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Fidelity Bank Reinforces Commitment to Digital Technology, Adopts Open Banking

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In line with its commitment to the adoption of innovative digital technology to drive its retail strategy, reduce cost and improve revenue and returns, Fidelity Bank has signed a Memorandum of Understanding with Open Technology Foundation (OTF) for the adoption of a standard Application Programming Interface (API) for its operations as a financial institution.

Open Banking is a system that provides a user with a network of financial institutions’ data through the use of application programming interfaces (APIs).

The Open Banking Nigeria Standard defines how financial data and services should be created, shared and accessed. By relying on networks instead of centralisation, open banking helps customers to securely share their financial data with other financial institutions.

The bank recently took a bold step to further provide its consumers with improved services and solutions that meet their needs by leveraging the collaborative model of Open Banking.

Through this partnership, Fidelity Bank would deepen its financial services delivery through appropriate and time sensitive channels whilst collaborating with other stakeholders within the ecosystem.

Open Banking has been seen as the most transformational financial technology over the next decade which has seen about 47 countries at various stage of implementation.

Recently, the Central Bank of Nigeria signaled its intention to lead Africa in digital payments innovation with the request for information about the National Payments System Vision 2030 for which Open Banking is a strategic priority.

Additionally, Fidelity Bank has by this development, joined other leading banking and financial services industry players, who have not only adopted but are also promoting this mode of operation, which among other benefits would drastically consolidate customer satisfaction, grow revenue across diverse streams, promote financial inclusion, as well as assure a smooth but controlled data flow.

“As a digitally innovative and forward-thinking bank, we believe in the importance of investing in digital technologies and its significant contributions to shaping the future of banking globally” said Fidelity Bank CEO, Nnamdi Okonkwo.

“Therefore, this partnership with the Open Technology Foundation for the adoption of a standard, industry-wide API is a step in the right direction and is in alignment with our commitment to digital innovation, for the satisfaction of our customers” he explained further.

The Open Technology Foundation was established to analyse the need of the industry for a common API standard among banks and other financial institutions, develop the common API standards, provide a sandbox and other testing tools for certification, promote the adoption of an Open Banking standard with stakeholders across Nigeria, and to enable further innovation in the financial services industry.

“At Open Technology Foundation, it is our utmost delight to collaborate with players across the banking and services ecosystems for the introduction, adoption and promotion of Open Technology practices.

“We are convinced that this is one great move that would transform the financial space in Nigeria, with ripple effects across other industries in the country and by extension Africa,” said Ope Adeoye, a trustee of Open Technology Foundation.

Focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital based retail banking strategy which has resulted in exponential growth with savings deposits tripling over the last five years and over 40 percent of customers enrolled on the Bank’s flagship mobile/internet banking products.

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Terra Moves to Expand in African Drone Sector, Secures $22m Funding

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Olugbenga Agboola, Flutterwave CEO has joined a $22 million funding extension for Nigerian defensetech start-up Terra Industries as Africa’s fast-growing drone and security technology sector begins to attract capital far beyond traditional venture circles.

The round was led by Lux Capital, with participation from Agboola through Resilience17 Capital and returning investors including 8VC and Nova Global.

It follows an $11.75 million raise just weeks earlier, bringing Terra’s total funding to $34 million as the company accelerates expansion into high-risk security markets.

Terra, founded in 2024 by 24-year-old chief engineer Maxwell Maduka and CEO Nathan Nwachuku, builds autonomous drones and surveillance systems designed to protect critical infrastructure such as energy facilities, logistics corridors and industrial sites. The startup says it is already safeguarding assets worth billions of dollars while securing early federal and commercial contracts.

Agboola’s involvement highlights a broader shift in African tech investment patterns. While fintech has long dominated venture flows, escalating infrastructure sabotage and terrorism threats have elevated demand for locally developed security hardware.

“Nigeria’s drone ecosystem is rapidly evolving from hobbyist and mapping use cases toward industrial monitoring, border surveillance and energy protection, areas increasingly seen as foundational to economic stability.

“This is about backing infrastructure security at scale. Africa’s growth depends on resilient systems that protect critical assets,” said Agboola.

Terra CEO Nwachuku is adamant that locally engineered systems are better suited to African operating conditions. “We are building tools designed for the realities on the ground. Security technology should not always be imported when local innovation can respond faster and more effectively,” he stated.

Lux Capital partner Brandon Reeves underlined that the investor appetite, which has drawn fintech heavyweight interest such as Agboola, reflects rising cross-sector confidence in African defense technology as a commercial category. “Security is a prerequisite for economic growth,” he said.

