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E-Financial

World Bank Urges CBN to Sustain Inflation Control Measures

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Central Bank of Nigeria (CBN) must sustain efforts to tackle inflation, according to Sameer Matta, senior economist for Nigeria at World Bank.

World Bank Urges CBN to Sustain Inflation Control Measures

Matta, spoke at the recent launch of the 2025 macroeconomic outlook of the Nigerian Economic Summit Group (NESG).

Nigeria’s inflation rose to 34.8 percent in December — up from 33.6 percent in November.

Speaking during a panel session at the event, Matta said the CBN must focus on taming inflation.

“I think what is critical in terms of inflation is to stay the course. I think that the central bank needs to continue to be focused on making sure that inflation is under control,” Matta said.

“Obviously, part of it is related to the supply side. What can be done to improve the yield on the agriculture side? What can be done to improve the link between rural and urban areas?

“There is the question of what can be done on the trade policy side. One would be to increase production locally, but that would take time.

“One of the things that can be done on the trade policy side is to think through which sectors could be targeted to allow some tariffs to be adjusted.”

Matta said the cost of not doing reforms is 2 percent of Nigeria’s gross domestic product (GDP) for fuel subsidy and 2 percent of GDP for foreign exchange (FX) subsidy.

“That’s five percent of GDP, and that is extremely high,” he said.

“I would liken these reforms to someone with a hard medical condition who had to make tough choices.

“Let’s not forget that at some point in Nigeria, the debt service to revenue was 100 percent; now, the good news is that we are around 50 percent, and that is a big decline.

“The cost of reforms comes mainly from high inflation, and in the case of Nigeria specifically, food inflation is impacted by FX and the fact that lots of agricultural products are impacted by the price of petrol.

“That means the impact of these reforms is being felt by the most vulnerable.

“It is very important that the government continues on the reforms on social protection but also accelerates the roll-out of these cash transfers. It is more important to finance them over the future.

“It will be very important to continue to encourage the authorities to scale up and accelerate these interventions, which are time-bound and targeted at those who are really impacted and done through a digital way to avoid any potential misuse in the future.”

Also speaking on inflation, Christian Ebeke, Nigeria’s country representative at the International Monetary Fund (IMF), reiterated the need for coordination between the fiscal and monetary authorities.

He said it is important that efforts to bring inflation down by the fiscal authorities are done in the “context of better coordination”.

“For example, one of the key decisions that took place last year was the commitment by both the central bank and the fiscal authorities to strengthen coordination,” Ebeke said.

“We didn’t see Ways and Means accrue again as we have seen in the past year in Nigeria, and it was welcome.

“This is something that should bring inflation down by tightening financial conditions but also by reducing money in circulation.

“The other important thing for the fiscal authorities to do is to tackle any distribution consequences of the reforms that have been implemented.

“Naira reforms or the completion of the fuel subsidy removal. We know that these key reforms in Nigeria will have redistributive consequences on the most vulnerable, and they may not be able to cope.

“Fiscal authorities have a key role to play because the transmission lag of fiscal policies is shorter compared to monetary policies.

 

“So, issues of social protection are very important. That is how fiscal policies can complement what the monetary authorities are doing.”

On the ways and means, Ebeke said Nigeria should not have been in that position.

“Cleaning up this big problem is taking time, and the persistent effect of the Ways and Means on inflation and, in general terms, on financial conditions,” he said.

“The CBN is trying to mop up liquidity. Just the practice of having deficit monetisation, as has been practiced in Nigeria for years, is now over.

“Again, big congratulations to both the CBN and the fiscal authorities for curbing that.

“Now, when it comes to the securitisation of these, central banks around the world have a memorandum of understanding with the fiscal authorities on this type of liability management.

“The securitisation has the benefit of spreading out the maturities. Also, this has been done transparently, so this is good.”

According to Ebeke, with the independence and fiscal prudence of the CBN, the country ought not to experience macroeconomic pressure, as well as the effect on the parallel exchange rate and inflation.

 

 


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E-Financial

PalmPay Named Among CNBC and Statista’s World Top 300 Fintech Companies 2025

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PalmPay, a leading neobank and fintech platform focused on emerging markets, has been recognised in CNBC and Statista’s 2025 Top 300 Fintech Companies in the World list. This marks the second year in a row that PalmPay has earned a place among the world’s most innovative and impactful financial technology firms.

The selection is based on a rigorous evaluation of thousands of companies globally, assessing growth, innovation, market penetration, and impact.  This year’s list includes a mix of global leaders – including Revolut, Nubank and Ant Group –  alongside rising stars from high-growth markets, underscoring the growing influence of emerging-market fintechs like PalmPay.

