E-Financial
AfDB Targets 29.3 million Africans with Electricity by 2020
In line with its High 5 development priorities and, in particular, its agenda to Light up and power Africa, the African Development Bank plans to reach 29.3 million people in African with electricity by 2020.
The President of the Bank, Akinwumi Adesina, made this disclosure at the High Level Event on “New Way of Working: From Vision to Action-National, Regional and Global Dimensions” at the United Nations Economic Commission for Africa in Addis Ababa, Ethiopia.
He pledged support for the New Way of Working as “crucially important” and indicated that it requires a new way of tackling development issues.
United Nations agencies signed a “Commitment to Action” document at the World Humanitarian Summit in which they agreed on a New Way of Working in crises.
“The African Development Bank is today at the forefront of investing in renewable energy in Africa. The share of renewable energy in the Bank’s energy portfolio increased from 14% when I became President in 2015 to 100% last year.
Our support last year alone provided 3.8 million Africans with access to electricity. And, with adequate financing, we expect to reach 29.3 million people with access to electricity between 2018 and 2020, President Adesina said.”
The Bank President called on the UN Secretary General to join him in supporting the Green Climate Fund and the Global Environment Facility to also work differently, and step up support to co-pay for climate risk insurance for vulnerable African countries, noting that African countries, hit by climate change, are hard pressed to find funds to pay the insurance premiums.
The Bank has stepped up and will support African countries to pay for insuring themselves against catastrophic weather events that displace their public expenditures.
It plans to provide US $76 million in 2018 for the payment of insurance premiums, with participating countries providing US $31.5 million and the African Risk Capacity Agency (ARC) providing US $16 million.
Latest figures indicate that over 20 countries have indicated interest in participating in the Bank-supported initiative.
“An understanding of the link between environmental degradation, extreme poverty and youth unemployment is critical to a New Way of Working. Wherever these three elements are present, there is a ‘Triangle of Disaster’, in which unemployment, poverty and environmental degradation chase each other in a downward spiral to dereliction, terrorism, violence and conflict,” Adesina said.
“The African Development Bank brings this understanding to bear in its policies and programs. Africa’s Triangles of Disaster must become ‘Triangles of Prosperity,’” replete with “jobs, wealth and environmental resilience.
That is why we strongly welcome the New Way of Working initiative.”
The Bank has also committed to triple its climate financing to 40% of new approvals by 2020, and is deploying programs and actions to combat fragility and strengthen resilience.
This, the President explained, includes the Sahel region with a US $261-million program; the Horn of Africa with a $281.6-million program; and, for Lake Chad, now seriously affected by the degradation of its productive ecosystems, a US $101-million program to restore the productivity of the basin ecosystem.
The Desert to Power initiative spearheaded by the Bank aims to turn Africa’s deserts into new sources of energy, by working with partners to develop 10,000 MW of solar power systems across the Sahel.
The initiative is expected to provide electricity to 250 million people, with 90 million of these provided through off-grid systems.
“We have already started with development of a 50 MW solar power system in Burkina Faso.
The initiative will protect the Great Green Wall of trees established to protect against desertification in the Sahelian zone, from being cut down by energy-poor households for use as fuel wood.
When completed, we expect this to be the largest solar power system zone in the world, Adesina said.”
Last year, the Bank approved a special framework program called “Say No to Famine” worth US $1.14 billion.
The Bank is taking a regional approach to addressing fragility, consistent with its new structure, and is using its Transition Support Facility to deliver development solutions to communities in conditions of fragility.
Central Bank of Nigeria (CBN) has said that the cost of issuing or replacing a standard debit or credit card will rise by 50 percent to about N1,500, up from about N1,000.
The new charge is contained in the Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026, released by the Central Bank of Nigeria.
The draft followed a circular issued to banks, other financial institutions and the public, dated April 21, 2026, and signed by Rita I. Sike, director, Financial Policy and Regulation Department.
Under the revised guide, issuance and replacement of regular or basic debit and credit cards will attract a N1,500 fee, while charges for premium debit, credit or hybrid cards will be negotiable.
In the 2020 guide, debit card charges were fixed at N1,000 as a one-off fee for issuance, replacement of lost or damaged cards, and renewal upon expiry, applicable across all card types.
The CBN said the review is part of its mandate to promote a safe and sound financial system, accelerate the adoption of innovative financial services, and enhance financial inclusion, particularly in micropayments and transactions.
According to the regulator, the revised guide expands the range of financial services, encourages innovation, strengthens oversight and accountability, and promotes financial inclusion through lower tariffs for micropayments. It also updates certain banking charges to support increased use of electronic channels and accommodate new industry participants since the 2020 version.
The apex bank said the draft has been exposed to the public for comments and input on the proposed fees, with submissions expected via [email protected] on or before May 08, 2026.
The guide provides a framework for the application of charges, including fees and rates, on products and services offered by financial institutions in Nigeria. It applies to all institutions licensed or regulated by the Central Bank of Nigeria.
The charges, according to the regulator, were developed following extensive consultations with stakeholders and are aimed at enhancing flexibility, standardisation, transparency and competition in the financial system.
It added that where charges are designated as negotiable, financial institutions must inform customers of their right to negotiate at the start of transactions and reach mutual agreement on applicable fees through verifiable means.
Where limits are specified, charges must not exceed the prescribed maximum or fall below the minimum.
The apex bank noted that the guide is not exhaustive and that financial institutions must seek prior approval before introducing new products, services or charges not covered.
