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E-Financial

Unity Bank Unveils New USSD Platform to Combat E-Banking Fraud

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Unity Bank Plc has unveiled a new code on its USSD platform that completely puts the customer in control of his Bank Account against any e-Banking fraud.

The new code which is *7799*9*Phone Number # allows customers to block access to their Bank Accounts, hence without recourse to the Bank, a customer is able to prevent and protect his Bank Account from unauthorised access using any mobile device if fraud is suspected.

As part of the robust feature of the Bank’s USSD platform, Bank customers can directly initiate the new Code and successfully block the account from a third-party mobile device.

To unblock the Bank account, customers can walk into any branch of Unity Bank closest to them and request reactivation.

As a result, customers are thus able to exercise unlimited control with the new code as the Account Blockade can be initiated from any phone to prevent any unauthorised transaction or access to the Bank Account. The blockade can also be initiated to stemrisks arising from the loss of debit card or incidences of unauthorized transactions.

This feature now offers full control to Unity Bank customers to protect themselves from scams, secure all banking transactions, and puts the customers well ahead in control of their banking transactions.

The new anti-fraud code enhances the Bank’s robust security system to safeguard customers’ bank accounts against any form of cyber threat or incurring financial losses from fraud attempts.

According to the latest banking industry fraud report by Nigeria Inter-Bank Settlement System, cyber fraud rose by 534% as Nigerian banks lost a total of N3.5 billion in the past year alone. The unveiling of the new USSD code is, therefore, part of Unity Bank’s strategic move to protect their customers by reducing to zero, losses from electronic banking frauds.

The *7799# code which was introduced three years ago and enhanced with a multi-language capability has remained a critical component of the Bank’s robust e-banking channels facilitating seamless and secure banking transactions.

Speaking on the new anti-fraud code, the Directorate Head, E-Business, Retail & SME Banking, Mr. Funwa Akinmade said that leveraging necessary technology to protect the bank’s assets including customer’s Bank account remains a top priority for the Bank in the face of rising cyber-security threats.

He said: “With fraud concerns on major payment channels across Nigeria, every player in the financial services industry in Nigeria must think of a way to stay ahead of its game”.

“With the added USSD feature that allows customers to block their accounts using *7799*9*Phone Number#code, even from a third party device, we have given greater empowerment to customers to transact freely on our USSD platform. With the USSD feature, being available to both smartphone and feature phone users, it means even the least digital-savvy customers of Unity Bank can effectively use the new anti-fraud code”.

“More so, since the USSD is available in the three major local languages, it, therefore, has the potential to reach the greatest number of people who are looking for convenient and secure banking services.”

The unveiling of the new anti-fraud code on the USSD platform is also accompanied by the rollout of a nationwide radio campaign to educate the banking public on the options available to them to bank safely and securely.

 


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E-Financial

Fidelity Bank’s Gross Earnings Hit N315Bn

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Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank,
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Fidelity Bank Plc has recorded gross earnings of N315.4bn for the first quarter ended 31 March 2025, representing a 64.2 per cent increase from the N192.1bn reported in the corresponding period in 2024.

Fidelity Bank’s Gross Earnings Hit N315Bn

Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank,

According to the bank’s unaudited financial statements filed with the Nigerian Exchange Limited, the impressive performance was driven by significant growth in interest income, foreign exchange revaluation gains, and higher fee and commission income.

Interest and similar income calculated using the effective interest rate method rose by 58.1 per cent to N256.1bn in the period under review, up from N161.9bn in the same quarter of 2024.

Additionally, the bank earned N25.4bn from other interest and similar income, compared to N8.2bn in the corresponding quarter of the previous year.

Despite a 28.5 per cent increase in interest expense to N90.7bn from N70.5bn, net interest income climbed to N190.8bn, reflecting a 91.5 per cent growth from N99.6bn in the same quarter last year.

Fidelity Bank recorded a credit loss expense of N6.3bn, a decline of 49.2 per cent compared to the N12.4bn reported in Q1 2024. Consequently, net interest income after credit loss expense rose to N184.5bn from N87.3bn.

The bank also saw growth in its non-interest income. Fee and commission income increased to N23.8bn, up from N18.3bn in Q1 2024.

Foreign currency revaluation gains contributed N9.8bn to earnings, representing a 200.8 per cent increase from N3.3bn in the same period last year.

On the cost side, operating expenses remained elevated. Personnel expenses rose to N19.7bn from N14bn, while depreciation, amortisation, and impairment increased significantly to N8.7bn from N2.2bn. Other operating expenses also grew to N87.5bn from N52bn.

Despite the cost pressures, the bank posted a profit before income tax of N105.8bn, more than doubling the N39.5bn recorded in the same period last year. After a tax charge of N14.7bn, profit for the period stood at N91.1bn, marking a 190 per cent increase compared to N31.4bn reported in Q1 2024.

Earnings per share rose to 181 kobo from 98 kobo in the corresponding quarter.

