E-Financial
Etisalat Transforms Mobile Banking Service in Nigeria with Smartphone App
Etisalat Group, leading mobile telecommunications provider, through its subsidiary in Nigeria, announced the launch of a new and comprehensive smartphone app that will enable customers to access their mobile money services faster and with more ease.
The introduction of the innovative app expands the company’s award-winning mobile banking offerings to customers. The app is available for free download from various online app stores.
Since September 2012, Etisalat has partnered with leading international and regional banks including GTBank, Zenith Bank, Stanbic Bank, First Bank Nigeria, as well as Paga Payment Network to allow Etisalat Nigeria customers to conveniently access banking services through their mobile phones.
Till date, the service has successfully registered over 15 million SIM ‘Tool Kit’ application downloads on consumer SIM cards.
Khalifa Al Forah, Etisalat Group’s chief digital services officer said, “Etisalat is at the forefront of technology innovation, bringing market relevant and transformational services to its customers across the group markets. Nigeria currently has a smartphone penetration of over 10% and it expected to reach 40% in the next two years. By enabling people to use their mobile phones to access advanced banking services, we not only hope to deliver lasting benefits to our customers , but also contribute to the socio-economic development of the economies of Nigeria and other countries that we operate in.”
Etisalat’s new smartphone app adds new dimensions to its existing mobile banking service. It supports all currently available functions and allows for more flexibility and convenience through additional features.
The new app supports all major platforms including Android, Apple iOS, Windows Mobile and Java.
It has a crisp, intuitive user interface accessible in English, Hausa, Igbo and Yoruba languages. It uses advanced ISO-1 compliant security features which ensure safe customer transactions that cannot be intercepted or manipulated by fraudsters. The app provides easy user interaction through icons, pictograms and bar-code reading functionalities.
To develop this transformational service expansion, Etisalat has been working with globally renowned financial and technology partners in Nigeria to comply with local and global banking regulations and to facilitate payments and settlements in line with internationally recognised standards.
Etisalat is also partnering with major Nigerian financial institutions such as NIBSS, banks and major global players such as MasterCard Worldwide to provide customers bill payment facility, merchant transactions and merchant trading solutions.
These partnerships also allow Etisalat customers to top-up airtime for family and friends, regardless of which network they are on.
Matthew Willsher, CEO Etisalat Nigeria said, “Research has shown that m-banking and m-payments can help lower the transaction costs of money transfer, increase the flow of money by making it easier to send smaller amounts as well as introduce efficient tool for secure financial management. We believe the benefits to our customers will be immense and that this has the potential to transform the way we handle and manage money in this country. The mobile phone has already improved African life in so many ways – it’s exciting to think it now has the potential to replace notes and coins and give all of our customers’ access to world-class banking services.”
Etisalat currently offers mobile commerce services in 11 operations of the group. Its Mobile Wallet service “Flous” is an industrial grade, open-loop commerce ecosystem which includes mobile payments (merchants, utility, transportation), money transfers (domestic and International), bank accounts/payment cards management, secure access, ticketing, as well as merchant payment acceptance service “Mobile Cashier”.
In 2013, the ‘Flous’ won prestigious GSMA MWC award in Barcelona as “The Best NFC/ Mobile Money Product”, received special recognition from the IFC/World Bank in the “Technology in sustainable Finance” category and was honoured with Mobile Banking Kalahari Award in Lagos, Nigeria.
Federal High Court in Lagos has fixed July 1, 2025, for the commencement of trial in a money laundering case involving Cititrust Holdings PLC and three of its subsidiaries.
The subsidiaries are Cititrust Funding PLC, Cititrust Credit Limited and Cititrust Financial Services Limited,
The companies are facing an eight-count charge filed by a team of prosecutors from the Economic and Financial Crimes Commission (EFCC), comprising Anasoh Henry Onyekachi, Frankklin Ofoma, Abdulhamid Lamido Tukur, and A.A. Usman.
According to the charge, between 2021 and 2023, the companies, all incorporated in Nigeria, allegedly operated investment management services without a valid licence from the Central Bank of Nigeria (CBN).
This act contravenes Section 57 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and is punishable under Section 57(5) of the same legislation.
The prosecution also alleged that the companies conducted a Collective Investment Scheme without registering with the Securities and Exchange Commission (SEC), another violation of regulatory requirements.
