FirstBank proudly sponsored the recently held Canada-Africa Fintech Summit (CAFS 2025), which ended at the weekend at the Sheraton Centre in Downtown Toronto.

Convened by Dr. Segun Aina, President of the African Fintech Network, CAFS 2025 was a landmark event that united fintech leaders, regulators, startups, and investors from Africa and Canada to explore scalable digital solutions, encourage investment, and promote inclusive economic development across both continents.

As a legacy institution with over 131 years of leadership in financial services, FirstBank’s sponsorship highlights its commitment to fostering cross-border collaboration, financial inclusion, and forward-thinking innovation in the global fintech landscape. Olayinka Ijabiyi, Ag. Group Head, Marketing and Corporate Communications at FirstBank, stated, “Our support of CAFS 2025 reflects our belief that collaboration between African and Canadian fintech ecosystems can lead to transformative innovations. FirstBank is proud to help shape that future.”

During a high-level panel discussion with Rudy Cuzzeto, MPP for Mississauga–Lakeshore, and David Stevenson, Country Director for the United Nations World Food Programme (Nigeria), Chuma Ezirim, Group Executive for E-Business & Retail Products at FirstBank, stressed the significance of digital collaboration in Africa’s financial ecosystem. “We’re building APIs that understand regulatory bifurcation, who has access to what, and why. The technology is the easy part.”

The real challenge lies in maintaining security, consent, and performance,” he explained. “In Nigeria, fintech has evolved beyond disruption to convergence, integrating banks, fintechs, and regulators into an agile and accountable ecosystem.” He further emphasized that regulatory clarity is essential for building public trust and attracting private investment in fintech, stating, “The more we collaborate, the more lessons we learn, and the greater the benefits for consumers.”

In a separate panel discussion, Rachel Adeshina, Chief Technology Officer at FirstBank, shared insights on harnessing AI to enhance credit access for the underbanked. “We’re addressing data poverty by using AI to interpret alternative data, allowing us to lend to individuals who might otherwise be invisible to the traditional credit system,” she noted. Adeshina highlighted that FirstBank has disbursed over ₦1 trillion in digital loans through this AI-driven model, achieving a remarkable repayment rate of over 99%. “This innovation was enabled not only by technology but also by a supportive environment, including API banking regulations, data privacy laws, and a shift from account-based to wallet-based banking,” she added. She also underscored the importance of scalability through collaboration, stating, “In a fragmented continent like Africa, digital scale will come from interoperability. Connecting the 54 markets is the next big challenge, and fintechs are ideally positioned to lead that initiative.”

The summit formed part of Canada’s broader Africa Strategy, aimed at fostering economic partnerships, digital cooperation, and innovation exchange. As Africa’s digital finance ecosystem continues to grow and Canada develops its own open banking framework, events like CAFS 2025 provide a timely platform to align strategies and ignite collaborations.

Advertisement

TAJ Bank Ltd suffered another system glitch in March this year, leading to unauthorized transfers of a staggering N957.4 million to several accounts in 26 banks and fintech platforms, according to Nairametrics.

This came nearly a year after the bank faced a similar system glitch that moved N139.6 million from its system.

However, in a surprising twist, the bank has withdrawn its case seeking the reversal of the unauthorized debits from the Federal High Court in Abuja.

Nairametrics learnt that the court had earlier declined TAJ Bank’s interim freezing and post-no-debit request against the 26 financial institutions.

According to court documents exclusively reviewed by Nairametrics, TAJ Bank— which eventually discontinued its suit on July 21, 2025—argued that, under the Central Bank of Nigeria’s Regulatory Framework for Banking Verification (BVN) Operations and Watchlist for the Nigerian Banking Industry (2017), the identified institutions were empowered to block, freeze, and reverse back to it the sum of N957,394,438.94 traced to customer accounts.

The bank described the monies as having been illegally debited and “transferred from the accounts of the Plaintiff to the accounts of the customers of the 1-26 Defendants respectively following the system glitch in the Plaintiff’s server.”

