Africa’s fastest growing financial institution according to the Financial Times, Moniepoint Inc has underscored the importance of a collaborative and holistic stakeholder approach in advancing the future of financial and economic inclusion in Nigeria.

In a recent high-level policy dialogue between the Nigerian government and private sector stakeholders held in Washington DC, Moniepoint Inc’s Group CEO and Co-Founder, Tosin Eniolorunda emphasised the importance of public-private collaborations in addressing trust issues that have slowed down the adoption of innovative fintech solutions for economic and financial inclusion.

“Moniepoint has long championed the importance of financial inclusion and financial happiness. Building trust with the public and government, improving business and consumer access to the financial system are critical issues that are aligned to our philosophy. As testament to our commitment, we recently launched a landmark report investigating Nigeria’s informal economy, highlighting opportunities to widen financial inclusion to historically underserved communities. The outputs from this strategic gathering will go a long way in bolstering Nigeria’s economy even as closer linkages are formed from public-private collaboration which will be a huge boost to the overall development and competitiveness of the larger financial services industry,“ Eniolorunda said.

The event, which brought together government officials, regulators, law enforcement agencies, and fintech industry leaders at George Washington University, aimed to leverage innovative approaches to drive a sustainable and inclusive financial system in Nigeria.

Vice President Kashim Shettima, addressing the gathering via video conference, highlighted the urgent need for financial innovation to drive Nigeria’s economic and financial inclusion agenda. This aligns with President Bola Ahmed Tinubu’s administration’s commitment to bringing over 30 million unbanked Nigerians into the formal financial sector as part of the Renewed Hope Agenda.

“We must develop a sustainable collaboration approach that will facilitate the adoption of inclusive payment to achieve our objective of economic and financial inclusion,” Vice President, Shettima stated.

The dialogue focused on addressing critical challenges in Nigeria’s fintech ecosystem, including regulatory oversight, security concerns, and trust issues that have hindered the widespread adoption of innovative financial solutions. Participants explored strategies to enhance interagency collaboration and strengthen the overall effectiveness of the financial services sector.

Philip Ikeazor, Deputy Governor of the Central Bank of Nigeria responsible for Financial System Stability, emphasised the need for ongoing collaboration among all stakeholders to meet the goals of the Aso Accord on Economic and Financial Inclusion.

Kashifu Inuwa Abdullahi, Director General of the National Information Technology Development Agency (NITDA), advocated for “a digital-first approach and the fusion of digital literacy with financial literacy to address trust issues affecting the inclusive payment ecosystem.”

Dr. Nurudeen Zauro, Technical Advisor to the President on Economic and Financial Inclusion, explained that the gathering aims to evolve into a mechanism providing relevant information to the Office of the Vice President, facilitating effective decision-making for economic and financial inclusion.

The event resulted in various recommendations covering rules, infrastructure, and coordination, with a focus on implementable actions and clear accountabilities. As discussions continue, Moniepoint remains dedicated to leveraging its expertise and technology to support the government’s financial inclusion goals and create a more financially inclusive society for all Nigerians.

Other notable speakers included Inspector General of Police, Mr. Kayode Egbetokun, Executive Director of the Center for Curriculum Development and Learning (CCDL) at George Washington University, Professor Pape Cisse, Assistant Vice President at Merrill Lynch Wealth Management, Mr. Reginald Emordi, Regional Director for Africa at the Center for International Private Enterprise (CIPE), Mr. Lars Benson, and United States Congresswoman representing Florida’s 20th Congressional District, The Honorable Sheila Cherfilus-McCormick and Prof. Olayinka David-West from the Lagos Business School among others.

Following its successful launch in 2019, with the selection of 100 students nationwide, the annual Stanbic IBTC University Scholarship programme has proven to be a launchpad for Nigeria’s brightest minds to advance academically; providing a supportive environment to for them to reach their full potential.

To further extend its impact, Stanbic IBTC increased the number of beneficiaries to 200 in 2023 and has sustained this increase for the second consecutive year. This expansion solidifies the programme as a remarkable opportunity to foster the development of Nigeria’s future leaders by recognizing and rewarding academic excellence.

This University Scholarship initiative propels the country’s future leaders, and it is an inspiring reward for academic excellence and hard work. The selected scholars from over 16,000 applications have demonstrated remarkable academic prowess, scoring 250 and above in the 2023 Unified Tertiary Matriculation Examination (UTME); and attaining a minimum of five (5) credits in their O ’level examinations. Their admission into esteemed Nigerian federal and state universities was one of the criteria that qualified them for this auspicious opportunity.