“As Terra ramps production and expands regionally, its funding milestone illustrates a wider transformation. Drone and autonomous security platforms are no longer peripheral experiments but emerging pillars in Africa’s technology landscape, where fintech leaders and venture capital converge around safeguarding the infrastructure powering the continent’s next growth phase,” said Reeves

 


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Temu Assures Compliance Amid Nigeria Data Privacy Probe

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Temu, the global e-commerce platform expanding in Nigeria, has officially addressed an inquiry from the Nigeria Data Protection Commission (NDPC) over alleged data privacy violations, confirming its commitment to compliance with the Nigeria Data Protection Act (NDPA) 2023.

Temu Assures Compliance Amid Nigeria Data Privacy Probe

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The company’s response follows NDPC’s investigation into Temu’s data processing practices.

In a statement to Nigeria CommunicationsWeek, Temu stressed its dedication to local and international data protection standards, noting ongoing communication with the regulator. “At Temu, protecting user privacy and data security is a top priority. We are committed to complying with applicable laws and regulations in our data practices,” the statement read.

Temu further affirmed: “We can confirm that Temu has received the inquiry and is engaging with the Commission. We will continue to engage in open and constructive dialogue with the NDPC to address any questions or concerns.”

Under Dr. Vincent Olatunji’s leadership, NDPC has ramped up scrutiny of foreign digital platforms to safeguard Nigerian citizens’ personal data—from contact details to financial information—ensuring transparent and secure handling. For e-commerce giants like Temu, managing vast consumer data volumes demands strict regulatory alignment to sustain operations and trust in Africa’s biggest economy.

Industry observers view Temu’s proactive stance as a savvy bid to ease tensions, mirroring Nigeria’s firm handling of platforms like X (formerly Twitter) and fintechs. This engagement underscores NDPC’s rising clout, compelling investors and foreign entrants to prioritise data compliance costs.

Nigeria CommunicationsWeek sees Temu’s approach as a model for global retailers eyeing Nigeria’s booming digital retail sector through 2026.


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NIMC Rolls Out WorkflowPro for Paperless Correspondence

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National Identity Management Commission (NIMC) has deployed WorkflowPro as its official platform for the digital submission and management of correspondence.

NIMC Rolls Out WorkflowPro for Paperless Correspondence

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Kayode Adegoke Phd, Head, Cooperate Communications of NIMC said this in a press statement on Tuesday, 17th February, 2026, pointing out that this was “In furtherance of President Bola Ahmed Tinubu’s Renewed Hope Agenda and the Federal Government’s commitment to institutionalizing a paperless public service.”

According to the statement, “The   adoption   of   WorkflowPro   marks   NIMC’s   formal   transition   to   a   paperless operating   environment   and   reflects   the   Commission’s   resolve   to   strengthen governance,    improve    administrative    efficiency,    and    standardize     records management in line with approved public sector reforms. The platform  provides a  secure,  structured,  and   traceable  system   for  managing   both  internal   and external  communications,  thereby  enhancing  accountability  and  operational transparency.

“Under the new framework, all external correspondence to NIMC will be processed electronically  through  WorkflowPro.  The  system  enables  end-to-end  tracking  of submissions,  accelerates  internal   routing   and  response  timelines,  and   ensures secure  electronic  archiving of  official  records. This  approach  eliminates  the risks associated  with  manual  handling  of  documents  while  reinforcing  compliance with established information management standards.”

Adegoke added that “The implementation of  WorkflowPro is  consistent with  the  Federal  Government’s Enterprise Content Management  (ECM)  policy, which mandates the digitization of   official   records   and   the   elimination   of   physical   file   movements   across   all Ministries, Departments, and Agencies  (MDAs) .

“Accordingly,  all  external   correspondence  addressed  to  the   National   Identity Management Commission must be submitted via the NIMC WorkflowPro platform, accessible through the official portal link or by scanning the designated QR code:
Portal Link:https://workflowpro-nimc.com/Submit . Correspondence

To  support  effective  implementation,  NIMC  has  approved  a  30-day  transition period   from   the   date   of   this   announcement,   during  which  stakeholders   are expected  to acquaint themselves with  the  new  process.  Upon  the expiration of this   period,   the   Commission   will   discontinue   the   acceptance   of    manually submitted letters and paper-based correspondence.

“WorkflowPro  was   developed   by   NIMC’s   in-house   technical   team   under   the directive   of   the   Director-General/Chief   Executive   Officer,   Engr.   (Dr.)  Abisoye Coker-Odusote. The platform forms part of a broader institutional reform agenda aimed   at   strengthening    the   security   of    official   communications,    reducing administrative   delays,   and   entrenching   digital   governance  within   the   public service.

“The  National  Identity  Management  Commission  enjoins  all  stakeholders  to  take note of this policy directive and ensure full compliance.”


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