Fidelity Bank has announced a three-month extension of its Get Alert in Millions (GAIM) Season 6 promo, now running until November 30, 2025, with total cash rewards increased from ₦159 million to ₦189 million.

L-R: Direct Sales Executive, Fidelity Bank Plc, Adegboyega Ademokunwa; GAIM 6 Eight Monthly draw Winner, Innocent Okoro Orji; Branch Leader, Fidelity Bank Plc, Gbagada, Chinwe Umez-Eronini; and Product Manager, Savings, Fidelity Bank Plc, at the GAIM 6 prize presentation ceremony held at Gbagada Building Materials market in Lagos recently.

This move follows strong customer demand for more participation time and has received full regulatory approval.

Originally launched in November 2024 for nine months, the GAIM 6 campaign was set to end in August 2025. However, based on customer feedback, the bank extended the promo to allow more Nigerians to benefit.

Recently, the bank celebrated 20 winners nationwide, each receiving ₦1 million through electronically supervised draws overseen by the Federal Competition and Consumer Protection Commission (FCCPC) to ensure fairness.

With over ₦30 million still up for grabs in upcoming monthly draws, the final prizes include ₦2 million for second runner-up, ₦5 million for first runner-up, and a ₦10 million grand prize. Recipients also gain access to financial advisory support at the Fidelity SME Hub to help maximize their rewards.

Fidelity Bank serves over 9.1 million customers through digital channels and 255 branches, earning various awards for innovation, digital transformation, and SME banking excellence.

The bank continues to promote savings culture and financial empowerment across Nigeria through initiatives like GAIM.

Dr Daramola Omoyele, an economist and data analyst has warned that the introduction of a Tax Identification Number (TIN) under Nigeria’s new taxation legislation could compromise efforts towards stronger financial inclusion.

An estimated 38 million Nigerian adults are currently unbanked.

Nigerian Observer quoted Omoyele as explaining that the TIN, which by the new law is a requirement for bank account opening and filing of tax returns, adds up to several other digital IDs existing in a siloed system.

There is the National Identification Number (NIN), the Bank Verification Number (BVN), and the general multipurpose card, among other existing ID numbers, he pointed out.

The TIN is provided for in the Nigeria Tax Administration Act 2025 which was enacted in June, but couldn’t immediately go into force due to contention from different national stakeholders in the country.

Recently, the federal government announced that the legislation is now expected to go into force in January 2026, and will help the country in efforts to strengthen tax compliance, broaden the tax base for more revenue, and digitalize the tax administration.

To Omoyele, it would have been better for the government to build on the blocks which are already in place, citing the NIN as an example, for a harmonized data system and single digital ID to be used for different purposes.

Beyond that, there are fears that the current challenges in obtaining the NIN and other digital IDs could be replicated in the process of obtaining the TIN.

The federal government has highlighted the need for data harmonization in the past, but concrete results are yet to be obtained.

Omoyele cited examples of countries like India where the Aadhaar digital ID is used across services. South Africa also recently unveiled a roadmap for a single digital ID system to be used for multiple services.

“The irony is that Nigeria already has the building blocks of a single digital identity. The NIN was designed to be the master ID, while the BVN has captured biometric and financial data for millions of bank customers,” The Nigerian Observer quoted Omoyele as saying.

“Instead of harmonising these, the new TIN law introduces another obstacle at a time when about 38 million adults remain unbanked.”

“Nigeria must stop building silos and start building systems that talk to each other. One number is enough. The new TIN law is well-intentioned, but it risks worsening an already messy identification system,” he added.

The Central Bank of Nigeria (CBN) has issued a new directive mandating all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the scheduled exit of the incumbent.

In addition, banks are required to obtain regulatory approval for the successor’s appointment no later than six months before the current MD/CEO’s tenure ends.

The CBN said that the move was aimed at ensuring seamless leadership transitions and reducing potential disruptions in the top management of key financial institutions.

“This requirement is aimed at: minimising disruptions at the top management level. Enabling appointees to adequately prepare for their new roles, and mitigating risks associated with abrupt leadership changes”, the apex bank noted.

This was contained in a circular to DSIBs and signed by Rita I. Sike Director, Financial Policy & Regulation Department, CBN.

According to the circular, Section 2.14 of the CBN corporate governance guidelines for Commercial, Merchant, Non-Interest, and Payment Service Banks in Nigeria (2023) mandates the boards of such institutions to approve succession plans for their Managing Directors/Chief Executive Officers (MD/CEO), Executive Directors (EDs), and senior management staff.

“In view of the critical role Domestic Systemically Important Banks (DSIBs) play in maintaining financial system stability, the CBN reiterates the importance of effective succession planning in these institutions.

“Accordingly, and in line with sound corporate governance practices, each DSIB is required to: obtain regulatory approval for the appointment of a successor MD/CEO not later than six months before the expiration of the incumbent’s tenure.

“Publicly announce the appointment of the successor MD/CEO not later than three months before the planned exit of the incumbent. You are hereby directed to ensure strict compliance with the above directives,” the circular added.