E-Financial
Zedcrest, NESG Champion Discussions on Prosperity Inclusion for Nigerians
Zedcrest Group, a new-age financial solutions powerhouse, in collaboration with the Nigerian Economic Summit Group (NESG) on Tuesday, hosted a financial inclusion conference themed: ‘Securing and enriching Nigerians at scale: Prosperity inclusion through financial sector innovation’ at the Lagos Continental Hotel, Victoria Island.
The national discourse was aimed at re-evaluating and reconsidering the role of the government, regulators and the financial sector in building a secure future for inclusive prosperity in Nigeria.
In his opening remarks, Mr. Adedayo Amzat, the Group Managing Director of Zedcrest, said that prosperity inclusion through financial sector innovation is a follow up to discussions at the 27th Nigerian Economic Summit (NES#27) and focuses on finding ways to enhance Nigeria’s financial environment.
He noted the need to address existing gaps by focusing on three key areas: mobilizing domestic resources, attracting foreign capital, and striking a balance between innovation, regulation, and consumer protection.
In his keynote address, NESG Board member and the Chief Executive Officer, Stanbic IBTC Holdings Plc, Dr. Demola Sogunle, said that the financial sector is essential to drive financial inclusion and economic growth.
He stated that it is crucial for the financial sector, through commercial banks, capital markets, and the insurance sector, to play a vital role in funding capital investments and not just providing industry loans concentrated in the oil and gas sector.
Furthermore, Dr. Sogunle noted that Nigeria ranks low regarding financial penetration, with 40 percent living below the poverty line, with only 4 percent of the 40 million MSMEs having access to credit.
“The factors affecting the financial sector include lack of credit history, inability to keep proper financial records, non-realization of collateral, lack of management strategies, stiff competition from larger corporates and limited business presence of micro-SMEs. In addition, there is a need to adopt partnerships that will drive mobile adoption and inclusive development.
Development of credit infrastructure, creation of financial literacy programs, facilitate open banking initiatives for information sharing and collaboration to develop innovative financial products amongst stakeholders,” Dr. Sogunle stated.
He noted that homegrown solutions to some of these problems include online payment provisions, payment data to determine lending risks which can be obtained from smartphones, SME hubs to generate records on transactional activities and improved credit scoring in the rural areas, mainly where banking activities are limited, reiterating that businesses must strengthen their capital base to survive as an SME.
During the first panel session themed “Financial Sector and Economic Expansion: Mobilising Domestic Resources for Inclusive Prosperity”, Mr. Ayo-Bankole Akintujoye, the Lagos SME Boot camp convener, said that SMEs respond to shocks quickly, and it is nearly impossible to intervene at individual levels.
He reiterated the need to leverage, register, and provide credit and exposure to some clusters. “Technology alone will not solve financial inclusion problems. We need to study the characteristics critically; leverage the clusters they respect and mobilize resources using the clusters as gatemen to reach the people at the end of the funnel,” he stated.
Mr Dayo Obisan, Executive Commissioner (Operations), Securities and Exchange Commission (SEC), said that proper financial education is essential, as, for every 100 businesses funded, only five are expected to be profitable. He said there is a need to raise capital for structured firms with proper financial record keeping.
He said a lot must be done requiring information dissemination and educating the public. “People may have the money but there is a wide gap in terms of how to use it which explains why they spend their time chasing illegalities such as Ponzi schemes,” Obisan said.
“One of the key areas for inclusive prosperity is education. I don’t mean going to school alone but being educated. If people are not educated, having inclusive growth will be very difficult,” Zeal Akaruiwe, the executive officer at Graeme Blaque Group said.
“Financial organisations like the banks need to have an incubator mindset by participating in financial literacy and partnering more with religious leaders to educate people on the benefits of financial literacy and having a smartphone,” Oseikhueme Anao, Chief Financial Officer at Standard Chartered Capital and Advisory, said.
Anao also noted that although agency banking is a good initiative by the banks, in order to bring more people into the financial net, they need to have an investment strategy by going to the streets to teach people how to use bank accounts.
During the second panel session with the theme “Attracting Foreign Capital to Nigeria, Post-Pandemic”, Mr. Sam Ocheho, Head of Global Markets, Stanbic IBTC, said that necessary infrastructure must be in place for Nigeria to export and earn revenue from non-oil products, noting that fines deter foreign investors and that Nigeria ranks low on the World Bank ease of doing business index ranking.
Mrs. Yinka Adelekan, Managing Director, Agusto & Co, submitted that structural reforms had brought foreign investments into several countries. Nigeria needs to learn and adopt the positives from other countries for her growth and development.