PalmPay’s inclusion reflects its continued momentum as one of Africa’s leading fintech platforms. With over 35 million registered users and up to 15 million transactions processed daily, the company offers a comprehensive suite of digital financial services tailored to the needs of underserved communities.

In its main market, Nigeria, PalmPay operates as a full-service neobank, offering consumer financial services such as transfers, bill payments, credit, savings, and insurance – all accessible through its user-friendly app and supported by a nationwide network of over 1 million agents and merchant partners. The company also provides POS and API-driven B2B solutions tailored to the needs of merchants and enterprise clients.

“To be recognised as one of the world’s top fintech companies by CNBC and Statista is a powerful affirmation of our mission to build a more inclusive financial system,” said Sofia Zab, Founding Chief Marketing Officer at PalmPay.

“Through cutting-edge technology, deep local distribution, and a customer-first mindset, we’ve built Nigeria’s leading neobank. As we scale PalmPay to more emerging markets, including Tanzania and Bangladesh, our focus remains on closing financial access gaps for everyday consumers and businesses, while expanding the partner ecosystem that fuels our reach and impact.”

As part of its broader expansion strategy, PalmPay recently launched in Tanzania and Bangladesh through a smartphone device financing model that serves as an entry point to digital financial services.

“PalmPay is building a neobanking platform tailored to the realities of emerging markets,” said Jiapei Yan, Group Chief Commercial Officer at PalmPay. “We are creating the infrastructure for a connected digital economy – where people and businesses can thrive through reliable, inclusive financial tools.

This recognition from CNBC and Statista affirms our progress and also the scale of the opportunity ahead. As we expand across more emerging markets, we are committed to creating lasting value for our users, partners, and the communities we serve.”

PalmPay’s inclusion follows another major recognition earlier this year: the company ranked #2 overall and #1 in the financial services sector on the Financial Times  – Africa’s Fastest-Growing Companies 2025 list. The ranking, based on revenue growth between 2020 and 2023, highlighted PalmPay’s rapid scale and market traction across Africa.

PalmPay currently operates in Nigeria, Ghana, Tanzania, and Bangladesh, and is expanding its presence across Africa and Asia through device financing, digital banking, and B2B payment services. Backed by a robust neobanking platform and a partnership-led approach, the company is committed to shaping the next chapter of inclusive financial growth.


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E-Financial

Fidelity Bank Champions Education in Nasarawa with CSR Project

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L-R: The Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka; Vice Principal, Government Secondary School, Aso Pada, Maraba, Mr. Abdullahi Idris; Project Co-ordinator, Elite Bankers 2025 Inductee Class, Fidelity Bank Plc, Onyinyechi Ihesiaba; Vice Principal -Academics, Government Secondary School, Aso Pada, Maraba, Mr. Ela Isa; during the commissioning of a renovated block of classrooms and the distribution of Back-to-School Materials at Government Secondary School Aso Pada, Maraba, Nassarawa State recently.
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Fidelity Bank Plc has reaffirmed its commitment to quality education and youth empowerment with the renovation of a classroom block and donation of textbooks to Aso Pada Government Secondary School in Karu LGA, Nasarawa State.

L-R: The Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka; Vice Principal, Government Secondary School, Aso Pada, Maraba, Mr. Abdullahi Idris; Project Co-ordinator, Elite Bankers 2025 Inductee Class, Fidelity Bank Plc, Onyinyechi Ihesiaba; Vice Principal -Academics, Government Secondary School, Aso Pada, Maraba, Mr. Ela Isa; during the commissioning of a renovated block of classrooms and the distribution of Back-to-School Materials at Government Secondary School Aso Pada, Maraba, Nassarawa State recently.

The project was executed through the Fidelity Helping Hands Program (FHHP), a corporate social responsibility initiative that enables staff to identify community needs, raise funds, and receive matched support from the bank.

Speaking at the handover ceremony, Dr. Meksley Nwagboh, Divisional Head, Brand and Communications, said the school was chosen due to its impact on the local community and its lack of renovation in over 15 years.

Vice Principal Abdullahi Idris praised the bank’s gesture, calling it “an investment in the future of our nation,” and expressed hope for a lasting partnership.

The initiative follows Fidelity Bank’s recent donation of 1,000 solar-powered schoolbags to pupils across Ogun State, aimed at improving study conditions in areas with limited electricity.

Fidelity Bank serves over 9.1 million customers and has received multiple awards for innovation and SME support, including the 2024 Excellence in Digital Transformation Award and Best Bank for SMEs in Nigeria by Euromoney.


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Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

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Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.

Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.

The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.

Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.

This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.

Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.

Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.

Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.

Offsetting this were write-offs and reversals that mitigated losses.

First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.

Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.

Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.

Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.

On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.

Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.

FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.

Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.

Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.

 

 


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