E-Financial
Glo, NURTW Insurance Parley on Insurance Scheme
Globacom has received applause from Chief Emeka Wogu, minister of Labour and Productivity, as it launched an insurance scheme that will provide insurance cover for members of the National Union of Road Transport Workers (NURTW) against death and disability.
Wogu who was at the launch recently in Abuja lauded the company for its uncommon and unprecedented products and services.
The insurance scheme is called Security Verified Identity Card (SVID), which will provide comfort to families and relations of any NURTW member who dies or suffers permanent disability due to road accidents.
According to Mr. Steve Stretch, head, Glo Gateway, who delivered Globacom’s address at the launch, the immediate family of any NURTW member who dies in an accident will be paid the sum of N1million to cushion the effect of the death of their breadwinner, while a sum of N850, 000 will accrue to the family of any member who suffers permanent disability occasioned by road accident in the discharge of his daily activities.
“In as much as no one prays for accidents, we know that such can happen unannounced. When people die untimely in accidents or become incapacitated through accidents, their families suffer untold hardship, especially where such victims are the breadwinners. This is what Globacom wants to forestall with this scheme”, he said.
Mr. Stretch added that the peculiar nature of the daily activities of NURTW members who are permanently on the road, transiting from one part of the country to another, calls for a good life insurance package that will give hope to their families, should any unforeseen event happen.
“We also believe that family members of the NURTW, like any other families in other industries, should enjoy the basic things of life such as education of the children, feeding, clothing, etc., if the bread winner is incapacitated, or is no more available”, he said.
In addition to this, the SVID card will serve as identity cards and Automated Teller Machine (ATM) code cards for NURTW members.
To access these benefits, Mr. Stretch disclosed that members of the union will be expected to subscribe to the Globacom network and recharge with a minimum of N1,000 airtime every month, using their bank accounts on which the SVIDs have been programmed.
He said the telecoms company decided to institute the insurance scheme in order to make members of the union discharge their responsibilities of ensuring a seamless transportation network round the country confidently with the assurance that their families will be well catered for in the event of any occupational hazard.
Stretch recognised the important roles other partners will play in the initiative and thank them for joining Globacom to improve the lives of members of the NURTW.
SVID is a product launched in a partnership arrangement between Globacom, Capital 3 Limited, NURTW, Skye Bank Plc and Royal Exchange Assurance among other Insurance Underwriters.
In his remarks, Alhaji Najeem Usman Yasin, national president of NURTW said the welfare of his constituency propelled him and members of the union’s executive council to decide to partner with Globacom on the project.
He said the SVID will also help the union to have a comprehensive database of all members of the union pan Nigeria.
He thanked Glo for this support to power the insurance scheme and promised that all the members will key into it for their welfare.
Mr. Timothy Oguntayo, group managing director of Skye Bank, who was represented by Mr Tope Adewuyi, regional director for North Operations, disclosed that the bank believes that organizational objectives could be attained through the provision of quality, timely and efficient service.
“In this pursuit, it continues to conquer new frontiers in its operating environment and raising the bar of competition.”
Mr. Richard Borokinni, managing director, Royal exchange Assurance, affirmed that claims arising from the scheme will be paid promptly once accidents involving NURTW members are properly documented and referred to the insurance company.
Nigerian fintech giant Moniepoint is set to unveil the second edition of its widely acclaimed Nigeria’s Informal Economy Report in Abuja, reinforcing its commitment to financial inclusion and data-driven policy advocacy.
The launch event, scheduled to take place later this month, will bring together key stakeholders from government, finance, and development sectors to explore insights into Nigeria’s vast informal economy, which accounts for a significant portion of the country’s workforce and GDP.
Moniepoint’s first edition of the report, released in 2024, was praised for shedding light on the challenges and opportunities within Nigeria’s informal sector, including access to credit, digital payments, and regulatory gaps.
According to company officials, the second edition will feature updated data, expanded regional coverage, and actionable recommendations aimed at empowering small businesses and informal workers through technology and financial services.
The report is expected to serve as a valuable resource for policymakers, researchers, and financial institutions seeking to better understand and support Nigeria’s informal economy.
Moniepoint has emerged as a leading force in Nigeria’s fintech space, providing digital banking solutions to millions of individuals and businesses across the country.
FirstBank of Nigeria has launched its latest Digital Xperience Centre (DXC) in Area 10, Abuja, marking a significant step in its drive to revolutionize banking through technology and innovation.
The Group Chief Executive Officer, First Bank of Nigeria Limited, Olusegun Alebiosu (second from left) and Senator Babangida Hussaini commissioning of FirstBank Digital Xperience Centre in Abuja on Wednesday, October 8, 2025.
The fully automated branch is the seventh of its kind across Nigeria, offering customers a paperless, self-service banking experience available 24 hours a day, including weekends.
