN) Consumer Protection Framework; Nigeria Data Protection Act (NDPA) and National Information Technology Development Agency’s Data Protection Regulation (NDPR),” she cautioned.
SANEF, whose mission is to deepen financial inclusion through partnerships and collaborations, is an initiative of the Central Bank of Nigeria (CBN), supported by the Deposit Money Banks (DMBs), Nigeria Inter-Bank Settlement Systems (NIBSS) and Licensed Super-Agents, and was incorporated in 2019.
SANEF serves as an enabler in the Financial Inclusion ecosystem in Nigeria, collaborating with various Stakeholders to expand the frontiers of Financial Inclusion which includes Agent Expansion, Financial Literacy, Public Enlightenment, Policy Advocacy and Technological Solutions for Products and Services to increase Agent Business viability and Agent Network sustainability.
The Senate on Wednesday adopted the harmonised conference committee report on the four tax reform bills.
The resolution of the Senate followed its consideration and approval of the recommendations of the conference committee of both chambers set up to harmonize the Bills.
The Chairman of the Senate Committee on Finance and leader of the Senate delegation in the conference committee, Senator Mohammed Sani Musa, presented the report.
The four tax reforms Bills which were transmitted to the National Assembly in November last year by President Bola Ahmed Tinubu include: The Joint Revenue Board (Establishment) Bill, 2025 (SB. 583); Nigeria Revenue Service (Establishment) Bill, 2025 (SB. 584); Nigeria Tax Administration Bill, 2025 (SB. 585); and Nigeria Tax Bill, 2025 (SB. 586).
In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.
This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.
Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs.
“This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”
The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.
“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.
He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.
This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.
Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production.
This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.
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.
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has launched a new feature called Advance Top-Up on its USSD banking platform *919#, which is designed to provide instant access to airtime and data for its customers especially when they are out of call credit or disconnected from the internet.
The new feature which was unveiled at the UBA head office in Marina recently, allows customers to borrow airtime or data directly from their mobile devices, offering a fast, dependable solution.
Shamsideen Fashola, group head, Retail and Digital Banking, UBA, who spoke during the official launch, described the feature as a timely addition to the bank’s digital offerings and a testament to the its customer-first approach.
“At UBA, we are constantly looking for ways to make banking and everyday services more accessible for our customers. With the launch of Advance Top-Up on our USSD platform, *919#, we are giving our customers the power to stay connected without interruption, regardless of time, location, or airtime balance,” Shamsideen said.
UBA’s Advance Top-Up which is now live on *919#, joins a wide range of services on the platform, which include airtime and data purchases, money transfers to UBA and other banks, account balance checks, card blocking and freezing, online transaction controls, bill payments, and more.
Fashola emphasised the simplicity and convenience of the solution, adding that “You don’t need to download an app or visit a data centre. Just dial *919#, follow the prompt, and you’re immediately connected. It’s simple, fast, and reliable.”
Alero Ladipo, Bank’s Group Head, Marketing and Corporate Communication, added that the feature was developed based on real feedback from customers and their evolving needs.
“Our users asked for a way to stay connected when they have no airtime, and as always, we have come up with a quick solution, right there on their phones, instantly, with no fuss, and no need for internet connectivity. Whether for emergency communications or business continuity, *919# puts instant connectivity in every customer’s hands,” she explained.
She explained that only recently, the bank unveiled its newly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empower small and Medium Scale Enterprises across Africa.
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