Banking
Call This Number to Report Any Sharp Practices by Banks

By Dipo Olowookere
Sharp practices by banks operating in Nigeria have continued to increase each year and this is giving those in authority sleepless nights.
Some days ago, Head of Communications and Public Affairs Unit of the Nigeria Deposit Insurance Corporation (NDIC), Mr Mohammed Kudu Ibrahim, said in a statement that in 2017, the number of fraud cases at banks in Nigeria rose by 56.3 percent to 26,132 from 16,751 recorded in 2016, resulting in the loss of N2.37 billion during the period under review.
“Similarly, the amount involved in the fraudulent activities documented increased by N3.33 billion from the N8.68 billion reported in 2016 to N12.01 billion in 2017 or 38 percent,” he said.
According to him, the number of employees of banks involved in malpractices in the financial sector increased in 2017 to 320 from 231 in 2016.
Mr Ibrahim had lamented that the cases of fraud in the banking industry was rising and a panel would be set up to probe the affected banks.
Speaking on Friday in an interview with the News Agency of Nigeria (NAN), the Manager in charge of Research Department at the NDIC, Mr Adikwu Igoche, said a help desk has been created by the corporation to help bank customers with complaints of sharp practices by banks
“The corporation operates a robust 24 hours national help desk with a toll-free telephone line number 080063424357.
“The desk is for further information and enquires on depositors’ claim settlement and complaints or sharp practices by their banks.
“The general public can also access our website on www.ndic.gov.ng,” Mr Igoche said.
Banking
Zest Revolutionizes Payment Solutions for African Businesses

African enterprises are rapidly discovering that fragmented payment systems are a liability in an increasingly competitive marketplace. As e-commerce surges and mobile payment adoption rises across the continent, businesses are searching for unified solutions that streamline operations while enhancing customer experiences.
For businesses looking to turn their payment systems from an operational necessity into a strategic asset, one company offers a compelling path forward. With its sector-specific approach to payment orchestration, Zest, the fintech subsidiary of Stanbic IBTC Holdings, is positioning itself as a crucial partner for businesses seeking growth in Africa’s digital economy.
At its core, Zest offers something desperately needed in Africa’s diverse payment ecosystem: unification. Through sophisticated payment orchestration, their flagship platform, a payment gateway, brings multiple payment capabilities like cards, mobile money, bank transfers, and QR codes, into a single, comprehensive business dashboard.
This consolidation eliminates the headaches of managing separate systems while providing businesses with powerful tools: aggregator capabilities for multi-location collections, real-time reporting, instant settlements, reduced payment failures, and valuable customer insights that drive strategic decisions.
“Businesses today don’t just need to accept payments, they need to orchestrate experiences that are fast, seamless, and scalable,” explains Stanley Jacob, CEO of Zest.
Industry-Specific Solutions
Beyond the plug and play payment gateway, what truly sets Zest apart is its commitment to sector-led customization. Rather than offering one-size-fits-all solutions, the fintech delivers customizations of its platform to address industry-specific challenges.
One energy sector client now manages over 100 gas stations nationwide with real-time transaction monitoring against available inventory. Additionally, Zest powers the client’s card-based loyalty system and pre-funding capabilities—a comprehensive solution that addresses multiple business needs simultaneously.
In another example, a major ports industry player benefits from custom-fitted payment collection infrastructure designed specifically for its complex operational requirements.
Empowering businesses of all sizes
While large corporations benefit from Zest’s enterprise-level customizations, smaller businesses aren’t left behind. The platform offers multi-rail payment checkout systems and free customizable storefronts embedded in its business dashboard.
With some of the most competitive pricing across different payment rails; cards, account-based transactions, USSD, QR codes, Apple Pay, and Google Pay, Zest enables even small merchants to offer customers multiple payment options. The platform’s bank-agnostic nature allows merchants to receive settlements in any bank of their choice.
“For Africa’s SMEs and corporates, orchestrated payments are no longer a nice-to-have, they are survival infrastructure,” emphasizes Ifeoluwa Adekunle-Yusuf, VP of Products and Engineering at Zest.
With digital payments in Africa projected to exceed $40 billion in annual revenue by 2025 according to McKinsey, and mobile money penetration now reaching 46% across the continent, businesses need reliable payment partners who understand the unique challenges and opportunities of the African market.
Zest’s seamless architecture ensures that businesses of all types—from small retailers and educators to artisans and service providers—can deliver professional, reliable payment experiences that power sustainable growth.
As African businesses continue their digital transformation journey, payment orchestration platforms like Zest will play an increasingly vital role in determining which companies thrive in the digital economy and which get left behind.
Banking
CBN Issues IMTO Licence to Crown Agents Bank

