E-Financial
SEC Introduces Uniform Standards for Depositories

Securities and Exchange Commission (SEC) has issued an interoperability and financial markets infrastructure link framework among central securities depositories to enhance the efficiency of trading and settlement functions as well as align the market with international best practices.
Interoperability means the technical and legal compatibility that enables a system or mechanism to be used in conjunction with other systems or mechanisms.
According to the SEC, the Nigerian capital market has witnessed remarkable growth in the last few years in terms of size, market participants and tradable instruments.
This has impacted the market structure in terms of composition and interconnectedness.
In the secondary market particularly, there are currently multiple trading platforms and financial market infrastructures (FMIs) which provide comparative services in depository, trading, clearing and settlement activities.
“Consequently, Interoperability arrangement has become necessary in order to enhance the efficiency of trading and settlement functions as well as align the market with international best practices.
“According to the Committee on Payments & Market Infrastructures and International Organization of Securities Commissions (CPMI-IOSCO) Principles on FMIs, FMI link is a set of contractual and operational arrangements between two or more FMIs that connect the FMIs directly or through an intermediary.
The Interoperability arrangement will potentially liberalize trading and settlement activities, enhance efficient deployment of capital as well as cost effectiveness in the market.
In a statement, SEC stated that it is in this regard and the need to ensure the efficiency of the market and the protection of investors that the framework is being issued, adding that in the Interoperability arrangement, as recommended by the CPMI-IOSCO Principles for FMIs, relevant provisions have been made for identification, monitoring and management of interlink risks by the respective CSDs with the overall objective of reduction in systemic risks.
“This framework is being issued in line with the mandate of the Commission to regulate the capital market with the objective of ensuring protection of investors, maintaining fair and efficient market as well as reduction of potential systemic risks in trading, clearing and settlement ecosystem,” SEC stated.
In this regard, the Commission stated that all securities exchanges and central securities depositories (csds) are required to comply with the following: take necessary steps to put in place requisite infrastructure and systems for implementation of the framework, including any amendments to the relevant rules and regulations; bring to the attention of their members and participants the provisions of this framework as well as publish the same on their websites; as well as communicate to the Commission, the status of implementation of the provisions of this framework within three months of the date of issuance of the framework;
As part of the interoperability requirements CSDs shall: establish a peer-to-peer link to facilitate Interoperability with each other and put in place the required infrastructure, systems, processes and risk management for the effective operation of the interoperable arrangement and not subject each other to normal participants (membership) rules; allow for fair and open access to their services based on reasonable risk related access requirements; and have adequate reconciliation procedures to ensure that their respective records are accurate and current; The Commission said the interoperable arrangement shall allow investors and Participants settle fixed income securities on a beneficial ownership basis through any CSD in which they maintain CSD account(s) irrespective of the Issuer CSD in which the securities are domiciled and/or the investor CSD account of the counterparty; Investors shall have the option to maintain any CSD account(s) in a single CSD of their choice or maintain any CSD account(s) in multiple CSDs of their choice or consolidate any existing CSD account(s) into a single CSD of their choice and execute a trade across multiple Exchanges under the interoperable arrangement provided that the fixed income securities are listed on the respective multiple Exchanges.
Consolidation of any CSD account(s) shall be subject to relevant KYC due diligence requirements and on the basis of beneficial owner authorization;
Also, participants shall have the choice to maintain any CSD account(s)/membership in a single CSD of their choice or maintain any CSD account(s)/membership in multiple CSDs of their choice or consolidate any existing CSD account(s)/membership on the basis of beneficial ownership into a single CSD of their choice and execute a trade across multiple Exchanges under the interoperable arrangement provided that the fixed income securities are listed on the respective multiple Exchanges; while investors and Participants shall under the interoperable arrangement settle their trades successfully irrespective of the Securities Exchange where the trade is executed provided that the fixed income securities are listed on the respective multiple Exchanges.
The framework further stipulates that risk management requirements between CSDs shall be based on a mutually agreed arrangement and shall take into consideration the relevant risks issues; All complaints and disputes shall be handled in line with the rules and regulations of the Commission on complaint management and all new charges associated with the interoperable arrangement against Participants shall be subject to approval of the Commission.
E-Financial
PalmPay Expands Access to Digital Insurance Through Strategic Partnerships

PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.
This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.
With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.
PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”
With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”
This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.
E-Financial
Fidelity Bank Intensifies Support for Displaced Persons in Makurdi Camp

In a timely gesture aimed at improving the plight of internally displaced persons (IDP) in Benue State, leading financial institution, Fidelity Bank Plc, has distributed mattresses and essential food items to over 2,000 victims of the Yelwata attacks currently taking refuge at the Ultra-Modern International Market IDP Camp in Makurdi.

Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka (Left); CEO, The Abbasid Charity Foundation, Hauwa Abbas (Centre); and Branch Leader, Fidelity Bank Plc, Makurdi, Terwase (Right), representing the Regional Bank Head, North Central, Sadi Zawiya, with some beneficiaries during the Fidelity Food Bank distribution event in Makurdi, Benue State recently.
The donation, which was carried out in collaboration with the Abbasid Charity Foundation, is part of Fidelity Bank’s ongoing commitment to supporting vulnerable communities through its flagship Fidelity Food Bank program. Since its launch in April 2023, the Food Bank has distributed over 200,000 food packs to beneficiaries across Nigeria’s six geo-political zones.
Speaking about the donation event, the bank’s Divisional Head, Brand and Communications, Dr. Meksley Nwagboh reaffirmed Fidelity Bank’s dedication to Corporate Social Responsibility (CSR) and its mission to uplift communities.
His words, “Since its launch, the Fidelity Food Bank initiative has helped to alleviate the effect of poverty and malnutrition across the country. We are honored to be back in Benue State to continue this impactful initiative, and we hope that today’s donation brings much-needed relief and comfort to the beneficiaries during this difficult time”.
In her remarks, the Executive Officer, the Abbasid Charity Foundation, Mrs. Hawa Abbas, emphasized the importance of restoring dignity to the displaced, stating that the donation of mattresses was to ensure the IDPs no longer sleep on bare floors.
“This gesture is our way of letting the displaced persons know that they are not forgotten. We care deeply for them, and we hope this donation offers some comfort and hope, even in these difficult circumstances,” Abbas noted.
The Executive Secretary of the Benue State Emergency Management Agency (SEMA), Dr. James Iorpuu, who was represented by Camp Manager, Mr. Robert Nyom, expressed deep appreciation to Fidelity Bank and the Abbasid Charity Foundation for their timely support.
“Your intervention has brought much-needed relief to the camp and we thank you for your compassion and generosity towards improving the welfare of the displaced persons,” he said.
The bank’s outreach to the International Market IDP Camp in Makurdi represents the most recent of its ongoing critical and timely interventions. Previously, through its Food Bank Initiative, the bank provided essential food items to more than 1,500 residents impacted by the recent flood disaster in Mokwa, Niger State.
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.
E-Financial
Secret Service Seizes $400M in Crypto, Cold Wallet among World’s Largest

US Secret Service has quietly seized nearly $400 million in digital assets over the past decade, amassing one of the world’s largest crypto cold wallets, Bloomberg reported at the weekend, citing people familiar with the matter.
The agency’s Global Investigative Operations Center (GIOC) has tracked funds through open-source tools, blockchain analysis, and patience, Jamie Lam, an investigative analyst with the US Secret Service, reportedly told law enforcement officials in Bermuda last month.
The agency’s crypto trove, much of which sits in a single cold-storage wallet, results from a string of investigations into scams. Scammers lure targets into seemingly legitimate crypto investment platforms in one typical scheme.
Victims often see initial profits before the sites vanish with their deposits.
“That’s how they do it,” Lam said. “They’ll send you a photo of a really good-looking guy or girl. But it’s probably some old guy in Russia.”
Lam’s team uses domain records, blockchain transactions, and VPN slip-ups to identify fraudsters. In one case, a cryptocurrency payment led investigators to another wallet. In another one, a brief VPN failure exposed an IP address, helping agents piece together the scam’s digital trail.
At the helm of the Secret Service’s crypto strategy is Kali Smith, who directs a team that has trained officials in over 60 countries to unmask online financial crimes.
The agency has focused on jurisdictions with weak oversight or programs selling residency to foreign nationals. “Sometimes after just a week-long training, they can be like, ‘Wow, we didn’t even realize that this is occurring in our country,’” Smith said.
The Secret Service’s work has uncovered scams ranging from romance-investment schemes to sextortion cases. One investigation involved an Idaho teenager who sent a nude photo to an online stranger. The scammer extorted $300 twice before the teen went to the police.
Analysts traced the payments through another coerced teenager acting as a money mule, leading to an account tied to nearly $4.1 million in transactions under a Nigerian passport.
British police arrested the suspected extortionist when he arrived in Guildford, England, where he remains in custody pending extradition.
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