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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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Tribunal Upholds FCCPC’s $220m Fine against Meta, WhatsApp

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Competition and Consumer Protection Tribunal has upheld a $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) on Meta Platforms Inc. and WhatsApp LLC for data privacy violations in Nigeria.

Tribunal Upholds FCCPC’s $220m Fine against Meta, WhatsApp

The Tribunal also awarded $35,000 in investigative costs to the country’s Federal Competition and Consumer Protection Commission .

In a statement issued by the FCCPC, the Tribunal delivered its judgment in the appeal filed by Meta Platforms Incorporated (Facebook) and WhatsApp LLC against the Federal Competition and Consumer Protection Commission (FCCPC), affirming the Commission’s authority and ruling in favour of its actions on nearly all contested issues.

According to the statement by the FCCPC, “The Tribunal specifically determined that the Commission adhered to prevailing laws, fulfilled its mandate, and exercised its powers by the 1999 Constitution (as amended).

“It ruled that the multiple actions by WhatsApp and Meta, for which the Commission made findings of violations, were correctly identified, and that the Commission did not err in making those findings.”

The statement revealed that WhatsApp and Meta’s legal team was led by Professor Gbolahan Elias (SAN), while the FCCPC was represented by Babatunde Irukera.

It added that both legal teams presented their final arguments on behalf of their respective clients on January 28, 2025.

“The FCCPC had on July on July 19, 2024, issued a Final Order imposing a $220 million administrative penalty after concluding that the companies engaged in discriminatory and exploitative practices against Nigerian consumers, the investigation started in 2020.

“The case arose from a 38-month joint investigation initiated by the FCCPC and the Nigeria Data Protection Commission (NDPC) into the conduct, privacy practices, and consumer data policies of Meta Platforms and WhatsApp.

“Dissatisfied with the Order last year, Meta and WhatsApp appealed to the Tribunal, challenging both the legal basis and the findings of the Commission,” FCCPC said.

The Tribunal upheld the FCCPC’s authority and investigative procedures in Meta and WhatsApp’s appeal, resolving most of the contested issues in the Commission’s favour.

It confirmed that the FCCPC acted within its constitutional and statutory mandate, particularly regarding fair hearing, data protection, and consumer rights.

While it dismissed the majority of the appellants’ objections, it set aside one specific order (Order 7) for lacking sufficient legal basis.

While expressing satisfaction with the judgment, Tunji Bello, executive vice chairman/CEO,  commended the Commission’s legal team for their exceptional diligence and forensic expertise in assembling evidence and presenting their case.

He reaffirmed the FCCPC’s unwavering commitment not only to protecting the rights of Nigerian consumers but also to promoting fair business practices in line with the FCCPA (2018) and the Renewed Hope Agenda of the Nigerian government.

 

 

 

 

 

 

 


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Legend Internet Plc Makes History as First Indigenous Telecom Firm on NGX

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Nigerian Exchange Limited (NGX), has made history with the listing of Legend Internet Service Plc  as the first company in its Telecoms sector and the first company to be listed this year.

Legend Internet Plc Makes History as First Indigenous Telecom Firm on NGX

Legend’s N2 billion ordinary shares, with a par value of 50 kobo each, were listed at N5.64 per share.

Dr Umaru Kwairanga, chairman of NGX Group,  who welcomed Legend’s board and management, commended the company for its successful listing on the Exchange

He highlighted that listing signifies an elevated commitment to corporate governance and provides opportunities to leverage the Exchange’s diverse asset classes for capital raising.

He stated, “As we celebrate this listing, with many more in the pipeline, I commend the management of Legend Internet Plc for this remarkable milestone.

“This bold step demonstrates confidence in your business model and growth vision.

It also marks the formal emergence of a broadband service as a distinct sub-sector on our Exchange.

Legend has evolved from a focused digital network provider to a diversified technology player, achieving significant advancements in broadband infrastructure development and data services.

We anticipate continued growth in the future.

“We are still bringing many companies on board the NGX, including Dangote, NNPC and others.

“As Africa’s leading exchange, NGX has consistently championed innovation, transparency and sustainable value creation through our investment in cutting-edge infrastructure and a comprehensive range of product offerings, spanning equities, bonds, ETFs and derivatives

Speaking at the Facts Behind the Listing Ceremony, Dr Ladi Bada, chairman,  Legend emphasised that the company, as the first indigenous telecommunications company on NGX, has substantial value to offer the market.

Bada encouraged Nigerians to embrace the broadband industry, recognizing it as the fastest-growing sector globally.

He noted that the company had been instrumental in laying fiber optic cables connecting 250 homes in the Suleja and Abuja environs.

He expressed optimism that the Exchange would serve as a catalyst to replicate such commendable projects across other regions of Nigeria.

“We are here to create an enabling digital infrastructure to achieve the projected one-trillion dollar economy.

“On this special day, Legend Internet takes a bold step forward, not just for itself, but for the broader ecosystem of technology, infrastructure, and enterprise in Nigeria.

“As we begin this exciting new chapter as a publicly listed company, we do so with humility and boldness.

