Banking

Retail Banks Well-Positioned for Success in Mobile Wallets—Report

Published

2 years ago

26/04/2024

Earlier this week in Nairobi, Kenya Interswitch Group, one of Africa’s most influential payment players formally unveiled their 2024 Global Payments Innovation Jury Report, a significant research effort into the outlook for innovation in payments globally, conducted in partnership with The World Bank, and notable international payment operators, namely HPS and Fime.

This is sequel to the 1 st unveil of the report in Lagos, Nigeria, where Interswitch is Headquartered in mid-March Presenting the latest report titled: “Market meltdown – impacts on infrastructure, regulation and innovation” at Interswitch’s offices in Nairobi, East Africa’s key hub for payments and fintech, John Chaplin, Senior Adviser/Board Director at Interswitch, and also the Founder and Chairman of the Global Jury unpacked some major insights encapsulated in the report, which analyses the in-depth perspectives of over 130 payment experts spanning all continents of the globe.

At the media presentation, which represented an opportunity to engage with key stakeholders in the region, Chaplin, whose career trajectory spans over 4 decades in the payment industry across leading payment companies including Interswitch, Visa, First Data Corporation and Global Processing Services reflected on the last 2 years of dynamic market activity in the global fintech and payments space, stressing that the unique insights of industry leaders across various markets has never been more needed than at a time such as this.

He particularly highlighted the jury’s depth of understanding of the causes and effects of macroeconomic changes and their impact on the long-term direction of the payments industry which helps the industry as a collective to understand how to navigate the turbulence of the times.

Asked which findings from the report findings were somewhat unexpected, Chaplin cited the general views expressed by the payments innovation jury alluding to banks being seen to have potential as long-term players in the mobile wallet space. According to the report, which plays up the growing importance of compliance and risk management as pivotal considerations as payment volumes grow exponentially, “Most of the mobile wallet buzz is around new market entrants (mainly MNOs in developing markets and fintechs everywhere) but the Jury thinks that the banks are not finished yet and that they are best placed for success once the market for wallets becomes more regulated, as they have so much experience managing compliance at scale…”

From a perspective of profitability versus growth, Chaplin opined “I think that profitability will remain much more important than hyper growth. Over the past few years, investors and the broader market have tended to believe that high growth automatically leads to profitability. I don’t think that is always right. Business leaders should always be seeking to generate a return for shareholders in the not-too-distant future.”

With research undertaken in collaboration with World Bank and supported by Interswitch, FIME and HPS, the 2024 Payments Innovation Jury is the most diverse in its 16-year history. 136 Jurors from all over the world participated in the research, all in senior roles at national payments companies, banks, fintechs, payments policy bodies, central banks and investors.

This year, the number of central bank; regulators and investors each increased by 25%, enabling an even more representative picture of the challenges and opportunities ahead. The Jury was also delighted to welcome several Jury members from South and Central America for the first time, making the insights gathered truly global.

Commenting on the Interswitch Group’s frontline role in bringing the report to fruition, Mitchell Elegbe, Founder and Group Chief Executive Officer stated that “We are thrilled at Interswitch to also contribute our perspective, as a pan-African payments innovation enabler, to this report which, with every edition, continues to facilitate more balanced appraisal and better understanding of the global payments industry as it continues to evolve ever so dynamically.”

The 2024 Global Payment Innovation Jury report offers insight into many aspects of the payments industry that were impacted by the recent period of market turmoil. Key findings from the report are synthesized below:

The primary reason for previously high payment company valuations and funding rounds was investors bidding up deal prices and paying insufficient attention to profitability – a view shared by the investors canvassed.