Details of the reversal case
In the bank’s suit filed June 11, 2025 (marked FHC/ABJ/CS/1132/2025 and seen by Nairametrics), TAJ Bank approached the court, stating the Plaintiff was severely affected by the effects of the system glitch.

Advertisement

TAJ Bank accused customers of the 26 financial institutions of taking advantage of the glitch to dissipate its customers’ funds.
The bank further argued that unless its post-no-debit, freezing, and reversal applications were granted, it would experience “untold hardship and dire financial loss.”

The bank’s legal team emphasized that the Central Bank of Nigeria Establishment Act grants regulatory oversight over financial institutions in Nigeria and is responsible for ensuring the safety of customer funds.

“An order of this Honourable Court directing the 1st–26th Defendants to comply with the Central Bank Guidelines Nos. BPS/DIR/GEN/CIR/02/004 of 2015, BPS/DIR/GEN/CIR/05/011 of 2018 and the Central Bank of Nigeria’s Regulatory Framework for Banking Verification (BVN) Operations and Watchlist for the Nigerian Banking Industry, October 2017 by blocking or placing ‘No Debit’ restriction on the sum/monies to the extent of the sums illegally received into the respective bank accounts of the 1st–26th Defendants’ customers’ accounts following a system glitch from the Plaintiff’s server on the 9th and 10th day of March, 2025 as listed in the documents marked as EXHIBITS TAJ D1-D8 pending the complete/full refund/reversal,” the bank prayed.

TAJ Bank argued that relevant authorities and stakeholders have a duty to protect the banking and payment service industry from abuse by “dishonest users,” and to take reasonable steps to prevent damages whenever abuse or fraud is known or reported.

Court proceedings
At the court session before Justice Muhammad Umar on June 27, 2025, TAJ Bank’s lawyer, Rilwanu Idris, Esq., appeared and announced his motion ex parte against the identified financial institutions.

He contended that the total sum of N957 million was allegedly debited from his client due to the glitch and was allegedly in the custody of the financial institutions.

He argued that in order to trace and freeze the funds, a court order was necessary to hold the monies pending the determination of the suit.

Advertisement

He assured the court that TAJ Bank would undertake to ensure no one’s interests were put at risk.

Idris stated, “The money had already been deducted, all the respondents concerned are in business, and if you ask them to produce this money, they will.”

He stressed that the court had the power to intervene, or else “the money will go.”

Ruling on TAJ Bank’s motion for an interim freezing order, Justice Umar held that “The ex-Parte application(by TAJ Bank) is refused”.

He rather directed that the financial institutions should be put on notice and TAJ Bank’s processes served accordingly.
The case was then adjourned to July 21, 2025, for hearing.

However, at the resumed session, TAJ Bank’s lawyer, T. O. Nworie, informed the court of the bank’s decision to discontinue the matter.

“We want to bring to the notice of this Court that in line with the Rules of this Court, we filed a Notice of Discontinuance, and we want the Court to take notice of that. It was filed on 17th July, 2025,” the lawyer said.

Advertisement

No further details about the withdrawal decision were given in open court.
Justice Umar granted the Notice of Discontinuance dated July 17, 2025, thereby striking out TAJ Bank’s matter against the financial institutions.

The 2024 incident
Nairametrics previously reported in August 2024 that the Federal High Court in Abuja, per Justice Peter Lifu, granted an interim freezing order against several accounts at Fair Money Micro-finance Bank Ltd and others.

The order mandated the organizations to reverse N139,630,000 credited to some customers and account holders as a result of a “system glitch” at TAJ Bank Ltd.

The bank’s legal team explained that if all accounts listed in its exhibits (belonging to alleged fraud perpetrators) were not urgently blocked or placed on no-debit restriction and the unlawfully obtained amounts reversed, there would be further dissipation of monies belonging to TAJ Bank’s customers.

