By Aduragbemi Omiyale

One of the leading financial institutions in the country, First Holdco Plc, has confirmed that its banking subsidiary, First Bank of Nigeria, has met the capital base for tier-1 lenders set by the Central Bank of Nigeria (CBN).

The central bank asked banks in Nigeria to shore-up their capital base from N25 billion to a new threshold, depending on their scope of coverage.

They were given till March 31, 2026, to meet the new regulatory capital requirement, with options to merge if necessary.

For First Bank and its peers, which also operate outside Nigeria, they were asked to raise their capital base to N500 billion, while those with national licence must get at least N200 billion. Regional banks must have N20 billion, non-interest banks with national licence are to raise capital base to N20 billion, while regional non-interest lenders must get N10 billion.

Last week, the company achieved this threshold and has informed the regulator of this.

In a notice to the Nigerian Exchange (NGX), First Holdco disclosed that its commercial banking arm reached this milestone through the completion of a series of strategic capital initiatives, including a rights issue, a private placement, and the injection of proceeds from the divestment of the group’s merchant banking subsidiary.

“The recapitalisation strengthens the group’s overall financial resilience, providing a robust platform for earnings growth through business expansion, technological innovation, and the pursuit of new opportunities,” a part of the statement said.

By Adedapo Adesanya

One of Africa’s fintech unicorns, Flutterwave, has bought Nigerian open banking startup, Mono, in an undisclosed all-stock deal.

The acquisition allowed all Mono investors to at least recoup their capital, with some early backers realizing returns of up to 1,900 per cent.

It will bring together two of Africa’s leading fintech infrastructure companies and see Mono continue to operate as an independent product.

Flutterwave operates one of the continent’s widest payments networks, while Mono has built Application Programming Interfaces (APIs) that allow businesses to access bank data, initiate payments, and verify customers.

Mono has raised about $17.5 million from investors, including Tiger Global, General Catalyst, and Target Global.

Founded in 2020, Mono uses APIs that allow users to consent to sharing their bank information, enabling financial institutions to analyze income, spending patterns, and repayment capacity.

Mono was launched to ease access to bank data across African markets, where credit bureaus remain limited and fintechs, especially lenders, often rely on customers’ bank transaction histories to assess creditworthiness.

The company claims to have powered more than 8 million bank account linkages, covering roughly 12 per cent of Nigeria’s banked population. It also claims to have delivered 100 billion financial data points to lending companies and processed millions in direct bank payments.

According to the chief executive of Mono, Mr Abdulhamid Hassan, nearly all Nigerian digital lenders now rely on Mono’s infrastructure.

For Flutterwave, which powers local and cross-border payments across more than 30 African countries, the deal deepens its vertical integration. In addition to payments, the company can now offer onboarding and identity checks, bank account verification, data-driven risk assessment, and one-time or recurring bank payments within a single stack.

Flutterwave CEO, Mr Olugbenga Agboola framed the acquisition as a bet on Africa’s next phase of fintech growth.

“Payments, data, and trust cannot exist in silos,” he said. “Open banking provides the connective tissue, and Mono has built critical infrastructure in this space.”

“If the economy is going to be credit-driven, you need deep data intelligence to know how people earn and spend,” Hassan said. “But at the same time, for open banking to really work, regulators need to be confident that customer funds are safe,” Mr Hassan told TechCrunch.

The Mono acquisition will see it tap into Flutterwave’s vast footprint as it already operates across dozens of African markets, with local licenses, enterprise customers, and compliance teams in place.

“This allows us to expand what’s possible for businesses operating across African markets while staying grounded in security, compliance, and local relevance,” Mr Agboola said.

By Aduragbemi Omiyale

Fidelity Bank Plc now has a new chairman and she is Mrs Amaka Onwughalu, with her appointment taking effect from Thursday, January 1, 2026.

The lender confirmed this in a statement to announce the retirement of Mr Mustafa Chike-Obi from the position effective Wednesday, December 31, 2025.

In the statement, the bank disclosed that the board transitions were in alignment with its policy, with the Central Bank of Nigeria, the Nigerian Exchange (NGX) Limited and other stakeholders notified.

Under Mr Chike-Obi’s leadership, Fidelity Bank repaid its Eurobond, completed the first tranche of its public offer and rights issue that were oversubscribed by 237 per cent and 137.73 per cent, respectively.

The financial institution under his watch expanded internationally to the United Kingdom, and received improved ratings from various agencies amongst a long list of achievements.

His tenure also saw the bank strengthen its capital position, record steady growth in customer deposits and total assets, deepen its digital banking capabilities, and enhance its corporate and investment banking proposition.

The company equally made notable progress in governance, risk management, and operational efficiency, all of which contributed to strengthened market confidence and its sustained upward performance trajectory.

“It has been a privilege to serve as Chairman of Fidelity Bank. The dedication of our board, management, and staff has enabled us to reach significant milestones. I am confident that the bank will continue to thrive and deliver value to all stakeholders,” Mr Chike-Obi reflected of his tenure

Mrs Amaka Onwughalu’s appointment marks a new chapter for Fidelity Bank. She joined the board in December 2020 and has chaired key committees.

With over 30 years of banking experience, including executive roles at Mainstreet Bank Limited and Skye Bank Plc. She holds degrees in Economics, Corporate Governance, and Business Administration, and has attended executive programmes at global institutions.

Mrs Onwughalu is a Fellow of several professional bodies and has received awards for accountability and financial management.

“I am honoured to lead the Board of Fidelity Bank at this exciting time. Our recent achievements have set a strong foundation for continued growth. I look forward to working with my colleagues to drive our strategy and deliver sustainable value,” commented Mrs Onwughalu.