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
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
