E-Financial
Cashless: Banks Battle for Market Share with Array of e-Products
To align with the Central Bank of Nigeria (CBN) directive on going cashless and to remain at the top of their games, deposit money banks (DMB) have begun introduction of arrays of e-products to meet customers’ needs in order not to loose out of the burgeoning market share, Nigeria CommunicationsWeek can report. The cashless policy now tagged cash-lite policy since the initiative will not totally erase the use of cash in transactions; is aimed at reducing the amount of physical cash circulating in the economy, and to encourage more electronic-based transactions. Although the pilot run of the policy which commenced in Lagos on January 1 this year had a shaky start, some issues relating to the challenges are being addressed to make the policy a success. Part of the challenges includes information on alternate channels available to bank customers on convenience and availability of alternative means of payments available to them. To this end, banks have taken it upon themselves to intimate customers of these products needed to make them carry less cash by embarking on different awareness initiatives to attract their attention. They have taken to pages of newspapers to showcase varieties of their e-products and also to outwit one another in the battle for the soul of bank customers. The press campaign includes ‘I’m Cash-lite but loaded, Go Cashless Lagos!, Going cashless means… more freedom, Be first to make the switch, amongst other. The awareness not limited to pages of newspapers includes television commercials, radio jingles, text messages and e-mails. CBN had pegged daily cash withdrawal for individuals at N150, 000 and N1 million for corporations to limit the volume of cash that can be withdrawn in a day. Chuma Ezirim, head, e- banking, FirstBank told Nigeria CommunicationsWeek that the bank is well prepared to support the cashless policy. “ATM is more like cash, we have more active PoS than any other bank in Nigeria. Our mobile banking platform is number one. We also have our internet banking and we are prepared to support the cashless policy,” he said. Tunde Lemo, CBN deputy governor, operations had mentioned that there were challenges with getting the terminals into the country. “Our target is to deploy 40,000 PoS. The machines are already in Nigeria and we are currently deploying them. There was a problem with the Nigeria Customs Service (NCS) at the ports on the issue of waivers. We got the waivers for the importation of the PoS from the ministry of finance, but it was not communicated to the Customs and by the time the consignment arrived, there were some challenges. All the banks have also ordered the importation of thousands of other alternative payment devices. So, we would get over whatever challenges we may be passing through soon.” He, however, said that the CBN was mindful of the infrastructure and the security challenges that confronted the programme, saying that the apex bank has gone into strategic partnership with telecommunication companies with the cooperation of the Nigerian Communications Commission (NCC) so as to ensure that structural impediments such as un-interoperability of payments networks of stakeholders are removed. “Despite the current challenges that have trailed the commencement of the policy, the apex bank and the bankers’ committee are working assiduously to ensure the success of the programme,” Lemo said.
Sofri microfinance bank plans a massive rollout of Point of Sale, PoS terminals for merchants and agency banking in the third quarter of this year.
This is coming against the backdrop of the banks revamp of its digital platforms to support better customer experience.
Paul Adebayo, managing director, Sofri Microfinance Bank, said the bank is technology and purpose-driven, with focus on financial inclusion and sustainability. As well with the determination of making banking simpler, inclusive, and impactful.
He said that the revamped mobile app features, faster onboarding, cleaner interface, real-time alerts, enhanced security and seamless loan applications.
“Our corporate internet banking Launched for SMEs and institutional clients features, secure payments, transfers, account management and enhances business banking experience.
“Laying the groundwork for greater reliability, product innovation and operational efficiency is our new core banking infrastructure. This change enables us to scale faster and serve customers better.
“Our Terminal Management System (TMS) improves the performance, uptime, and remote monitoring of our POS terminals. This ensures merchants and field agents enjoy better stability, quicker settlements, and stronger support,” he added.
On sustainability impact, Adebayo, added that Sofri Microfinance bank is embedding ESG principles into its lending and operational models — from offering green financing options, to supporting waste-to-wealth entrepreneurs, and making inclusive finance part of Nigeria’s circular economy.
Sofri is a trademark of Links Microfinance Limited (Links Mfb). Links Mfb is licensed and regulated by Central Bank of Nigeria (CBN) and deposits insured by the Nigeria Deposit Insurance Corporation (NDIC). Links Mfb is a member of DLM Capital Group, owners of DLM Asset Management as regulated by the Securities and Exchange Commission (SEC).