She reiterated the need for the laws governing fintech to continue stimulating innovation that will improve foreign direct investment and encourage companies to thrive.
During the third panel session, with the theme “Striking a balance between Innovation, Regulation and Consumer Protection in the Financial Sector”, Professor Olayinka David-West, Associate Dean and Professor of Information System, Lagos Business School, said that technology is a great tool but not a magical solution to every problem. She noted that financial service providers should not wait for economic times to change before providing financial services to people of all strata of life.
Furthermore, Dr. Tunde Popoola, CEO of CRC Credit Bureau Limited, revealed that credit penetration in 2009 was 4 percent, and it has grown to about 14 percent now. He stated that fintech and financial innovation should help stimulate faster growth in all of these, noting the need for a robust digital identity that will encourage specific and targeted services that will enhance access to credit.
“From there, you can give them credit and help them grow through the sector. We need to stop focusing only on big corporations but more on the small ones.”
Financial literacy refers to the ability to make informed judgments and take effective decisions regarding the use and management of money. And thus, it goes hand in hand with financial inclusion in terms of strengthening more financial depth.
According to data from Enhancing Financial Innovation and Access (EFInA), Nigeria’s financial inclusion rate grew to 64.1 percent in 2020 from 63.2 percent in 2018. The 2020 figure is below the Central Bank of Nigeria (CBN)’s 80 percent financial inclusion target for the year 2020.
Although the inclusion rate dropped marginally from 36.8 percent in 2018 to 35.9 percent in 2020, the excluded adult population of 38.1 million reported in 2020 was higher than the 36.6 million recorded in 2018, meaning 1.5 million adults fell into the exclusion circle in the last two years to 2020.
Zedcrest Group (“Zedcrest Capital” or “Zedcrest”) is the parent company of Zedavnce Finance Limited, a leading consumer lending firm; Zedcap Partners, a foremost securities brokerage firm engaging in the broking of financial products in sub-Saharan Africa Over-the-counter (OTC) Fixed Income and currencies markets (FICC). And Zimvest, an asset management firm licensed by the Securities Exchange Commission (SEC).
Miden Systems Limited, an Abuja-based firm, has dragged Sterling Bank Limited and some of its management staff before the Chief Magistrate’s Court, Wuse Zone 2, Abuja, over allegations of conspiracy, forgery, fraud, criminal breach of trust, and misappropriation of funds running into over $200m.
The case, presided over by Magistrate Njideka Duru, was slated for hearing on Monday but was stalled due to the ongoing Nigerian Bar Association (NBA) Conference in Enugu.
The matter was subsequently adjourned to September 10 for mention.
In a 29-page charge filed through its counsel, Louis Alozie, a Senior Advocate of Nigeria, Miden Systems accused the bank, its Chief Executive Officer, Sterling Financial Holdings Company Plc, and four others of using the company’s name to illegally open accounts and siphon its domiciled funds.
The complainant alleged that the defendants diverted foreign currency revenues meant for loan settlements for their personal gain, carried out massive unauthorized debits on its account, and deliberately denied it access to account statements despite repeated requests.
According to Miden, the bank unlawfully placed a lien on all its accounts without notice, shut it out of internet banking, and even refused to issue cheque books, all in a bid to conceal suspicious transactions.
One instance cited in the charge revealed that when Miden remitted dollar revenues at a period when the exchange rate stood at N150/$1 (with the market rate at N198/$1), the bank allegedly stockpiled over N2bn in its account.
By the time the naira had depreciated to nearly N500/$1, the bank reportedly sold the funds at the higher rate, rendering the original value of the dollars “almost worthless.”
The company also accused the bank of fabricating a N30m loan facility in its name barely three months after it had cleared all outstanding loans in 2017. It contended that the loan was unsolicited, unauthorized, and approved with forged signatures purportedly belonging to its Board of Directors.
Within days of booking the loan, the bank allegedly disbursed over N30m to a single beneficiary identified only as “AA.”
Similarly, Miden claimed that a separate $3m loan was fraudulently booked to another firm, Chasewood Limited, which later denied ever applying for such.
The facility was then shifted to Miden’s account on the pretext that both companies were “sister companies” — a claim Miden insists is false since the two are independent entities with no ownership ties.
In another revelation, Miden said it discovered forged documentation linked to a loan facility allegedly granted to the defendants by Afrexim Bank, involving what it described as “massive identity theft.”
The company also accused the bank of opening additional accounts in its name using a fictitious office address in Wuse 2, Abuja, unknown to it.
The company noted that after several failed attempts to resolve the matter directly with the bank, it petitioned the House of Representatives Committee on Public Petitions.