By Modupe Gbadeyanka
An International Money Transfer Operator (IMTO) licence has been issued by the Central Bank of Nigeria (CBN) to Crown Agents Bank, a subsidiary of CAB Payments Holdings Plc.
This operating licence is part of the strategies to develop meaningful relationships with key central banks and regulators in important markets.
A statement from Crown Agents Bank said under the IMTO licence, it would expand its payment capabilities in Nigeria, including Diaspora remittances and other international inflows.
The company also said the authorisation to operate as an IMTO has placed it to offer more solutions to a wider range of clients, particularly non-bank financial institutions.
“We are delighted to have secured the International Money Transfer Operator licence from the Central Bank of Nigeria, following the work we have done to build our relationship as a trusted partner.
“It represents the continued momentum we are building at CAB to extend our offering to our clients, drive improved performance, resilience and sustainable growth,” the chief executive of CAB Payments, Neeraj Kapur, stated.
CAB Payments Holdings Plc, a UK-based firm, specialises in FX and cross-border payments for hard-to-reach markets.
Its strength of network and deep expertise means it can move money into and out of the world’s most complex financial markets.
Trusted by a global ecosystem of leading institutions across the public, private and development sectors, Crown Agents Bank’s strength lies in its network which connects its clients to underserved geographies, giving them access to 100+ currencies across 700+ currency pairs.
The delivery of fast, transparent and efficient transactions moves money where it’s needed. Crown Agents Bank’s network offers multiple transaction solutions, delivered via a single API, digital trading platforms, or through bespoke approaches developed by its specialist teams.
Banking
SMEs Are Architects of Innovation, Resilience, Inclusive Growth—Onyeali-Ikpe

By Modupe Gbadeyanka
The chief executive of Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, has joined others to emphasise the critical importance of Small and Medium Enterprises (SMEs) sector to the economy of any nation.
Data from the National Bureau of Statistics (NBS) says SMEs make up 96 per cent of all businesses in the country, employing over 80 per cent of the workforce, and contributing nearly 50 per cent to the gross domestic product (GDP).
But, despite their critical role in the economy, many still rely on manual processes that hinder efficiency and limit access to finance.
Speaking at Fidelity SME Empowerment Program 2025, held on Wednesday, July 23, 2025, at the bank’s dedicated SME Hub in Gbagada, Lagos, Mrs Onyeali-Ikpe described SMEs as the architects of innovation, resilience, and inclusive growth.
However, she charged small business owners to adopt digital tools to enhance their operations and drive sustainable growth.
“At Fidelity Bank, we believe SMEs are not just the backbone of our economy—they are the architects of innovation, resilience, and inclusive growth. Through the Fidelity SME Empowerment Program (FSEP), we are providing 100 entrepreneurs with the tools, training, and support they need to thrive in today’s digital economy,” the Fidelity Bank chief, represented by the Executive Director and Chief Operations and Information Officer, Mr Stanley Amuchie, said.
Also, the chief executive of Manmark, a strategic partner of Fidelity Bank, Mrs Adaonah Kene-Uyawune, said at the event that, “This digital transformation initiative is a game changer. It replaces manual bookkeeping with a unified system that simplifies accounting, inventory, HR, and profitability tracking. These tools are not handouts—they are instruments for long-term business success.”
It was gathered that the three-day programme drew a large turnout of entrepreneurs and stakeholders. It marked the official launch of Fidelity Bank’s initiative to equip 100 growth-ready SMEs with ERPRev-enabled POS systems and business support tools—at no cost to the beneficiaries.
Through the initiative, benefiting businesses will receive: a fully-installed POS desktop system, ERPRev business software, receipt printer and barcode scanner, inventory data input support, financial and bookkeeping training, branding and onboarding support, six months of post-installation monitoring; and a free Fidelity POS with instant settlement.
The event featured high-impact trainings, masterclasses, and networking opportunities designed to spark innovation, build partnerships, and unlock new markets.
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