Fidelity Bank Plc has won the Development Bank of Nigeria (DBN) Service Ambassadors Award for recording the highest impact in expanding access to formal credit for first-time Micro, Small and Medium Enterprises (MSMEs) in Nigeria.

L -R: Nneoma Onuoha, Acting Team Lead, Development Finance & Intervention Funds, Fidelity Bank Plc; Anthony Asonye, Managing Director/Chief Executive Officer, Impact Credit Guarantee Limited (ICGL); Ugochi Osinigwe, Divisional Head, Small and Medium-scale Enterprises Banking; Imaobong Nkanta, Product Manager, SME Banking; and Chiwuike Okere, Team Lead, SME Banking, (all of Fidelity Bank Plc); at the Development Bank of Nigeria Service Ambassadors Award which held recently in Lagos.

The award recognises the deposit money bank that has successfully onboarded previously unbanked or credit-excluded MSMEs into the formal financial system.

Speaking on the recognition, the Divisional Head, Small and Medium-scale Enterprises Banking at Fidelity Bank, Mrs Ugochi Osinigwe, described the award as an affirmation of the bank’s commitment to improving access to finance for small businesses.

“We sincerely thank the Development Bank of Nigeria for this recognition, which affirms the impact of our work in expanding access to finance for MSMEs, especially businesses accessing formal credit for the first time.

“At Fidelity Bank, we remain devoted to supporting SMEs with the right mix of funding, advisory services, capacity building, market access and digital solutions that enable them to grow, create jobs and contribute meaningfully to the economy,” she said.

Osinigwe said the recognition would further motivate the bank to deepen its interventions in the SME sector by providing practical solutions that help entrepreneurs overcome barriers to growth.

She said the award builds on Fidelity Bank’s long-standing partnership with DBN and its support for Nigeria’s MSME ecosystem.

According to her, the bank received the DBN Innovation Award in the Deposit Money Bank category in 2025 for developing innovative financial products and services for MSMEs.

She added that the bank also won the 2020 DBN Service Award for the highest disbursement to DBN-focused locations.

Osinigwe said Fidelity Bank had continued to implement initiatives aimed at supporting small businesses beyond access to finance.

She listed some of the initiatives to include the Fidelity SME Hub in Gbagada, Lagos, which provides entrepreneurs with training facilities, business advisory services, networking opportunities and creative studios.

She also highlighted the Fidelity Quarterly Business Forum, designed to connect entrepreneurs, policymakers and industry experts to discuss business growth, innovation, trade and sustainability.

According to her, the bank’s SME Masterclass Series provides practical training on pricing, product quality, digital marketing, business visibility and export readiness.

She added that Fidelity Bank also supports the disbursement of the Federal Government’s MSME Intervention Funds administered by the Bank of Industry, with particular attention to women-owned enterprises.

Osinigwe said the bank had expanded support for exporters through the Fidelity Nigeria International Trade and Creative Connect initiative, which links Nigerian businesses to international markets, including the United Kingdom and the United States.

She noted that the bank also partners with the Nigerian Export Promotion Council and Lagos Business School on the Export Management Programme to equip entrepreneurs with skills required for regional and global trade.

According to her, Fidelity Bank’s collaboration with the National Credit Guarantee Company has also strengthened access to finance for MSMEs by reducing lending risks while providing financial literacy and business management training for beneficiaries.

She said the bank remained committed to supporting entrepreneurs through financing, advisory services, capacity building, digital solutions, market access and strategic partnerships.

Fidelity Bank Plc is a commercial deposit money bank serving more than 10 million customers through its digital banking platforms, 255 business offices across Nigeria and its United Kingdom subsidiary, FidBank UK Limited.

The bank has received several local and international recognitions for its support to SMEs, retail banking, export finance, innovation and community development.

Taiwo Oyedele, minister of Finance and coordinating minister of the Economy, has said that Africa’s payment ecosystem should move beyond traditional systems that rely on third-party currencies for cross-border transactions, noting that such arrangements increase costs and create inefficiencies.

Taiwo Oyedele, minister of Finance and coordinating minister of the Economy

To this end, he proposed the development of an Africa-wide payment card that would enable direct transactions between African currencies without requiring conversion through the United States dollar or other intermediary currencies, as part of efforts to deepen intra-African trade and reduce transaction costs.