The bank’s total comprehensive income for the period rose to N101.6bn, up from N35.8bn in Q1 2024, bolstered by exchange differences on translation of foreign operations and revaluation gains on debt instruments.

 

 

 

 

 

 

 


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E-Financial

SEC Uncovers Tofro, another Suspected Ponzi Scheme

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Securities and Exchange Commission (SEC) has uncovered another suspected illegal investment platform identified as TOFRO.COM (Tofro).

SEC Uncovers Tofro, another Suspected Ponzi Scheme

The commission raised the alarm in a notice issued on Thursday and made it available to the newsmen.

The commission warned Nigerians against falling for their tactics to obtain money from them through the promise of unusually high returns.

SEC said that the suspected investment platform holds itself out as a cryptocurrency trading platform, adding that such an investment scheme is not registered by the commission.

It said that based on its investigations, Tofro’s operations exhibit the typical indicators of a fraudulent Ponzi scheme.

 

According to the SEC, it promises unusually high returns, heavy reliance on a referral system to sustain payouts, and failure to honour withdrawal requests from subscribers.

SEC, however, strongly advised Nigerians to be wary about investing with Tofro, noting that any person who places such an investment with the entity does so at their own risk.

The notice reads, “The attention of the Securities and Exchange Commission has been drawn to the activities of an online platform known as TOFRO.COM (Tofro), which holds itself out as a cryptocurrency trading platform.

“The Commission hereby informs the public that the Tofro is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any other capacity within the Nigerian capital market.

“Investigations have revealed that Tofro’s operations exhibit the typical indicators of a fraudulent Ponzi scheme, including the promise of unusually high returns, heavy reliance on a referral system to sustain pay-outs and failure to honour withdrawal requests from subscribers.

“Accordingly, the public is strongly advised to be wary about investing with Tofro, as any person who places such investment with the entity does so at his/her own risk.

“The Commission similarly reminds potential investors of the need to VERIFY the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them.”

 


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E-Financial

DBN to Invest $2.5m in Proposed Youth Entrepreneurship Investment Bank

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The Development Bank of Nigeria (DBN) has received shareholders’ approval to invest $2.5 million or 25% equity stake in the proposed Youth Entrepreneurship Investment Bank (YIB) — a new investment vehicle designed to provide equity funding to youth-led businesses in Nigeria.

The approval came during the bank’s 8th Annual General Meeting (AGM) which was held in Abuja.

The move is a strategic step aligned with the bank’s broader mission to support Micro Small and Medium Enterprises (MSMEs), job creation and entrepreneurship among Nigeria’s youth.

According to Tony Okpanachi, DBN Managing Director, Youth Entrepreneurship Investment (YIB) is not a conventional bank. It is an investment vehicle that will deploy equity into promising youth-owned enterprises.

“This is about backing ideas and unlocking growth through long-term capital — not debt,” Okpanachi told journalists after the AGM.

The initiative is a partnership between DBN, the Nigeria Sovereign Investment Authority (NSIA), and the African Development Bank (AfDB), with additional backing expected from development finance institutions.

The African Development Bank (AfDB) is currently in discussion to provide debt financing, which would bolster the capital available to the vehicle without diluting equity.

“This $2.5 million is DBN’s initial stake,” Okpanachi said. “We are co-investing alongside NSIA, and this sets the stage for broader institutional participation — both local and global.”

YIB aims to fill a critical funding gap in Nigeria’s startup ecosystem. While the country has a vibrant pool of young entrepreneurs, access to early-stage funding remains limited. Many businesses rely on short-term loans or informal capital, which often constrains scalability and long-term planning.

Okpanachi emphasised that YIB’s structure is deliberately designed to avoid the trappings of a traditional bank.

“This is not a commercial bank. It won’t provide loans or open retail accounts. It’s structured purely as an equity-focused investment vehicle, targeting scalable ventures with strong fundamentals and youth ownership”, he noted.

This will be DBN’s second strategic investment following the establishment of its wholly owned impact credit guarantee subsidiary, which offers partial credit guarantees to MSMEs.

Final structuring of YIB is underway. Following the shareholder greenlight, the promoters are now coordinating with the relevant stakeholders to complete incorporation, legal frameworks, and capital mobilisation.

“We expect all groundwork to be finalised by the end of this year. With operations likely to begin by early 2026,” Okpanachi disclosed.

The move comes amid growing concerns over Nigeria’s rising youth unemployment rate.

By investing directly into youth-led businesses, DBN and its partners aim to accelerate job creation, promote innovation, and catalyse broader economic development.

“There’s already strong interest from global players,” the MD noted, though he declined to name institutions due to ongoing negotiations.

“What we are doing is laying the foundation. YIB will serve as a credible, well-structured platform to crowd in institutional capital and scale youth-driven entrepreneurship.”

He added that YIB is not a one-off initiative but part of a long-term strategy to create sustainable investment channels focused on Nigeria’s demographic dividend.

“This is more than a financial transaction,” Okpanachi said. “It is a statement of intent. We believe in the entrepreneurial potential of Nigerian youth — and we are backing that belief with real capital.”

 


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