E-Financial
Yuletide: E-PPAN Urges Nigerians To Be Security Conscious

E-payment Providers Association of Nigeria (E-PPAN) has urged Nigerians to be security conscious especially at this festive season where a lot of transactions take place with the use of various payment instruments.
Be it shopping physically at merchant outlets using the POS terminal; mobile Banking/Payment; online transactions or even at the ATM, E-PPAN said that users must be careful to avoid the eagle-eyes of financial fraudsters.
Typically, fraudsters also use this festive season to launch their nefarious activities to unsuspecting bank customers.
The onus, E-PPAN said, is therefore, on the individual first, to consider safety in all transactions, and these will take some extra and conscious effort by the individual.
Regha Onajite, executive secretary and chief executive officer of E-PPAN, said in a statement on Monday, “Like we all always tell consumers it is very safe to use any of any of the payment instruments but to minimize the chances of becoming a victim of electronic fraud we advice consumers to follow some safety tips such as; Look after your cards and card details at all times ; Try not to let your card out of your sight when making a transaction, and don’t leave your cards unattended in public places.
“We emphasize that NEVER share your PIN with anyone, ensure you are the only person that knows your PIN. Your bank will never ask you to disclose it; anyone who does ask you for your PIN is a fraudster. Keep It Secret, Keep It Safe – Protect Your PIN”.
Onajite said, “For those who will use the ATM at any point we always advice that never use an ATM at any isolated location especially at night and weekends. ATM’s are generally very safe; however they do sometimes attract criminal attention so you still need to follow common sense precautions when withdrawing cash.
“At the ATM when entering your PIN, Stand close to the ATM , use your free hand and your body to shield the number in case someone is watching you over your shoulder. Once you have completed a transaction put your money and card away before leaving the ATM.
“If the ATM does not return your card, report it immediately to your service provider. Destroy or preferably shred your ATM receipts, mini-statements or balance enquiries when you dispose of them.
“If you think someone has seen your PIN you can change it at the next ATM or by contacting your bank. To minimize the chances of having your card or card details stolen at an ATM we say that if you spot anything unusual about the ATM, or there are signs of tampering, do not use it. Report it to the relevant authorities immediately.
Ntia Nnene Sylvia, media and strategy development manager at E-PPAN quoted the Executive Secretary in the statement advising those traveling overseas to call their financial service providers and inform them on their location of travel.
“Only take cards that you intend to use; leave others in a secure place at home. When you are overseas don’t let your card out of your sight, especially in restaurants and bars; when you get back check your card statements carefully for unfamiliar transactions. If there are any, report them to your financial service provider as soon as possible.
Also some will be doing online transactions, our advice to those category of people is that they should only shop on secure sites. Before entering card details ensure that the locked padlock or unbroken key symbol is showing in your browser. Additionally, the beginning of the online retailer’s internet address will change from ‘http’ to ‘https’ to indicate the connection is secure. Never send your PIN over the internet. Always log out properly after shopping online – if the website you have used has a ‘sign out’ or ‘log off’ button, click it when you have finished, especially if you have been using a shared or public computer.
“As additional preventative measures when banking online, you should ensure your browser is set to the highest level of security notification and monitoring. Be particularly security-conscious if you are using a public computer or public Wi-Fi internet connection,” the statement read.
E-PPAN said that if everyone follows the safety security tips as have been highlighted they would have protected themselves from being victims of fraud.
Amongst other programmatic activities for 2015, the E-Payment Providers of Nigeria E-PAN has put consumer awareness and campaign as regards to Fraud in its front burner for 2015 working in tandem with the Central Bank of Nigeria and the industry.
E-Financial
Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’

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.
E-Financial
SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
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.
E-Financial
Africa Cross-border Payments Set to Hit $1 trillion by 2035

Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate of 12%.
It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.
Despite the impressive growth, the report highlights systemic inefficiencies.
“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.
However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.
In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.
Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.
The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.
According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.
“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.
Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.
The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.
“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.
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