Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.

The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.

According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.

Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said:

“This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders. Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”

One of the key drivers of the improved rating is the bank’s robust capitalisation. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The agency also noted that further capital raising efforts are expected to position the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.

Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. The bank’s balance sheet is reinforced by a high proportion of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.

The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Although the Nigerian private sector remained in growth territory midway through the second quarter of the year, there were signs of a slowdown in the latest survey period as inflationary pressures remained elevated.

Rates of expansion in output and new orders eased in May, while employment dipped for the first time in six months. The headline figure derived from the survey is the Stanbic IBTC Bank Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI registered 52.7 in May, remaining above the 50.0 no change mark for the sixth successive month and signaling a solid strengthening of business conditions over the month. That said, the latest reading was down from 54.2 in April and pointed to the least marked improvement in the health of the private sector since January.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “Business conditions remain in the expansionary territory for the sixth consecutive month in May amid continued improvement in customer demand which is also ensuring businesses launch new products.

However, the pace of improvement in business conditions slowed relative to April, pointing to the least marked improvement since January. While new orders have now increased in each month since November 2024, some firms implied that market conditions are softening.

Hence, the pace of improvement in new orders during May eased to the weakest level in four months. Nonetheless, rising sales and higher customer numbers supported a pronounced output growth across the wholesale & retail and manufacturing sectors.

Given the rising sales and higher customer numbers, companies increased their quantity of purchases for the sixth consecutive month while the rate of inventory accumulation quickened to a three-month high. However, input costs remain high in May, albeit slightly softer than April inflation, with the pace of price increase remaining well above the series average.

As a result, output prices remained sharp as companies passed on the rising purchase costs to customers. Where companies charged lower prices, they indicated that it was due to the need to attract customers. This partly supported the easing of the low in May. the pace of output price inflation to a two-year low in May. Nigeria’s business condition is on course to end Q2:25 on a positive momentum, albeit relatively weaker than witnessed in Q1:25. This is as currency weakness, higher raw material costs, and increased transport prices have been more pronounced than seen in Q1:25.

However, as inflation is expected to remain softer compared to the 2024 average, interest rates are likely to be lower this year, thereby helping to support the medium-term economic growth path. Therefore, we still maintain our expectation that the Nigerian economy is likely to grow by 3.5% y/y in real terms in 2025 relative to 3.4% y/y growth in 2024.”

The slowdown in overall growth was seen across both output and new orders, which each increased at the slowest rates in four months. Where expansions were recorded, panelists linked this to customer demand improvements, higher client numbers and new product launches. Output increased across all four broad sectors covered by the report, with growth sharpest in wholesale & retail and manufacturing. Inflationary pressures remained elevated in May, despite easing slightly from April. Purchase costs rose rapidly amid higher raw material prices, currency weakness and increased transportation costs. Staff costs were also up, but at the slowest pace since March 2023 as a reduction in employment acted to limit the rise in wage bills.

Workforce numbers decreased for the first time in six months as some firms reported that difficulties paying staff had led to resignations. Shortages of staff contributed to a second successive rise in backlogs of work, but respondents indicated that the main factor holding up the completion of projects were delays in payments from customers.

The latest rise in outstanding business was the sharpest since February 2023. While employment decreased, companies continued to expand their purchasing activity at a rapid pace. Respondents mentioned the need to satisfy both current and future client requirements.

In turn, stocks of purchases also rose, and at the fastest pace in three months. Competition among suppliers and prompt payments resulted in a further shortening of suppliers’ delivery times, albeit one that was the least marked in 2025 so far. Business confidence waned for the fourth consecutive month and was among the lowest on record.

That said, companies remained optimistic that output will expand over the coming year, with positive sentiment linked to business expansion plans, marketing and restocking.

Tomilola Fetuga (left), Head of Brand Management and Experiential Marketing, and Omoboye Odu (right), Head of SME Banking, both of Ecobank Nigeria, presenting a cash prize to a representative of Accessories by Morgan for recording the highest volume of transactions during the ‘Oja Oge by Ecobank’ fair held in Lagos.

Ecobank Nigeria, in partnership with Qatar Airways, has recognised and rewarded outstanding exhibitors at the recently concluded ‘Oja Oge by Ecobank’ fair.

The vibrant three-day fashion, beauty, and lifestyle event held in Lagos showcased the creativity and entrepreneurial spirit of local businesses, providing a platform for visibility, sales growth, and market expansion.

The highlight of the event was the presentation of awards to top-performing vendors:

• Goodness and Mercy Hair won the top prize—a Qatar Airways Business Class ticket to any destination of choice—for achieving the highest gross sales in value.
• Clandini received an Economy Class ticket to any global destination as the second-highest seller by gross sales.
• Accessories by Morgan earned ₦750,000 for generating the highest volume of transactions during the fair.

Speaking at the award presentation, Omoboye Odu, Head of SME Banking at Ecobank Nigeria, commended the exhibitors for their innovation and product quality. She also expressed gratitude to Qatar Airways and other partners for supporting the second edition of the bank’s flagship fashion pop-up event.

