E-Financial
How FirstBank is Making Customers Stay-Connected Through Its e-Channels
Folarin is a smart entrepreneur who is in touch with technological advancement and the digital age. He has different apps on his mobile phone which he uses to organise both his business and private lives. He has a food app which he uses to order for his breakfast and lunch, he has another one that takes care of his love for music and another which he uses to manage his transactions online without stepping into a bank. He tells me, his bank is forward looking and futuristic enough to make banking easy for him and his clients.
“I have been banking with FirstBank since I was in school as an undergraduate, says Folarin. My mum opened the account for me. That was where she sent my monthly allowance. After school, I didn’t close the account I simply continued with the tradition.”
It was not difficult for Folarin to decide he would open his corporate account with FirstBank when he started his business a few years ago. He says the ease at which he gets his transactions done on FirstBank’s application, FirstMobile, endears him to the bank.
“I can do many transactions with FirstMobile. I can do bank transfers, check my balance, receive alerts on any transaction I do. There is also a beneficiary section that enables me save the account numbers of people close to me for future transactions.”
The FirstMobile App has over the years offered succour to FirstBank customers.
Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank says “FirstBank wanted a truly branchless experience for its customers and thus enhanced the app to deliver an instant, remote, self-enrolment feature. Hence, in 2015, onboarding process on FirstMobile was improved with self-service feature; empowering customers to remotely complete their onboarding process on the App without visiting a branch.”
In addition, Chuma Ezirim, Group Head, e-Business, First Bank of Nigeria Limited said the soft token was also launched to satisfy the needs of customers who did not want to carry the hard token about. “It serves the same purpose as the hard token but provides the advantage of convenience and mobility as it is installed in the customer’s mobile phone,” he noted.
Another interesting digital service platform by FirstBank is the FirstBillsPay, a biller aggregator platform. It aggregates various billers through a secured connection to the bank, to avail its customers a single payment point for all bills from their accounts.
“In addition to FirstMobile and FirstBillsPay is FirstCheckOut. This is an additional payment option that can be integrated to merchant website that will allow customers pay bills directly from their bank accounts as a substitute to cards. We also have the 894 USSD Quick Banking service as part of our financial inclusion drive. The *894# USSD service makes banking services available across all GSM networks, on any type of device, anywhere and at any time; this gives it a unique selling point,” explained Ezirim.
There are also the Emerging Channels (USSD Collections, mCash, MVISA). These platforms are to ensure FirstBank gets its customers connected in a seamless way in the digital driven age.
“Our FirstBank mVisa is an innovative mobile payment solution that allows consumers to pay for goods and services via FirstMobile by scanning a QR code using a smart phone or by dialing a USSD number on a phone. Payment goes directly from the consumer’s account into the merchant’s account and both parties get real-time notification. The USSD Collections allow merchants to receive payments from customers simply by using 894 USSD string for FirstBank customers. The focus segments for USSD Collections are Manufacturing/FMCGs/ Value Chain Businesses, Petrol Stations, Network Marketing Companies, Transporting Companies, Churches, Schools and others,” says Ezirim.
Furthermore, FirstBank Agent banking was launched towards the end of 2017. The bank recruited Firstmonie Agents and empowered them to carry out basic financial services within their vicinity. Firstmonie Agents are literally human extensions of almost all the banking activities, they are strategically positioned within communities with large population of unbanked and underbanked individuals. With the large network of Firstmonie Agents spread across the length and breadth of the country, financial inclusion is significantly promoted by FirstBank.
Now, the new kid on the block for FirstBank is the chat banking on WhatsApp. With this, FirstBank’s customers can leverage on the real-time messaging capabilities of the WhatsApp Business solution to check their account balances as well as perform simple banking queries.
“Customers’ expectations are constantly changing and it’s our duty as a customer focused bank to ensure that our customers are provided with the means to carry out banking services through any channel they desire,” says Ezirim. “We are constantly seeking new ways and opportunities to meet customers at their preferred touch points and we understand our customers are actively engaged on WhatsApp.”
With FirstBank chatbanking on WhatsApp, it is not just about staying connected with friends and loved ones, but also keeping in touch with FirstBank anytime and anywhere you are.
E-Financial
Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’
Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.
The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.
According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.
Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said, “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders.
Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”
One of the key drivers of the improved rating is the bank’s robust capitalization. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The agency also noted that further capital raising efforts are expected to position the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.
Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. The bank’s balance sheet is reinforced by a high proportion of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.
The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.
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 the 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.
Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate of 12%.
It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.
Despite the impressive growth, the report highlights systemic inefficiencies.
“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.
However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.
In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.
Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.
The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.
According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.
“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.
Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.
The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.
“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.
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