The framework applies to a wide range of institutions, including commercial banks, merchant banks, payment service banks, non-interest banks, microfinance banks, finance companies, primary mortgage banks, development finance institutions, credit guarantee companies, mobile money operators, and other institutions designated by the regulator.
In line with existing consumer protection regulations, the apex bank said non-credit charges can only be applied to the extent of the available account balance, with any outstanding fees deferred until the account is funded. Such deferred charges will not attract interest.
The guide is to be read alongside the relevant guidance notes and glossary provisions and will supersede the 2020 version when it takes effect on May 1, 2026.
ProvidusBank Plc has commissioned a new branch in Ado-Ekiti, advancing its expansion strategy across Nigeria’s high-growth markets while leveraging its compliance with the Central Bank of Nigeria’s (CBN) recapitalisation directive since January 2025.
ProvidusBank
The move aims to enhance financial inclusion, support local enterprises, and deliver banking services closer to communities and businesses.
At the event, Executive Director/Chief Financial Officer, Deoye Ojuroye, described the rollout as part of a 12-month plan to bolster the bank’s nationwide presence.
“Our approach is deliberate—we are growing in the right places, supporting real economic activity, and building a bank that is both resilient and responsive to customer needs,” Ojuroye said.
He emphasised the bank’s robust capital and risk management, stating: “We are well capitalised within our regulatory category, giving us confidence to expand responsibly while aiding businesses and communities.”
ProvidusBank plans further branches in strategic locations over the next year, underscoring its focus on scalability, accessibility, and sustainable growth as a trusted partner for individuals and enterprises.
E-Financial
Fidelity Bank Bolsters SME Growth with April Masterclass Series on Pricing, Digital Tools, Global Trade
Fidelity Bank Plc has launched a series of high-impact masterclasses in April 2026 to empower Nigerian Small and Medium Enterprises (SMEs) with practical skills for pricing, digital expansion, and international growth.
Fidelity Bank
The initiative aligns with the bank’s drive to boost SME operational efficiency and market access amid Nigeria’s economic challenges.
The flagship session, “Pricing That Works: How to Charge Right and Earn More,” took place on April 10 at the Fidelity SME Hub in Gbagada, Lagos. It drew about 100 entrepreneurs from diverse sectors, offering insights into costing, value-based pricing, pricing psychology, and customer perception to ensure profitable, customer-friendly strategies.
Buoyed by positive feedback, the bank rolled out three more sessions. The second, “Baking Masterclass: From Kitchen to Cashflow,” ran on April 14 and 15, providing hands-on training for bakers and food businesses to enhance product quality and profitability.
Divisional Head, SME Banking, Ugochi Osinigwe, stated: “At Fidelity Bank, we believe that when SMEs succeed, the economy grows. That is why we have curated masterclasses on pricing, product improvement, online sales, and global expansion to equip entrepreneurs with immediate, actionable tools.”
She highlighted the series as part of broader SME support via the Fidelity SME Hub, including advisory services, funding, and nationwide programmes. The bank recently earned the Best Retail and SME Bank Award from Independent Newspapers.
Upcoming events include “Grow Online Sales on a Budget” today, April 24, focusing on low-cost digital strategies for visibility and sales; and “Take Your Business Global: One-on-One Trade Advisory” on April 29, covering export readiness, payments, markets, and compliance.
Fidelity Bank, ranked among Nigeria’s top lenders, serves over 10 million customers via 255 branches, digital platforms, and its UK subsidiary, FidBank UK Limited. It has clinched awards like the 2024 Excellence in Digital Transformation & MSME Banking from BusinessDay BAFI Awards, Most Innovative Mobile Banking App from Global Business Outlook, Best Bank for SMEs from Euromoney, and Export Financing Bank of the Year from BusinessDay BAFI.
NCC Blames Growing Data Demand Network Quality Issues
EFCC Detains Ayeni, Ex-Skye Bank Chairman over Alleged N36.5Bn, $30m Fraud
Bank Customers to Pay N1,500 for ATM Card Issuance, Replacement – CBN
Summit Factory Opens in Ogun, Targets Hygiene Market Expansion
Kaspersky Discovers Vulnerability in Qualcomm Snapdragon Chips that can Lead to Data Loss & Device Compromise
NBC Boss Urges Content Ceators to Participate in DSO
NITDA Takes Over National Digital Architecture System
FG Shifting Focus to “Meaningful Connectivity” to Drive Inclusion – Minister
FG to Gift Nigerians over 100 Free TV Channels from May 15
Jury Finds Meta, Google Liable for Woman’s Social Media Addiction
E-Business3 days agoFCCPC Licenses 5 Firms for Airtime, Data Lending as Telcos Step Aside
E-Financial3 days agoCBN Warns of Cyber Hack Attempt Days after CAC Attack
E-Financial3 days agoEcobank in Talks with Bank of China for Direct Yuan Settlement
Telecom2 days agoMTN to Pay Subscribers After NCC Cracks Down on Service Failures
Telecom3 days agoDeadline Extended! MTN Nigeria Offers More Time for Media Innovation Programme
E-Financial2 days agoEXPLOSIVE: How Titan Trust Bank Allegedly Used Union Bank’s Own Assets to Fund Its Takeover
Telecom3 days agoPayments Forum Nigeria (PAFON 3.0) Holds This Friday in Lagos
E-Business3 days agoGovernment, Industrial Sectors became the Primary Targets for Cybercriminals in 2025 – Report