Banking and Finance
Banking the Economy That Actually Exists
There is a version of the Nigerian economy that the banking sector has always served well. It is the economy of salaried professionals, corporate treasurers, documented collateral, and monthly pay cycles. It is the economy that fits neatly into conventional credit models, standard account structures, and the risk frameworks that Nigerian banking inherited from its colonial and post independence institutional architecture. That economy is real, and serving it matters.
There is another version. It is the economy of the cooperative chairwoman in Ogun whose members pool contributions weekly. The textile trader in Balogun who turns inventory four times a month but has never had a formal credit history. The agro dealer in Kaduna whose working capital needs spike in planting season and collapse in the dry months. The artisan in Aba whose business has been profitable for fifteen years, but whose collateral is her workshop and her reputation. This economy is also real. It is, by most measures, larger than the first; and for most of Nigerian banking history, the sector was not designed to serve it.
The gap is not a matter of intention. It is a matter of architecture. Conventional banking products were designed around a specific customer profile: formally employed, predictable monthly income, assets that could be valued and pledged, credit history held in a bureau. Nigerians who fit that template, whether men or women, whether in Lagos or Kano, were served well. Those who did not, regardless of how productive their economic activity, were structurally underserved. They were not refused service. The products simply did not fit the shape of their lives.
The numbers confirm what anyone who has spent time in a Nigerian market already knows. According to the 2023 EFInA report, 26 per cent of Nigerian adults remain financially excluded. The World Bank’s surveys of Nigerian SMEs consistently identify access to finance as the single largest constraint on business growth, particularly among enterprises operating in the informal and semi formal sectors.
These are not idle businesses. They are enterprises generating real output and real employment, operating in a financial blind spot that the banking sector created not through malice but through product design.
A small number of institutions have begun to close that gap by building differently. Union Bank of Nigeria is one of them.
Through alpher, the bank’s financial proposition designed specifically for underserved market segments, Union Bank disbursed over ₦150 million in cash flow loans to entrepreneurs in a single three month window in 2025. The underwriting methodology behind alpher was built for businesses whose income flows through market associations and cooperative structures rather than through conventional payroll. These are businesses that traditional credit scoring cannot see, not because they are risky but because the scoring model was never calibrated for them.
Through alpher partnerships, the bank extended more than ₦106 million in discounted credit to seventy one businesses operating in market clusters that had previously sat outside the formal banking system. Its financial literacy outreach through alpher reached over 230 individuals in targeted sessions, and a parallel programme supported fifty nine previously unbanked entrepreneurs with micro grants and account opening.
The significance of these numbers is less in their volume and more in their method. alpher represents a decision to redesign the product rather than wait for the customer to fit the existing one. That is a meaningful institutional choice, because it requires a different kind of underwriting capability, a different kind of relationship management, and a different kind of patience than conventional retail or SME banking demands.
What makes Union Bank’s work on financial inclusion credible is that the institutional culture behind it is itself built on inclusion. Forty-five per cent of the bank’s board is female, exceeding the Central Bank of Nigeria’s thirty per cent governance threshold by fifteen percentage points.
The Managing Director and Chief Executive Officer, Mrs Yetunde B. Oni, leads an institution whose most recent graduate intake was sixty per cent female. The bank offers five month fully paid maternity leave, among the longest in the Nigerian banking sector, alongside ten day fully paid paternity leave, formalised adoption and surrogacy leave, and the CareCube crèche facility at the head office. These are not separate from the bank’s external inclusion work.
They are the internal architecture that makes it possible. An institution that invests in the breadth of its own talent base develops a broader product imagination than one that does not.
The honest assessment is that the Nigerian banking sector as a whole has a considerable distance still to cover. The informal and semi formal economy remains the largest segment of Nigerian economic activity, and it remains the least well served by formal financial institutions.
The products available to this segment are still too few, still too expensive in many cases, and still too narrowly distributed. Closing the gap will require more institutions to make the same architectural choice that the early movers have made: to build for the economy that actually exists, not for the economy that conventional banking assumed it was serving.
As Union Bank enters its 109th year, the inclusion question is not peripheral to its institutional story. It is central to it. A bank that has been present in Nigeria since 1917 has watched the country’s economic structure change repeatedly. The cooperative economies of the North, the trading networks of the South West, the manufacturing clusters of the South East, and the digital enterprises of Lagos each demand different financial products and different engagement models. The institutions that build for that diversity will be the ones that remain relevant. The ones that do not will find that the economy they were designed to serve is no longer the economy they need to serve.
Nigeria’s productive economy is broader, more diverse, and more resilient than any single customer profile can capture. The banking sector’s next chapter will be defined by which institutions recognised that earliest and built accordingly.
