E-Financial
FirstBank Expands African Footprint with FBNBank DR Congo
First Bank of Nigeria Limited, a subsidiary of FBN Holdings PLC and Nigeria’s most valuable bank brand hasunveiled FBNBank DR Congo, formerly registered as Banque Internationale de Credit (BIC).
In 2011, FirstBank acquired 75% equity interest in BIC and immediately reinforced it as one of the strongest banking institutions in the DRC.
Following the recent approval by Central Bank of Congo (BCC), the Banque Internationale de Credit has now become FBNBank DR Congo, a subsidiary of First Bank of Nigeria Limited. FBNBank DR Congo is strategically positioned to foster greater collaboration and provide better service for the country’s public and private sector clients, and the general public at large.
The launch further consolidates FirstBank’s position as the largest corporate and retail banking financial institution in sub-Saharan Africa (excluding South Africa) with presence in Ghana, Guinea, Gambia and Senegal as well as presence in the UK and representatives offices in Johannesburg, Paris, Abu Dhabi and Beijing, China.
The expansion represents FirstBank’s strategic objective to maintain significant market share, expand its pan-African footprint and diversify earnings while delivering value to shareholders.
With over 35 branches in DRC, FBNBank DR Congo leverages FBN’s international network, business expertise, which is part of the diversified synergies of the FBN Group to offer innovative, convenient and secure banking services to its customers and better seize the emerging opportunities of the market
Speaking on this development, Bisi Onasanya, GMD/CEO of FirstBank, said: “The launch of FBNBank DR Congo fulfills one of the critical stages of our ambition to steadily broaden and build a more diverse footprint across Africa. We are committed to developing a multi-local business model that broadens our geographic revenue base while providing enhanced service delivery to our new customers and equity participation to local investors.”
Commenting further, Cheikh-Tidiane N’Diaye, Managing Director, FBNBank DR Congo said “Having built value for Nigeria over the last 120 years, FBNBank DR Congo is poised to do even more in the DR Congo financial markets.
FBNBank DR Congo will provide customers with a bouquet of banking solutions that make their financial lives less cumbersome and stressful whilst providing a delightful service experience.
FBNBank has a history of leading the market with banking solutions that set the pace for other players in the financial landscape.
The orientation of FBNBank towards co-creation means it is constantly listening and inputting feedback received from customers in development of products and services that are relevant, N’Diaye added.
Also speaking, Folake Ani-Mumuney, Head, Marketing and Corporate Communications, enthused; “the refreshed launch of FBNBank DR Congo represents a milestone in our journey to be the largest financial services brand in Sub-Saharan Africa and since our brand is at the heart of the holistic experience we seek to deliver to our stakeholders, an essential part of retaining patronage and the competitive edge that keeps us at the coveted position of market leader.
Launching the FBNBank DR Congo is a major milestone in a wider strategic plan to expand our African footprints and as part of the drive to ensure that the group is more efficient and effective in meeting the needs of its customers as reflected in our value proposition of placing the highest priority on the needs of our customers.” As embodied by the new pay-off line, ‘You First’.
Improper Implementation to Account for 5 Percent of Card Fraud on EMV by Year End –Report
Following some high-profile data breaches in 2014, criminals have taken advantage of poor implementations of EMV chip payment applications, committing extensive fraud that defeats EMV controls for everyone in the payment card ecosystem.
In her research note “Avoid Pitfalls with Payment Card Security Technologies and PCI,” Avivah Litan, vice president and distinguished analyst at Gartner, points out some of the hidden problems with payment card security technologies and the payment card industry (PCI). By year-end 2015, at least 5 percent of card issuers will suffer fraud on EMV cards due to improper implentations, up from a handful today.
In her blog post, Ms. Litan shared some of the findings from her report. Ms. Litan said: EMV chip cards, already adopted in the rest of the world, have proven to dramatically reduce counterfeit card fraud because they are significantly harder to clone than magnetic stripe (magstripe) cards, which are still used throughout the U.S.
Nevertheless, the adoption of EMV is relatively slow and as a result, payment card network participants must prepare for at least five more years of support for EMV chip as well as magstripe protocols on a single payment card.
Card data breaches have pushed U.S. banks, card networks, mega-retailers and other payment card acceptors into more aggressively adopting two further key security technologies in addition to EMV cards – tokenization and point-to-point encryption (P2PE).
Although these three security technologies have been around for years, interest in them soared after the breaches, and many enterprises have developed much more aggressive implementation timetables than they would have otherwise.
However, in the march to rollout these enhanced security systems some vulnerabilities and conflicts have surfaced.
This calls out the need for all players in the payment ecosystem to work together on open security standards, streamlined certification processes and shared education on best implementation practices.
EMV tokens, as first implemented by Apple Pay and the payment card networks, are based on different protocols than the tokenization systems merchants use to limit the scope of PCI audits, leading to potentially conflicting token implementations.
Merchants who use their own tokenization system, and also accept Apple Pay or other EMV token payments, will end up with multiple tokens for one card number, defeating a major reason why many merchants adopted tokenization in the first place.
As far as point-to-point encryption (P2PE) is concerned, P2PE can usually be turned on within 3 months if the solution uses remote key injection and management. Physically injecting keys into each card reader in a “safe room” under its own “lock and key” obviously takes much longer.
Once deployed, P2PE can help protect all card transactions against data breaches. Retailers we regularly speak with say they will turn on EMV acceptance “later”. They rightfully view EMV as mainly helping the card brands and issuers, although when EMV becomes ubiquitous it will help everyone.
Sterling Bank, in partnership with nonprofit Water.org and Sterling One Foundation, has launched the Sterling WASH Business Loan to empower WASH businesses and scale sustainable access to safe water and sanitation for millions of Nigerians.
