E-Financial
Leatherback Moves to Make Global Transactions Fast, Secure
New “neo bank”, Leatherback, has announced that it is poised to disrupt the financial services sector with its one account, multiple currency solution that allows businesses and individuals to conduct global transactions easily, quickly and securely.
In a statement, the company’s Founder and CEO, Ibrahim Toyeeb, said the introduction of Leatherback to the global market is underpinned by a desire to democratise banking and provide opportunities for borderless global trade and commerce.
According to him, “It’s no secret that emerging markets are the principal drivers of global growth. Given this reality – and the fact that the COVID-19 pandemic has imposed numerous restrictions on travel and commerce – Leatherback was formed to simplify global trade for people and operations everywhere, allowing them to seamlessly move money from one continent to the next.
“In this respect, Leatherback provides a much-needed solution for exporters and importers, immigrant-owned businesses, international students, the migrant population in general, tourists and multi-nationals with foreign operations that require financial solutions, payments or foreign exchange.Leatherback is inspired by the leatherback sea turtle, a nomadic creature that roams the seas from the northern regions of the arctic, to as far south as the pacific, without self-imposed restrictions to hinder its movements.”
“Like its namesake, the fintech operation is built on the same principles. It offers multi-currency accounts with the option to exchange currency instantly across multiple countries, including the United Kingdom, Canada, India, Nigeria, Egypt, Uganda, Tanzania, Angola, South Africa, the UAE, Denmark, Ghana and Côte d’Ivoire. The organisation enables clients to create local and foreign accounts to give them the option to remit funds across 40 countries, while businesses can invoice and collect directly in over 13 currencies.
“Notably, Leatherback is fully regulated by the FCA in the UK, Fintrac in Canada, the Central Bank of Nigeria and other regulatory authorities in the 13 countries it is licenced in. “Ensuring our users operate in a secure space is non-negotiable. The multi-layered cybersecurity measures we have deployed are aimed at safeguarding their money and providing them with peace of mind, ”Toyeeb said.
He added, “At the core of Leatherback is the ability to break down payment barriers, promote business expansion, remove barriers to business growth, and build a global digital payments infrastructure that harnesses the rise of digitisation.While it may seem implausible that users can set up accounts, make currency conversions and global payments within minutes, Leatherback has done just that.
“A zero-balance start-up fee and highly competitive rates provide further compelling reasons to join the Leatherback fold.While Leatherback allows for ease of making and receiving payments around the world, it also integrates invoicing and payroll services, tax management services, and revenue management.”
Leatherback, he added, “is a game-changer in the industry. By using Leatherback’s networks, account holders can spend abroad in the local currencies from the comfort of their offices or homes, at competitive exchange rates.
“Through its collections application programming interface (API), clients can accept money globally – in-store or online – from more customers, in their preferred countries, and in small or large volumes. In addition, trade finance unlocks working capital for short- and long-term business goals, business continuity and disaster recovery.”
“With its deep understanding of local markets and global finance, Leatherback’s main objective is to remove borders from transacting, so that people and businesses are encouraged to be ambitious and provide their services freely, making and collecting payments with ease around the world. “We believe in side-stepping convention to continuously find better ways to make things happen,” concludes Toyeeb.
Musty Mustapha, co-founder of Kuda, delivered a compelling keynote address titled ‘Start Small, Build Bold’ at the inaugural NACOSS TechFest on May 13, 2025, held at the University of Ilorin Auditorium.
Organised by the Nigeria Association of Computer Science Students (NACOSS), the event, themed ‘Tech for Good: Creating Solutions for a Better World,’ brought together students, industry leaders, and tech enthusiasts to explore how technology can create meaningful solutions for society.
In his address, Mustapha emphasised the transformative power of technology when grounded in empathy and purpose. Reflecting on Kuda’s journey, he highlighted how addressing real-world challenges like financial exclusion can lead to impactful innovations that resonate with everyday Nigerians.
“Technology isn’t just about what we build; it’s about who we build for,” Mustapha asserted, urging young people in tech to prioritise building solutions that bridge societal gaps instead of chasing fleeting trends. He stressed that genuine innovation stems from understanding and addressing the struggles of individuals, from students burdened by transaction fees to small business owners awaiting timely payments.
Reflecting on Kuda’s origins, he explained how the fintech’s founders identified a critical problem — the exclusion of millions of Africans from modern financial services — and decided to build a solution that was accessible, affordable, and suited to real-world needs. “Real innovation is based on empathy,” he emphasised. “Understanding real struggles is critical to making the world better.”
Mustapha encouraged the audience to keep empathy at the core of their work. “Whether you’re coding your first app, designing a product, or starting a company, ask yourself: Who does this help? What problem does it solve? How does it make someone’s life better?”
