E-Financial
CBN Lists Benefits of PSV 2020 Initiative
The Payments System Vision 2020 (PSV2020) initiative of the Central Bank of Nigeria (CBN) has been described as a catalyst in the revolutionised payment system landscape of the country.
Besides, it has been assessed to have facilitated economic activities, by providing safe and efficient mechanisms for making and receiving payments with minimum risks to the central bank, payment service providers and end users, extending the availability and usage to all sectors and geographies, banked and unbanked, and conforming to internationally accepted regulatory, technical and operational standards.
Godwin Emefiele, CBN governor, who made the observation at the inauguration of the Payments System Strategy Board, Scheme and Initiative Working Groups, reiterated that the core objective of PSV2020, was to make our payments system “nationally utilised and internationally recognised”.
He added: “It is gratifying to note that our country is not only acknowledged as a major economic force within Africa, but also increasingly becoming an active player in the global economy and to participate actively, our payments system must be successfully benchmarked against the global best practices.”
Emefiele noted that through the implementation of the original PSV2020 initiatives by the CBN, in association with the banking community, Nigeria has witnessed an impressive growth of electronic payments and a shift from the overwhelming dominance of cash as a means of payment.
He listed the implementation of the Nigeria Uniform Bank Account Number; deployed the real time gross settlement systems where transfer of money or securities takes place from one bank to another on a “real time” and on “gross” basis, without waiting period; and the popular cash-less policy.
Others were the deployment of deployment of the Scripless Securities Settlement System; introduction of Cheque Truncation, which reduced clearing cycles for Automated Clearing House payments and cheque from three days (T+2) to next day (T+1); and enthronement of limits on encashment of third party cheques and a maximum cap of N10 million for cheque payments, to encourage the use of electronic payments channels.
There were also the adoption of mobile money as a major channel for delivering financial inclusion; support for the implementation of the Federal Government’s Treasury Single Account; and migration of all payment cards from magnetic stripe technology to Chip-and-PIN, otherwise known as EMV, due to the assessed weaknesses of the former.
According to him, though the system has recorded some significant achievements so far in this journey, a lot still remains to be done and we do not intend to rest on our oars.
However, the new focus, which emerged from a detailed assessment of the Nigerian payments infrastructure, identified eight new industry verticals aimed at advancing the adoption of the electronic payments in Nigeria.
The CBN chief pointed out that in agriculture sector, the focus would be to develop electronic payment methods to support the value chain from inputs to tertiary production and supply, while a cashless model for Smart Cities will be developed.
For the smart cities scheme, the focus will be on both existing cities and “greenfield cities”, to ensure that less cash is used as a means of payment in retail outlets, transportation, and food.
Government’s cash flows would be reformed to ensure adoption of end-to-end electronic channels for all forms of salaries, pensions, suppliers, individual & business taxes payment and collection of revenues by private and public sector organisations.
In hotel and entertainment, there would be need to work with key pilot hotels and other key entertainment venues such as restaurants, cinemas, sports centres to promote the cash-less initiative.
Under the transportation sector, he said the new focus would develop strategies for getting the public to pay for transportation (inter-city and intra-city) electronically, while a pilot implementation would be organised with various transportation companies.
Expressing confidence on the success of in the transport sector, he said that a lot of traction has been gained on this initiative on air transportation, while a lot still remains to be done on land, water and rail transport systems.
Other areas of focus include education, health and bill payments and direct debits, by designing and developing channels with components such as grants, scholarships, consultancy services, Internally Generated Revenue (IGR), tuition and administrative fees, provision of personal and medical information and payments for health and medical services and driving the current initiative for bill payments like insurance, pensions, telecommunications, Cable TV and utilities to conclusion.
To achieve these, CBN invited nominations from the stakeholders for capable people to serve in any of the new Initiative Working Groups, one for each industry vertical, comprising the user community, banks and other service providers.
The groups will work on the principle of identifying quick wins for an initial period of two years, with an option to extend for another two-year term, subject to the level of achievements.
Keystone Bank Limited and the Enterprise Development Centre (EDC) of Pan-Atlantic University have signed a landmark Memorandum of Understanding (MoU) to promote Small and Medium Enterprises (SMEs), youth entrepreneurship, and financial inclusion across Nigeria.
The MoU signing ceremony took place at the bank’s head office in Lagos on Tuesday, June 24, 2025.
Speaking at the event, Mrs Nnenna Anyim Okoro, the Executive Director, Corporate and South, Keystone Bank, described the partnership as a bold and strategic step toward accelerating national economic transformation.
