E-Financial
CSCS Grows Revenue, Profit by 31.3% & 41.4%

Central Securities Clearing System Plc (CSCS) has announced its Audited 2020 Financial Results.
Amidst unprecedented economic and financial market conditions occasioned by the COVID-19 pandemic, the Group grew total income by 31.3% year-on-year (YoY) to N12.09 billion.
With profit after tax of N6.93 billion, an incredible 41.4% year-on-year growth, translating to N1.39 earnings per share, the Group delivered 20.3% return on average equity for the 2020 financial year, compared to 15.3% in 2019FY.
Highlights:
Income Statement
-Total Income: N12.09 billion, compared to N9.21 billion in 2019FY (31.3% YoY growth).
– Investment Income: N7.44 billion, an impressive 61.4% YoY growth, compared to N4.61 billion in 2019FY.
– Operating Expenses: N4.72 billion, compared to N3.23 billion in 2019FY (46.0% YoY growth), partly reflecting investments in technology and human capital.
– Profit Before Tax: N7.39 billion, a 22.3% YoY growth, compared to N6.04 billion in 2019FY.
– Profit After Tax: N6.93 billion, compared to N4.90 billion in 2019FY (41.4% YoY growth).
– Return on Average Equity (ROAE): 20.3%, compared to 15.3% in 2019FY.
– Earnings Per Share (EPS): 139 Kobo, compared to 98 Kobo in 2019FY (41.8% YoY growth).
Balance Sheet
-Total Assets: N41.42 billion, compared to N36.61 billion as at 2019FY (13.1% YoY growth).
– Property, Plant and Equipment (plus intangibles) grew 25.0% YoY to N1.35 billion, reflecting continued investments in infrastructure to enhance operational efficiency and resilience.
– Shareholders’ Funds: N35.49 billion, up 7.9% YoY; reflecting strong capacity for organic capital growth.
Commenting on the Group’s performance, Mr. Oscar N. Onyema OON, the Chairman, Board of Directors of CSCS, said;
“It is exciting to report these stellar results. Defying the unprecedented challenges that characterised 2020 financial year, CSCS emerged stronger, delivering outstanding growth in top and bottom-lines, and executing far-reaching initiatives that would sustainably strengthen the competitiveness and resilience of the business.
“Having grown profit by over 41% in such a challenging year to deliver 20.3% return on average equity, the Board of Directors and Management are upbeat about the value accretive prospects of CSCS, and we are enthusiastic that the progress made thus far in repositioning the business to efficiently play a more active and leading role in deepening the Nigerian capital market will be sustained.
“With continuous investments in new technologies, talent, and work environment, we are optimistic on the productivity of CSCS going forward. Subject to shareholders’ approval at the upcoming annual general meeting, the Board is recommending a dividend of N5.85 billion or dividend per share of N1.17, representing a growth of 36% over the N0.86 dividend per share paid from the 2019 financial year earnings.”
While commenting on the Group’s results, Mr Haruna Jalo-Waziri, the Chief Executive Officer, said;
“Amidst the COVID-19 twin threat to lives and livelihoods, and more importantly the attendant challenges in economic and business environment, we outperformed budget, reinforcing our commitment to delivering superior value to our shareholders, irrespective of the odds.
These impressive results reflect our enhanced collaboration with different stakeholders and their unflinching support and loyalty to CSCS, as the core infrastructure for the Nigerian capital market.
Hence, my colleagues and I are excited to dedicate this performance to our esteemed participants, regulator and the Board of Directors, whose support kept us stronger through the pandemic. We would continue to invest in our collective objective of deepening the capital market and broader financial system, even as we seek new and efficient ways of enhancing our partnerships for mutual prosperity.
Having laid a solid foundation over the past three years, we are more than ever optimistic on the prospect of our business, especially as we diversify the business for enhanced resilience against macro and market volatilities.
We will sustain our disciplined cost efficiency culture, in our commitment to delivering sustainable value to shareholders over the long term. We are excited at the 39.0% cost-to-income ratio, despite the impact of exchange rate volatilities and rising headline inflation on our cost base.
“The years ahead look challenging, albeit more promising than ever, as we reinforce our commitment to leveraging best-in-class technologies and our continuous investments in human capital in delivering value to all stakeholders.”
Also commenting on CSCS’ financial performance, the Chief Financial Officer, Mr. Peter O. Medunoye noted;
“We recorded impressive double-digit growth in revenue and profitability, and more importantly recorded continuous improvement across all key performance indicators. We recorded decent growth in income from our CSD and ancillary services whilst also leveraging our ingenuity in effectively positioning the proprietary investment portfolio for growth.
“Delivering 17.7% and 20.3% return on average assets and return on average equity respectively, we are excited at the capacity of the business in generating internal capital to fund the exciting growth ahead.”
E-Financial
PalmPay Named Among CNBC and Statista’s World Top 300 Fintech Companies 2025