In one of the counts, Cititrust Credit Limited is specifically accused of failing to report high-value financial transactions to the Nigerian Financial Intelligence Unit (NFIU).
These transactions include a N20 million transfer on January 7, 2021; a N200 million transfer on April 4, 2021; and a N200 million lodgement on January 29, 2021.
Additionally, both Cititrust Credit Limited and Cititrust Financial Services Limited are alleged to have made a single transfer and lodgement respectively of N42 million into their bank accounts on January 29, 2021, without proper disclosure to relevant authorities.
The alleged offences are in breach of Sections 11(1)(b) and 11(3) of the Money Laundering (Prohibition) Act 2022, as well as Section 54(1) of the Investment and Securities Act 2007, and are punishable under the respective laws.
The court is expected to begin full proceedings on July 1.
Ecobank Nigeria’s long-term issuer credit rating has been downgraded to ‘CCC-’ from CCC, with the outlook placed at negative by S&P Global Ratings. This is a resultant effect of the $150 million bond buyback offer on the bank’s $300 million Senior Unsecured Eurobond.
Part of the tender offer made by Ecobank includes an early tender premium of $12.50 for every $1,000 in principal (equivalent to 1.25%), with the anticipated settlement date set for July 8, 2025. The offer also requests bondholders’ consent to eliminate the capital adequacy covenant on the outstanding notes.
These actions also led S&P to downgrade the $300 million Eurobond from ‘CCC’ to ‘CCC-’. Although S&P notes that it does not consider the tender offer a distressed debt restructuring.
However, this assessment is at risk of changing if the bank does not receive the promised capital injection from the parent group, Ecobank Transnational Incorporated (ETI).
Following the naira devaluation, Ecobank was unable to meet the regulatory Capital Adequacy Ratio (CAR) requirement, as its CAR dropped to 7 per cent. This was below the 10 percent regulatory minimum. The breach of the CAR caused the bank to seek the consent of its bondholders to pause the capital adequacy notes on the Eurobond notes till September 2025.
Following this development, the bank received a $50 million prepayment on promissory notes from its parent company, ETI, along with early repayments on certain foreign currency loans. However, it has been insufficient in restoring the capital adequacy to regulatory levels.
According to S&P, the bank is expected to receive another $50 million capital injection from its parent group before August 2025. However, the ratings agency notes that if the bank is unable to receive this capital injection, it will inevitably default on its bonds. A situation that would cause a further downgrade to ‘CC’.
It was recommended that Ecobank Nigeria consider raising $150 million through additional Tier-1 instruments to strengthen its liquidity buffers. Additionally, the bank was advised to intensify efforts to recover its foreign currency-denominated loans.
Fidelity Bank Plc, leading financial institution has reaffirmed its commitment to corporate social responsibility with the donation of food and essential items to the Old People’s Home in Yaba, Lagos.
The donation was made possible through the generosity of the bank’s Nexus Inductees Class, under its Corporate Social Responsibility initiative known as the Fidelity Helping Hands Programme (FHHP).
Through the FHHP, staff across Fidelity Bank branches nationwide identify crucial interventions needed in their immediate community and raise funds to execute them. The bank’s management then matches this contribution with an equal amount and disburses it for the selected project.
Commenting on the donation, Divisional Head, Brand and Communications, Fidelity Bank Plc, Dr Meksley Nwagboh, emphasized the bank’s unwavering commitment to impacting its host communities positively noting that the community is an essential part of the bank success story.
“Today’s donation is a token of our appreciation for our incredible parents and guardians who have raised outstanding individuals that trust us with their banking needs.
“Our donation to the Old People’s Home reflects our deep commitment to supporting the well-being and dignity of our senior citizens.
“We are honored to contribute to a cause that ensures they receive the care, comfort, and respect they deserve.” Nwagboh stated.
Appreciating the gesture from the bank, the Director-in-Charge of the Home in Yaba, Adetutu Ipaye, said “Community support initiatives such as this from Fidelity Bank is vital to sustaining our mission and enhancing the quality of life for the elderly.
“We urge other organizations to follow in the Bank’s footsteps as this kind of support will go a long way to ensure that the elderly live with dignity and comfort”.
One of the beneficiaries from the home, Mr. Kamoru Adeyetu noted that, “Your presence today has brought us immense joy, and our greatest happiness lies in seeing the younger generation thrive. Beyond the gifts, your visit means the world to us and please remember to visit us regularly.”
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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