E-Financial
CBN Reiterates Need to Secure Payment Systems

Central Bank of Nigeria (CBN) has reiterated the need to secure payment systems in the country stem fraudulent activities in the financial sector.
Mr Dipo Fatokun, Director, Banking and Payment Department, CBN, stated this while presenting a keynote address on emerging regulations to protect online, mobile and payment services in Abuja.
The workshop, organised by Maxut Consulting Experts and Vasco Data Security in collaboration with the CBN was centered on the emerging trends in banking and payment systems and regulatory and security implications.
Fatokun said there was the need for continuous effort by stakeholders to develop efficient, reliable and electronic payment systems in the country.
According to him, one of the key tasks of the CBN is to promote the smooth operations of an efficient payment system, which is core to the financial stability of any country.
He said payment systems had important implications for monetary policy implementation and efficiency of the economy.
“To achieve broad objectives of the Payments System, CBN develops and regulates the implementation of regulation to facilitate the growth of initiatives that will harmonise payment operations in the country.
“In its regulatory role, the CBN is careful to approach the dynamic of payment systems policy creation as a delicate balance in order not to stifle innovation and growth in the payment systems.
“In addition, the bank has developed a financial inclusion strategy, the PSV 2020 Vision and cash-less policy drive with specific targets and timelines.
“The sustenance of these initiatives will ensure that financial services are provided at affordable costs to sections of disadvantaged and low-income segments of the society.’’
Fatokun explained that because of the emergence of new technologies, there was a continuous need to update payments system regulation as a result of its dynamic and ever changing nature.
“Technological developments have led to disruptive innovations by financial Technology (FinTech) companies in the financial system.”
These innovations have facilitated the expansion of electronic payments and helped in providing financial services to previously unreached groups.
He said the CBN had tried to incorporate all service providers into the regulatory space but some preferred to remain in the unregulated space due to perceived difficulties of licensing and regulation.
He further said that the participation of the apex bank in the workshop would enhance the knowledge of staff on the operations of non-financial service providers in the payments system.
Fatokun urged banks in the country to ensure standardisation in all transactions while making available their Application Programming Interphase (API).
API is a set of functions and procedures that allows access to data or a service in order to provide greater functionality to the application user.
He said banks had been directed to make their APIs available to FinTechs but Nigerian banks would fully implement this when implications of its availability was fully understood.
Earlier, Mr Micheal Odusami, the President, Maxut Consulting said the workshop would ensure the apex bank was abreast with the current trends and future of the industry.
Odusami said the workshop would also expose the country to what was obtainable from different parts of the World in the sector as some countries were a little more advanced than us.
“They are already putting regulations in place to address some banking issues and sharing them here will see how some of the stuff we are already doing will help us.
On the level of online security risk in the country, Odusami said a lot of the challenges faced was around social engineering, people impersonating other people and so on.
He said that majority of the fraud recorded within the country was carried out by people inside the system itself, “people that know how the system works and they compromise it’’.
He commended efforts by the CBN toward ensuring the mitigation of fraud in the banking sector but added that a lot still needed to be done to secure transactions in the sector.
E-Financial
Fidelity Bank “Basking in Approval” under Onyeali-Ikpe, CEO

Fidelity Bank Plc is basking in endless and stakeholders are happy.

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc
With nearly 10 million customers, Fidelity Bank is demonstrating excellent market traction.
This a crucial evidence for investors that the bank is solution driven.
For instance, at the capital market, the bank was the toast of investors as its market value surged amid bargain hunting on the Nigerian Exchange, with investors gaining more than 11 percent after few days of tradings last week only.
Fidelity Bank’s share price increased to N22.30 at the close of the market last Friday, as 11.227 million units valued at N251.523 million.
Investors are simply reacting positively to strong earnings, technology-driven growth, and strategic expansions.
Fidelity Bank, emerged a more robust financial institution after the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) ordered massive banking recapitalization exercise.
Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, is being credited for driving these exceptional shareholder value, operational performance, and sustainable growth.
Despite the immense responsibility and intense pressure, especially during turbulent times, Onyeali-Ikpe, has been strutting her stuff by strategic vision and exemplary leadership.
Onyeali-Ikpe has built Fidelity Bank as beacon in the banking industry underpinning the bank with trust, innovative technology, strategic growth, and strong leadership as well as reputation.
She has broken every glass ceilings delivering milestones and solid imprints in the annals of banking.
The bank only recently completed CBN-verified share allotment, hitting N532 billion capital.
This heavy chest now guarantees the bank long-term stability, and enabling it operate with speed.
Since appointment on January 1, 2021, Onyeali-Ikpe, has-anchored the bank on bespoke digital, financial, and technology-driven tools designed to enhance customer experience.
By integrating AI, automation, and advanced data analytics, Fidelity Bank is today delivering solution banking.
Under Onyeali-Ikpe’s leadership, the bank has significantly improved brand equity.
Fidelity Bank also announced the completion of the acquisition of a 100 per cent stake in Union Bank UK, under the CEO.
A recent Brand Finance report ranked Fidelity Bank as the fastest-growing Nigerian brand, with its brand value more than tripling.
Onyeali-Ikpe was also named among the 2024 Most Influential Global Top 100 Export and International Trade Leaders, recognizing her contribution to expanding Nigeria’s trade and export financing capabilities.
Under her, Fidelity Bank has received multiple awards, including Export Finance Bank of the Year (2023 BAFI Awards), Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 (Global Banking and Finance Awards).
The bank was also recognized by Euromoney for Best Bank for SMEs (2023) and Best Domestic Private Bank in Nigeria (2023).
Onyeali-Ikpe will be leaving as head of the bank this year but her record of placing the institution upward trajectory will be indelible.
She may be leaving “big shoes to fill” because of her high-energy, infectious positivity which made her successful in everything she does.
E-Financial
FCMB, BHM Champion New Revenue Models for Media Sustainability

