Banking
Fidelity Bank Gets Standing Ovation for New Digital Payment Solution
By Modupe Gbadeyanka
Stakeholders in the financial technology (fintech) industry have given a standing ovation to Fidelity Bank Plc for its recently-launched new digital payment solution called PayGatePlus.
Powered by OnePipe, PayGatePlus is a next-generation embedded finance platform that enables organisations in any sector to seamlessly integrate financial services into their existing offerings.
The platform offers services such as web payments, virtual accounts, funds transfer, direct debit, online collections via NIBSS Instant Payment (NIP), BVN validation, and Buy Now, Pay Later.
Those who commented on the initiative said the one-stop solution for payments that caters essentially for all business categories within the financial ecosystem will simplify digital payments.
They said Fidelity Bank has led the charge in embedded finance with several guests emphasising that it was rapidly becoming the standard for delivering unified, enhanced user experiences.
While congratulating the bank on improving payment service delivery, Degbola Abudu, founder and CEO of Capricorn Digital Limited, noted that the platform’s launch would result in a diversification of new digital financial products across different platforms in the coming years.
“I think PayGatePlus will be of immense value to the industry as it will enable different types of payments. Whether it’s the virtual account that can be created seamlessly or payments that will enable the distribution of loans across different channels, we see this platform as really enabling the bank to push many digital products through different digital channels including one like ours”, stated Abudu.
“If you call traditional banking 1.0, remote banking 2.0, then PayGatePlus is 3.0. I think, the biggest value apart from the distribution which we have talked about is the ability for you to use embedded finance to remove frictions for your customers”, disclosed Akeem Lawal, Group Chief Executive Officer, Interswitch Group.
Founder/CEO of OnePipe, Ope Adeoye stated that the platform’s launch demonstrated that the payment industry was making significant progress.
“Our view is that the market will recognise the importance of concepts like this. Fidelity Bank will blaze the trail and there’s a high probability that other competitors will come into the space down the line,” he disclosed.
In assessing OnePipe’s relationship with Fidelity Bank, Adeoye disclosed, “When we started working on the idea for embedded finance for non-finance companies with Fidelity Bank serving as infrastructure at the base, there was quite an effort spent on trying to understand each other. We enjoyed working with Fidelity Bank because the process was collaborative and smooth.”
On his part, Executive Director, Inlaks, Tope Dare lauded the bank for blazing the trail in open banking and embedded finance which further reinforces its commitment to delivering unrivalled customer service.
“We hope to see more players in the financial services industry collaborate to ensure we grow a bigger economy that would be beneficial to everyone in the ecosystem”, he said.
In a similar vein, Executive Director/co-founder of AppZone, Emeka Emetarom applauded the bank for collaborating with the fintech industry rather than competing with them.
“We are hoping that all the other banks will take a cue from Fidelity Bank and ensure the adoption of embedded finance across the financial services industry”, said Emetarom.
Speaking at the event, Stanley Amuchie, Executive Director/Chief Operations and Information Officer, Fidelity Bank Plc encouraged customers to use the platform as guaranteed that they would return with positive testimonials.
“Everything we do as a financial organisation including the design of our products and services has the customer as our main focus.
“It is on this basis that we have worked very hard over the last few months, together with our technical partners to innovate a solution that enables businesses across different sectors to easily integrate financial services with their product offerings”, said Amuchie.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with about six million customers who are serviced across its 250 business offices and digital banking channels. In 2021, the bank was recognised as the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
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