The above has led to a greater focus on earlier profitability over hyper-growth, which the Jury overwhelmingly regard as a positive for the industry – although there’s a lack of consensus on whether this is a long-term market movement
The key differentiator between profitable and nonprofitable players is now cost management, not revenue growth, howbeit with a significant number of respondents positing that they believe this is ultimately a positive change for the global payments industry, tempered by equally valid concerns that direct consequences of the recently increasing focus on early profitability could be reduced levels of innovation which may impact future growth.
Businesses developing AI and climate fintech tools and technologies will benefit from the diversion of investment from payments businesses.
In emerging markets where cards have not yet gained a significant foothold, they will struggle to gain cut through when competing with account-to-account payments and mobile money.
Credit and debit cards will be hard to dislodge from their leadership role in developed markets, but growth will be much harder to achieve than previously.
Banks, rather than fintechs or mobile network providers, will ultimately be the major players in mobile wallets globally.
The talent acquisition activities of payment enterprises in developed markets are a significant challenge for those in emerging markets, with almost 60% of Jury members in emerging markets saying that they are losing an unacceptable number of staff withconsequential risks to innovation programmes and sometimes even ongoing operations.
High-profile crypto exchanges failures, such as FTX in the US, can impact confidence in global markets – not just where the failures occurred. This is clearly a concern for national regulators but remains complex to address.
APAC retains its crown as the region with the most payment innovations, but perhaps more surprisingly, Africa & the Middle East was a clear second favourite despite Africa’s macro-economic challenges, relatively low levels of investment funding and now a talent drain – a clear tribute to the resourcefulness of the continent’s entrepreneurs and policy makers.

Importantly, it is a foundational practice of the Payments Innovation Jury that all members participate on an anonymous basis, as this allows them to speak freely – unencumbered by the commercial priorities of their current organisation.

Banking

CIBN to Back ACAMB on Professional Development, Industry Advocacy

Published

18 hours ago

26/02/2026

Modupe Gbadeyanka

By Modupe Gbadeyanka

The Chartered Institute of Bankers of Nigeria (CIBN) has promised to support the ambitious plans of the Association of Corporate and Marketing Professionals in Banks (ACAMB).

At a meeting between the leaderships of the two organisations on Tuesday, the president of CIBN, Professor Pius Deji Olanrewaju, said it was impressed with the capability development and the undergraduate mentorship schemes of ACAMB under its leader, Mr Jide Sipe.

The CIBN chief commended the forward-thinking vision of the group, saying it had raised standards across Nigeria’s banking sector.

“ACAMB’s support has given CIBN and the banking sector brand equity,” he said, praising the association’s record in reputation management. recalling ACAMB’s role in addressing crises within the sector, describing the partnership as strategic and beneficial.

He further pledged support for ACAMB’s 30th anniversary in September 2026, its AGM, and other programmes, including fundraising initiatives.

“I want to assure you that everything you have presented today has been clearly noted and will be acted upon.

“We are fully committed to working closely with you so as to translate these discussions and vision into measurable progress. Our shared goal is to strengthen the sector, protect its reputation, and enhance its public image in a meaningful and lasting way.

“This meeting discussed various initiatives and reforms crucial for the future of our industry, including the need for continuous training and adaptation to new programs,” Mr Olanrewaju stated.

Speaking at the meeting, the president of ACAMB described the visit as a crucial first step in his tenure, aimed at contributing significantly to giving flight to his vision and that of ACAMB.

“When we assumed office, one of the first things we agreed on was the need to visit key stakeholders.

“However, before reaching out more broadly, we felt it was important to begin with our primary constituency and core stakeholders. We want them to understand the direction we are taking and to support the work we are doing, so that ACAMB can achieve greater success than it has in the past.

“We couldn’t have properly started our tenure without this very important meeting with the CIBN,” Mr Sipe stated

He introduced the newly constituted ACAMB Exco, which includes the 2nd Vice President, Morolake Phillip-Ladipo; General Secretary, Olugbenga Owootomo; Assistant General Secretary, Ademola Adeshola; Publicity Secretary, Abiodun Coker; and Executive Secretary, Fadekemi Ajakaiye.

Banking

All Set for Second HerFidelity Apprenticeship Programme

Published

2 days ago

25/02/2026

Modupe Gbadeyanka

By Modupe Gbadeyanka

Registration for the second HerFidelity Apprenticeship Programme (HAP 2.0) organised by Fidelity Bank Plc has commenced.