Oyedele, made the proposal  while receiving a delegation from Mastercard in Abuja.

Currently, most card payments between African countries are routed through currencies such as the U.S. dollar. For instance, when a Nigerian cardholder makes a purchase in Ghana, the transaction is often converted from Ghanaian cedis to U.S. dollars before being converted into naira, attracting additional costs through multiple exchange-rate conversions.

Speaking during the meeting, the minister urged Mastercard to support the creation of a payment system that allows direct settlements between African currencies.

“We hope that, for example, we have a payment card that you can use to pay from naira to Kenyan shillings, to South African rand, without a third currency. And we know you can make it possible,” Oyedele said.

He said eliminating intermediary currencies would improve payment efficiency, reduce transaction costs and strengthen economic integration across the continent, particularly under the framework of the African Continental Free Trade Area (AfCFTA).

The minister also called on Mastercard to expand access to credit cards in Nigeria, describing consumer credit penetration as low even among top public officials and high-income earners.

“Based on my own personal experience, one of the areas where we hope you will take the lead is just making credit cards available to Nigerians.

It is difficult, even for someone at my level, to get a credit card,” he said.

While acknowledging the progress made by Nigeria’s financial technology sector, Oyedele said there remains significant room for growth and innovation.

He noted that Nigeria hosts five of Africa’s nine fintech unicorns, reflecting the country’s growing prominence in the continent’s digital finance landscape.

“Our fintech sector is quite developed, but we know that we can do much better. We can be much bigger,” he said.

“It is interesting to know that Africa has nine unicorns, and five of them are in Nigeria. So we know that the possibilities are even bigger.”

Oyedele assured investors and fintech operators of the government’s commitment to maintaining policy consistency and providing regulatory support to encourage further investment and expansion.

“We welcome you to Nigeria. We want you to do more, and we are willing, from the government’s side, to work with you,” he added.

The proposal comes amid expectations of rapid growth in Africa’s cross-border payments market over the next decade. Industry reports project the market will expand significantly as fintech adoption rises, mobile money usage grows, and intra-African trade increases under AfCFTA.

Despite the growth prospects, stakeholders say cross-border payments across Africa continue to face challenges including fragmented financial systems, multiple currency conversions, high transaction costs and settlement inefficiencies.

The merger between Providus Bank and Unity Bank has entered the integration phase following the completion of all legal and regulatory requirements, setting the stage for the emergence of ProvidusUnity Bank Limited.

Recall that the Supreme Court upheld the merger scheme, ordering all of Unity Bank’s assets and liabilities to be transferred to Providus Bank.

The enlarged institution operates as a national commercial bank.

Providus Bank in a statement to customers formally notified them of the announced the successful completion of the legal process backing the merger and assured them that banking operations would remain seamless throughout the integration period.

“We are pleased to announce the final court sanction of the merger between ProvidusBank and Unity Bank. This business combination is set to create a strong institution with broader national reach, deeper capabilities and an even greater commitment to delivering exceptional banking experiences to you,” the bank stated.

According to the bank, the merger marks a significant milestone that will strengthen its capacity to serve customers through improved access to banking services, enhanced technology infrastructure, stronger digital capabilities and expanded product offerings.

“This merger represents an important milestone in our journey and positions us to serve you better through expanded access, enhanced technology infrastructure, improved digital capabilities, improved product offerings, and a wider network of service channels across Nigeria,” the bank said.

Providus Bank also assured customers that the transition would not affect their banking relationship, stressing that all accounts and existing service channels would remain fully operational during the integration process.

“Your banking relationship remains secure and uninterrupted,” the bank assured customers, adding that they would continue to enjoy access to their accounts and banking services through existing channels while integration activities progress.

The bank further noted that customers should expect improved service delivery arising from the merger, supported by stronger capabilities and a wider operational footprint across the country. It added that any actions required from customers during the transition would be communicated clearly and in advance.

Highlighting the strategic importance of the combination, the bank said the next phase of its evolution is geared towards building a stronger institution capable of supporting economic growth while maintaining high service standards.

“This next chapter reflects our commitment to building a stronger institution for customers, supporting economic growth and continuing to deliver the service standards you expect from us,” it stated.