Justice Lifu granted the interim request from TAJ Bank while ordering TAJ Bank to undertake to protect or insure the identified fintech platforms against any losses should emerging facts render the interim orders inappropriate.

What This Means
This development highlights the complexities of legal disputes involving banks after system glitches.

While the Federal High Court has authority to preside over such issues, the parties must prove their case before a matter can be concluded.

Advertisement

An Economist, banker, and Consultant on Digital Transformation, Dr Tope Fasoranti, advises that safer banking habits, stronger institutional security frameworks, and deeper collaboration among stakeholders can help financial institutions minimize risks while enabling continued enjoyment of a secure and efficient digital financial system.

What You Should Know
Fraud losses among Nigerian banks reached N52.26 billion from over 70,000 transactions in 2024, according to Nairametrics, citing the Nigeria Interbank Settlement System (NIBSS).

This was a 4.5-fold increase from the N11.61 billion lost in the same period in 2023, with most cases arising from electronic channels.

Fraud targeting institutions is often enabled by insider collusion, while fraud against individuals usually succeeds due to negligence or lack of awareness.

Most fraudsters manipulate individuals into revealing security credentials using social engineering tactics such as scam calls, deceptive messages, malware, and fake websites.

Ecobank Nigeria, in the first half of 2025 said, it grew its revenue by 30 per cent as an effect of its comprehensive transformation aimed at accelerating revenue growth, improving asset quality, and enhancing operational efficiency.

Early results from the first half of 2025 showed that its revenue grew to N113.7 billion compared to N87.6 billion that was recorded in the first half of 2024. The bank had also accelerated impairment provisions to support loan write-offs, as gross impairment charges rise by over 200 per cent to N32.8 billion in H1 2025.
Profit before tax nearly doubled, reaching N13.5 billion, up 90 per cent from N7.1 billion in the prior year period. Ecobank Nigeria continues to maintain a liquidity ratio well above the regulatory minimum of 30 per cent.

A source from the bank says a key driver of this success is the establishment of the asset quality war room, which has intensified efforts in loan collections and recoveries.

Additionally, improved oil production has positively impacted the bank’s loan recovery, particularly in the oil and gas sector. Notably, the bank recovered $6 million (over N9 billion) from a long-standing delinquent borrower, and over N170 billion in stage 2 loans were reclassified to stage 1 following consistent performance.

Ecobank Transnational Incorporated (ETI), the parent company, has committed to supporting Ecobank Nigeria, having injected over $10 million in 2024 to help meet the Central Bank of Nigeria’s capital requirements. Further capital injections and strategic measures are underway to restore the bank’s Capital Adequacy Ratio to required levels.

The bank recently confirmed the successful early repayment of 50 per cent of its $300 million Eurobond ahead of its February 2026 maturity, demonstrating strong financial resilience. The bond currently trades near par, reflecting investor confidence. Ecobank Nigeria continues to comply with regulatory directives, refraining from dividend payouts or management bonuses to preserve capital and ensure long-term stability.

Advertisement

About 29.4 million bank accounts in commercial banks were recorded as closed as at March 2025 as banks make efforts to clean their books of questionable accounts and comply with regulatory order on linkage of bank accounts to National Identity Number, NIN.

This figure, however, represents a full recovery as the banks’ books showed 33.29 million closed accounts the previous month of February, which was a new high from 29.43 million recorded in January.

The March 2025 figure represents a 30.43 percent or 6.86 million year-on-year (YoY) increase in the number of closed bank accounts compared to 22.54 million bank accounts closed in March 2024.

These were contained in the latest data of the Nigerian Interbank Settlement System, NIBSS, which also indicated that the number of dormant or inactive bank accounts grew by 13.6 million or 71.3 percent YoY to 33.39 million in March 2025 from 19.79 million in the corresponding period of 2024.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 100.41 million or 45.7 percent YoY to 320.05 million in March 2025 from 219.64 million in March 2024.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number, BVN, and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

Advertisement

According to NIBSS data on BVN enrollment count, 66.23 million Nigerians have BVN as at July 2025 compared to 61.6 million as at April 2024.