First City Monument Bank (FCMB), in partnership with BHM, hosted the pilot edition of The Monetised Content Masterclass, bringing together reporters, content creators and editors to address growing pressure on the sustainability of newsrooms and media platforms.

L-R: Adeola Adejokun, Head, Communications, First City Monument Bank; Chris Ihidero, Award-winning Director and Producer; and Diran Olojo, Divisional Head, Corporate Affairs, First City Monument Bank, during the Monetised Content: A Media Masterclass Presented by FCMB and BHM, in Victoria Island. Lagos on Monday, April 20, 2206.
The session comes at a time when traditional advertising revenues are declining for news publishers, even as Nigeria’s entertainment and digital media market continues to grow and is projected to reach $4.9 billion by 2026.
Against this backdrop, the masterclass focused on practical ways for media organisations, independent content creators, and digital platform owners to diversify income, build financial resilience, and sustain editorial independence and integrity.
Participants explored revenue opportunities beyond traditional advertising, including brand partnerships, digital content monetisation, and audience-led models. The one-day session featured panel discussions, Q&A sessions, and peer exchanges designed to translate industry trends into practical action.
Speaking at the event, Divisional Head, Corporate Affairs, FCMB Group, Diran Olojo, said: “Traditional models are under pressure, and attention is more fragmented than ever. The focus now is on building structured, sustainable platforms that can deliver both impact and long-term value.”
Also speaking, CEO and Founder of BHM, Ayeni Adekunle, said: “The economics of media have changed. For journalism to remain independent, it must also become financially resilient. That shift requires new thinking and deliberate action.”
The session was moderated by Fatu Ogwuche, Founder and CEO of Big Tech This Week, and featured speakers including investigative journalist Fisayo Soyombo, storyteller and producer Chris Ihidero, executive and storytelling expert Jennifer Mairo, and digital media entrepreneur Peter Oluka.
The initiative reflects a shared commitment by FCMB and BHM to support the long-term sustainability of the Nigerian media ecosystem through capacity building and industry collaboration.
E-Financial
CRMI Backs CBN’s New Measures to Curb Fraud

Chartered Risk Management Institute of Nigeria (CRMI) has backed recent regulatory measures by the Central Bank of Nigeria (CBN) aimed at strengthening the security of the country’s digital financial ecosystem, while urging stricter compliance across the banking industry.

Kevin Ugwuoke, president and chairman of Council, in a statement, described the new framework as a timely and proactive response to rising risks such as fraud, identity theft, and unauthorised access within the instant payment system.
He noted that key safeguards introduced by the apex bank including a N20,000 transaction limit on newly activated mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring are designed to reduce vulnerabilities associated with account takeovers, especially during the early stages of account activation.
“By limiting transaction exposure during the high-risk activation window, the framework significantly reduces the opportunity for fraudsters to exploit newly onboarded or compromised accounts,” Ugwuoke said.
The institute, however, stressed that the success of the measures would depend largely on effective implementation.
It called on banks, fintech firms and payment service providers to strengthen cybersecurity infrastructure, invest in fraud analytics and prioritise staff training as well as customer awareness.
CRMI also welcomed the introduction of the Nigerian Overnight Financing Rate (NOFR), describing it as a major step toward standardising overnight funding rates, deepening financial markets and improving monetary policy transmission in line with global best practices.
The endorsement comes as the CBN unveiled a draft revised Guide to Charges for Banks and Other Financial Institutions, 2026, signalling a broader shift toward transparency, consumer protection and efficiency in the financial system.
The revised guide introduces caps on key banking charges and mandates stricter disclosure requirements.
Under the framework, interbank transfers between N5,000 and N50,000 are capped at N10, while transactions above N50,000 attract a maximum of N50, with transfers below N5,000 remaining free.
The apex bank also standardised ATM withdrawal charges, pegging fees at N100 per N20,000 for on-site withdrawals from other banks’ machines, while off-site transactions may attract an additional surcharge of up to N500, subject to disclosure at the point of use.
In a bid to protect borrowers, the regulator directed that all lending rates be presented as Annual Percentage Rates (APR), ensuring full disclosure of interest and associated fees.
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