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EFInA Survey Shows 58.4% Nigerian Adults Now Financially Served

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(L-r): Senator Rafiu Ibrahim, chairman Senate Committee on Banking & Financial Institutions; Ms. Modupe Ladipo, chair, EFInA’s Board; Dr. Obiageli ‘Oby’ Ezekwesili, Senior Economic Advisor, Open Society Foundations (OSF); Her Majesty Queen Maxima, United Nations Secretary-General’s Special Advocate for Financial Inclusion for Development, of the Netherlands and Lamido Sanusi Lamido, Emir of Kano, at the EFInA Financial Inclusion Workshop in Abuja.
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By peter oluka

In a bid to reduce poverty and achieve inclusive economic growth in Nigeria, Enhancing Financial Innovation & Access (EFInA), a financial sector development organization hosted a workshop with stakeholders such as the Federal Government, United Nations (UN), Heads of Federal Financial Inclusion Initiatives, Academics, Financial Institutions and Financial Services Regulators in Nigeria to advocate for the implementation of policies to drive financial inclusion in Nigeria.

The theme of the workshop was ‘’The Role of Government in Driving Financial Inclusion in Nigeria’’.

Ms. Modupe Ladipo, the chair of EFInA’s Board, shared key barriers responsible for increasing the financially excluded population in Nigeria.

She indicated that “generally, income levels in Nigeria are very low. 19.6% of Nigerians mainly get their source of income from non-farming business while 19.1% get theirs from family business (subsistence or commercial farming).

Only 4.2% of the adult population get their source of income from the formal sector. In addition, she commented that EFInA observed that the North has a high level of financial exclusion. This is as a result of massive job losses, limited resources and no basic necessities of opening a bank account.

Out of 96.4 million adults in Nigeria, 56.3 million (58.4% of the adult population) are now financially served.

40.1 million Nigerian adults (41.6% of the adult population) are financially excluded (without any form of access to financial services). The National Financial Inclusion Strategy target is to lower this figure to 20.0% of the adult population by 2020’’.

She highlighted the issue of inaccurate data in assessing economic growth in Nigeria. ‘‘There are lots of issues in terms of validation and credibility. According to National Identity Management Commission (NIMC), only 6% of Nigerians are duly registered as at 2016. Only 24% of the population has a Bank Verification Number (BVN). We really need to devise how to get a unique form of identification so that we can start to address some of these issues.

She emphasized that the number of microfinance adult users declined from 2.6 million in 2014 to 1.8 million in 2016.

There is a general problem around trust as the licenses of some microfinance banks have been revoked. With a lot of bank charges, account owners are left with little money in their bank account.

Similarly, the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development, Her Majesty, Queen Maxima of Netherlands, gave a keynote address on the ‘Transformative Power of Financial Inclusion’.

She stated that adopting inclusive strategy is a powerful tool to expanding opportunities for all Nigerians.

She highlighted the current progress made in the National Financial Inclusion Strategy, and emphasised to stakeholders the need for high-level political leadership and the participation of the private sector in achieving the targets. Queen Maxima went on to stress that allowing mobile operators to provide mobile money accounts can be a game changer for financial inclusion in Nigeria, and that stakeholders prioritise the development of inclusive retail e-payments system that serves as a basis to distribute other financial services such as savings, payment, credit and insurance services.

She stated that the process of revising Nigeria’s financial strategy indicates huge opportunities to leverage technology. ‘‘Utilizing technology and expanding mobile money is one of the most promising tools to addressing this gap.  It allows user to access their accounts remotely through their mobile devices.

Currently Nigeria has 58.2 million unique mobile phone users, the contrast to 27 million using mobile banking.

This underscores the immense potential which mobile banking shows for advancing financial inclusion.

The Chairman Senate Committee on Banking and Financial Institutions, Senator Rafiu Ibrahim, shared insights on “The Role of Government in Ensuring Financial Institutions Address the Needs of Masses”.

Senator Ibrahim highlighted Federal Government initiatives aimed at promoting economic stability and deepening financial inclusion in Nigeria. He stated that the Government would support mobile banking efforts, and lay the framework to permit mobile network operators to deepen its penetration.

The Governor of Central Bank, Mr. Godwin Emiefiele (CON), in his address delivered by Director, Development Financing, CBN, Mr. Mudashiru Olaitan, explained that initiatives like the Bank Verification Number scheme and others have addressed issues connected to identification in the banking system. ‘‘As we progress in our financial inclusion effort, the need to develop the competences of relevant institutions must be pursued.

Some of the issues we need to address include low infrastructure in rural areas, low income, low saving culture, high unemployment and cultural & religious barriers.

Government has a critical role to play in order to promote inclusive financial execution. Government needs to provide an enabling environment to support the entire value chain within the financial sector to achieve its objectives.


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E-Financial

Fidelity Bank “Basking in Approval” under Onyeali-Ikpe, CEO

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

Fidelity Bank "Basking in Approval" under Onyeali-Ikpe, CEO

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.

 

 

 

 


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FCMB, BHM Champion New Revenue Models for Media Sustainability

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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.

FCMB, BHM Champion New Revenue Models for Media Sustainability

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.


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CRMI Backs CBN’s New Measures to Curb Fraud

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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.

CRMI Backs CBN’s New Measures to Curb Fraud

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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