Supreme Court of Nigeria delivered a landmark ruling on the merger between Unity Bank Plc and Providus Bank Limited.

By dismissing the final appeal challenging the consolidation, the apex court has dissolved the board of Unity Bank, cleared all legal obstacles, and formally sanctioned the creation of the enlarged entity,.

The apex court decision ends the legal dispute that had delayed the merger process.

The merger is expected to create a stronger and larger bank in Nigeria’s banking sector.

The shareholders of both banks had already approved the merger during a court-ordered Extraordinary General Meeting (EGM) held in September 2025.

The Central Bank of Nigeria (CBN) had also given its approval before now.

With the Supreme Court’s approval, the merger process can now be completed.

Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, has described technology not as an abstract concept, but a practical tool for solving real problems.

She said Fidelity Bank has embraced technology as a strategic enabler of efficiency and growth.

Dr. Onyeali-Ikpe, stated this in her keynote address at the 17^th Africa’s Beacon of ICT Merit and Leadership lecture held over the weekend.

Represented by Mr. Stantley Amuchie, executive director at Fidelity, she said the bank have deployed AI driven systems in key areas of its operations.

“Our fraud detection systems leverage machine learning to identify unusual patterns and prevent losses in real time. Our credit assessment processes have been enhanced through data driven models that improve accuracy and speed.

“We have also invested in AI powered customer engagement platforms, including chatbots and digital assistants, which provide real-time support, improve customer experience and reduce operational pressure on our teams.

“Beyond internal operations, we are extending these benefits to our customers. Through our SME initiatives, we are providing entrepreneurs with digital tools such as POS systems and enterprise software that simplify accounting, inventory management, and business decision making, helping them operate more efficiently and scale sustainably,” she said.

On the Africa scene, she noted that banks across the continent are deploying AI to enhance fraud detection, improve credit assessment, and streamline customer onboarding processes, reducing costs and improving service delivery.

“Some have implemented AI driven systems that analyse transactions in real time, detect anomalies, and reduce operational risks, while others have leveraged digital assistants to manage customer interactions at scale, improving response time and freeing human capacity for higher value tasks.

“Across Kenya and South Africa, AI powered solutions are also supporting financial inclusion by enabling faster loan decisions and better risk management.

“The message is clear, Africa is not just a consumer of technology, we are active participants in shaping its future, she added.

She stated that efficiency is no longer optional, but a strategic imperative. “Organisations that fail to adopt intelligent systems will struggle with cost inefficiencies, slow decision making, and declining competitiveness. Those that embrace AI and IoT will operate faster, respond better, and deliver more value.

More so, she identified three key success factors from Fidelity bank experience, among which are, leadership commitment. Digital transformation must be driven from the top, with clear vision and sustained investment.

Second, data discipline. AI and IoT are only as effective as the data that powers them. Organisations must prioritise data quality, governance and security.

Third, talent and culture. Technology alone is not enough. People must be equipped with the skills and mindset to leverage these tools effectively.

Looking into the future, Dr. Onyeali-Ikpe posited that we must recognize that the convergence of AI and IoT will accelerate. We will see smarter cities, intelligent supply chains, predictive healthcare, and more inclusive financial systems.

“The question is no longer whether these technologies will shape our future, how prepared we are to harness them” he added.

Central Bank of Nigeria (CBN) has launched the Payment System Vision (PSV) 2028, a strategic roadmap aimed at expanding financial inclusion to 95 per cent of the adult population and strengthening Nigeria’s position as Africa’s leading digital payments hub.

CBN

Speaking at the launch of the initiative in Abuja, the Governor of the CBN, Olayemi Cardoso, said the vision was designed to transform how Nigerians transact, save, invest and participate in the digital economy over the next three years.

Cardoso said the roadmap was expected to bring an estimated 50 million additional Nigerians into the formal financial system by 2028 through increased access to banking and digital financial services.

“Today, we unveil more than a payment strategy. We unveil a vision for how Nigerians will transact, trade, save, invest and participate in an increasingly digital economy,” he said.

According to him, Nigeria has made significant progress in digital payments over the past two decades, driven by innovations in instant payments, financial technology and broader adoption of digital financial services.

He said the new vision would build on these achievements by accelerating the transition to a more inclusive, secure and technology-driven financial ecosystem.

“Inclusion and not exclusion must define our future. Under Vision 2028, I would like to see this reaching 95 per cent inclusion. That means 50 million more market women, farmers and young people will have a bank account or wallet in their name, with their name and BVN protecting them,” Cardoso said.

The CBN governor noted that payment infrastructure had become a strategic national asset capable of driving productivity, reducing transaction costs, enhancing transparency and supporting trade and investment.

Under the roadmap, the apex bank aims to reduce the volume of cash circulating outside the banking system to below 40 per cent of total currency in circulation.

The vision also targets the deployment of more than 10 million Quick Response (QR) code and tap-to-pay acceptance points across markets, transportation hubs, rural communities and commercial centres nationwide.

Cardoso disclosed that the CBN would leverage artificial intelligence and advanced identity verification systems to reduce fraud losses to less than 0.001 per cent of total transactions.

He added that the Nigeria Inter-Bank Settlement System (NIBSS) currently processes millions of instant payment transactions daily, with most settlements completed in less than 10 seconds.

According to him, the objective is to further improve transaction speed, reliability and accessibility across the financial system.

The roadmap also places significant emphasis on open banking and innovation, with more than 100 licensed application programming interfaces (APIs) already available to support collaboration and product development within the financial services industry.

The CBN said the initiative aligns with the Federal Government’s broader economic reform agenda and is expected to improve access to financial services for underserved populations, including women, farmers, traders and young entrepreneurs.

It added that the framework would also support opportunities arising from the African Continental Free Trade Area (AfCFTA) by enabling faster, more efficient and secure cross-border payment systems.

Cardoso stressed that the success of the initiative would depend on effective implementation and collaboration among financial institutions, fintech companies, regulators and other stakeholders.

“The success of PSV 2028 will not be measured by the quality of the document. It will be measured by execution,” he said.

Nigeria has emerged as one of Africa’s leading digital payment markets, supported by the rapid growth of fintech companies, mobile money services, digital banking and instant payment platforms.

Industry analysts say the successful implementation of the Payment System Vision 2028 could significantly deepen financial inclusion, boost economic activity and strengthen Nigeria’s position as a regional leader in digital finance.