E-Financial
QuickCheck Boosts Financial Inclusion with New App
QuickCheck, an online banking and micro-lending platform that provides collateral-free loans, has launched a new app to improve financial inclusion among Nigerians, while also educating borrowers about financial instruments and managing risky debts.
About 60 per cent of the country’s adult population remains financially excluded, lacks credit history and cannot access financial services such as quick and easy loans.
In a research conducted by the Enhancing Financial Innovation and Access (EFInA), while only four per cent of the adult population has access to credit through formal financial institutions, a larger number have their loan requests rejected due to bank policies and requirements.
Luis Rodrigues, chief technology officer, QuickCheck, said this was addressed in 2017 as the company developed a solution to give Nigerians access to such loans anywhere and anytime, with no collateral necessary. The startup already helps individuals with access to loans up to N200,000 in minutes, thereby supporting entrepreneurs start and sustain micro-businesses.
“With the new app, we want Nigerians to access loans quickly and conveniently. So if you live in Nigeria, own an Android phone, and you need quick cash to settle emergencies, go on Google Play Store, search for “quickcheck” and spot our bright orange icon to download the QuickCheck loan app for free, sign up to create an account and apply for a loan instantly without collateral.
“QuickCheck will simply run a credit scoring, and if you’re eligible, the cash loan will be disbursed to your account within minutes. All the necessary information to access loans is also available on our website,” he said.
Having built its own credit scoring algorithm based on artificial intelligence applied to non-traditional data, the internal data science team actively works on the improvement of the assessment technology to make the procedure of getting a loan even faster, more streamlined, and tailored to the needs of different groups.
“Currently, we are experiencing exponential organic growth and are closing a couple of strategic partnerships to get even closer to our customers, by integrating our technology and credit offering where they need it, within those channels they are already accustomed to.
“We strongly believe in the product innovation, and therefore, we invest a lot in the exploration of complementary products,” Fabiano di Tomaso, CEO of QuickCheck.
With its tech solution, QuickCheck not only bridges the financial inclusion gap, but improves customer interaction with the new app and a revamped brand identity.
Every day, hundreds of people from Nigeria can benefit from the speed and hassle-free access to credit — no papers, no queues, no collateral, no guarantors, just a smartphone and QuickCheck app available on Google Play Store.
In just two years, QuickCheck, processes nearly N2,500 transactions daily, and has already disbursed around N2 billion in microloans ranging between N5,000 and N200,000
United Bank for Africa (UBA) has informed its customers that, in compliance with a new directive from the Nigerian Communications Commission (NCC), charges for USSD banking services will no longer be deducted from bank accounts, effective June 3, 2025.
In a notice sent to customers, the bank explained that the charges would now be deducted directly from users’ mobile airtime balances, in line with the NCC’s newly introduced End-User Billing (EUB) framework.
It said the new model aimed to ensure transparency in USSD transactions and shift billing responsibility to mobile network operators.
According to UBA, each USSD session would now cost ₦6.98 per 120 seconds, saying that customers initiating transactions would receive a prompt to provide consent at the start of each session, and airtime would only be debited if the bank is available to process the request.
The bank advised customers who are not comfortable with the new billing arrangement to opt for other digital banking alternatives such as the UBA mobile app and internet banking platform, which remain fully operational and user-friendly.
UBA reaffirmed its commitment to providing secure and accessible digital services, and encouraged customers to choose the channel that best suits their banking needs.
The policy marks a significant shift in Nigeria’s digital banking ecosystem and is expected to address longstanding disputes over USSD service charges between telecom operators and financial institutions.
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.
Nigeria Strengthens Cybersecurity, Launches National Cleanup Plan
ARCON to Crackdown on AI-Generated Fake Ads
UBA Compiles with NCC, to Deduct USSD from Customers’ Accounts
Microsoft Sacks 300 Staff as Job Cut Hits 6,300
FG, UNICEF Partner to Train 20m Youths on Digital Skills
E-Business2 days agoFarmers to Get Identity Card for Loans, Inputs
Telecom2 days agoARCON Probes 9mobile over Alleged N1Bn Advertising Debt
News2 days agoSERAP Sues NNPC over Alleged Missing ₦500Bn, Seeks Accountability
News1 day agoJAMB Waxes Worriedly over Rising Digital Exam Fraud
E-Business1 day agoNIMC Plans to Register 95 Percent Nigerians by December
E-Business2 days agoDyna.Ai Launches Operations in Nigeria
News2 days agoFirst Asset Management Receives 2024 Fund Manager Award
Telecom1 day agoBanks, Telcos to Start Deducting USSD Charges from Airtime Today