Union Bank of Nigeria has started. The work continues.
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Banking and Finance
Fidelity Bank Extends “Give Her Power” Initiative to Ogun State, Empowers 100 Women with Vocational Tools
L-R: Regional Bank Head, Southwest 1, Fidelity Bank Plc, Mr. Folaranmi Jemirin; Commissioner for Women Affairs and Social Development, Ogun State, Hon. Adijat Adeleye-Oladapo; Head, Women Banking, Fidelity Bank Plc, Mrs. Harriba Harry-Pepple; Local Government Education Authority (LGEA) Board Chairman, Ogun State, Hon. Oluwaseyi Oyekan; and one of the beneficiaries at Fidelity Bank’s donation of vocational tools to women at the “Give Her Power” Initiative in Abeokuta, Ogun State, recently.
In a bold demonstration of its commitment to inclusive growth and sustainable development, leading financial institution, Fidelity Bank Plc has extended its recently launched “Give Her Power” initiative to Ogun State, empowering 100 women with vocational tools designed to strengthen their economic independence and boost household income.
The outreach is part of the Bank’s nationwide rollout of the initiative, which was unveiled earlier in March during the signing of strategic Memoranda of Understanding (MoUs) with partner organisations to commemorate the 2026 International Women’s Day.
The event, which held at the MKO Abiola Sports Arena in Abeokuta, featured the distribution of 50 sewing machines and 50 grinding machines to women engaged in microbusinesses across the state. It attracted market leaders, community stakeholders, and government officials, including the Ogun State Commissioner for Women Affairs and Social Development, Hon. Adijat Adeleye‑Oladapo.
Speaking at the event, the Regional Bank Head, Southwest 1, Fidelity Bank Plc, Mr. Folaranmi Jemirin, reaffirmed that the Ogun outreach aligns with the Bank’s broader commitment to delivering practical, measurable empowerment interventions through the Give Her Power initiative.
“At Fidelity Bank, our approach to empowerment is simple; it must be practical, inclusive, and sustainable. When you empower a woman economically, the benefits extend to her family, her business, and the wider community. This outreach in Abeokuta is a continuation of the momentum created with the launch of the ‘Give Her Power’ initiative earlier in March,” Jemirin stated.
He explained that the “Give Her Power” initiative is anchored on HerFidelity, the Bank’s women-focused proposition, which provides financial literacy, business support, vocational training, mentorship, and wellness initiatives for women-led enterprises.
Jemirin further revealed that the bank had scaled its women-focused interventions nationwide, including the distribution of 1,000 sewing and grinding machines, the rollout of the HerFidelity Apprenticeship Programme 2.0, financial literacy sessions for girls, mentorship engagements, and hands-on skills training.
“This is more than a donation, it’s our vote of confidence in your ability to earn, grow, and create value within your communities,” he added, urging beneficiaries to make productive use of the items.
Commending the initiative, the state commissioner for Women Affairs and Social Development, Hon. Adeleye-Oladapo, described the programme as a meaningful shift from symbolic celebrations to tangible empowerment.
“This initiative goes beyond celebrating International Women’s Day. It delivers real opportunities for transformation. When you empower a woman, you empower a family and, ultimately, society,” she stated.
She further praised Fidelity Bank for complementing the efforts of the Ogun State Government under the leadership of Governor Dapo Abiodun in advancing women’s economic empowerment.
She urged beneficiaries to make productive use of the equipment, stressing that the true value of the initiative lies in its long-term impact on livelihoods and community development.
The “Give Her Power” initiative stands out as a prime example of Fidelity Bank’s sustained commitment to building pathways for individuals to thrive, businesses to grow, and communities to prosper through inclusive empowerment programmes.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a 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 recognized 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.
Banking and Finance
Polaris Bank celebrates 58 New Hires from its flagship PGIT, PTIP as CEO charge them to Keep Learning, Keep Evolving
Polaris Bank MD/CEO, Kayode Lawal, engages newly graduated PGIT/PTIP cohorts, urging a steadfast commitment to continuous learning, integrity, and professional excellence at the graduation ceremony held in Lagos last Thursday.
Lagos, Nigeria — April 8, 2026: Polaris Bank has graduated 58 exceptional new hires from its flagship Polaris Graduate Intensive Training (PGIT) and Polaris Tech Ignite Programme (PTIP), reinforcing its commitment to building world-class talent in Nigeria.
The ceremony, attended by senior leadership and invited guests, celebrated a highly selective cohort drawn from over 10,000 applicants – placing them among the top 0.58% who successfully made the cut. The milestone underscores the bank’s rigorous standards in identifying and grooming future leaders.