According to her, the collaboration underscores Keystone Bank’s unwavering commitment to empowering the next generation of business leaders and fostering an inclusive financial ecosystem.
“At Keystone Bank, we believe that entrepreneurship is the heartbeat of sustainable economic development.
Across Nigeria, MSMEs are not just businesses; they are the dreams and daily struggles of men and women determined to create value, provide jobs, and build a better future. They are, quite literally, the engine room of our national economy.
“Our sponsorship of the Annual EDC SME Conference 2025 and support for the Global Entrepreneurship Week (GEW) Walk reflect our deep belief in the transformative power of small businesses.
“This partnership is also about financial inclusion, youth engagement, capacity building, job creation, and collaboration,” she stated.
Olayemi Sule, Group Head, Retail & Digital Banking, Keystone Bank, emphasized the innovative offerings customers can expect as a result of the partnership.
“Our customers should look forward to a suite of innovative financial products and digital solutions specifically designed to support business growth, enhance financial literacy, and improve market access.
Also speaking, Dr. Nnenna Ugo, EDC board member and Head, Alumni Relations and Support Services at Pan-Atlantic University, expressed optimism about the partnership’s long-term impact.
“We are super excited about this partnership and confident that it will drive transformation for both institutions.
“The EDC was established to build capacity and provide support services for SMEs. In the past 21 years, we have trained over 350,000 entrepreneurs across Nigeria.
“Keystone Bank’s support comes at a critical moment as we scale our programs and expand our reach ahead of the 2025 SME Conference and GEW Nigeria.
“The SME Conference is a powerful platform that brings together key players in the ecosystem each year to address pressing issues affecting small businesses.
“This collaboration strengthens our capacity to engage more entrepreneurs, provide deeper insights, and drive conversations that inspire growth, resilience, and innovation.
“We commend Keystone Bank’s leadership for its vision and dedication to inclusive economic growth. The bank has truly distinguished itself as a champion of enterprise, and we are proud to have them as a strategic partner,” she concluded.
As part of the agreement, Keystone Bank becomes the major sponsor of the 2025 EDC SME Conference and a key supporter of the GEW Walk, a flagship event during Global Entrepreneurship Week Nigeria 2025.
Both events are expected to attract thousands of entrepreneurs, investors, thought leaders, and policymakers, offering a vibrant platform for knowledge-sharing, networking, and business empowerment.
Fidelity Bank Plc, one of Nigeria’s top-tier financial institutions, has promoted 376 employees following its recently concluded annual performance review exercise.
This represents approximately 12% of the bank’s workforce, underscoring its management’s deep appreciation for the pivotal role played by staff in recoding the highest growth by percentage volumes in the banking industry with 210% increase in its Profit Before Tax (PBT) which grew from N124.3 billion in 2023 to N385.2 billion in 2024.
The announcement, which was recently communicated internally, comes on the heels of a 20% across-the-board salary increase implemented in June 2025—a gesture that reflects the bank’s commitment to staff welfare. It is worth noting that this follows a similar salary adjustment carried out in November 2024.
Under the leadership of Dr. Nneka Onyeali-Ikpe, Fidelity Bank has consistently outperformed market expectations. In 2024, the bank recorded the highest share price growth of 116% in the industry following the completion of its Public Offer which was over subscribed by 238% .
In recognition of the banks stellar performance, global rating agency, Fitch Ratings recently upgraded Fidelity Bank’s National Long-Term Rating from ‘A(nga)’ to ‘A+(nga)’ in a further endorsement of the bank’s financial strength and prudent management. The upgraded ratings reflects improved profitability metrics and robust capital buffers, reinforcing the bank’s sustained upward trajectory.
Fidelity Bank Plc on Wednesday refuted claims that its Managing Director, Dr. Nneka Onyeali-Ikpe, is involved in an ongoing fraud case concerning the account of Woobs Resources.
The Bank’s position follows reports published by Sahara Reporters alleging that Dr. Onyeali-Ikpe was listed as a defendant in the case.
However, documents sighted by Nigeria CommunicationsWeek revealed that the charge sheet dated May 12, 2025, named the defendants as Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba.
A statement by the Office of the Attorney General of the Federation and Minister of Justice dated June 9, 2025, confirmed that Onyeali-Ikpe’s name was struck off the charge list.
The Ministry noted that she was neither the Managing Director nor the account officer at the time the account in question was opened.
The clarification aims to dispel misinformation and uphold the integrity of the institution and its leadership.
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