E-Financial
Zenith Bank GMD Seeks Impact Investment for Africa’s Development
Mr. Ebenezer Onyeagwu, Group Managing Director/Chief Executive of Zenith Bank plc, has called for increased impact investing in Africa to enable it attain its full potential.
He made the call during his keynote address at the Africa Investment Risk & Compliance Summit 2021 organised by the Emerging Business Intelligence & Innovation (EBII) Group which held at the prestigious University of Oxford, United Kingdom, at the weekend.
Onyeagwu delivered his keynote address after the special keynote address by President Nana Addo Dankwa Akufo-Addo, who was Special Guest of Honour.
Also at the event was Dr Amani ABOU-ZEID, African Union Commissioner in charge of Infrastructure and Energy, who delivered a keynote address at the Summit.
Delivering the keynote address with the theme “Leveraging Impact Investment Opportunities for Growth in Africa”, Onyeagwu described impact investing as an investment that yields optimal returns for investors, value for all stakeholders, and guarantees continued sustenance and existence of humanity.
He decried the shallowness of Africa’s financial market as reflected in the fact that no African exchange is among the Morgan Stanley developed markets index, with only two African exchanges (Egypt and South Africa) in the MSCI Emerging Markets Index, and just six African exchanges in the MSCI Frontier Market Index.
He noted that although the International Finance Corporation (IFC) estimates that the global investors’ appetite for impact investing could total as much as $26 trillion, only approximately 8percent of the assets of impact intent funds are focused on Africa.
According to him, this is not significant enough, and Africa appears to be in the room but not on the table, considering that the continent is in dire need of investment with its estimated 1.3 billion people represent about 17percent of the global population of about 7.8 billion.
Citing the immense opportunities in Africa that represent enormous investment proposition for discerning investors, including the huge population, large market and active labour force, and the rich natural endowment, Onyeagwu described Africa as “the new frontier” for global growth.
He made a case for increased impact investment in in the continent noting that investment opportunities cut across agriculture, healthcare, housing, infrastructure, electricity, and the creative sectors.
Onyeagwu expressed optimism on the coming into effect of the African Continental Free Trade Area (AfCFTA) initiative, targeting to create a single, continent-wide market for goods and services, business and investment that grants investors access to the entire continent.
He also called on investors’ attention to Africa’s rich natural endowment, which includes 60percent of the world’s uncultivated arable land and 9 percent of the world’s freshwater bodies, noting that Africa holds enormous potential for organic food production.
He, therefore implored investors in the agribusiness value chain to focus attention in Africa for organic food production instead of genetically modified food in other climes.
Onyeagwu also noted that as a socially responsible organisation, Zenith Bank would continue to promote impact investment in Africa, stressing that the bank has maintained strong advocacy for investment in Africa through its flagship sponsorship of “Inside Africa” on CNN for 16 consecutive years, which is helping to highlight the immense creativity and talent that abound on the continent and the enormous investment opportunities on the African continent.
He also said that the bank leverages its in-depth knowledge of the African market to guide investors and hedge their exposures. According to him, the bank has been on a steady Environment, Social and Governance (ESG) investment journey, which started with ESG integration as a business strategy as well as being a signatory to the Nigerian Principles for Sustainable Banking and the United Nations Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking.
Nigerian fintech giant Moniepoint is set to unveil the second edition of its widely acclaimed Nigeria’s Informal Economy Report in Abuja, reinforcing its commitment to financial inclusion and data-driven policy advocacy.
The launch event, scheduled to take place later this month, will bring together key stakeholders from government, finance, and development sectors to explore insights into Nigeria’s vast informal economy, which accounts for a significant portion of the country’s workforce and GDP.
Moniepoint’s first edition of the report, released in 2024, was praised for shedding light on the challenges and opportunities within Nigeria’s informal sector, including access to credit, digital payments, and regulatory gaps.
According to company officials, the second edition will feature updated data, expanded regional coverage, and actionable recommendations aimed at empowering small businesses and informal workers through technology and financial services.
The report is expected to serve as a valuable resource for policymakers, researchers, and financial institutions seeking to better understand and support Nigeria’s informal economy.
Moniepoint has emerged as a leading force in Nigeria’s fintech space, providing digital banking solutions to millions of individuals and businesses across the country.
FirstBank of Nigeria has launched its latest Digital Xperience Centre (DXC) in Area 10, Abuja, marking a significant step in its drive to revolutionize banking through technology and innovation.
The Group Chief Executive Officer, First Bank of Nigeria Limited, Olusegun Alebiosu (second from left) and Senator Babangida Hussaini commissioning of FirstBank Digital Xperience Centre in Abuja on Wednesday, October 8, 2025.
The fully automated branch is the seventh of its kind across Nigeria, offering customers a paperless, self-service banking experience available 24 hours a day, including weekends.
