E-Financial
GAIM 6: Fidelity Bank Rewards 10 Customers with N10m

Fidelity Bank Plc has announced the first set of millionaires in its Get Alert in Millions Season Six (GAIM 6) promo.
In an event held at the bank’s corporate office in Lagos and observed online, the bank revealed ten customers each won cash prizes of N1 million in an electronic draw supervised by regulatory agencies and members of the media.
Fidelity Bank initiated the GAIM 6 promotion on November 20, 2024, with the aim of encouraging a healthy savings culture.
Through this promotion, the bank will distribute a total of N159 million in cash prizes to reward its loyal customers.
Speaking at the first monthly draw of the promo in Lagos, Dr Ken Opara, promo chairperson and executive director, Lagos and South-West, Fidelity Bank Plc, represented by Mr. Jude Monye, regional bank head, Ikeja and directorate head, North Business of Fidelity Bank, noted that “GAIM promo emphasises the importance of maintaining a healthy savings habit among the bank’s customers.
The said this habit insulates them from economic shocks, enables individuals and families to navigate emergencies, and allows them to invest in their future.
According to Dr. Opara, “10 lucky winners were chosen via an electronic draw monitored by lottery regulators and each will receive the sum of one million each.
“The bank would disburse N159 million to its lucky customers between November 2024 and August 2025 when the grand finale of the promo would hold.
“Today, we have witnessed the first promo monthly draw and 10 winners have emerged from the six geo-political zones of the country. One winner emerged from the South West; two from Abuja; two from the South-South; South-East produced two winners; Lagos got two winners; and North Central had one winner,” he said.
Shedding light on how people can qualify for the draw, Dr. Opara explained that, “Both existing and new customers can win by simply topping their account with a minimum of N5,000 as every N5,000 saved guarantees a ticket in the draws and there is no limit to the number of tickets a customer can have).
Highlighting the benefits of driving saving culture through the Fidelity Bank GAIM 6 Promo, Dr Opara noted that, “The benefits of fostering a culture of savings extend beyond individual households.
“Through our GAIM promo, customers will enjoy free financial advisory services from the bank to help sustain their financial well-being.
“In the previous editions of the GAIM promo, we have successfully onboarded many new-to-bank customers while encouraging current customers to increase their savings.
“An increased savings leads to more substantial investments in education, healthcare, and infrastructure, driving economic growth. Fidelity Bank is renowned across Nigeria for helping individuals grow, businesses thrive, and economies prosper by prioritizing our customers’ financial well-being.
“This initiative has significantly contributed to the government’s National Financial Inclusion Strategy, which aims to increase the percentage of adults with savings accounts from 39 to 70 per cent by 2025.
“I encouraged those who have not yet opened a Fidelity Bank savings account to do so, via any of the bank’s channels, as the promo is opened to both new and existing customers,” he added.
On his part, Mr. Osita Ede, divisional head, Product Development, Fidelity Bank, noted that, “The bank planned to reward the customers before the Christmas celebration to support them in meeting their expenses but the draw is open to customers who have Fidelity Bank savings accounts and have grown their savings to N10,000 and above from the promo launch date of November 20, 2024.
Mr Tanko Olaseni, head, Monitoring Inspection and Enforcement, Lagos State Lotteries and Gaming Authority, commended Fidelity Bank for being transparent with the draw while noting that, the promo initiative would further boost the image of the bank and its profitability as savings culture is promoted among its customers.
E-Financial
E-Payment Transactions Down 3.14% to 119.84trn in January – FDC

