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.
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.
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