Speaking at the unveiling ceremony, FirstBank Group CEO Olusegun Alebiosu said the initiative reflects the bank’s commitment to creating a modern, customer-centric banking environment.
“For us, the future is digital,” Alebiosu said. “From account opening to transfers, customers can now perform almost every transaction on their phones. But for those who still need to deposit or withdraw cash, our Xperience Centres provide a 24/7 self-service option.”
He added that the bank has integrated artificial intelligence and biometric verification into its security systems to protect customers against fraud.
The event was attended by dignitaries including Senator Babangida Hussaini, who commended FirstBank for its forward-thinking approach.
“This is a forward-thinking initiative. I commend FirstBank for investing in both people and technology,” Hussaini said.
Customers also expressed satisfaction with the new centre. Mrs. Toyin Balogun described the experience as “smoother and faster,” praising the staff for their friendliness.
The new Abuja centre joins existing DXC locations in Victoria Island, University of Ibadan, Wuse, Banana Island, Lekki, and the University of Nigeria, Nsukka.
FirstBank says the centres are designed to provide seamless access to world-class banking solutions, including instant account opening, interactive digital support, and advanced transaction automation.
E-Financial
Fidelity Bank Set to Disburse NCGC N5bn Credit Guarantee Facility to Boost MSME Financing
Fidelity Bank Plc, tier one lender, has announced its readiness to begin the disbursement of funds under the National Credit Guarantee Company (NCGC) N5 billion Credit Intervention Scheme. The initiative is designed to expand access to finance for Micro, Small and Medium Enterprises (MSMEs), as well as businesses owned by women and youths across Nigeria.
L-R: Executive Director, South Directorate, Fidelity Bank Plc, Pamela Shodipo; Executive Director, Lagos & South West, Fidelity Bank, Dr. Ken Opara; Executive Director, Strategy and Operations, National Credit Guarantee Company Limited (NCGC), Mrs. Tinuola Aigwedo; Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; MD/CEO, NCGC, Mr. Bonaventure Okhaimo; Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe; Executive Director/Chief Operations and Information Officer, Fidelity Bank Plc, Stanley Amuchie; and Executive Director, Risk Management, NCGC, Prof Ezekiel Oseni, during the Memorandum of Understanding (MoU) Signing Ceremony between Fidelity Bank and NCGC in Lagos.
This was disclosed by the Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, during the signing of a Memorandum of Understanding (MoU) between the bank and NCGC.
According to Dr. Onyeali-Ikpe, the partnership with NCGC represents a significant step in the bank’s ongoing efforts to enhance financial inclusion and stimulate economic growth through increased access to credit. “This guarantee will enable us to further expand financing opportunities for those who need it most, while strengthening our capacity to support businesses across key sectors of the Nigerian economy,” she said.
The facility will cover critical sectors including food processing, secondary agriculture (such as fish and poultry processing), fashion, green energy, light manufacturing, the agricultural value chain (feed mills and equipment fabrication), export-oriented businesses, and education.
Dr. Onyeali-Ikpe highlighted that Fidelity Bank has consistently supported diverse sectors through targeted initiatives such as the Green Energy Financing Programme for renewable energy entrepreneurs, the Fidelity SME Hub for small businesses with a special arm – Creativerse, dedicated to the creative industry and the Fidelity Bank Education Support Scheme which provides affordable financing for educational infrastructure and technology upgrades.
“With the backing of the NCGC credit guarantee, we can now extend financing to businesses that have traditionally been excluded from formal credit systems—without compromising our risk standards or operational efficiency,” she added. “While we have supported MSMEs with short-term facilities in the past, this partnership allows us to provide long-term credit facilities that empower businesses to expand sustainably.”
Over the past five years, Fidelity Bank has disbursed over N500 billion in loans to MSMEs, empowering thousands of entrepreneurs and creating sustainable livelihoods.
Also speaking at the event, Managing Director of NCGC, Mr. Bonaventure Okhaimo, emphasized that the organization was established to bridge the financing gap faced by MSMEs in Nigeria by mitigating lender risks through credit guarantees.
“Although MSMEs are key contributors to Nigeria’s economic development, many of them struggle to secure funding from financial institutions due to perceived high risks,” he said. “Through the credit guarantee scheme, NCGC shares this risk with banks, making it easier for MSMEs to access much-needed capital.”
Mr. Okhaimo added that NCGC and Fidelity Bank will also collaborate to provide financial literacy and business management training to MSME beneficiaries, ensuring they have the knowledge and skills to effectively manage their loans and achieve sustainable growth.
The Fidelity Bank–NCGC partnership reinforces both institutions shared commitment to fostering entrepreneurship, strengthening MSMEs, and driving inclusive economic development across Nigeria.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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