PalmPay, a leading neobank and fintech platform focused on emerging markets, has been recognised in CNBC and Statista’s 2025 Top 300 Fintech Companies in the World list. This marks the second year in a row that PalmPay has earned a place among the world’s most innovative and impactful financial technology firms.
The selection is based on a rigorous evaluation of thousands of companies globally, assessing growth, innovation, market penetration, and impact. This year’s list includes a mix of global leaders – including Revolut, Nubank and Ant Group – alongside rising stars from high-growth markets, underscoring the growing influence of emerging-market fintechs like PalmPay.
PalmPay’s inclusion reflects its continued momentum as one of Africa’s leading fintech platforms. With over 35 million registered users and up to 15 million transactions processed daily, the company offers a comprehensive suite of digital financial services tailored to the needs of underserved communities.
In its main market, Nigeria, PalmPay operates as a full-service neobank, offering consumer financial services such as transfers, bill payments, credit, savings, and insurance – all accessible through its user-friendly app and supported by a nationwide network of over 1 million agents and merchant partners. The company also provides POS and API-driven B2B solutions tailored to the needs of merchants and enterprise clients.
“To be recognised as one of the world’s top fintech companies by CNBC and Statista is a powerful affirmation of our mission to build a more inclusive financial system,” said Sofia Zab, Founding Chief Marketing Officer at PalmPay.
“Through cutting-edge technology, deep local distribution, and a customer-first mindset, we’ve built Nigeria’s leading neobank. As we scale PalmPay to more emerging markets, including Tanzania and Bangladesh, our focus remains on closing financial access gaps for everyday consumers and businesses, while expanding the partner ecosystem that fuels our reach and impact.”
As part of its broader expansion strategy, PalmPay recently launched in Tanzania and Bangladesh through a smartphone device financing model that serves as an entry point to digital financial services.
“PalmPay is building a neobanking platform tailored to the realities of emerging markets,” said Jiapei Yan, Group Chief Commercial Officer at PalmPay. “We are creating the infrastructure for a connected digital economy – where people and businesses can thrive through reliable, inclusive financial tools.
This recognition from CNBC and Statista affirms our progress and also the scale of the opportunity ahead. As we expand across more emerging markets, we are committed to creating lasting value for our users, partners, and the communities we serve.”
PalmPay’s inclusion follows another major recognition earlier this year: the company ranked #2 overall and #1 in the financial services sector on the Financial Times – Africa’s Fastest-Growing Companies 2025 list. The ranking, based on revenue growth between 2020 and 2023, highlighted PalmPay’s rapid scale and market traction across Africa.
PalmPay currently operates in Nigeria, Ghana, Tanzania, and Bangladesh, and is expanding its presence across Africa and Asia through device financing, digital banking, and B2B payment services. Backed by a robust neobanking platform and a partnership-led approach, the company is committed to shaping the next chapter of inclusive financial growth.
E-Financial
Fidelity Bank Champions Education in Nasarawa with CSR Project

Fidelity Bank Plc has reaffirmed its commitment to quality education and youth empowerment with the renovation of a classroom block and donation of textbooks to Aso Pada Government Secondary School in Karu LGA, Nasarawa State.

L-R: The Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka; Vice Principal, Government Secondary School, Aso Pada, Maraba, Mr. Abdullahi Idris; Project Co-ordinator, Elite Bankers 2025 Inductee Class, Fidelity Bank Plc, Onyinyechi Ihesiaba; Vice Principal -Academics, Government Secondary School, Aso Pada, Maraba, Mr. Ela Isa; during the commissioning of a renovated block of classrooms and the distribution of Back-to-School Materials at Government Secondary School Aso Pada, Maraba, Nassarawa State recently.
The project was executed through the Fidelity Helping Hands Program (FHHP), a corporate social responsibility initiative that enables staff to identify community needs, raise funds, and receive matched support from the bank.
Speaking at the handover ceremony, Dr. Meksley Nwagboh, Divisional Head, Brand and Communications, said the school was chosen due to its impact on the local community and its lack of renovation in over 15 years.
Vice Principal Abdullahi Idris praised the bank’s gesture, calling it “an investment in the future of our nation,” and expressed hope for a lasting partnership.
The initiative follows Fidelity Bank’s recent donation of 1,000 solar-powered schoolbags to pupils across Ogun State, aimed at improving study conditions in areas with limited electricity.
Fidelity Bank serves over 9.1 million customers and has received multiple awards for innovation and SME support, including the 2024 Excellence in Digital Transformation Award and Best Bank for SMEs in Nigeria by Euromoney.
E-Financial
Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.
Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.
The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.
Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.
This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.
Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.
Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.
Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.
Offsetting this were write-offs and reversals that mitigated losses.
First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.
Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.
Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.
Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.
On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.
Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.
FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.
Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.
Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.
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