“This fair exemplifies our ongoing commitment to empowering local entrepreneurs,” Odu said. “It provided vendors with a unique opportunity to showcase their offerings, attract new customers, forge valuable business connections, and explore broader markets.”

Odu further highlighted the fair’s role in fostering engagement between emerging brands and local as well as international consumers.

Award recipients expressed heartfelt appreciation to Ecobank and Qatar Airways for the recognition and encouragement. A representative from Accessories by Morgan noted the critical impact of such initiatives in scaling SME operations and boosting visibility.

Ecobank Nigeria Limited is a subsidiary of the Ecobank Group, the leading pan-African banking group with presence in 33 African countries and international offices in London, Paris, Beijing, and Dubai.

L-R: Mr. Wale Ogunride, Zonal Head, Lagos and South West, Unity Bank Plc; Ebehijie Momoh, Managing Director, AfriGo; Mr. Ebenezer Kolawole, Managing Director/CEO, Unity Bank Plc; and Mr. Ugo Obasi, Chief Operating Officer, AfriGo during AfriGo team’s visit to Unity Bank Head office recently.

Unity Bank Plc has reaffirmed its commitment to advancing electronic payment adoption and financial inclusion by partnering with domestic card scheme provider, AfriGo, to boost card usage across its retail customer segments.

This pledge was made during a high-level strategic business engagement held at Unity Bank’s head office in Lagos on Friday, with AfriGo’s Executive Management team.

Speaking during the session, Unity Bank’s Managing Director/CEO, Mr. Ebenezer Kolawole, stated: “We are committed to making the AfriGo Card a primary delivery channel for Unity Bank. As a national domestic card scheme, it deserves to be promoted both internally and externally as a local solution with significant potential to redefine Nigeria’s card payment landscape.”

Mr. Kolawole also pledged the Bank’s continued support for the adoption of AfriGo cards across its network, while urging AfriGo to intensify awareness campaigns to drive greater market acceptability.

In his remarks, the Managing Director of AfriGo, Ebehijie Momoh, commended Unity Bank for the support it has given the scheme, stating that the Bank ranks among the top five adopters of the AfriGo card and highlighted its growing impact in expanding financial inclusion and improving access to electronic payments.

He noted that AfriGo has continued to innovate with technologies that support instant payments and offline capabilities, ensuring broader access to e-payment systems across underserved markets. He added that partnerships with solutions like Tap & Go have helped boost contactless payment adoption, improving convenience for cardholders who commute for work, business, or leisure.

Momoh expressed optimism about the potential of Unity Bank’s extensive retail network to drive deeper collaboration aimed at enhancing e-banking penetration nationwide.

This collaboration underscores Unity Bank’s enduring culture of digital innovation and its commitment to financial inclusion through homegrown technology. Over the years, the Bank has introduced several digital solutions that demonstrate this commitment.

Notably, Unity Bank pioneered USSD banking, *7799#, in local languages, an initiative aimed at deepening access among underserved rural and semi-urban populations.

It also launched Unifi, a youth-focused digital banking platform designed to meet the lifestyle and financial needs of the younger demographic. Most recently, the Bank unveiled GenFi, a gamified mobile banking solution tailored for children and teenagers to cultivate smart money habits from an early age.

Leading African financial institution, Fidelity Bank Plc, is set to hold the 3rd edition of its flagship market access platform, the Fidelity International Trade and Creative Connect (FITCC) Expo from September 18 to 20, 2025, at the Omni Atlanta Hotel at Centennial Park, Georgia, USA.

In a strategic move to deepen diaspora and transatlantic business linkages, Fidelity Bank is partnering with Amplify Africa, the organisers of AFRICON, the leading African diaspora business and culture summit in the United States. This collaboration brings together two powerful platforms committed to bridging African enterprise with global opportunity.

“Since 2022, when we hosted the maiden edition, FITCC has evolved beyond a platform for promoting Nigeria’s non-oil exports to become a veritable showcase of the immense value Nigeria has to offer the global market.

“As part of our commitment to developing platforms that promote economic growth, creativity, and sustainable trade both within Nigeria and internationally, we are pleased to announce the third edition of FITCC. Since 2022 when we hosted the inaugural edition, the FITCC expo has been at the heart of driving global market access for local businesses and I am delighted that this year we will be in the city of Atlanta, USA,” stated Dr Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer of Fidelity Bank Plc.

Following the success of previous editions in London and Houston, which collectively generated a consolidated deal pipeline exceeding US$500 million, FITCC Atlanta 2025 will convene over 100 Nigerian exporters, alongside U.S. buyers, investors, policy stakeholders, and diaspora-led business networks.

The expo will spotlight strategic sectors including agriculture, consumer-packaged goods, energy transition minerals, fashion, beauty, and the broader creative economy. Programming highlights include business exhibitions, B2B matchmaking, policy dialogues, diaspora investment panels, and curated workshops focused on expanding Nigeria’s access to global markets.

