E-Financial
Zedcrest, NESG Champion Discussions on Prosperity Inclusion for Nigerians
Zedcrest Group, a new-age financial solutions powerhouse, in collaboration with the Nigerian Economic Summit Group (NESG) on Tuesday, hosted a financial inclusion conference themed: ‘Securing and enriching Nigerians at scale: Prosperity inclusion through financial sector innovation’ at the Lagos Continental Hotel, Victoria Island.
The national discourse was aimed at re-evaluating and reconsidering the role of the government, regulators and the financial sector in building a secure future for inclusive prosperity in Nigeria.
In his opening remarks, Mr. Adedayo Amzat, the Group Managing Director of Zedcrest, said that prosperity inclusion through financial sector innovation is a follow up to discussions at the 27th Nigerian Economic Summit (NES#27) and focuses on finding ways to enhance Nigeria’s financial environment.
He noted the need to address existing gaps by focusing on three key areas: mobilizing domestic resources, attracting foreign capital, and striking a balance between innovation, regulation, and consumer protection.
In his keynote address, NESG Board member and the Chief Executive Officer, Stanbic IBTC Holdings Plc, Dr. Demola Sogunle, said that the financial sector is essential to drive financial inclusion and economic growth.
He stated that it is crucial for the financial sector, through commercial banks, capital markets, and the insurance sector, to play a vital role in funding capital investments and not just providing industry loans concentrated in the oil and gas sector.
Furthermore, Dr. Sogunle noted that Nigeria ranks low regarding financial penetration, with 40 percent living below the poverty line, with only 4 percent of the 40 million MSMEs having access to credit.
“The factors affecting the financial sector include lack of credit history, inability to keep proper financial records, non-realization of collateral, lack of management strategies, stiff competition from larger corporates and limited business presence of micro-SMEs. In addition, there is a need to adopt partnerships that will drive mobile adoption and inclusive development.
Development of credit infrastructure, creation of financial literacy programs, facilitate open banking initiatives for information sharing and collaboration to develop innovative financial products amongst stakeholders,” Dr. Sogunle stated.
He noted that homegrown solutions to some of these problems include online payment provisions, payment data to determine lending risks which can be obtained from smartphones, SME hubs to generate records on transactional activities and improved credit scoring in the rural areas, mainly where banking activities are limited, reiterating that businesses must strengthen their capital base to survive as an SME.
During the first panel session themed “Financial Sector and Economic Expansion: Mobilising Domestic Resources for Inclusive Prosperity”, Mr. Ayo-Bankole Akintujoye, the Lagos SME Boot camp convener, said that SMEs respond to shocks quickly, and it is nearly impossible to intervene at individual levels.
He reiterated the need to leverage, register, and provide credit and exposure to some clusters. “Technology alone will not solve financial inclusion problems. We need to study the characteristics critically; leverage the clusters they respect and mobilize resources using the clusters as gatemen to reach the people at the end of the funnel,” he stated.
Mr Dayo Obisan, Executive Commissioner (Operations), Securities and Exchange Commission (SEC), said that proper financial education is essential, as, for every 100 businesses funded, only five are expected to be profitable. He said there is a need to raise capital for structured firms with proper financial record keeping.
He said a lot must be done requiring information dissemination and educating the public. “People may have the money but there is a wide gap in terms of how to use it which explains why they spend their time chasing illegalities such as Ponzi schemes,” Obisan said.
“One of the key areas for inclusive prosperity is education. I don’t mean going to school alone but being educated. If people are not educated, having inclusive growth will be very difficult,” Zeal Akaruiwe, the executive officer at Graeme Blaque Group said.
“Financial organisations like the banks need to have an incubator mindset by participating in financial literacy and partnering more with religious leaders to educate people on the benefits of financial literacy and having a smartphone,” Oseikhueme Anao, Chief Financial Officer at Standard Chartered Capital and Advisory, said.
Anao also noted that although agency banking is a good initiative by the banks, in order to bring more people into the financial net, they need to have an investment strategy by going to the streets to teach people how to use bank accounts.
During the second panel session with the theme “Attracting Foreign Capital to Nigeria, Post-Pandemic”, Mr. Sam Ocheho, Head of Global Markets, Stanbic IBTC, said that necessary infrastructure must be in place for Nigeria to export and earn revenue from non-oil products, noting that fines deter foreign investors and that Nigeria ranks low on the World Bank ease of doing business index ranking.