Following its review, the committee referred the allegations to the Inspector-General of Police (IGP). An investigation was carried out, and in February 2025, the police reportedly indicted the defendants in their report.
Nigeria has emerged as the largest stablecoin market in Africa, with nearly $22 billion in transactions recorded between July 2023 and June 2024.
This was stated in the latest report released by Yellow Card titled, ‘Stablecoin Adoption in Emerging Markets – The Report for Global Business Leaders’.
The report which is Yellow Card’s third and final report for 2025 underscores the exponential growth of stablecoins globally, from a market cap of $5 billion in 2020 to $230 billion as of May 2025.
In Sub-Saharan Africa, stablecoins now account for 43 per cent of all crypto transaction volume.
Nigeria stands out as the continent’s largest stablecoin market, with nearly $22 billion in transactions between July 2023 and June 2024, followed by South Africa and other rapidly growing markets such as Kenya and Ghana.
According to the company, while stablecoins are globally recognized for international payments and settlements, their adoption in emerging markets has revealed a deeper story.
From cross-border trade to treasury management and inflation hedging, stablecoins are driving innovation and financial inclusion in regions where traditional systems often fail.
Lasbery Oludimu, vice president of global operations and managing director of Yellow Card Nigeria, emphasized the importance of the report, saying that “this report highlights the significant role of stablecoins in emerging markets. It demonstrates how stablecoins are crucial for financial inclusion and economic empowerment, especially where traditional banking is unreliable. From facilitating cross-border trade to aiding treasury management, stablecoins are now a fundamental tool for financial stability and efficiency.”
The report noted that “this surge in adoption comes against a backdrop of major global trade disruptions. In August 2025, the United States introduced sweeping tariffs of 10 per cent to 30 per cent on exports from 47 African nations.
“While the policy rattled traditional markets, in Africa, it is accelerating the shift toward dollar-backed digital assets like USDC and USDT as businesses and individuals sought to bypass dollar scarcity, protect purchasing power, and assert monetary sovereignty. The passing of the GENIUS Act in the United States earlier this year – further legitimising stablecoins globally and setting clear regulatory frameworks – the U.S. has indirectly spurred confidence in African markets to expand adoption.”
The report also examined how African fintechs are driving stablecoin-powered solutions that are faster, cheaper, and more inclusive than legacy banking systems.
From Lagos to Nairobi, startups are embedding stablecoins into mobile money platforms, cross-border trade, payroll, and treasury management, creating a scalable model for other emerging economies.
Somtochukwu Nsofor, Nigeria country manager, said that “stablecoins in Nigeria show promise in oil and gas, manufacturing, and banking by enabling fast, low-cost cross-border payments and mitigating FX risks. But issues like dollarisation concerns, rural digital literacy, and infrastructure gaps still hinder broader growth.”
With its bold entrance into emerging markets and operating in over 20 African countries, Yellow Card continues to be the continent’s leading stablecoin payments infrastructure provider.
Fidelity Bank Plc, tier-one lender, has announced the resumption of international transactions on its Naira Debit Cards.
This recommencement gives customers the freedom to make seamless payments abroad, online, and at ATMs outside the country.
Ifeoma Onibuje, divisional head, eBanking, Fidelity Bank Plc, while shedding light on the development, said: “We are delighted to inform the public that Fidelity Naira Cards are now enabled for global use. This means that our travelling customers can now utilise their Naira Debit cards outside the country to shop, spend and withdraw internationally without hassles.”
“Consequently, our customers can now spend up to $1,000 quarterly for international POS and online transactions; and withdraw up to $500 quarterly on international ATMs.”
The announcement offers Fidelity Bank customers another way to complete international transactions, in addition to the Bank’s existing foreign currency debit and credit cards.
This further reinforces Fidelity Bank’s commitment to delivering solutions that fit seamlessly into customers’ lifestyles. With Fidelity Bank’s VISA and Mastercard Naira Debit Cards, Nigerians can now enjoy effortless global access.
Beyond payments, Fidelity VISA cardholders, one of the variants of the bank’s card offerings, also enjoy premium travel and lifestyle benefits ranging from airport lounge and spa access via the Visa Airport Companion App, to fast-track immigration lanes and 20% discounts on SIXT car rentals worldwide.
This move reflects the bank’s commitment to provide secure, convenient, and reliable banking services that empower customers in Nigeria and beyond. The bank has deliberately made the process of getting a Fideity Naira card seamless.
Customers can easily apply for their Fidelity VISA or Mastercard Naira Debit card via the Fidelity Mobile App or simply visit the nearest Fidelity bank branch to request for one and they can start transacting globally with ease.
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.
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