She said Fidelity Bank has embraced technology as a strategic enabler of efficiency and growth.

Dr. Onyeali-Ikpe, stated this in her keynote address at the 17^th Africa’s Beacon of ICT Merit and Leadership lecture held over the weekend.

Represented by Mr. Stantley Amuchie, executive director at Fidelity, she said the bank have deployed AI driven systems in key areas of its operations.

“Our fraud detection systems leverage machine learning to identify unusual patterns and prevent losses in real time. Our credit assessment processes have been enhanced through data driven models that improve accuracy and speed.

“We have also invested in AI powered customer engagement platforms, including chatbots and digital assistants, which provide real-time support, improve customer experience and reduce operational pressure on our teams.

“Beyond internal operations, we are extending these benefits to our customers. Through our SME initiatives, we are providing entrepreneurs with digital tools such as POS systems and enterprise software that simplify accounting, inventory management, and business decision making, helping them operate more efficiently and scale sustainably,” she said.

On the Africa scene, she noted that banks across the continent are deploying AI to enhance fraud detection, improve credit assessment, and streamline customer onboarding processes, reducing costs and improving service delivery.

“Some have implemented AI driven systems that analyse transactions in real time, detect anomalies, and reduce operational risks, while others have leveraged digital assistants to manage customer interactions at scale, improving response time and freeing human capacity for higher value tasks.

“Across Kenya and South Africa, AI powered solutions are also supporting financial inclusion by enabling faster loan decisions and better risk management.

“The message is clear, Africa is not just a consumer of technology, we are active participants in shaping its future, she added.

She stated that efficiency is no longer optional, but a strategic imperative. “Organisations that fail to adopt intelligent systems will struggle with cost inefficiencies, slow decision making, and declining competitiveness. Those that embrace AI and IoT will operate faster, respond better, and deliver more value.

More so, she identified three key success factors from Fidelity bank experience, among which are, leadership commitment. Digital transformation must be driven from the top, with clear vision and sustained investment.

Second, data discipline. AI and IoT are only as effective as the data that powers them. Organisations must prioritise data quality, governance and security.

Third, talent and culture. Technology alone is not enough. People must be equipped with the skills and mindset to leverage these tools effectively.

Looking into the future, Dr. Onyeali-Ikpe posited, “we must recognize that the convergence of AI and IoT will accelerate. We will see smarter cities, intelligent supply chains, predictive healthcare, and more inclusive financial systems.”

“The question is no longer whether these technologies will shape our future, how prepared we are to harness them” he added.

Positive performance by Dangote Cement, (DANGCEM), Airtel Africa Plc, (AIRTELAFRI) and the Mobile Telephone Network (MTN), has been identified as the driving force behind the last week surge in Nigeria Stock Exchange (NGX) market.   

Leading the positive surge, is the DANGCEM (+1.59% w/w), AIRTELAFRI (+5.99% w/w), and MTNN (+7.95% w/w) drove the market’s positive performance, outweighing losses in STANBIC (-5.96% w/w), GUINNESS (-7.58% w/w), and CADBURY (-11.05% w/w). Consequently, the year-to-date (YTD) return rose to 6.54%.

The Nigerian Exchange Limited (NGX) finished the first week of 2024 on a positive note, buoyed by sustained investor confidence in listed companies.

This momentum has instilled optimism for a potentially bullish market in 2024, bringing the All-Share index up by 6.54% to close at 79,664.66 points.

This implies that, all other indices finished higher except NGX Growth and NGX Sovereign Bond Indices which depreciated by 6.38% and 1.21% respectively, while the NGX ASeM index closed flat.

Market analysts have noted that the stock market has been quite eventful and bullish in 2023, and can reasonably project further improvement in 2024, as more companies approach the market for listing and public offerings.

Techeconomy observation of the market performance revealed that the All-Share Index, which is the broad index that measures the performance of Nigerian stocks, opened the trading week at 74.773.77 index points at the beginning of trading on January 2, 2024, and closed at 79.664.66 points at the end the week on January 5th, gaining 4,890.89 basis points or 6.54%.

Further analysis revealed that activities on the Nigerian Exchange Limited (NGX) which opened the trading week at N40.917 trillion in market capitalization at the beginning of trading, closed the week at N43.593 trillion, hence has earned a week-to-date gain of about N2.676 trillion.

However, it should be noted that outweighing losses are observed in STANBIC (-5.96% w/w), GUINNESS (-7.58% w/w), and CADBURY (-11.05% w/w).

Consequently, the year-to-date (YTD) return rose to 6.54%.

A total turnover of 3.320 billion shares worth N41.755 billion in 46,994 deals was traded during the week by investors on the floor of the Exchange, in contrast to a total of 1.186 billion shares valued at N31.425 billion that exchanged hands last week in 23,969 deals.

The Financial Services Industry (measured by volume) led the activity chart with 2.399 billion shares valued at N26.054 billion traded in 22,833 deals; thus contributing 72.25% and 62.40% to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 213.139 million shares worth N2.434 billion in 2,284 deals. The third place was the Oil and Gas Industry, with a turnover of 163.313 million shares worth N2.054 billion in 3,443 deals.

Trading in the top three equities namely Fidelity Bank Plc, FCMB Group Plc, and Sterling Financial Holdings Company Plc (measured by volume) accounted for 767.964 million shares worth N7.289 billion in 4,589 deals, contributing 23.13% and 17.46% to the total equity turnover volume and value respectively.