Mrs. Yinka Adelekan, Managing Director, Agusto & Co, submitted that structural reforms had brought foreign investments into several countries. Nigeria needs to learn and adopt the positives from other countries for her growth and development.
She reiterated the need for the laws governing fintech to continue stimulating innovation that will improve foreign direct investment and encourage companies to thrive.
During the third panel session, with the theme “Striking a balance between Innovation, Regulation and Consumer Protection in the Financial Sector”, Professor Olayinka David-West, Associate Dean and Professor of Information System, Lagos Business School, said that technology is a great tool but not a magical solution to every problem. She noted that financial service providers should not wait for economic times to change before providing financial services to people of all strata of life.
Furthermore, Dr. Tunde Popoola, CEO of CRC Credit Bureau Limited, revealed that credit penetration in 2009 was 4 percent, and it has grown to about 14 percent now. He stated that fintech and financial innovation should help stimulate faster growth in all of these, noting the need for a robust digital identity that will encourage specific and targeted services that will enhance access to credit.
“From there, you can give them credit and help them grow through the sector. We need to stop focusing only on big corporations but more on the small ones.”
Financial literacy refers to the ability to make informed judgments and take effective decisions regarding the use and management of money. And thus, it goes hand in hand with financial inclusion in terms of strengthening more financial depth.
According to data from Enhancing Financial Innovation and Access (EFInA), Nigeria’s financial inclusion rate grew to 64.1 percent in 2020 from 63.2 percent in 2018. The 2020 figure is below the Central Bank of Nigeria (CBN)’s 80 percent financial inclusion target for the year 2020.
Although the inclusion rate dropped marginally from 36.8 percent in 2018 to 35.9 percent in 2020, the excluded adult population of 38.1 million reported in 2020 was higher than the 36.6 million recorded in 2018, meaning 1.5 million adults fell into the exclusion circle in the last two years to 2020.
Zedcrest Group (“Zedcrest Capital” or “Zedcrest”) is the parent company of Zedavnce Finance Limited, a leading consumer lending firm; Zedcap Partners, a foremost securities brokerage firm engaging in the broking of financial products in sub-Saharan Africa Over-the-counter (OTC) Fixed Income and currencies markets (FICC). And Zimvest, an asset management firm licensed by the Securities Exchange Commission (SEC).
Nigerian Computer Society (NCS) has expressed concern over the Federal Government’s decision to replace Remita Payment Service Ltd with the Treasury Management and Revenue Assurance System.
Dr. Sirajo Aliyu, president, NCS, who spoke a press conference in Lagos, highlighted the potential impact of the decision on Nigeria’s indigenous Information Technology (IT) sector.
Remita, a subsidiary of SystemSpecs Software Technology Group, has provided payment solutions for individuals and organisations for nearly two decades, maintaining a 100 per cent Nigerian workforce. The government’s move, announced on 4 March, has raised concerns about its implications for local IT firms and the wider economy.
Dr Aliyu warned that replacing Remita could send the wrong message to local IT companies, discouraging investment in homegrown technological solutions.
He emphasised that the Treasury Single Account (TSA), powered by Remita, was a fully indigenous project that had been globally recognised for its success.
“We are concerned that this decision could undermine confidence in Nigeria’s IT industry.”
“While the government has the right to make changes, such decisions should involve extensive consultation with stakeholders to avoid unintended consequences,” Aliyu stated.
He added that the TSA had improved transparency, increased government savings, and enhanced operational efficiency in fund management. The sudden replacement of the platform, he cautioned, could disrupt these benefits.
Prof. Charles Onyeukwu, vice-president, NCS, also urged the government to reconsider its decision, noting that Remita had been selected through a rigorous process involving both local and international firms.
He suggested that instead of replacing the system, an Application Programming Interface (API) could be introduced to allow additional service providers to integrate with it.
“We believe a collaborative approach would ensure continuity while enhancing the system’s functionality,” Onyeukwu said.
A memo from the Office of the Accountant-General of the Federation confirmed that the Treasury Management and Revenue Assurance System would be implemented in two phases, starting on 4 March 2025.
The new system is designed to streamline revenue collection and payments across ministries, departments, and agencies.
The NCS, Nigeria’s premier body for computing and IT professionals, has called on the government to engage with Remita and other stakeholders to find a solution that supports both national development and the growth of the indigenous IT sector.
Fidelity Bank Plc has reaffirmed its commitment to financial inclusion, youth empowerment, and promoting a healthy savings culture by rewarding nine National Youth Service Corps (NYSC) members with N500,000 business grants each.
