E-Financial
FG to Issue Circular on New e-Collection Regime by Remita
Federal Government is to issue a circular and a booklet of Frequently Asked Questions (FAQ) in a bid to enlighten the public on the usage of electronic revenue collection platform aimed at checking theft, diversion of collected revenue and all sorts of corrupt practices associated with revenue collection.
The booklets will be available at registration desks of all its Ministries, Departments and Agencies (MDAs) and project members’ banks.
Recently, the federal government held a sensitization workshop on e-collection and directed all its MDAs to close their revenue accounts with Deposit Money Banks [DMBs] latest by February 28.
Government gave the directive while unveiling an electronic revenue collection platform, powered by Remita, indigenous software packaged developed SystemSpecs, Nigeria’s software powerhouse.
The platform was built to check theft, diversion of collected revenue and all sorts of corrupt practices associated with revenue collection.
According Mr. Jonah Otunla, accountant-general of the Federation, at the Abuja workshop, designed to sensitize MDAs to the commencement of the electronic revenue collection project, said the implementation of the project, which kicked off on January 1, would enthrone a new regime of centralized, transparent and accountable internally generated revenue management system.
As such, he asked that the balances in the revenue accounts should be transferred to the Consolidated Revenue Fund of the Federal Government, stating further that any MDA that failed to comply with the directive by the end of February would be sanctioned.
Otunla said the new platform would improve the availability of funds for financing of developmental projects and budgets as well as plugging loopholes in government revenue collection and management.
The commencement of the e-collection platform, he informed, was a product of series of treasury reforms that began in 2012 and aimed at ensuring transparency and accountability in the management of the nation’s resources.
According to him, the reforms have led to the introduction of the Government Integrated Financial Management Information System and the Treasury Single Account. “We have rolled out the GIFMIS and TSA implementation. At inception, a total of 93 agencies were enrolled and as of today, we have about 551, which is about three quarter of the total budget of the federation.
“We have yet to realise the full potential of the reforms. Some big budget MDAs to wit the National Assembly, National Judicial Council, the armed forces and some other autonomous agencies have been reluctant to be brought into the GIFMIS and TSA process.
“The implication of this is that substantial cash resources of the government are still lying idle at a time when our cash flow is facing a lot of challenges. In the face of the cash flow problem, we need to be more creative. We can enhance the performance of the budget by either improving revenue or reducing costs.”
Otunla added that, “Our efforts this morning on the e-collection of revenue is a revenue enhancing programme by freeing more funds for budget performance. We are perfecting a system of collection. We are not perfecting a system depriving the commercial banks of income.
“So, we just want to make revenue collection a little more efficient; but in the process, it might influence the inflow to the commercial banks and that’s why the Central Bank of Nigeria is playing a pivotal role.”
While shedding light on the new revenue collection platform, the Director, Funds, Office of the Accountant-General of the Federation, Mr. Mohammed Dikwa, said, government revenues would now be paid into the CRF/TSA at the Central Bank through any branch of the DMBs.
He said, “A treasury circular on e-collection will be issued next week. With the coming of e- collection, MDAs can no longer maintain revenue bank accounts with commercial banks. You are, therefore, advised to transfer any outstanding balance in your RBA to the CRF and immediately commence the processes of closing them.
“The MDAs are given up to February 28, 2015to close the RBAs. Appropriate sanctions shall be applied against any MDA that fails to comply.”
To ensure the successful implementation of the project, Dikwa explained that a multi-stakeholder committee comprising the OAGF, CBN and representatives of all the commercial banks was set up to agree on the implementation plans and timelines.
United Bank for Africa (UBA) has informed its customers that, in compliance with a new directive from the Nigerian Communications Commission (NCC), charges for USSD banking services will no longer be deducted from bank accounts, effective June 3, 2025.
In a notice sent to customers, the bank explained that the charges would now be deducted directly from users’ mobile airtime balances, in line with the NCC’s newly introduced End-User Billing (EUB) framework.
It said the new model aimed to ensure transparency in USSD transactions and shift billing responsibility to mobile network operators.
According to UBA, each USSD session would now cost ₦6.98 per 120 seconds, saying that customers initiating transactions would receive a prompt to provide consent at the start of each session, and airtime would only be debited if the bank is available to process the request.
The bank advised customers who are not comfortable with the new billing arrangement to opt for other digital banking alternatives such as the UBA mobile app and internet banking platform, which remain fully operational and user-friendly.
UBA reaffirmed its commitment to providing secure and accessible digital services, and encouraged customers to choose the channel that best suits their banking needs.
The policy marks a significant shift in Nigeria’s digital banking ecosystem and is expected to address longstanding disputes over USSD service charges between telecom operators and financial institutions.
E-Financial
Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’
Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.
The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.
According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.
Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said, “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders.
Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”
One of the key drivers of the improved rating is the bank’s robust capitalization. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The agency also noted that further capital raising efforts are expected to position the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.
Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. The bank’s balance sheet is reinforced by a high proportion of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.
The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.
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.
Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
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