Current market research has confirmed that buyside investors are increasingly focused on high-growth sectors such as small businesses and consumer lending— sectors that fuel both the demand and supply sides of the economy.
However, capital allocation to these areas requires robust risk mitigation frameworks to preserve principal and ensure returns that are not just economically viable but outpace inflation.
Against the backdrop that DLM Capital Group has developed an innovative solution – the Sovereign Bond Backed Composite Notes (SBCNs) to meet this critical economy needs.
According to Sonnie Babatunde Ayere, the Group CEO of DLM Capital Group, “We believe that the consistent issuance of SBCNs by qualified entities will play a key role in de-risking corporate bond portfolios.
“By blending sovereign-backed security with enhanced yield exposure, portfolio managers gain a rare opportunity to simultaneously increase portfolio safety and performance”.
The first of its kind fixed income product combines the security of direct sovereign bond-backed principal protection, such as FGN Bonds, with the enhanced yield potential of corporate and consumer lending cash flows. This hybrid structure, the first of its kind in the local market, merges public-sector credit safety with private-sector income generation.
The instrument is designed as such that the private sector credit tranche will be secured by the FGN-bonds, which will be the senior tranche.
The N30 billion Sovereign Bond Backed Composite Notes issued by DLM Funding SPV Plc is being packaged as a AAA-rated note. With a held-to-maturity yield of 49.9 percent, the notes are designed to be attractive to institutional investors seeking a balance between capital preservation and superior returns.
Sonnie Babatunde Ayere, noted about the SBCN, “For asset managers, it enhances portfolio quality, improves credit profiles, supports diversification, and delivers competitive returns.
In a media parley describing the instrument, Ayere highlighted the role of the instrument in driving credit expansion to the underserved private sector. He highlighted how the note could help drive institutional capital into sectors that were previously considered too risky.
“By channeling domestic capital into these critical but underserved sectors without exposing investors to excessive risk, it becomes possible to mobilize funding for parts of the economy that have long been neglected.” He added.
E-Financial
Fidelity MD,Onyeali-Ikpe Champions Lifelong Learning and Sisterhood for Women’s Career Growth
Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, has encouraged women professionals to embrace continuous learning, courage, and collaboration as key habits for achieving long-term career success and breaking through professional barriers.
Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, (Middle) flanked by participants of a Women’s Roundtable themed, “Mentorship with Dr. Nneka Onyeali-Ikpe” hosted by the bank over the weekend at the Fidelity SME Hub, Gbagada, Lagos recently.
She gave the charge during a Women’s Roundtable hosted by the bank over the weekend at the Fidelity SME Hub in Gbagada, Lagos. Themed “Mentorship with Dr. Nneka Onyeali-Ikpe”, the event drew female professionals from various sectors and was held under the Recognition and Networking arm of the bank’s HerFidelity Proposition—a flagship initiative designed to empower women entrepreneurs and professionals across Nigeria.
Explaining the vision behind HerFidelity, Dr. Onyeali-Ikpe noted that the initiative was born out of a strong need to provide women with holistic support beyond access to finance.
“In my engagements with women across different industries, I’ve seen first-hand that while talent and ambition abound, many still lack access to capital, skills development, health support, and networks,” she said.
“HerFidelity was created to bridge that gap by focusing on four key pillars: access to capital, capacity building, wellness for work-life balance, and entrepreneurship support. It’s one of the initiatives I’m most proud of, because when women thrive, communities prosper and economies flourish.”
The interactive mentorship session, held in a Q&A format, offered participants an opportunity to learn directly from the trailblazing CEO, who shared personal experiences and career insights.
Advising young women aspiring to leadership, she said: “Believe in yourself, be ready to work hard, and never shy away from taking smart risks. Seek out mentors, invest in meaningful relationships, and above all, collaborate—because no one truly succeeds alone.”
The event also featured fun competitions and giveaways, with attendees winning exciting gifts courtesy of Fidelity Bank.
Dr. Onyeali-Ikpe’s session left participants inspired, reinforcing Fidelity Bank’s position as a champion for gender empowerment and a leading supporter of women’s advancement in business and leadership.
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