E-Financial
Wema to Host Second Edition of ALAT Talk Series this Thursday
ALAT by Wema Bank, Nigeria’s first fully digital bank, will host the second session of its ALAT Talk Series on Thursday, August 26, 2021, via Zoom.
L-R: Tomiwa Aladekomo, CEO, Big Cabal Media; Adaora Mbelu, Founder, Lumination Global Network; Femi Akinfolarin, Head, Corporate Strategy, Wema Bank and Funmilayo Falola, Head, Marketing Communications and Investor Relations, Wema Bank to speak at the second edition of the ALAT Talk Series this Thursday, August 26, 2021 at 4:00pm.
The Talk Series is a virtual session that provides young Nigerians with a platform for the exchange of ideas and insights on technology, startups and finance, offering young Nigerian professionals a guide on how to develop and build successful ventures.
The second session, which is themed ‘Developing and Sustaining the Startups of the Future’, will provide young Nigerians with the skills and information that will enable them to build and manage businesses and startups of the future.
Tomiwa Aladekomo, ceo of Big Cabal Media; Femi Akinfolarin, Head, Corporate Strategy, Wema Bank and Adaora Mbelu, Founder, Lumination Global Network have been confirmed as speakers for this session.
Aladekomo will speak on the ‘biggest challenges facing the African technology ecosystem’, while Mbelu will discuss ‘brand positioning as a growth strategy in startup-land’. Akinfolarin will share nuggets from his over 10-year experience within the industry while sharing insights on ‘how tech can help small businesses improve customer experience.’
Business branding, strategy, and management are some of the areas that will be discussed. The online audience will have the opportunity to send in questions before the event using #ALATTalkSeries on social media or via the live chat option during the session.
Funmilayo Falola, head, Marketing, Corporate Communications and Investor Relations, Wema Bank, who will serve as the host of the session commented about the bank’s decision to extend the talk series.
“We are fully committed to enabling young Nigerians in their pursuit of financial independence and business skills. The success of the first session compelled us to expand the scope of the series to accommodate even broader participation.
“We are supporting start-up founders, aspiring entrepreneurs and intrapreneurs with capacity building initiatives, programmes and other activities that will bolster their business acumen, a
nd provide tools for sustainability,” she mentioned in a statement.
Tomiwa Aladekomo holds a master’s degree in Cultural Anthropology from Columbia University, New York.
He served as Senior Digital Manager at Nigerian Breweries Plc between 2013 – 2016. Subsequently, he was appointed as the Managing Director, Ventra Media Group, a digital media agency.
In 2018, he was appointed as the CEO of Big Cabal Media, a Nigerian digital media company creating engaging content for the African youth audience such as Zikoko and Tech Cabal.
Adaora Mbelu who received a BSc in economics and entrepreneurship from Northern Kentucky University is the founder of Lumination Global Network.
She has worked in various leadership capacities as a brand developer. In 2017, she was mentioned in Entrepreneur Magazine’s “11 Africans that are changing the business landscape in Africa.”
She was awarded “Most Inspiring Woman” at the Her Network Woman of the Year Awards two years ago.
Femi Akinfolarin holds a master’s degree in International Trade and Investment Law from the University of Amsterdam, the Netherlands and an MBA from the Hult International Business School UAE (Dubai/Boston Campus).
He has over a decade cognate experience in the financial services sector and has held various managerial positions in different companies within and outside the sector. He currently heads the corporate strategy function in Wema Bank.
ALAT by Wema has continually shown support for young Nigerians across the country through various youth-friendly initiatives, including a partnership with SociaLiga and other initiatives tailored towards the youths.
The company has also won numerous awards, such as the Best Digital Bank and Best Mobile App in Nigeria at the 2017 World Finance Awards, Best Digital Bank in Africa at the 2018 Asian Banker Awards, amongst many others.
Fidelity Bank has announced a three-month extension of its Get Alert in Millions (GAIM) Season 6 promo, now running until November 30, 2025, with total cash rewards increased from ₦159 million to ₦189 million.
L-R: Direct Sales Executive, Fidelity Bank Plc, Adegboyega Ademokunwa; GAIM 6 Eight Monthly draw Winner, Innocent Okoro Orji; Branch Leader, Fidelity Bank Plc, Gbagada, Chinwe Umez-Eronini; and Product Manager, Savings, Fidelity Bank Plc, at the GAIM 6 prize presentation ceremony held at Gbagada Building Materials market in Lagos recently.