Mustapha’s call to action aligns with the broader potential of technology to drive economic change. According to a recent report by research agency, Public First, Artificial Intelligence, for example, is expected to contribute an estimated $15 billion to Nigeria’s GDP by 2030, reflecting a projected annual growth rate of 27.08 per cent from 2025 to 2030.
As Mustapha aptly concluded, “You don’t need permission to create something meaningful. All you need is a clear problem, a bold vision, and the courage to take the first step.”
Fidelity Bank Plc, has reentered the trillion-naira market capitalisation club, after its share price rose by 5.3%, climbing from ₦19.95 to ₦21.00 on May 13, 2025, according to data from the Nigerian Exchange Limited (NGX).
This latest development also brings the total number of Nigerian companies with a trillion-naira market capitalisation to 19.
According to a report published on Techcabal website, the bank had previously dropped below the threshold on May 12, marking another fluctuation in its valuation.
Earlier in the year, Fidelity Bank Plc first reached the trillion-naira milestone on April 4, 2025, joining tier-1 banks such as Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, First HoldCo, and United Bank for Africa (UBA). However, it fell below the mark on April 7 before reclaiming its position on April 23.
With 50.2 billion outstanding shares, the valuation reflects renewed investor confidence and signals Fidelity’s potential transition to tier-1 status. Analysts believe the bank is well-positioned to meet the Central Bank’s ₦500 billion ($311.9 million) minimum capital requirement through equity.
“The strong Q1 results suggest continued upward momentum in its stock,” said Nabila Mohammed, an analyst at Chapel Hill Denham. “This could boost investor confidence and help sustain its valuation.”
The stock has surged 141% in the past year, up from ₦8.70 in May 2024. Meksley Nwagboh, Head of Brand and Communications, attributed the rally to a 189% rise in 2024 after-tax profit—the highest among Nigeria’s top 10 banks.
That momentum carried into 2025, with Q1 after-tax profit soaring 190% to ₦91 billion ($56.8 million), driven by higher interest income, forex gains, and cost efficiencies.
“Lower credit losses helped boost net interest income,” said Olamide, a Lagos-based banking analyst. “Combined with solid full-year results and dividend expectations, the bank’s fundamentals are attracting investors.”
A report from Proshare noted the NGX Banking Index gained 6.96% in Q1 2025, driven by recapitalisation efforts that injected ₦2.4 trillion into the sector. Fidelity was the NGX’s third most-traded stock between February and May.
According to Mohammed, Fidelity’s high net interest margin and low-cost deposit base enhance its appeal. On February 8, it completed the first phase of its capital raise with 237% oversubscription. CEO Nneka Onyeali-Ikpe confirmed plans to conclude the next phase before H2 2025.
The bank’s Vision 2025 agenda includes expanding internationally—starting with its 2023 acquisition of Union Bank UK—and securing tier-1 status.
Afrinvest projects continued growth, with gross earnings and pre-tax profit forecasted to rise 46% and 49.4% respectively in 2025, reaching ₦1.5 trillion and ₦415.4 billion. The firm maintains a 12-month target price of ₦21.60 for the stock.
With robust earnings, a solid recapitalisation strategy, and growing investor interest, Fidelity is positioning itself as a strong contender in Nigeria’s top banking tier.
FirstBank of Nigeria has announced an upward review of its transaction alert fee, raising the charge from N4 to N6 per SMS.
In a customer notice, the bank attributed the increase to the recent hike in telecom service costs by network providers.
“We understand that staying connected and informed about financial activity on your FirstBank account is crucial,” the bank stated. “Unfortunately, due to the recent increase in telecom service charges by service providers, the fee for our SMS transaction alerts has been adjusted from N4 to N6 per message.”
The bank acknowledged that the change may cause some inconvenience to customers but assured that efforts are being made to minimise the impact while maintaining service quality.
“We know that this change might cause you some inconvenience, but we are committed to minimising the impact of this change while we continue to provide you with the best financial services possible,” the message read.
The bank encouraged customers with concerns or questions about the adjustment to reach out through its official contact channels.
The adjustment comes at a time when banks are reviewing cost structures following increased operating expenses, including rising telecom tariffs and inflationary pressures across sectors.
The new SMS fee will apply per transaction alert received by customers.
However, some customers took to X (formerly Twitter) to criticise the move, especially at a time when other banks are reportedly scrapping similar charges.
An X user, @Tonyvyncent, wrote, “FirstBankngr have mercy. In a period when others like Sterling Bank are removing charges for customers, you’re increasing charges. No emotional intelligence.”
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