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E-Financial

SEC Restates Commitment to Transparency in Fintech Regulation

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Dr. Emomotimi Agama, director general, SEC,
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Securities and Exchange Commission (SEC) has assured stakeholders in the fintech space it is committed to ensuring transparency and integrity in the regulation of the space.

SEC Restates Commitment to Transparency in Fintech Regulation

Dr. Emomotimi Agama, director general, SEC, said it has provided a level playing field to all applicants.

Agama, stated this during a meeting with Regulatory Incubation and Accelerated Regulatory Incubation Program applicants on Monday.

The SEC DG stated that the commission understands the anxiety and the need to be regulated but added that they have to be very careful even in its desire to be inclusive.

He said, “The process of registration is a very technical process because registration is the hallmark of regulation. It goes beyond onboarding and registering, it requires monitoring, education, and surveillance and all of these are continuous. This journey is a new one that we have not gone through before. As we continue, we will find challenges, which we need to solve because every challenge is solvable.

“I am here to assuage fears being exhibited, we have provided a level playing field but as a government institution we must take things into context while doing this. The groups that were admitted into the ARIP and RI are beginning to see that we have started demanding for some information, operational updates and more regulatory requirements in line with the concept of a Regulation Incubation Programme or a Sandbox as some other institutions call it. In doing this, we are understudying what they are doing and the risk that they pose to investors and to themselves.

“We have not only done that, we have also issued new regulations to the public, which we call an exposure document. If you look at it, it is an upgraded version of our earlier regulations and the regulation making process demands that we get your views as stakeholders before it becomes a regulation.”

Agama stated that the inputs of stakeholders is important as regulators cannot claim to know everything adding that the rules would be amended to include all valid points to make it an all-inclusive document.

He further disclosed that the commission has increased the space to include more regulations to accommodate more individuals, more institutions and more functions because accommodation is the stance of the government regarding the space.

 

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Kuda Co-founder Urges Young Developers to Build Tech with Purpose @NACOSS 2025

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Musty Mustapha, co-founder of Kuda, delivered a compelling keynote address titled ‘Start Small, Build Bold’ at the inaugural NACOSS TechFest on May 13, 2025, held at the University of Ilorin Auditorium.

Organised by the Nigeria Association of Computer Science Students (NACOSS), the event, themed ‘Tech for Good: Creating Solutions for a Better World,’ brought together students, industry leaders, and tech enthusiasts to explore how technology can create meaningful solutions for society.

In his address, Mustapha emphasised the transformative power of technology when grounded in empathy and purpose. Reflecting on Kuda’s journey, he highlighted how addressing real-world challenges like financial exclusion can lead to impactful innovations that resonate with everyday Nigerians.

“Technology isn’t just about what we build; it’s about who we build for,” Mustapha asserted, urging young people in tech to prioritise building solutions that bridge societal gaps instead of chasing fleeting trends. He stressed that genuine innovation stems from understanding and addressing the struggles of individuals, from students burdened by transaction fees to small business owners awaiting timely payments.

Reflecting on Kuda’s origins, he explained how the fintech’s founders identified a critical problem — the exclusion of millions of Africans from modern financial services — and decided to build a solution that was accessible, affordable, and suited to real-world needs. “Real innovation is based on empathy,” he emphasised. “Understanding real struggles is critical to making the world better.”

Mustapha encouraged the audience to keep empathy at the core of their work. “Whether you’re coding your first app, designing a product, or starting a company, ask yourself: Who does this help? What problem does it solve? How does it make someone’s life better?”

Mustapha’s call to action aligns with the broader potential of technology to drive economic change. According to a recent report by research agency, Public First, Artificial Intelligence, for example, is expected to contribute an estimated $15 billion to Nigeria’s GDP by 2030, reflecting a projected annual growth rate of 27.08 per cent from 2025 to 2030.

As Mustapha aptly concluded, “You don’t need permission to create something meaningful. All you need is a clear problem, a bold vision, and the courage to take the first step.”


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E-Financial

Fidelity Bank reclaims trillion-naira market cap as stock rises to ₦21

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Fidelity Bank Plc, has reentered the trillion-naira market capitalisation club, after its share price rose by 5.3%, climbing from ₦19.95 to ₦21.00 on May 13, 2025, according to data from the Nigerian Exchange Limited (NGX).