The impact of this programme on its beneficiaries is visible from many angles. By covering the cost of four years of academic study with a substantial fund of 80 million Naira, Stanbic IBTC removes the financial barriers that often hinder talented students from pursuing academic dreams. This support allows these young minds to focus entirely on their studies, fostering an environment where innovation and excellence can thrive.

The organization applies a holistic approach to national development by supporting students from various academic fields. This reflects Stanbic IBTC’s vision of nurturing well-rounded leaders capable of addressing Nigeria’s multifaceted challenges.

The scholarship awards had an impressive gender balance, with 101 females and 99 males receiving the offer, underscoring Stanbic IBTC’s commitment to equality and inclusivity in education and all aspects of its operations. This approach ensures that talent is recognized and nurtured regardless of gender, contributing to a more balanced and progressive society.

The upcoming hybrid award ceremony scheduled for Friday, 26 July 2024, will celebrate these achievements and create a sense of community among scholars, their families, and stakeholders. This event will undoubtedly inspire and motivate other students nationwide to pursue academic excellence.

Stanbic IBTC’s initiative also sets a powerful example for corporate involvement in education. By doubling the number of scholarships to be awarded for the second consecutive year, the firm demonstrates its growing commitment to educational empowerment and its belief in the potential of Nigerian youths.

Through this comprehensive scholarship programme, Stanbic IBTC invests not just in individual students, but in Nigeria’s future. By empowering these young leaders, the organization contributes to developing a skilled workforce, fostering innovation, and laying the groundwork for sustainable national progress.

Stanbic IBTC’s University Scholarship programme stands as a shining example of how corporate social investment in education should be. It celebrates the determination and talent of Nigerian youths while reinforcing the crucial role of education in shaping capable leaders and driving positive transformation across the nation.

Fidelity Bank Plc has recorded an average annual profit growth of 64 per cent over the past three years, underlining its resilience as one of Nigeria’s fastest growing companies.

The bank has also seen rapid expansion in customer base and assets as total balance sheet size leapt from N2.1 trillion to N6.2 trillion, the sixth largest in the Nigerian banking industry. The balance sheet was driven by a hefty total deposit of more than N4 trillion, equally the sixth biggest in the industry.

A review of the audited reports and accounts of Fidelity Bank between 2023 and 2020 showed double-digit growths over the years with cumulative average annual growth rate (CAGR) in earnings, profitability and assets significantly above average industry rate and within the best performance among publicly quoted companies.

Average annual profit growth rate of 64 per cent underscores Fidelity Bank’s fundamental strength as an inflation-hedging investment. The operational growth strengthens the overall return outlook of the bank, which share price has delivered an average annual capital gain of more than 100 per cent in five years at the stock market.

Several experts’ reviews have said the bank’s strong historical performance is a major attraction for its ongoing combined rights and public offer.

Fidelity Bank is offering a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share. The bank is also simultaneously offering 10 billion ordinary shares of 50 kobo each to the general investing public at N9.75 per share.

The acceptance and application lists for the rights issue and public offer, which opened on Thursday, June 20, 2024, are scheduled to close on Monday, July 29, 2024. The rights issue has been pre-allotted on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on Friday, January 05, 2024.

Fidelity Bank’s gross earnings rose successively from N206 billion in 2020 to N251 billion, N337 billion and N556 billion in 2021, 2022 and 2023 respectively, representing average annual growth of 39 per cent. Profit before tax has grown consecutively from N28 billion in 2020 to N124 billion in 2023. Profit after tax jumped from N26.65 billion in 2020 to N99.45 billion in 2023. Earnings per share has also grown from 92 kobo in 2020 to N3.11 in 2023, showing the headroom for increased dividends to shareholders.

The bank’s profitability has been driven by continuous increase in market share, a strong commitment to national economic growth with supports for businesses and high customer trust.

Fidelity Bank’s total assets has grown successively from N2.11 trillion in 2019 to N2.76 trillion in 2020 and consecutively to N3.28 trillion, N3.99 trillion and N6.23 trillion in 2021, 2022 and 2023 respectively. Shareholders’ funds have also grown successively from N234.03 billion in 2019 to N273.53 billion, N285.29 billion, N314.36 billion and N437.31 billion in 2020, 2021, 2022 and 2023 respectively.