The Divisional Head of Product Development at Fidelity Bank, Mr Osita Ede, informed newsmen that the initiative was designed to empower women with sustainable entrepreneurship skills.

The lender created the flagship women-empowerment initiative to equip women with practical, income‑generating skills and structured pathways to entrepreneurship.

“HerFidelity Apprenticeship Programme 2.0 reflects our commitment to continuous improvement. Having evaluated feedback from the first edition, we have returned with stronger partnerships and deeper mentorship programmes to ensure that women acquire not just skills, but sustainable economic opportunities,” he said.

“At the heart of the programme is guided, real‑world learning. Participants will undergo intensive apprenticeship training under reputable institutions and industry experts across select fields such as hair styling, shoe making, auto mechatronics, and interior decoration,” Mr Ede added.

He noted that HerFidelity Apprenticeship Programme 2.0 goes beyond skills acquisition by offering participants a wide range of business advisory services. These include business and financial literacy training, mentorship support throughout the apprenticeship journey, access to Fidelity Bank’s women‑focused and SME financial solutions, as well as guidance on business formalisation and growth strategies.

Further emphasising the bank’s vision, Mr Ede said, “By integrating structured mentorship with entrepreneurial development, Fidelity Bank is positioning women not just as trainees, but as future employers, innovators, and economic contributors within their communities. This aligns with our mandate to help individuals grow, businesses thrive, and economies prosper.”

Banking

The Alternative Bank Opens New Branch in Ondo

Published

3 days ago

24/02/2026

Modupe Gbadeyanka

By Modupe Gbadeyanka

A new branch of The Alternative Bank (AltBank) has been opened in Ondo State as part of the expansion drive of the financial institution.

A statement from the company disclosed that the new branch would support export-oriented agribusinesses through Letters of Credit and commodity-backed trade finance, ensuring that local producers can scale beyond state borders.

For SMEs, the bank is introducing robust payment rails, asset financing for equipment and inventory, and supply chain-backed facilities that strengthen working capital without trapping businesses in interest-based debt cycles.

The Governor of Ondo State, Mr Lucky Aiyedatiwa, represented by his Chief of

Staff, Mr Olusegun Omojuwa, at the commissioning of the branch, underscored the importance of financial institutions in economic development.

“The pivotal role of financial institutions to economic growth and development of any economy cannot be overemphasised. It provides access to capital, supporting small and medium-scale enterprises and encouraging savings.

“Therefore, I have no doubt in my mind that the presence of The Alternative Bank in Ondo State will deepen financial services, create employment opportunities and stimulate economic activities across various sectors,” he said.

In her remarks, the Executive Director for Commercial and Institutional Banking (Lagos and South West) at The Alternative Bank, Mrs Korede Demola-Adeniyi, commended the state government’s leadership and outlined the lender’s long-term vision for Ondo State.

“As Ondo State steps into its next fifty years, and into the future anchored on the sustainable development championed during the recent anniversary celebrations, The Alternative Bank is here to be the financial engine for that vision. We didn’t come to Akure to hang banners. We came to fund work, farms, shops, and factories.”

With Ondo State’s economy anchored largely on agriculture, particularly cocoa production, poultry farming, and other cash crops, alongside a growing SME and trade ecosystem, AltBank is deploying sector-specific financing solutions tailored to these strengths.

For cocoa aggregators, processors and poultry operators, the bank will provide production financing, facility expansion support, machinery lease structures, and structured trade facilities under its joint venture and cost-plus financing models, with transaction cycles of up to 180 days for commodity trades and longer-term structured asset financing for equipment and infrastructure.

The organisation is a notable national non-interest bank with a physical network now surpassing 170 locations, deploying capital to solve real-world challenges through initiatives such as the Mata Zalla project, which saw to the training of hundreds of women as electric tricycle drivers and mechanics.