Speaking at the unveiling ceremony, FirstBank Group CEO Olusegun Alebiosu said the initiative reflects the bank’s commitment to creating a modern, customer-centric banking environment.
“For us, the future is digital,” Alebiosu said. “From account opening to transfers, customers can now perform almost every transaction on their phones. But for those who still need to deposit or withdraw cash, our Xperience Centres provide a 24/7 self-service option.”
He added that the bank has integrated artificial intelligence and biometric verification into its security systems to protect customers against fraud.
The event was attended by dignitaries including Senator Babangida Hussaini, who commended FirstBank for its forward-thinking approach.
“This is a forward-thinking initiative. I commend FirstBank for investing in both people and technology,” Hussaini said.
Customers also expressed satisfaction with the new centre. Mrs. Toyin Balogun described the experience as “smoother and faster,” praising the staff for their friendliness.
The new Abuja centre joins existing DXC locations in Victoria Island, University of Ibadan, Wuse, Banana Island, Lekki, and the University of Nigeria, Nsukka.
FirstBank says the centres are designed to provide seamless access to world-class banking solutions, including instant account opening, interactive digital support, and advanced transaction automation.
E-Financial
Fidelity Bank Set to Disburse NCGC N5bn Credit Guarantee Facility to Boost MSME Financing
Fidelity Bank Plc, tier one lender, has announced its readiness to begin the disbursement of funds under the National Credit Guarantee Company (NCGC) N5 billion Credit Intervention Scheme. The initiative is designed to expand access to finance for Micro, Small and Medium Enterprises (MSMEs), as well as businesses owned by women and youths across Nigeria.
L-R: Executive Director, South Directorate, Fidelity Bank Plc, Pamela Shodipo; Executive Director, Lagos & South West, Fidelity Bank, Dr. Ken Opara; Executive Director, Strategy and Operations, National Credit Guarantee Company Limited (NCGC), Mrs. Tinuola Aigwedo; Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; MD/CEO, NCGC, Mr. Bonaventure Okhaimo; Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe; Executive Director/Chief Operations and Information Officer, Fidelity Bank Plc, Stanley Amuchie; and Executive Director, Risk Management, NCGC, Prof Ezekiel Oseni, during the Memorandum of Understanding (MoU) Signing Ceremony between Fidelity Bank and NCGC in Lagos.
This was disclosed by the Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, during the signing of a Memorandum of Understanding (MoU) between the bank and NCGC.
According to Dr. Onyeali-Ikpe, the partnership with NCGC represents a significant step in the bank’s ongoing efforts to enhance financial inclusion and stimulate economic growth through increased access to credit. “This guarantee will enable us to further expand financing opportunities for those who need it most, while strengthening our capacity to support businesses across key sectors of the Nigerian economy,” she said.
The facility will cover critical sectors including food processing, secondary agriculture (such as fish and poultry processing), fashion, green energy, light manufacturing, the agricultural value chain (feed mills and equipment fabrication), export-oriented businesses, and education.
Dr. Onyeali-Ikpe highlighted that Fidelity Bank has consistently supported diverse sectors through targeted initiatives such as the Green Energy Financing Programme for renewable energy entrepreneurs, the Fidelity SME Hub for small businesses with a special arm – Creativerse, dedicated to the creative industry and the Fidelity Bank Education Support Scheme which provides affordable financing for educational infrastructure and technology upgrades.
“With the backing of the NCGC credit guarantee, we can now extend financing to businesses that have traditionally been excluded from formal credit systems—without compromising our risk standards or operational efficiency,” she added. “While we have supported MSMEs with short-term facilities in the past, this partnership allows us to provide long-term credit facilities that empower businesses to expand sustainably.”
Over the past five years, Fidelity Bank has disbursed over N500 billion in loans to MSMEs, empowering thousands of entrepreneurs and creating sustainable livelihoods.
Also speaking at the event, Managing Director of NCGC, Mr. Bonaventure Okhaimo, emphasized that the organization was established to bridge the financing gap faced by MSMEs in Nigeria by mitigating lender risks through credit guarantees.
“Although MSMEs are key contributors to Nigeria’s economic development, many of them struggle to secure funding from financial institutions due to perceived high risks,” he said. “Through the credit guarantee scheme, NCGC shares this risk with banks, making it easier for MSMEs to access much-needed capital.”
Mr. Okhaimo added that NCGC and Fidelity Bank will also collaborate to provide financial literacy and business management training to MSME beneficiaries, ensuring they have the knowledge and skills to effectively manage their loans and achieve sustainable growth.
The Fidelity Bank–NCGC partnership reinforces both institutions shared commitment to fostering entrepreneurship, strengthening MSMEs, and driving inclusive economic development across Nigeria.
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 a 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.
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