We remain committed to continuous innovation, expanding our reach, and delivering value to shareholders and society

“A listing on the Nigerian Exchange is more than a financial event. It is a signal and a declaration that a business is ready to be held to the highest standards of governance, performance, and public trust,” he said

Providing insights into the company’s development, Ms Aisha Abdulaziz, chief executive officer of Legend Internet Plc, stated that the company had evolved from an internet service provider to a comprehensive digital service provider.

Abdulaziz noted that with broadband penetration in Nigeria being less than one per cent, Legend Internet was strategically positioned to deepen access

She affirmed the company’s commitment to taking Nigeria’s digital economy to the next level

“When we started Legend, we weren’t just building an internet company; we were building a movement

A movement fueled by the belief that every Nigerian deserves access to premium, reliable, and high-speed internet, regardless of their location or occupation

“From late nights in our first office to laying fiber across Abuja, to launching products that made people’s lives easier and faster, our journey has always been about connections

“Connecting people to opportunities, connecting homes to entertainment, connecting Nigeria to the digital future it deserves. Our journey has always been about a better way to live.

“This listing is a symbol of our commitment to transparency, sustainable growth, and the kind of excellence that outlives hype.

“Legend’s primary focus now is on unlocking digital value at the household level,” she said.

Mr Jude Chiemeka, chief executive officer of NGX, congratulated the company for making the strategic decision to list.

Mr Chiemeka noted that Legend’s listing on NGX now brings the total number of listed securities to 322

Also, Mr Temi Popoola, chief executive officer of the Nigerian Exchange Group, encouraged the investing public to support the newly listed company.

 


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Digital Realty Expands ServiceFabric to Nigeria, Enhancing Global Interconnectivity

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Digital Realty, the leading global provider of cloud- and carrier-neutral data center, colocation, and interconnection solutions, announced today the expansion of its interconnection platform, ServiceFabric®, to Nigeria.

The platform will be natively deployed at Digital Realty’s LOS1 and LOS2 facilities in Lagos, ensuring low-latency, high-performance connectivity for enterprises in the region and beyond.

This strategic expansion reinforces Digital Realty’s commitment to enabling seamless global interconnectivity for businesses, providing enterprise customers in Nigeria with the ability to connect whenever, wherever, and to whoever they need to.

The presence of ServiceFabric® in Lagos will support the growing demand for hybrid IT and multi-cloud connectivity, empowering businesses with a secure, software-defined interconnection platform.

As part of Digital Realty’s broader vision to support digital transformation across Africa, this deployment is a significant step in an ongoing ServiceFabric® expansion across the continent. Future rollouts are planned to bring additional access points across Africa, enabling enterprises to interconnect with partners, clouds, and networks seamlessly.

The timing of this deployment aligns with a surge in digital activity across Africa. The continent’s digital transformation market is projected to grow from approximately USD 23 billion in 2024 to USD 46 billion by 2029, at a compound annual growth rate (CAGR) of 15% , underscoring the accelerating demand for advanced connectivity solutions.

In Nigeria specifically, national initiatives such as the 3 Million Technical Talent (3MTT) program and the Broadband Alliance reflect strong government support for enhancing digital skills and infrastructure – further highlighting the country’s critical role in Africa’s digital future.

“The launch of ServiceFabric® in Nigeria marks a significant milestone in our mission to build a truly globally connected digital economy,” said Chris Sharp, Chief Technology Officer, Digital Realty. “By deploying ServiceFabric® natively in our Lagos facilities, we are ensuring businesses in Nigeria have access to the same best-in-class interconnection capabilities as enterprises in major digital hubs around the world.”

Explaining further, Engineer Ikechukwu Nnamani, Managing Director, Digital Realty Nigeria, stated the launch of ServiceFabric® in Nigeria is a direct response to the call by the Federal Government towards availability of global infrastructure in the country thereby enhancing localization of content and bringing global platforms into the Nigerian ICT ecosystem.

By a direct connectivity into the Internet Exchange Point of Nigeria (IXPN), the IXPN will be able to peer with other global exchanges thereby enhancing the quality of service delivery to Nigerian companies and service providers.

ServiceFabric® is already available natively in more than 160 Digital Realty facilities and over 500 third-party facilities through strategic partnerships, including with Megaport and the recent collaboration with Console Connect. These partnerships help extend the reach of the platform, providing enterprises with a truly global, interconnected ecosystem.

ServiceFabric® is a next-generation interconnection solution designed to simplify and streamline connectivity between enterprises, cloud providers, and network partners. With integration points to Digital Realty’s Private AI Exchange (AIPx), it also paves the way for secure and efficient AI workload connectivity, further future-proofing enterprise infrastructure.

Key benefits include:

  • Seamless multi-cloud connectivity – direct, secure access to major cloud providers with access to more than 280 cloud on-ramps globally, ensuring optimized performance and security.
  • Global reach, local performance – enterprises in Nigeria can connect with business partners and digital services across PlatformDIGITAL®, Digital Realty’s global data center platform consisting of 300+ facilities across 50+ cities in 25+ countries.
  • Scalability & flexibility – businesses can scale their interconnection needs on demand, adapting to changing IT and network requirements.
  • Enhanced security & reliability – a private, software-defined platform that reduces exposure to public internet risks and improves network resiliency.

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