L-R: Gilbert Okpono, Snr. Partnership Account Manager, Water.org; Engr. Mukhtaar Temitope Tijani, Managing Director, Lagos State Water Corporation; Mrs. Olapeju Ibekwe, CEO, Sterling One Foundation; Akporee Idenedo, Divisional Head Commercial Banking, Sterling Bank, at the Sterling Bank Water Credit Proposition held in Lagos recently.
The catalytic financing solution addresses daily struggles with clean water and safe sanitation, which impact health, livelihoods, and well-being, while strengthening delivery systems for WASH solutions.
Launched on Monday, November 24, 2025, at The Wheatbaker Hotel, Ikoyi, Lagos, the initiative signals a shared commitment to tackling one of Nigeria’s most pressing development challenges.
Abubakar Suleiman, Managing Director of Sterling Bank, said sustainable development hinges on collaboration and targeted investment in frontline businesses and people.
“By providing accessible financing to entrepreneurs in this critical social sector, we ensure progress reaches communities that need it most. This product aligns with our HEART strategy and commitment to improving quality of life through impact-driven initiatives,” Suleiman stated.
Gilbert Okpono, Nigeria Senior Partnership Account Manager at Water.org, stressed the transformative power of financing WASH businesses.
“Financial inclusion is critical to solving the global water and sanitation crisis. By expanding access to affordable financing, we enable households and WASH entrepreneurs to improve services, reach more communities, and transform lives,” Okpono said.
He added that the partnership reflects a belief in rippling benefits across health, education, and economic opportunity, marking a major step toward sustainable scaling.
The loan supports WASH entrepreneurs, small business owners, and community service providers with flexible financing to expand operations, boost health, livelihoods, and educational outcomes.
Olapeju Ibekwe, CEO of Sterling One Foundation, linked the initiative to the foundation’s mission of catalysing lasting social impact across Africa.
“Our Foundation catalyses initiatives that deliver real, lasting change. Access to safe water and sanitation is one of the most powerful investments in community well-being. We are proud to partner with Water.org and Sterling Bank for inclusive, scalable, and sustainable solutions,” Ibekwe affirmed.
The launch event gathered development partners, WASH entrepreneurs, media, policymakers, and community organisations to discuss coordinated financing, supportive policies, and market-driven solutions to close Nigeria’s WASH access gap.
Interested beneficiaries can visit the initiative’s website for more details.
Access Holdings Plc has received the approval of its shareholders to raise additional capital of up to N40 billion or such other amount or their equivalent in foreign currencies, via private placement.
The shareholders gave the approval as part of the special resolutions at Access Holdings Plc Extraordinary General Meeting (EGM) held on Thursday December 18.
In a notice to the Nigerian Exchange Limited (NGX), Access Holdings said the new ordinary shares created in connection with the private placement, will be allotted at a price of N20.25 to one or more investors in such tranches and on such terms and conditions as shall be determined by the Board.
Access Holdings Plc Board of Directors is authorised to consider, negotiate, approve, and finalise the list of potential private placement investors; determine the structure, valuation, modalities, and timeline for the private placement.
The Board was also authorised to consider, negotiate, approve and finalise the list of potential private placement investors; determine the structure, valuation, modalities and timeline for the private placement.
The shareholders also approved for the issued share capital of Access Holdings Plc to be increased from N26 658 billion to N27.646 billion by the creation and addition of 1,975,308,641 ordinary shares of 50 kobo each ranking pari-passu with the existing ordinary shares of the Company.
Nigeria Customs Service (NCS) has imposed a three per cent surcharge on Deposit Money Banks (DMBs) over delays in the remittance of Customs revenue by designated banks.
The development was disclosed by Abdullahi Maiwada, national public relations officer of the Service, in a statement titled “Nigeria Customs Service Commences Enforcement of Penalties Against Designated Banks for Delayed Remittance of Customs Revenue.”
The agency stated that delays in remitting collected Customs revenue constitute a breach of remittance obligations and negatively impact the efficiency, transparency and integrity of government revenue administration.
Maiwada explained that any Designated Bank that fails to remit collected Customs revenue within the prescribed period will be liable to penalty interest, adding that affected banks will receive formal notifications detailing the delayed amount, applicable penalty and the timeline for settlement.
“The NCS has noted instances of delayed remittance of Customs revenue by some Designated Banks following reconciliation of collections processed through the B’Odogwu platform. Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement (SLA) executed between the Nigeria Customs Service and Designated Banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.
“Accordingly, any Designated Bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay. Affected banks will receive formal notifications indicating the delayed amount, applicable penalty and the timeline for settlement.”
Maiwada further advised Designated Banks to strengthen their internal controls, ensure strict adherence to remittance timelines and comply fully with the provisions of the SLA.
He reiterated that the Service remains committed to enforcing accountability, safeguarding government revenue and promoting a transparent and predictable financial system in support of national economic development.
“The Service further notes that persistent or repeated non-compliance with the terms of the SLA may attract additional sanctions, including regulatory and administrative measures, as provided under the Agreement and relevant laws guiding Customs revenue collection.
“The NCS reiterates that prompt, accurate and complete remittance of Customs revenue is a fundamental obligation of Designated Banks. Any payment of collected revenue into unauthorised accounts, whether deliberate or erroneous, will be treated as a serious violation and addressed in accordance with the SLA and applicable legal frameworks.
“Designated Banks are therefore advised to strengthen internal controls, ensure strict adherence to remittance timelines and comply fully with the provisions of the SLA. The Service remains committed to enforcing accountability, safeguarding government revenue and promoting a transparent and predictable financial system in support of national economic development,” he added.
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