Total deposit has grown by an average annual growth of 33 per cent from N1.7 trillion in 2020 to N4.02 trillion in 2023. A breakdown underlined a strong customer confidence with low-cost deposit accounting for 97.4 per cent of total deposit.

Low-cost deposit has grown at a faster CAGR of 44 per cent over the period, rising from N1.31 trillion in 2020 to N3.91 trillion in 2023. Savings accounts had also doubled over the period from N424 billion in 2020 to N881 billion in 2023, representing average annual growth rate of 28 per cent.

Fidelity Bank has more than 8.0 million customers, with 5.1 million of these customers on digital channels, underlining the strength of the bank’s robust information and communication technology.

As customers increasingly entrust the bank with their funds, Fidelity Bank has also shown equally aggressive commitment to national economic growth with average annual growth of 32 per cent in net loans.

Net loans have grown successively from N1.32 trillion in 2020 to N1.66 trillion, N2.12 trillion and N3.09 trillion in 2021, 2022 and 2023 respectively. The above average growth in loans shows Fidelity Bank’s famed supports for Nigerian businesses. The bank’s loans portfolio is the fifth largest in the Nigerian banking industry.

A frontline industrialist and a customer of the bank, Dr. Kamoru Yusuf, Founder of KAM Holding, said Fidelity Bank has been exceptional in supporting the development of Nigerian companies.

Yusuf, whose group has metamorphosed into a global business conglomerate operating in three countries across two continents, confirmed that KAM Holding has benefited immensely from financial supports from Fidelity Bank.

He said investing in Fidelity Bank will be an investment in the growth of Nigerian economy and companies like KAM Holding, the nation’s largest wholly indigenous metal and steel production company.

He underlined the relationship between increased capital for a business-focused bank like Fidelity Bank and the overall development of the Nigerian economy.

There are strong indications that the bank will sustain its impressive growth record in the years ahead. Already, interim report and account of the bank for the first quarter ended March 31, 2024 showed that the bank started the current business year on stronger footing with three-digit growths across key performance indicators.

The three-month report showed that gross earnings increased by 89.9 per cent to N192.1 billion in first quarter 2024. The bank’s top-line performance continued to be driven by broad-based growths across income lines with interest income rising by 90.7 per cent and non-interest income growing by 84 per cent in first quarter 2024.

Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, foreign exchange (forex)-related income, trade, banking services, and remittances, supported by increased customer transactions.

Profit before tax doubled by 120 per cent to N39.5 billion in first quarter 2024 as against N17.9 billion in first quarter 2023. The bank’s performance was driven by expanding market share with total deposit rising by 17 per cent within the three months to N4.7 trillion, compared with N4 trillion recorded at the end of 2023.

The bank also increased its supports for national economic growth with net loans and advances rising by 21 per cent from N3.1 trillion at the end of 2023 to N3.7 trillion by March 2024.

Stanbic IBTC Bank, one of Nigeria’s leading financial institutions, partnered with the Lagos State Water Regulatory Commission to host its fifth edition of Lagos International Water and Sanitation Conference (LIWAC) 2024, which was held on Tuesday, 25 and Wednesday 26 June 2024 at Eko Hotel & Suites in Lagos. The summit focused on innovative funding solutions for water and sanitation infrastructure in Africa’s largest metropolis.

This strategic collaboration brought together financial experts, policymakers, and industry stakeholders under the theme ‘Financing Water and Sanitation for a Greater Lagos.’ The conference aimed to address the $4.3 billion investment gap identified by the African Development Bank for water and sanitation-related infrastructure in Lagos.

Lagos State Governor, Babajide Sanwo-Olu emphasized the importance of forming strategic international alliances. He explained how collaborations are instrumental in pooling resources, tapping into specialized expertise, and ensuring active community involvement. He added that these efforts are critical in driving significant improvements in the water and sanitation sector.

Governor Sanwo-Olu noted that partnerships facilitate the sharing of knowledge and promote best practices. They also foster global cooperation to address water and sanitation challenges more effectively. He elaborated that this comprehensive approach aims to achieve substantial and sustainable advancements in water quality and accessibility, ensuring healthier communities and a more environmentally secure future for Lagos State.

Babatunde Akindele, Head Commercial Banking, Stanbic IBTC Bank, highlighted the significance of this partnership. He said “By collaborating with the Lagos State Water Regulatory Commission for LIWAC 2024, we are leveraging our financial expertise to help tackle critical infrastructure challenges. This summit represents a crucial step towards developing sustainable funding models to transform Lagos’ water and sanitation landscape; boosting the state’s quality of life and economic activities.”

