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E-Financial

Stanbic IBTC Lists Strategies To Safeguard Financial Future

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Stanbic IBTC Holdings Plc, has outlined strategies for businesses and individuals to safeguard their financial future in these uncertain times.

Obinna Lewis-Asonye, Zonal Head, Micro Pension & Agency, Stanbic IBTC Holdings Plc, stated this during the session tagged: “Safeguarding Your Financial Future in Uncertain Times” at the ongoing Higher Institution Football League (HiFL) Masterclass series, sponsored by Stanbic IBTC.

Lewis-Asonye said that the effect of the COVID-19 pandemic has led to an increase in global inflation index and higher cost of living.

He noted that the fiscal and monetary policy measures taken by most developed nations affect global liquidity and financial markets by increasing appetite for stocks and the need for a recovery of equity markets across the globe.

“In Nigeria, inflation and the cost of living have skyrocketed, especially during the pandemic, as people were forced to hold on to what they had. Despite the easing of the lockdown, the cost of living remains on a high side, necessitating concrete and deliberate measures to scale through these tough times”, he said.

Speaking on how businesses and individuals can safeguard their financial future amid these uncertain times, Lewis-Asonye advised Nigerians to have a pension and insurance plan, ensure financial discipline and frugality to boost savings, have a mental and health wellbeing plan and ensure diversification of investments.

According to Lewis-Asonye, it is important to digitize activities, invest in foreign-denominated securities, especially the Stanbic IBTC Dollar mutual fund (SIDF) and seek professional investment advice, when needed.

He advised Nigerians to follow robust business models, have emergency/adequate back-up plans, imbibe digital skills to remain relevant and always prepare for the future by having a valid will, which secures their estates for their beneficiaries albeit loved ones, in the event of uncertainties.

Lewis-Asonye also noted that Stanbic IBTC provides comprehensive financial services to its customers in a bid to help them thrive during these tough times.

“Aside from offering a full range of financial solutions which include banking, stocks, insurance brokerage, pension, asset management, trusteeship, amongst others; we have also made life easier for our esteemed customers by upgrading our mobile App to bring all these services to their fingertips and enhance their financial capabilities,” he added.

He further reiterated that the Stanbic IBTC Super App, which can be downloaded on Google Play store for Android phones, App Store for iOS phones and from the Stanbic IBTC official website; www.stanbicibtc.com, gives customers the capability to monitor their stocks, mutual funds, pensions and insurance, in addition to carrying out basic banking functions.


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E-Financial

UBA Compiles with NCC, to Deduct USSD from Customers’ Accounts

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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.

UBA Compiles with NCC, to Deduct USSD from Customers’ Accounts

 

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.

 

 

 

 


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E-Financial

Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’

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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.


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E-Financial

SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

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Securities and Exchange Commission  (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.

SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

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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