Transactions through electronic payment (e-payment) channels in the country declined by 3.14 per cent to N119.84 trillion in January 2025 from the N123.72 trillion recorded in the previous month, a report by Financial Derivatives Company Limited (FDC) has shown.
Although the firm, which cites e-payment transactions data obtained from the Nigeria Interbank Settlement System (NIBSS), did not proffer reasons for the decline, it projected that the value of transactions through e-payment channels will likely rise to N125.73 trillion and N126.43 trillion in February and March this year respectively, driven by factors such as improved services from payment system operators, delayed implementation of the cybersecurity tax and more people jettisoning cash for electronic transfers.
As the firm put it, “in Q1’2025 e-payment transactions will be buoyed by: payment system efficiencies; delay of the cyber tax; less cash and more transfers.”
In an earlier report, FDC had noted that the total value of epayment transactions “has been increasing steadily since July 2023.”
Indeed, data recently released by the NIBSS indicates that the value of electronic payment transactions in the country hit a record N1.07 quadrillion in 2024 compared with N6003.36 trillion in the previous year.
Analysts note that there has been increased adoption of epayment in the country in recent years, occasioned by factors such as the Central Bank of Nigeria’s (CBN) initiatives to promote the cashless policy, the impact of the 2020 Covid-19 crisis and the naira redesign programme introduced by the apex bank in late 2022.
In its report titled, “Instant Payments – 2020 Annual Statistics”, the NIBSS, for instance, stated: “The Covid-19 pandemic changed the e-payments landscape, accelerating the adoption of instant payments as more people transitioned to electronic channels for funds exchange in the wake of government-imposed lockdowns.”
New Telegraph reports that implementation challenges with the CBN’s naira redesign policy led to an acute shortage of cash, which crippled economic activities across the country in the first quarter of 2023, thereby forcing bank customers, who were unable to access cash at the time, to adopt e-payment channels.
In fact, there are indications that lingering cash scarcity in the banking system was responsible for the reported surge in the value of Point of Sale (PoS) transactions last year as more people became banking agents or PoS merchants to meet increased demand for cash from bank customers who were frustrated by their inability to withdraw cash from ATMs or banking halls.
According to latest NIBSS data, the value of PoS transactions rose by 69 per cent to N18 trillion in 2024, from N10.74 trillion in 2023.
As part of its efforts to tackle the lingering cash scarcity, the CBN has in recent times rolled out strict measures aimed at ensuring that Deposit Money Banks and PoS agents comply with its cash deployment regulations.
Last month, the apex bank fined nine Deposit Money Banks N150 million each for failing to ensure cash availability via Automated Teller Machines (ATMs) during the 2024 festive season.
Also, the CBN, on December 17, issued a circular on “cashout limits for agent banking transactions,” which saw it restricting PoS agents to a daily transaction limit of N1.2 million and also introducing a daily transaction limit of N100,000 per customer for cashout transactions conducted by the agents.
E-Financial
FG Takes Full Ownership of Keystone Bank

Federal government has taken full ownership of Keystone Bank, according to a statement by the bank posted on its X handle on Tuesday evening.
It read, “Keystone Bank Limited wishes to clarify media report of a judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.
“Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous Board and Management of the Bank for corporate governance breaches. The CBN followed this action with the appointment of a new Board and Management for the Bank.
“Subsequently the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank. At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the Bank previously held by the shareholders in favour of the Federal Government of Nigeria. The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government f Nigeria.”
Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward—together. #KeystoneBank #WeGrowTogether pic.twitter.com/aHV9XVd4T6
Describing the development as a “significant milestone in our journey,” the bank said the move is “paving the way for a seamless recapitalization process”.
“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders,” the statement read.
“The bank maintains a strong financial position, consistently fulfilling all its obligations and adhering to all regulatory requirements. We assure our customers that the bank remains safe, healthy, strong, and resilient.”
E-Financial
CBN Rolls out New ATM Transaction Fees Effective March 1

The Central Bank of Nigeria (CBN) has revealed new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025.
A circular, signed by John Onojah, the acting director of the financial policy and regulation department, explained that the revised charges aim to address increasing operational costs and enhance the efficiency of banking services.
This review marks the first change in ATM transaction fees since 2019 when the CBN reduced the withdrawal fee from N65 to N35.
According to the CBN, the updated fees are in line with Section 10.7 of the ‘CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).’
The statement reads, “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial
“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the CBN added.
Under the new rules, customers withdrawing from their own bank’s ATMs (on-us transactions) will still enjoy free withdrawals. However, withdrawals from on-site ATMs (ATMs located at bank branches) will incur an N100 fee per N20,000 withdrawn.
For withdrawals at ATMs belonging to other banks (Not-on-Us transactions), an N100 fee plus a surcharge of up to N450 per N20,000 withdrawal will apply.
The CBN emphasized that the surcharge is the income of the “ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal.”
For international withdrawals using debit or credit cards, banks, and financial institutions are now allowed to charge a “cost-recovery charge equivalent to the exact amount charged by the international acquirer.”
Additionally, the CBN stated that the three free monthly withdrawals for Remote-On-Us (other bank’s customers/Not-On-Us consumers) will no longer apply under Section 10.6.2 of the Guide.
The apex bank has urged all financial institutions to ensure compliance with the new guidelines before the March 1, 2025, implementation date.
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