This move follows strong customer demand for more participation time and has received full regulatory approval.
Originally launched in November 2024 for nine months, the GAIM 6 campaign was set to end in August 2025. However, based on customer feedback, the bank extended the promo to allow more Nigerians to benefit.
Recently, the bank celebrated 20 winners nationwide, each receiving ₦1 million through electronically supervised draws overseen by the Federal Competition and Consumer Protection Commission (FCCPC) to ensure fairness.
With over ₦30 million still up for grabs in upcoming monthly draws, the final prizes include ₦2 million for second runner-up, ₦5 million for first runner-up, and a ₦10 million grand prize. Recipients also gain access to financial advisory support at the Fidelity SME Hub to help maximize their rewards.
Fidelity Bank serves over 9.1 million customers through digital channels and 255 branches, earning various awards for innovation, digital transformation, and SME banking excellence.
The bank continues to promote savings culture and financial empowerment across Nigeria through initiatives like GAIM.
Dr Daramola Omoyele, an economist and data analyst has warned that the introduction of a Tax Identification Number (TIN) under Nigeria’s new taxation legislation could compromise efforts towards stronger financial inclusion.
An estimated 38 million Nigerian adults are currently unbanked.
Nigerian Observer quoted Omoyele as explaining that the TIN, which by the new law is a requirement for bank account opening and filing of tax returns, adds up to several other digital IDs existing in a siloed system.
There is the National Identification Number (NIN), the Bank Verification Number (BVN), and the general multipurpose card, among other existing ID numbers, he pointed out.
The TIN is provided for in the Nigeria Tax Administration Act 2025 which was enacted in June, but couldn’t immediately go into force due to contention from different national stakeholders in the country.
Recently, the federal government announced that the legislation is now expected to go into force in January 2026, and will help the country in efforts to strengthen tax compliance, broaden the tax base for more revenue, and digitalize the tax administration.
To Omoyele, it would have been better for the government to build on the blocks which are already in place, citing the NIN as an example, for a harmonized data system and single digital ID to be used for different purposes.
Beyond that, there are fears that the current challenges in obtaining the NIN and other digital IDs could be replicated in the process of obtaining the TIN.
The federal government has highlighted the need for data harmonization in the past, but concrete results are yet to be obtained.
Omoyele cited examples of countries like India where the Aadhaar digital ID is used across services. South Africa also recently unveiled a roadmap for a single digital ID system to be used for multiple services.
“The irony is that Nigeria already has the building blocks of a single digital identity. The NIN was designed to be the master ID, while the BVN has captured biometric and financial data for millions of bank customers,” The Nigerian Observer quoted Omoyele as saying.
“Instead of harmonising these, the new TIN law introduces another obstacle at a time when about 38 million adults remain unbanked.”
“Nigeria must stop building silos and start building systems that talk to each other. One number is enough. The new TIN law is well-intentioned, but it risks worsening an already messy identification system,” he added.
The Central Bank of Nigeria (CBN) has issued a new directive mandating all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the scheduled exit of the incumbent.
In addition, banks are required to obtain regulatory approval for the successor’s appointment no later than six months before the current MD/CEO’s tenure ends.
The CBN said that the move was aimed at ensuring seamless leadership transitions and reducing potential disruptions in the top management of key financial institutions.
“This requirement is aimed at: minimising disruptions at the top management level. Enabling appointees to adequately prepare for their new roles, and mitigating risks associated with abrupt leadership changes”, the apex bank noted.
This was contained in a circular to DSIBs and signed by Rita I. Sike Director, Financial Policy & Regulation Department, CBN.
According to the circular, Section 2.14 of the CBN corporate governance guidelines for Commercial, Merchant, Non-Interest, and Payment Service Banks in Nigeria (2023) mandates the boards of such institutions to approve succession plans for their Managing Directors/Chief Executive Officers (MD/CEO), Executive Directors (EDs), and senior management staff.
“In view of the critical role Domestic Systemically Important Banks (DSIBs) play in maintaining financial system stability, the CBN reiterates the importance of effective succession planning in these institutions.
“Accordingly, and in line with sound corporate governance practices, each DSIB is required to: obtain regulatory approval for the appointment of a successor MD/CEO not later than six months before the expiration of the incumbent’s tenure.
“Publicly announce the appointment of the successor MD/CEO not later than three months before the planned exit of the incumbent. You are hereby directed to ensure strict compliance with the above directives,” the circular added.
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