E-Financial
Obi, eTranzact Founder Tasks Business Leaders on Creating Unique Value for Customers
Dr. Valentine Obi, founder and group CEO, eTranzact, has called on business leaders to be unique in formulating business strategies in order to deliver valuable products for its customers.
L-r: Dr David Olaniyi Oyedepo, Chancellor, Covenant University, Canaanland, Ogun State and Dr. Valentine Obi, founder and group CEO, eTranzact, after the lecture recently.
Dr. Obi’s eTranzact is Nigeria’s premier payment processing platform boasting of home grown Switch with its processing power which activates its partners’ to drive billions of dollars in transactions yearly through eTranzact card, and direct from bank account gateways.
Delivering a speech at the African Leadership Development Centre, ‘ALDC Leadership Masterclass’, with the topic: Business Strategy and Innovation, held recently at Covenant University, Ogun state, recently, Dr. Obi, urged business leaders to identify set of customers they intend to serve in their respective markets, in order to enable them create unique strategies that will deliver valuable products to these customers.
According to him, “if you’re trying to serve the student community, being the best is different from if you’re trying to serve working class people with families. There is no best way to compete.
“There are lots of good ways to compete depending on who you’re trying to serve.
“So we are not competing to be the best, we are competing to be unique. It is about making choices and the most fundamental choice is, Who am I trying to serve.”
He also described business leaders quest to serve everyone in their sector as one of the mistakes in strategy formulation.
He said, “One of the worst mistakes in strategy is to try to serve everybody.
“You can’t meet the need of every customer, you just can’t do it, it’s impossible.
“You can’t meet all the needs of every customer. Fundamentally, if you have a strategy, you’ve got to decide which needs, of which customers, you’re actually going to seek to meet.
“Secondly, Another tremendous mistake in strategy is to get into a competition with your competitors on the same thing.
“If your competitor is trying to be the lowest cost, it’s pretty unusual to win, if you then try to chase them and be low costs.
“The essence of strategy is to find a unique position in your business that delivers unique value to the customers you choose to serve.
“So, to be truly successful, we really need a strategy and that strategy isn’t about just being the best, but a set of choices we make on a long term to distinguish ourselves from competitors.
“It defines how we are going to compete differently. And it also really articulates the competitive advantages that we will seek to create and use, in order to win.”
He further pointed out that if we’re doing the same thing as our competitor, it means we don’t have a strategy.
“You’re just trying to do the same thing better. That’s not strategy, that is operational excellence.
“Strategy is around choices that you make, versus the choices that your competitors are making
“Simply implementing best practices, buying the latest machine, using the internet to communicate with your customers. There are lots of things that managers do, to actually keep making the company more productive and more efficient. All those things are a necessity, but they’re not strategy.
“Strategy is not about doing the same thing better. Strategy is about finding that different place for the organisation to deliver value.
“What makes it challenging, however is that, you have to do both of these things at the same time .You have to keep adopting best practices, but at the same time having real clarity about what is going to make you different in the marketplace”.
Speaking on the part of businesses craving to be number one or number two in the industry, Dr. Obi said that those are mere goals and aspirations but not strategy, he noted that strategy is the unique positioning that allows us to get to whatever goal we set for ourselves.
He called on businesses not to confuse strategy with goals, noting that the two cannot be mixed together.
He said, We cannot mix goals and strategy together, we have to separate them, we need to separate the goal we’re trying to achieve, and then the strategy is how we’re going to get there.
“Also, When we think about strategy, we also have to recognize that strategy is holistic. It’s not about any single action that you might want to take. It is not just one thing one steps. Strategy is not to go international, that’s not a strategy. Raising research and development is not a strategy. Strategy is holistic.
“It’s the whole set of choices that you make collectively in order to position the company for success, over time, in the marketplace.
“It’s not just, one step, it’s a set of steps. Strategy involves all the functions of the organisation. It includes marketing, production, finance, everything together to create that unique positioning, that’s what strategy is all about”, he added.
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.”
Creative Economy Ministry Secures $300M Investments Commitment
NITDA DG says its Community IT Centres Should be a Catalyst of Change
African Women Hit Hardest as Mobile Internet Gender Gap Persists
NITDA, CISCO Empower Youth with Digital Skills
Kuda Co-founder Urges Young Developers to Build Tech with Purpose @NACOSS 2025
General News2 days agoNITDA Advocates Strategic Partnership in Research to Unlock Nigeria’s Digital Potential
News3 days agoStakeholders Seek Strengthening of Digital Infrastructure @ IoT West Africa
Telecom3 days agoAirtel Introduces Full Shopping Experience Within My Airtel App
General News3 days agoJumia Expands Delivery Service to Nigeria
General News3 days agoLagos Slush’D 2025 To Promote Creativity among Start-ups
E-Business3 days agoQ1 2025 .ng Domain Name Statistics Reflect Nigeria’s Advancing Digital Landscape
Telecom2 days agoGSMA Urges Governments to Prioritise Affordable Spectrum Costs to Support Global Digital Growth
Telecom2 days agoTelcos Worry over Possible 5 Percent Tax Return