FITCC 2025 is expected to attract over 3,000 participants, including development finance institutions, chambers of commerce, trade facilitation agencies, and multinational corporations. The event is also aligned with ongoing government-led efforts to expand U.S.–Nigeria trade and investment under emerging bilateral frameworks.

Interested participants can register to attend by visiting https://www.fidelitybank.ng/fitcc/#start_registering

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

As part of its commitment to promoting a healthier and more resilient banking workforce, the Association of Corporate Affairs Managers of Banks (ACAMB) is organising a special Aerobics Fitness Session on Saturday, May 31, 2025 at the Lagoon Front of the Eko Atlantic City.

The session is open to all bankers and marketing communication professionals within the industry and will feature a lineup of fun and energising activities aimed at boosting physical and mental well-being.

With stress levels and burnout on the rise in high-pressure sectors like banking, ACAMB is taking, as it has done over the years, proactive steps to encourage lifestyle habits that support overall wellness and productivity.

Participants will begin the morning with a body warm-up and short walk to get their energy flowing, followed by an exciting dance aerobics session designed to elevate heart rates and lift spirits. The day will continue with interactive fitness games that promote movement and team bonding, and will wrap up with a friendly but motivating fitness challenge to inspire healthy competition and personal bests.

“Bankers are vital to the financial ecosystem, and their wellness must be a priority,” said Rasheed Bolarinwa, President of ACAMB. “This aerobics session is a powerful way to foster a culture of health, team bonding, and preventive care. It reflects our belief as EXCO that a strong mind and body, are essential for long-term professional excellence.”

The session is expected to kick off early in the morning to take advantage of the fresh morning air, allowing participants to start their weekend with energy, movement, and connection. It also presents an opportunity to unwind and build camaraderie amongst colleagues outside the traditional office setting.

This initiative is one of several wellness-focused programmes ACAMB is rolling out to reinforce the importance of employee wellbeing in corporate and marketing communication and the broader banking ecosystem.

The Association of Corporate Affairs Managers of Banks (ACAMB) is the recognised professional association for marketing communications and public affairs executives in Nigeria’s banking industry. ACAMB drives ethical communication standards, promotes internal and external stakeholder engagement, and supports member banks in advancing reputation, trust, employee growth and wellbeing.

Union Bank of Nigeria, through UnionCares, an arm of its Corporate, Sustainability and Innovation Initiative, recently sponsored the Ajofa Special Education Foundation for the Deaf Mathematics Competition held at the Wesley School for the Hearing Impaired at Surulere Lagos, Nigeria, with the theme “Impacting Deaf Students and Life with Mathematics in Nigeria.”

The Mathematics Competition had in attendance representatives from Union Bank, the Lagos State Education Board, Principals of Schools, and teachers. Ten competitors, drawn from different schools within and outside the deaf community in Lagos, participated in the programme.

The competition, a collaboration between Union Bank and the Ajofa Foundation, aimed to close the gap in inclusive education by creating opportunities for learners with hearing impairments to showcase their academic abilities and intellectual potential.

Speaking about the event, Olufunmilola Aluko, the Chief Brand and Marketing Officer at Union Bank of Nigeria, said: “At Union Bank, we believe that development must be inclusive. That’s why, through our UnionCares initiative, we continue to invest in meaningful partnerships and platforms like this. We also commend the brilliant students on display today, who have demonstrated that their circumstances do not define them. Rather, they are writing a new story that says disability is not inability. They are mathematicians, thinkers, and problem-solvers whose wisdom whispers and reshapes the world positively.”

Francis Ajomiwe, the Founder and Executive Director for the Ajofa Special Education Foundation for the Deaf, who communicated through an interpreter, expressed appreciation to Union Bank.

He said: “I’m grateful to Union Bank for their Sponsorship of this competition, helping bring our dreams to life. Through the Foundation, we are contributing our share to the overall goals of enhancing the educational experience and developing the deaf community. This we have been committed to upholding through organising education programmes and projects that benefit the deaf community”.

The Lagos State Education Authority, from its School Support Section, was represented by Bukunola Famakinwa, who, during her speech, emphasised the importance of the initiative on deaf learners and their community, stating that, “Deaf learners face unique challenges in accessing quality education, and mathematics is no exception. However, they can excel in mathematics and beyond with the right approach and support.” She emphasised the importance of mathematics as it empowers learners to “make informed decisions, solve problems, and participate fully in society.”

She urged the community to collaborate with the deaf community to create an inclusive education system that supports deaf learners in Nigeria.

The top three winners of the competition were Samuel Megbodofo, Tomilola Shonubi, and Opeoluwa Saka, who finished in first, second, and third place, respectively.

The winners, who came from different schools for the hearing-impaired competition, received branded gifts from the Bank, among other prizes.

The rest of the competitors, learners and teachers were also not left out as they, too, were gifted branded items from Union Bank.

About Union Bank of Nigeria:

Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria is a household name and one of Nigeria’s long-standing and most respected financial institutions.

The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria.

The Bank offers various banking services to individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance. The Bank also offers customers convenient.