Zenith Bank Plc has been named “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025, emerging as Nigeria’s standout performer, and clinching the biggest and most coveted country award, as reported by Nairametrics.

The award, which was presented to the bank on Thursday, July 17, 2025, at The Peninsula, London, is a testament to its commitment to delivering exceptional banking services, innovative products, and superior value to its customers and shareholders.

Euromoney’s Awards for Excellence are one of the most highly coveted awards that matter to banks and bankers who matter.

Zenith Bank emerges Nigeria’s Number one bank by Tier-1 Capital for the sixteenth consecutive year in the 2025 Top 1000 World Banks’ ranking
July 4, 2025

The annual Awards for Excellence celebrate financial institutions that demonstrate leadership, innovation, and resilience in their markets, with this year’s edition seeing a record number of over 770 entries from world-class financial institutions, including HSBC, Morgan Stanley, Citibank, Barclays, Standard Bank, and Development Bank of Singapore (DBS), amongst others.

Commenting on the award, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said, “We are absolutely thrilled to be recognized as Nigeria’s Best Bank by Euromoney. This award is not just a testament to our relentless pursuit of excellence, but also a validation of the unwavering trust and confidence our customers have placed in us. We are once again reminded that our success is not just about us, but about the impact we continue to have on the financial ecosystem. We will continue to work tirelessly to support the growth and development of our economy and uphold the highest standards of governance, integrity, and transparency that has earned us this recognition”.

She dedicated the award to Zenith Bank’s customers across the globe for their loyalty, and to the Founder and Chairman, Jim Ovia, CFR, for his visionary leadership and commitment to excellence, which formed the foundation for the bank’s successes. She also thanked the Board for their guidance, as well as the staff for their unwavering dedication to building a formidable and best-in-class global financial institution that will outlive generations.

Advertisement

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the sixteenth consecutive year in the 2025 Top 1000 World Banks Ranking, published by The Banker.

The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.

Further recognitions include Best Commercial Bank, Nigeria, for five consecutive years from 2021 to 2025 in the World Finance Banking Awards, and Most Sustainable Bank, Nigeria, in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for four consecutive years from 2022 to 2025, and ‘Best in Corporate Governance’ Financial Services Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria, and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.

Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reportin,g and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.

The Office of the Accountant-General of the Federation (OAGF) acknowledges recent concerns regarding the non-receipt of June salaries by certain civil servants and is currently taking measures to address these issues.

In a statement on Friday, Bawa Mokwa, director of press and public relations in the OAGF, said the salary delay was experienced by those whose accounts are domiciled with Zenith Bank.

“Upon investigation, it was discovered that the salary payments for employees across various Ministries, Departments, and Agencies (MDAs) were affected due to a technical network glitch in the bank,” the statement reads.

“The OAGF understands the anxiety and frustration this situation has caused, particularly given the importance of timely salary payments to the livelihoods and responsibilities of our valued public servants.

“We deeply regret the inconvenience this unfortunate incident has caused and wish to assure all affected employees that immediate steps have been taken to resolve the issue.”

Mokwa appealed to all federal public service staff affected by the development to remain calm, noting that efforts are underway to ensure that everyone receives their rightful salaries.

He said the OAGF is working closely with the relevant service providers and stakeholders to ensure the failed payments are reprocessed without further delay.

Advertisement

“Concrete steps have already been taken to isolate the problem, and arrangements are underway to reprocess the failed payments in the shortest possible time,” he said.

“The welfare of federal government employees remains a top priority of the OAGF.”

Mokwa said the office is also working to continue paying the outstanding four months’ arrears of the N35,000 wage award to all affected government workers after resolving the June salary delay.

He said the accountant-general remained fully committed to transparency, accountability, and efficiency in all payroll operations.

“We are open to continuous engagement with stakeholders to ensure sustained improvements in our service delivery. Your patience and understanding during this difficult time are highly appreciated,” he added.

Advertisement