E-Financial
Technology, Partnership Approach Driving MasterCard Financial Inclusion in 2014
MasterCard’s technology combined with increased engagement of governments is helping drive greater expansion of financial inclusion.
Public-private partnerships, such as the social security program in Pakistan MasterCard announced last week , offer citizens new opportunities to join the financial mainstream.
Around the world, innovations such as prepaid and mobile payments combined with biometrics are enabling more people to take advantage of formal financial services.
This is especially apparent in Africa where MasterCard was recently recognized by The African Banker for its work extending financial inclusion across the continent.
MasterCard’s broad-based collaboration with public and private sector entities is quickly bringing the benefits and security of electronic payments to the continent’s largest economies, where financial exclusion is still prevalent.
•MasterCard’s work with the South African Social Security Agency has helped showcase the impact of delivering government funds via electronic payments and encouraged other governments to explore these solutions.
•In Nigeria, the government launched a national ID program that combines a biometric identification solution with a prepaid payment functionality powered by MasterCard and is the broadest financial inclusion initiative of its kind on the African continent.
•In Egypt, MasterCard partnered with the National Bank of Egypt and Etisalat to unveil the first Arabic mobile money program that enables subscribers to transfer money via their phone.
Earlier this year, Ajay Banga, MasterCard president and CEO set the tone on the private sector’s role to provide broader access to financial services for the 2.5 billion adults who lack a simple bank account. “While the risks of not addressing financial inclusion are profound, the benefits are undeniable,” said Banga. “If it’s done well, it can help grow an economy that’s more equitable, sustainable and inclusive.”
But, leading on financial inclusion isn’t new to MasterCard or limited to Africa.
In fact, MasterCard has programs designed to bring financial access to over 350 million people around the world including:
•In Brazil, MasterCard’s joint venture with Telefonica created Zuum, a mobile money solution to make deposits or transfers and pay bills easily and securely;
•In Vietnam, a partnership with partnered with Viettel and Military Bank to develop a prepaid card linked to the Viettel BankPlus wallet;
•In India, a collaboration with Beam launched a mobile companion prepaid card that allows mobile wallet consumers to transact at physical merchants, online and access ATMs;
•In Turkey, together with the Turkish Government and DenizBank, MasterCard introduced a new Social Aid Card to bring innovation and efficiency to Turkey’s welfare service; and
•In Canada, a collaboration with SelectCore and the City of Toronto launched the City Services Benefit Card, a prepaid card program enabling Toronto residents to instantly receive their Ontario Works benefits through an EMV chip and PIN prepaid MasterCard.
Throughout 2014, MasterCard has continued to lead efforts that expand financial inclusion:
•Issuing new payroll card standards in the United States to help employees take full advantage of the benefits of having their paycheck electronically deposited;
•Launching the MasterCard Center for Inclusive Growth to foster collaborative relationships between academia, governments, nonprofits, the social design community, and the private sector that advance research and investment in sustainable economic growth;
•Partnering with the Inter-American Development Bank to promote economic inclusion in Latin America & the Caribbean;
•Co-authoring “Banking a New Generation” with Child Youth Finance International to help financial institutions, NGOs and governments co-create appropriate and innovative banking and payment products for young people;
•Leading conversations on Financial Inclusion with the World Economic Forum in Davos, Colombia, Nigeria and Philippines; at the China Development Forum; and with the World Bank;
•Conducting the Road to Inclusion study in India, Indonesia, Vietnam, Philippines, Egypt, and Nigeria that challenges previously-held notions of the unbanked; and
•Continuing to partner with the Better Than Cash Alliance, an organization that works with governments, the development community and the private sector to move towards electronic payments in emerging economies as a pathway to greater financial access.
“We must dispel the myths surrounding financial inclusion,” said Banga.
“The 2.5 billion adults without access to financial services are disproportionately women and young people and include many who are employed or living in urban centers. And, there are at least 44 million unbanked or underbanked people in the United States, so clearly financial inclusion is needed in all markets, not just the developing world.”
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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