The two-day event featured keynote addresses, panel discussions, and workshops focused on innovative financing mechanisms, public-private partnerships, and investment opportunities in the water sector. Participants explored various funding strategies tailored to the unique challenges of water and sanitation projects.

In a panel discussion titled ‘Innovation Financing: Bridging the sector financing gap,’ Patrick Eneh, Head of Acquisition and Specialised Sectors at Stanbic IBTC Bank, shared insights on the Bank’s relationship with Lagos State. He underscored the Bank’s role as a long-term partner in various development projects, highlighting positive experiences from past collaborations and the Bank’s readiness to further invest in the state’s infrastructure and development projects.

Patrick explained that the Bank’s strategic approach to selecting and financing projects in Lagos State encapsulates the importance of a robust enabling environment, effective regulatory frameworks, and solid financial planning as pivotal elements in fostering successful public-private partnerships.

Rotimi Teteye, Senior Vice President of Stanbic IBTC Infrastructure Fund, highlighted the impact of a supportive regulatory environment on industry development and expansion. “When a government establishes a favorable regulatory framework, it lays a foundation that encourages and drives investments particularly crucial in high-stakes sectors, requiring significant investment inflows for growth and innovation,” he said.

The summit brought together diverse participants, including government officials, financial institutions, private investors, and water industry experts. It served as a platform for developing actionable funding strategies to address the complex economic challenges facing Lagos’ water and sanitation sector, in line with national and global development goals.

The success of LIWAC 2024 underscores the potential of public-private partnerships in driving infrastructure development. It also sets the tone for innovative funding solutions that promise to improve water access and sanitation for millions of Lagos residents.

Stanbic IBTC Holdings, in collaboration with One Tree Planted and the African Research Association managing Development in Nigeria (ARADIN), has launched a significant environmental project titled “Enhancing Biodiversity Conservation and Sustainable Livelihoods in Afi Mountain Wildlife Sanctuary (AMWS).”

This extensive tree-planting and conservation initiative aims to restore degraded watersheds and support local communities in Cross Rivers State, Nigeria.

The three-year project, spanning from April 2024 to March 2027, began with a flag-off ceremony on Friday, June 21, 2024, in celebration of World Rainforest Day. The event featured the planting of tree seedlings and was attended by Stanbic IBTC staff, representatives from the Cross Rivers State Government, and officials from One Tree Planted. This collaboration underscores a shared commitment to environmental preservation and sustainable development.

Dr. Demola Sogunle, Chief Executive of Stanbic IBTC Holdings, remarked: “Stanbic IBTC is committed to fostering sustainable development and environmental stewardship in Nigeria. Our tree-planting initiative demonstrates our dedication to enhancing biodiversity and supporting local communities. By restoring the Afi Mountain Wildlife Sanctuary, we aim at making a lasting positive impact on both the environment and the people who depend on it.”

The project is set to significantly impact the local environment. In the first phase, from June to September 2024, 60,000 trees will be planted across 120 hectares. These trees will include environmentally beneficial indigenous species such as Mahogany, Achi, Opepe, African Nutmeg, Cedar, and Apa wood.

Throughout the project’s duration, approximately 420 jobs will be created, with 84 positions already filled during the seedling preparation phase, 64% of which are held by women. Additionally, the initiative will benefit 300 small-scale farmers through capacity building and environmental conservation efforts, positively impacting several communities in the Boki Local Government Area. The restoration efforts will enhance soil stabilization and reduce the risks of erosion and landslides.

Harry P. Lynch, President and CEO of One Tree Planted, stated: “Planting trees in degraded or deforested areas helps the environment by accelerating and ensuring the re-establishment of healthy forests. Through reforestation, the canopy is restored, ecosystems are revitalized and biodiversity can thrive.”

Supported by the Cross Rivers State Forestry Commission, the project focuses on restoring degraded watersheds in the Badu and Mkperebong river corridors within AMWS. This initiative aims not only at enhancing local biodiversity but also at improving the livelihoods of surrounding communities.

In the second and third years of the project, from April 2025 to March 2027, efforts will concentrate on-site maintenance to ensure the long-term survival and growth of the planted seedlings. This comprehensive approach guarantees a sustainable impact, fostering a healthier environment and stronger community resilience.