L – R: Branch Leader, Fidelity Bank Plc, Nanka Close, Wuse, Abuja, Vincent Ijioma; GAIM 6 NYSC Empowerment Grant winner, Bomane-Aziba Koromo; and Zonal Inspector, NYSC Zone 3, Abuja, Adama Usman, at the Fidelity Bank GAIM 6 NYSC Empowerment Grant prize presentation ceremony for Q1 in Abuja recently.
The grants were awarded under the Get Alert in Millions Season Six (GAIM 6) promo, an initiative designed to reward loyal customers with cash prizes totaling N159 million.
The promo, which runs from November 2024 to August 2025, targets various categories of customers, including NYSC members, students, and general customers.
Mr. Osita Ede, Divisional Head of Product Development at Fidelity Bank Plc, stated that this season of the GAIM promo aims to enhance the opportunities for loyal customers to win.
“When we launched the GAIM 6 promotion in November 2024, we unequivocally stated that this campaign season is intended to promote inclusivity.
“Consequently, we have increased the total prize money to N159 million and added additional draws, beyond the weekly and monthly draws featured in previous seasons.
“Now, we have specific draws catering to various segments of our customer base including women, students, youth corps members, and traders.
“It is important to note that these categories of customers also stand the chance to win millions of naira in the monthly and grand draws which we will be hosting till 20 August 2025,” explained Ede.
Nine NYSC customers were selected through a random electronic draw in the first quarter of the GAIM 6 campaign, from various branches nationwide. They are: Oluwatosin Emmanuel Olowolayemo and Ekpeno Aniekan George, both from Uyo 2 Branch; Derryk Chidubem Okafor from Trans-Ekulu Branch; Aliyu Idris Adamu from Tudun-Wada Kaduna Branch; Bomane-Aziba Koromo from Nanka Close, Wuse Branch; Asabe Grace Adamu from University of Maiduguri Branch; David Agbai Agwu from Oshogbo Branch; Abdullahi Opeyemi Olajuwon from Airport Road, Lagos Branch; and Eghosa George Orhue from Ado Ekiti Branch.
Expressing his gratitude and excitement, one of the recipients of the entrepreneurship grant, Chidubem Okafor, appreciated Fidelity Bank for the grant, noting that the funds will enable him to achieve his entrepreneurial dreams.
His words, “At first, I thought it was a scam when they introduced the initiative at our orientation camp, but today, I am truly honored to receive this support from Fidelity Bank.
“This grant will go a long way in helping me achieve my entrepreneurial dreams, and I promise to make the most of it,”
Similarly, David Agwu, who also emerged a winner in the draw, expressed his surprise at the unexpected win, saying, “When I received the call, I thought it was a prank. I never applied for anything, so it was hard to believe.
“But when they sent me proof, I realized it was real. I am truly grateful for this opportunity.
“My plan is to invest the money in vocational training and digital skills development, particularly in fashion and painting in order to establish a sustainable business”.
Beyond the N500,000 entrepreneurship grant, the winners will also enjoy free business advisory and training sessions at the newly launched Fidelity SME Hub, located at 22, Lanre Awolokun Street, Gbagada Phase 2, Lagos.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards.
It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Flutterwave, an African payments technology company, said yesterday it has received approval from Ghana’s Central Bank to provide inward remittance services.
This development, according to the business, reinforces Flutterwave’s aim to simplify payments across Africa. In announcing the development, Flutterwave stated that Ghana’s financial sector is fast growing, with high mobile phone penetration and a vibrant mobile money ecosystem.
Remarkably, it continued, 60% of foreign exchange is received through mobile money platforms, demonstrating the critical role they play in the financial lives of Ghanaians.
Beyond mobile money, areas such as insurtech, lend-tech, and buy now, pay later are expanding rapidly, creating a vibrant and diverse fintech environment, according to the business.
Furthermore, Flutterwave stated that the Bank of Ghana’s supportive regulatory framework and the Ghana Digital Agenda have created an attractive market for fintech innovation.
According to Flutterwave, the latest approval is consistent with these trends, guaranteeing that Ghanaians can benefit from rapid, secure, and cost-effective remittance services.
Olugbenga Agboola, founder and CEO of Flutterwave, commented on the milestone: “Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home.”
Oluwabankole Falade, chief regulatory and government affairs officer at Flutterwave, added: “We are grateful to the Bank of Ghana for their support and look forward to expanding our services in the country.”
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