By Modupe Gbadeyanka

Some educational materials, food items, boats and other essential relief materials have been donated to some schools and orphanages in the Makoko area of Lagos State by Fidelity Bank Plc.

The items were given by the lender through by the Achievers Inductees Class of 2025 under the Fidelity Helping Hands Programme (FHHP), the bank’s staff-led CSR initiative where members of staff identify areas of critical interventions in their communities, raise funds and receive matching support from the bank’s management to execute the projects.

This is in a demonstration of its commitment to corporate social responsibility. Through FHHP, the organisation empowers communities across Nigeria by addressing key social issues in education, health, and welfare.

The Makoko outreach comes off the back of a similar FHHP outreach to Old People’s Home in Yaba, Lagos, reaffirming Fidelity Bank’s commitment to the sustainable development that begins with genuine care for people and their environment.

“At Fidelity Bank, we believe that when communities thrive, businesses prosper. Our commitment goes beyond banking, it is about improving lives, supporting education, and creating opportunities for growth.

“This donation reflects our dedication to nurturing the next generation and contributing to a better, more sustainable future,” the Divisional Head for Brand and Communications at Fidelity Bank, Mr Meksley Nwagboh, stated.

Expressing appreciation on behalf of the community, the traditional leader of Makoko, Mr Shemede Emmanuel Ajakaekun, commended Fidelity Bank for its compassionate donation.

“We are grateful that Fidelity Bank came down here to support us. May their work continue to flourish, and may God lift them higher. We hope they will not forget us but come back again to support our people,” he said.

Similarly, the Proprietor of Part of Solution Orphanage, Nursery and Primary School, Mr Shemede Taiwo, described the donation as life-changing for the children and residents.

“Many children here struggle to attend school because boats are expensive to build or hire. Fidelity Bank’s donation will make a huge difference in ensuring our children get to school safely and in ensuring the improved welfare of the residents of this community. We truly appreciate this gesture,” he remarked.

By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has set  January 5, 2026, as the deadline for full compliance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.

The regulations, which came into effect on July 21, 2025, under the Federal Competition and Consumer Protection Act (FCCPA) 2018, aims to promote fairness, transparency, and accountability across Nigeria’s growing digital lending market.

Recall that the regulations threaten non-compliant operators which risk fines of up to N100 million or 1 per cent of turnover, as well as potential disqualification of directors for up to five years.

The regulator noted that all affected operators, including lending platforms, service partners, and intermediaries, are expected to complete their compliance obligations by the date, adding that enforcement will begin immediately after the deadline.

To support operators in meeting the required standards, the commission in a statement on Thursday, issued an additional instrument, the guidelines on the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, made under Sections 17 and 163 of the FCCPA. This document provides practical direction for lenders and intermediaries, explains the documentation required, and introduces updated Forms 1 and 3 based on feedback received from stakeholders.

The FCCPC said applicants with pending submissions may provide any additional information required under the new Guidelines without waiting for a formal request.

“The commission will continue to process applications promptly and maintain a transparent review process,” he said.

Speaking on this, the Executive Vice Chairman of the FCCPC, Mr Tunji Bello, stressed the importance of meeting this timeline, noting that “full compliance is not only a legal requirement but an important step in protecting consumers and ensuring that the sector continues to grow in a fair and responsible manner.”

“Operators have had ample time to adjust to the Regulations and the additional guidance now provided. We expect all obligations to be met before the deadline,” he added.

If registration is not met, FCCPC says measures may include restricting non-compliant entities from operating, directing partners or platforms to cease dealing with them, and applying other sanctions permitted under the law.

“The FCCPC is committed to promoting responsible digital lending practices that protect consumers and support confidence in the financial technology sector,” the statement added.

By Henry Obiekea

Nigeria’s pursuit of a $1 trillion Gross Domestic Product (GDP) by 2030 is perhaps the most significant economic objective in the nation’s history. This goal is audacious, yet wholly achievable, rooted in the nation’s greatest asset: its dynamic and youthful population. With a median age well below the global average, this demographic dividend is a reservoir of creativity, entrepreneurship, and innovation—the very fuel for an economic explosion.

However, harnessing this potential requires more than just ambition; it demands inclusive capital. Today, the brilliant ideas generated by young Nigerians—from tech startups to agri-business ventures—often stall due to a fundamental challenge: access to finance.

The Finance Minister, Mr. Wale Edun, recently amplified this imperative, urging financial institutions to actively finance the ideas of young Nigerians, warning that failure to do so risks pushing this talent into unregulated, unproductive ecosystems. This official focus underscores a critical truth: financial inclusion is the priority driver for meeting the $1 Trillion target.