This latest development also brings the total number of Nigerian companies with a trillion-naira market capitalisation to 19.

According to a report published on Techcabal website, the bank had previously dropped below the threshold on May 12, marking another fluctuation in its valuation.

Earlier in the year, Fidelity Bank Plc first reached the trillion-naira milestone on April 4, 2025, joining tier-1 banks such as Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, First HoldCo, and United Bank for Africa (UBA). However, it fell below the mark on April 7 before reclaiming its position on April 23.

With 50.2 billion outstanding shares, the valuation reflects renewed investor confidence and signals Fidelity’s potential transition to tier-1 status. Analysts believe the bank is well-positioned to meet the Central Bank’s ₦500 billion ($311.9 million) minimum capital requirement through equity.

“The strong Q1 results suggest continued upward momentum in its stock,” said Nabila Mohammed, an analyst at Chapel Hill Denham. “This could boost investor confidence and help sustain its valuation.”

The stock has surged 141% in the past year, up from ₦8.70 in May 2024. Meksley Nwagboh, Head of Brand and Communications, attributed the rally to a 189% rise in 2024 after-tax profit—the highest among Nigeria’s top 10 banks.

That momentum carried into 2025, with Q1 after-tax profit soaring 190% to ₦91 billion ($56.8 million), driven by higher interest income, forex gains, and cost efficiencies.

“Lower credit losses helped boost net interest income,” said Olamide, a Lagos-based banking analyst. “Combined with solid full-year results and dividend expectations, the bank’s fundamentals are attracting investors.”

A report from Proshare noted the NGX Banking Index gained 6.96% in Q1 2025, driven by recapitalisation efforts that injected ₦2.4 trillion into the sector. Fidelity was the NGX’s third most-traded stock between February and May.

According to Mohammed, Fidelity’s high net interest margin and low-cost deposit base enhance its appeal. On February 8, it completed the first phase of its capital raise with 237% oversubscription. CEO Nneka Onyeali-Ikpe confirmed plans to conclude the next phase before H2 2025.

The bank’s Vision 2025 agenda includes expanding internationally—starting with its 2023 acquisition of Union Bank UK—and securing tier-1 status.

Afrinvest projects continued growth, with gross earnings and pre-tax profit forecasted to rise 46% and 49.4% respectively in 2025, reaching ₦1.5 trillion and ₦415.4 billion. The firm maintains a 12-month target price of ₦21.60 for the stock.

With robust earnings, a solid recapitalisation strategy, and growing investor interest, Fidelity is positioning itself as a strong contender in Nigeria’s top banking tier.


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E-Financial

FirstBank Hikes SMS Alert Fee from N4 to N6

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FirstBank of Nigeria has announced an upward review of its transaction alert fee, raising the charge from N4 to N6 per SMS.

FirstBank Hikes SMS Alert Fee from N4 to N6

In a customer notice, the bank attributed the increase to the recent hike in telecom service costs by network providers.

“We understand that staying connected and informed about financial activity on your FirstBank account is crucial,” the bank stated. “Unfortunately, due to the recent increase in telecom service charges by service providers, the fee for our SMS transaction alerts has been adjusted from N4 to N6 per message.”

The bank acknowledged that the change may cause some inconvenience to customers but assured that efforts are being made to minimise the impact while maintaining service quality.

“We know that this change might cause you some inconvenience, but we are committed to minimising the impact of this change while we continue to provide you with the best financial services possible,” the message read.

The bank encouraged customers with concerns or questions about the adjustment to reach out through its official contact channels.

The adjustment comes at a time when banks are reviewing cost structures following increased operating expenses, including rising telecom tariffs and inflationary pressures across sectors.

The new SMS fee will apply per transaction alert received by customers.

However, some customers took to X (formerly Twitter) to criticise the move, especially at a time when other banks are reportedly scrapping similar charges.

An X user, @Tonyvyncent, wrote, “FirstBankngr have mercy. In a period when others like Sterling Bank are removing charges for customers, you’re increasing charges. No emotional intelligence.”

 


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