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.
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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Fidelity Bank grows PBT by 167.8% to N105.8 billion in Q1 2025
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