Despite Nigeria’s status as a continental leader in technology adoption, a significant portion of its adult population remains financially underserved. Recent surveys show that the total gap—those entirely excluded or reliant only on informal systems—stands at 36%, representing approximately 40 million productive individuals.

This population includes 26% of adults who are fully cut off from the formal system, while another 10% rely solely on informal services. Persistent gaps are especially pronounced across regional and demographic lines, particularly in the North and among low-income groups.

Relegated largely to the informal economy, these millions of people are unable to save securely, build credit, or access the capital needed for scale. While mobile penetration, agent networks, and digital onboarding are actively narrowing the divide, sustained progress in inclusion-driven growth fundamentally demands access to credit.

Despite an observed increase in account ownership, Nigeria’s credit penetration remains notably shallow, registering between 13% and 19% of GDP, which is among the lowest globally and limits critical economic growth vectors, particularly for MSMEs and household consumption. This low credit-to-GDP ratio highlights a significant underdevelopment in the domestic credit market.

In contrast, regional African peers like Kenya and Egypt have credit ratios roughly twice as high, sitting between approximately 31% and 37%, supported by increasingly data-driven lending models that are more effective at reaching small businesses. Emerging global economies such as India and Brazil boast deep credit markets, where penetration reaches between 53% and 62%, providing the financial leverage necessary for robust private-sector expansion.

The extreme of the scale is occupied by nations with mature financial infrastructure, like South Africa, where the credit penetration rate is approximately 90% of GDP, underscoring the distance Nigeria must travel to unlock its full economic potential through a diversified and accessible lending base.

The opportunity lies in the digital revolution. With mobile phone usage soaring (over 93% of adults), the physical barrier of the bank branch has been rendered obsolete. Fintech companies in Nigeria have brilliantly seized this moment, leveraging mobile technology and data science to catalyze inclusion.

Digital access alone, however, is insufficient. The engine for sustained economic growth is authentic financial inclusion, characterised by fairness and transparency. Without these twin values, digital finance risks replacing physical exclusion with predatory models, characterised by hidden charges and opaque terms that ultimately erode trust, leading to financial distress and a retreat from the formal economy. To truly empower the populace and grow the GDP, every transaction must build, not break, the customer’s financial life. This is the principle that elevates financial services from a mere utility to a foundation of national economic strength.

This commitment to fairness is precisely where FairMoney acts as a crucial lever for the national ambition. Operating as a licensed microfinance bank providing financial services through our mobile app, FairMoney’s model directly tackles the barriers to entry by making every interaction transparent and efficient.

Our commitment to “no hidden charges” means customers understand the full cost of credit upfront, fostering a responsible borrowing culture. We leverage innovation to serve the excluded. We focus on accessibility and speed to enable instant account opening and rapid loan approvals by leveraging alternative data and advanced scoring algorithms, using technology for operational efficiency, such as Maps for remote operational address verification.

Beyond loans, we offer full-service banking with bank account numbers, competitive Fixed Deposits with good interest rates on savings, instant bill payments, and specialized services like POS services for small businesses. Our savings products, designed to track and build wealth, incentivize long-term financial health.

By providing these robust services with speed and transparency, FairMoney is not just offering a product; we are committed to digitally onboarding millions of Nigerians into a trusted, formal economic identity.

The impact of this fair digital model ripples across the economy, directly powering the $1 Trillion objective. A small business owner who secures a transparent, low-friction loan can instantly purchase inventory, hire staff, and expand operations. This immediate injection of capital and increased velocity of money—made possible by digital speed and trust—translates directly into higher output and taxable revenue, boosting GDP.

Also, by offering competitive savings and fixed deposit rates, we successfully mobilise capital that might otherwise sit dormant or be held in informal, non-productive assets. This pooled capital becomes the investment bedrock needed to fund the larger infrastructure and industrial projects essential for the 2030 target.

When entrepreneurs can access transparent loans or savings in a crisis, they prevent business collapse, maintaining employment and economic continuity. This resilience ensures that economic shocks do not derail the cumulative progress toward the national goal.

Authentic financial inclusion acts as a social safety net. Fairness in finance, therefore, is not a philanthropic ideal; it is a sound economic strategy. It ensures that the millions of productive economic units, especially the youth and the underbanked, are not just spectators but active, invested contributors to the nation’s growth story.

The path to a $1 Trillion economy is clear: it must be built on the principle of inclusion. This ambition will be realized by empowering the underbanked financially and leveraging digital solutions to dramatically improve access to finance across Nigeria. Financial institutions must champion Fair Digital Access—a commitment to innovation that FairMoney is already pioneering.

In the digital age, trust is the new currency. To fully unlock Nigeria’s trillion-dollar destiny, we must earn this trust through consistent value, transparency, and the fair and equitable deployment of financial capital.

Henry Obiekea is the Managing Director of FairMoney Microfinance Bank Nigeria