E-Financial
TITL Unveils Mobile Phone Point of Sales Innovation
Total Infotech & Telecoms Limited (TITL), has unveiled a Mobile Phone Point of Sales Service, to further boost financial inclusion in the country.
A simplified alternative to POS machine, the innovation would enable financial transactions to be carried out in a most convenient and seamless way.
Olaniyi Adeosun, lead, TITL, explained that the innovation is such that allowed Nigerians to use mobile phones to offer Agency Banking services across the country, once registered on the platform.
He said, “Once merchants are registered on the system, they are given a starter pack to commence operations .They are thus licensed to carry out transactions like cash out, cash in, accept payments, pay bills and do funds transfer, amongst others, from the mobile phone. They also get commission on every transaction carried out.”
In addition to simplifying financial services, Adeosun enthused that the innovation is apt for this period given the global health challenges that has disrupted the economy.
“This is certainly one of the viable job creators in the country, given that every adult carries a mobile phone, and can easily sign up to the service to serve customers. The innovation will also add up to the existing growth in e-payments and POS transactions which will rub off positively on the economy”, he affirmed.
He noted that the innovation packs a special incentive for women in order to encourage them to be economically active.
“We observe that fewer women are empowered financially in this clime, in our efforts to help this situation, we have set out a 15 percent discount exclusively for women. Any woman that signs up on this service automatically gets her wallet credited back with a 15% discount to support her business.
“It should be noted that the product is currently in its BETA stage, which would require testing for customer usage and adoption.
For this testing phase, we have set out a bonanza of 15% for every person that signs up as merchants within the approved 1,000 registrations we would record.
“So for women that sign up within the 1000 bonanza, they gets a cumulative discount of 30% that will be credited to their wallet and after the bonanza, they will continue to enjoy the 15 percent discount specially packaged for women.”
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
Airtel Reveals Mechanism of Spam Alert Service
Nigerian Tech Prodigy sets World Record with Smallest GPS Tracker
Minister Seeks Digital Tech Adoption to Improve Agriculture, Boost Food Security
Africa Looks to Solar Amid Electricity Challenges
Fidelity Bank grows PBT by 167.8% to N105.8 billion in Q1 2025
News3 days agoTomato ‘Ebola’ May Disrupt Nigeria’s Agric Value Chain- Rewane
General News2 days agoFCMB Group Posts ₦35bn Q1 Profit as Revenue Surpasses Forecast
News3 days agoLoan Controversy: Court adjourns Otudeko, others’ case to June 11
Broadcasting3 days agoMultiChoice vs FCCPC: Only President has Power to Fix Prices- Court
Telecom3 days agoSEO Secrets: How Media Professionals Can Make Their Blog Posts Rank High
Telecom2 days agoMTN Group Strengthens Nigeria-South Africa Economic Ties Amid Africa’s Transformation
E-Business2 days agoMinister Seeks Digital Tech Adoption to Improve Agriculture, Boost Food Security
Telecom2 days agoAirtel Reveals Mechanism of Spam Alert Service