Addressing the graduates, Managing Director/CEO, Mr. Kayode Lawal, delivered a compelling charge centered on continuous learning and adaptability in a fast-evolving industry. “Never stop learning, because life never stops teaching,” he said. “In today’s technology-driven world, staying relevant requires constantly upgrading your skills. The world has moved from a pre-digital era to one powered by AI – where tasks that once took weeks are now completed in minutes. To thrive, you must learn, adapt, and evolve.”
He also stressed the primacy of character, noting that integrity remains the cornerstone of a successful banking career. “Integrity is the hallmark of a banker – once you lose it, you lose everything. What we truly sell is our reputation,” he stated, urging the graduates to uphold the highest ethical standards.
Mr. Lawal further encouraged disciplined financial habits, humility, and gratitude, reminding them that success goes beyond professional milestones to include lifelong learning, strong values, and respect for those who support one’s journey.
Congratulating the cohort, he urged them to embrace their careers with purpose and responsibility, noting that their contributions will be pivotal to the bank’s growth and the broader financial ecosystem.
The PGIT and PTIP programmes offer intensive training across banking and technology disciplines and have consistently produced high-performing professionals. The new hires will be deployed across key functions, supporting Polaris Bank’s strategic priorities in retail expansion, digital innovation, and superior customer experience.
Polaris Bank remains committed to empowering young Nigerians with opportunities to build impactful careers, as it continues to foster a culture of excellence, innovation, and sustainable growth within the financial services sector.
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As the Central Bank of Nigeria’s (CBN) recapitaliSation exercise came to an end March 31, 2026, most banks operating in the country rose to the challenge and met the requirement ahead of time.
However, Fidelity Bank’s proactive approach paid off, and it continued to demonstrate its commitment to growth and innovation. In a remarkable display of investor confidence, Fidelity Bank opened and concluded a private placement in just one day on December 31, 2025. Leading institutions, including AFREXIM Bank and its subsidiaries, invested in the bank, showcasing their faith in Fidelity’s vision and leadership.
With the CBN’s verification process complete, Fidelity Bank’s capital base now exceeds the required N500 billion threshold. This milestone positions the bank to expand its footprint, drive growth, and deliver returns to investors.
Market analysts stated that the successful completion of the private placement underscores strong investor confidence in the bank’s growth strategy, governance framework and long-term fundamentals, even amid tightening regulatory standards and evolving macroeconomic conditions.
The lender had announced to the investing public that it has surpassed the N500billion regulatory capital threshold following the successful completion of a N259billion private placement of ordinary shares.
The Company Secretary, Fidelity Bank, Ezinwa Unuigboje in a signed statement on Nigerian Exchange Limited (NGX) disclosed that the private placement, conducted with the approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), was opened and closed on December 31, 2025.
According to her, the proceeds from the exercise lifted Fidelity Bank’s eligible capital from N305.5billion to N564.5billion, subject to final regulatory approvals.
The latest capital raise positions the lender comfortably above the new minimum capital requirement of N500billion for commercial banks with international authorisation, as stipulated by the apex bank under its banking sector recapitalisation programme. According to the bank, the private placement was carried out pursuant to the mandate granted by shareholders at its Extraordinary General Meeting held on February 6, 2025.
At the meeting, shareholders authorised the board to issue up to 20 billion ordinary shares through a private placement as part of measures to strengthen the bank’s capital base and enhance its capacity to support economic growth. The N259billion raised through the private placement builds on earlier capital-raising efforts by the bank. Fidelity Bank had stolen the show by taking a bold step in June 2024, launching a Public Offer and Rights Issue to raise capital.
Fidelity Bank successfully raised N175.85billion via a combination of a public offer and rights issue, which had increased its eligible capital to N305.5billion at the time. That exercise left a capital shortfall of N194.5billion relative to the new regulatory benchmark, a gap now fully covered by the latest transaction. Fidelity Bank’s strategic moves have set it up for success, and the stage is set for the bank to make significant strides in the Nigerian banking sector. Fidelity Bank noted that the strengthened capital position will enhance its balance sheet resilience, support business expansion, and enable it to play a more robust role in financing key sectors of the Nigerian economy, in line with regulatory expectations. The bank added that it remains focused on value creation for shareholders, prudent risk management and sustained profitability as it navigates the post-recapitalisation phase of the banking sector. Meanwhile, the stock price of Fidelity Bank closed trading April 10, 2026 at N19.50 per share on the NGX.
As reported by Kayode Tokede of Thisday Newspaper
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