Fidelity Bank Plc has completed the acquisition of Union Bank UK (UBUK), a subsidiary of Union Bank of Nigeria Plc, as part of its international expansion plan.

According to the bank’s board of directors, the acquisition of Union Bank UK, which was approved by the Bank of England’s Prudential Regulatory Authority, is expected to unlock significant value for the Fidelity Bank Group.

Fidelity Bank had earlier received a letter of no objection to the transaction from the Central Bank of Nigeria (CBN).

“The acquisition of UBUK is in furtherance of Fidelity Bank Plc’s strategic initiatives on international expansion,” the bank said in the statement.

Meanwhile, the shareholders of Fidelity Bank Plc will receive an interim dividend of 25 Kobo per share, amounting to N8 billion for the half-year financial period ended June 30, 2023.

The dividend payment is a testament to the bank’s strong financial performance in the first half of the year, as it grew its gross earnings by 59.6% to N247.1 billion, driven by a 39.4% growth in interest income and a 207.2% increase in non-interest income.

The bank’s total deposits also crossed the N3 trillion mark, as customer deposits grew by 23.2% year-to-date to N3.2 trillion from N2.6 trillion in the 2022 financial year.

Commenting on the bank’s performance, Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, said: “We are pleased to report on another period of quality growth across all financial and non-financial indices.

“Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterised by global economic headwinds.

“As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.”

Union Bank Plc, which has also been acquired by Titan Trust Bank, said the divestment of UBUK was to enable it to focus on its core banking business in Nigeria.

According to Mrs Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, said the partnership emphasises the bank’s zeal to support SMEs in Nigeria.

She highlighted this at a Memorandum of Understanding (MOU) signing ceremony held in Lagos recently. Stating further, the CEO said: “For us at Fidelity Bank, supporting SMEs is in our DNA and for more than two decades we have been creating multiple platforms to help them thrive.

These include the numerous products we have pioneered for the sector, our collaboration with the Lagos Business School to host the Export Management Programme, the Fidelity SME Academy and our weekly SME Forum radio programme where we have had successful business owners and even SMEDAN share tips on running thriving ventures with listeners.”

Onyeali-Ikpe, represented by the Executive Director, Lagos and South-West, Fidelity Bank, Dr Ken Opara said the partnership is another step in the bank’s journey of helping entrepreneurs grow and compete favorably in any market they operate. “We are very happy to have SMEDAN join us,” he concluded.

On his part, Director-General/Chief Executive Officer, SMEDAN, Olawale Fasanya thanked Fidelity Bank for facilitating the partnership emphasizing that the MOU was particularly significant not just to the Agency but to the MSMEs ecosystem.

Commenting, Fasanya said: “Fidelity Bank is one of the few commercial banks in Nigeria that have shown immense interest in providing support to the large MSME community. I am very aware of some of your products purposely designed to serve the MSMEs. This explains why the Agency is very excited entering into this relationship that we believe will help change the narratives of the sub-sector.”

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 7 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

The GAIM 5 prizes were presented on Thursday, 27 January 2022 at an event held at Fidelity Bank, Awolowo Road, Ikoyi, Lagos and several branches across the six geo-political zones of Nigeria.

A visibly elated Stanley Okpoto -one of the winners- said, “I am more than happy to receive this cash prize from Fidelity Bank. Being a long-time customer and follower of the bank, I feel special and grateful that as little as 2K earned me so much money. I am looking forward to how this money will further transform my business. I encourage my friends and family to take advantage of this life-changing opportunity”.

Also speaking at the well-attended event, the promo Chairman and Executive Director in charge of the bank’s Lagos and South-West Directorate, Dr. Ken Opara, said the ceremony marks a special celebration for the bank being the first prize presentation for the year and therefore sets the tone for the remaining prize presentations to be held in the year.

“It gives me great pleasure to announce the presentation of the sum of N1million to Ajoma Rachael Iyowo and Stanley Sunday Okpoto who emerged winners in the second GAIM 5 monthly draw which held last week. Asides Stanley and Ajoma, eight other customers of Fidelity Bank will receive cash prizes at similar events holding simultaneously at some of our branches across Nigeria. These customers only had to maintain a minimum of N2,000 in their Fidelity Bank accounts to emerge winners. That is the beauty of the GAIM 5 savings promo.

“As a bank, we remain committed to empowering our customers with the resources, expertise and solutions they need to meet their strategic business goals. Whether it is the right loan product, appropriate payment channel or in this case, the benefits for saving their money with us, we are all about providing platforms and solutions to help our customers grow,” explained Dr. Ken Opara, who was represented by the Bank’s Chief Digital Officer, Lanre Showunmi.

The Get Alert in Millions Promo, season 5, is an 8-month long scheme that was launched in November 2021. So far, Fidelity Bank has enriched the lives of over 520 customers with cash prizes ranging from N10,000 to N1million in weekly consolation draws and monthly draws respectively. Qualifying requirements for the scheme are maintaining an account balance of at least N2,000 in a Fidelity Bank savings account and activating a debit card. According to the bank, the promo employs a ticketing approach whereby each N2,000 in customers’ accounts represents a ticket in the draws.

In operation since 1988, Fidelity Bank is a full-fledged commercial bank with a growing customer base of over 6million customers across Nigeria. The bank is known for exceptional customer service and digital innovation.