By Dipo Olowookere

A financial technology (fintech) company with operations in Nigeria, Cleva, says it paid out nearly $50,000 in referral bonus to its customers in 2024.

This information was revealed in a note from the company’s co-founder and chief executive, Ms Tolu Alabi.

Cleva is a firm co-founded by Ms Alabi and Mr Philip Abel in 2023. It offers US-based bank accounts to people and companies in Africa.

The company has been the darling of African freelancers as the world tilts towards remote work.

Business Post gathered that in 2024, Cleva started with about 11,000 customers but ended with more than 300,000 customers because of its wide acceptance on the continent, particularly in Nigeria.

“Thank you for trusting us with your salaries and money. Thank you for your feedback to help us improve our product and better serve you. Thank you for your positive reviews on social media. Thank you for sharing Cleva with your friends and family. Thank you for all of it,” Ms Alabi said in the statement.

She expressed the commitment of the organisation to “building the best USD banking platform for Africans,” revealing that in 2025, “We’re taking your Cleva experience to the next level. We’ll provide more ways to receive payments and earn on Cleva.”

She listed these as Naira accounts for NGN top-up, reduction in fees, invoices, improved 2-factor authentication, support for new currencies, USD savings, improvements to USD cards, business accounts, upgrade to all USD accounts and no pending ACH deposits.

By Aduragbemi Omiyale

Guaranty Trust Holding Company (GTCO) Plc has completed the first phase of its equity capital raise programme aimed to boost the capital base of its banking arm, GTBank Nigeria Limited.

Recall that about a year ago, the Central Bank of Nigeria (CBN) gave financial institutions in the country till March 2025 to meet its new minimum capital requirements to remain in business and for the category of GTBank, which has international operations, it must have at least N500 billion compared with the currency N25 billion required of them.

GTCO and other swung into action by embarking on public offers, with the lender raising about N209.41 billion, which has been approved by the CBN and the Securities and Exchange Commission (SEC).

Business Post learned that the exercise garnered substantial interest from domestic retail investors from 130,617 valid applications for 4,705,800,290 ordinary shares, which have been fully allotted.

“We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise.

“The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.

“This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the group for transformational growth and unlock greater value across the group’s banking and non-banking businesses,” the chief executive of GTCO, Mr Segun Agbaje, said.

The GTCO equity capital raise programme is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with the organisation’s commitment to fostering a well-diversified and robust investor base.

Proceeds from the combined equity raise will be strategically deployed to recapitalize GTBank Nigeria, enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution.

Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across its subsidiaries.

By Modupe Gbadeyanka

An initiative designed to support children with special needs and their families has been introduced by Fidelity Bank Plc as part of its Corporate Social Responsibility (CSR) initiatives focused on health and social welfare.

The scheme, Bundles of Joy, will create supportive spaces and activities for children with special needs while addressing the psychological and emotional well-being of their parents and caregivers.

Families interested in the Bundles of Joy programme can register their children at the bank’s website. During registration, parents must provide their details, their child’s name, and information about their child’s needs. Fidelity Bank will follow up to schedule special outings for the children starting in January 2025.

At an event held over the weekend in Lagos, the Divisional Head of Brand and Communications at Fidelity Bank, Mr Meksley Nwagboh, explained that, “Bundles of Joy is a vision of our Managing Director, Mrs Nneka Onyeali-Ikpe.

“The initiative is designed to foster an inclusive society by supporting children with special needs.

“During today’s session, the children will engage in a variety of educative and entertaining activities aimed at enhancing their mobility and social skills.

“At the same time, their parents and caregivers will participate in tailored workshops to equip them with the skills and resources they need to better care for their children.”

Parents and caregivers at the event, including Ms Joy Daberechi, expressed their gratitude for the initiative, saying, “This is a wonderful programme. The sessions have helped me learn more about caring for my daughter, thanks to the resourceful facilitators.

“I deeply appreciate Fidelity Bank for creating this opportunity, even though I haven’t yet opened an account. I encourage other parents to take advantage of this initiative.”

Another participant, Ms Deborah Eromokhodion, said, “It’s been a heartwarming experience and has created a community of support. We’ve had insightful sessions with specialist facilitators on helping our children achieve milestones and goals. Meeting other parents and exchanging tips has been invaluable.”

Fidelity Bank used the occasion to put smile on the faces of the participants by presenting goodie bags to the children and gifts to their parents, leaving attendees delighted and encouraged.