Business
Fidelity Bank ranked amongst top Banks in ESG Rating
A recent survey commissioned by the Independent Project Monitoring Company (IPC) Limited has ranked Fidelity Bank Plc fourth out of 29 Nigerian banks in Environmental, Social and Governance (ESG) practices and reporting. The bank achieved a score of 57.73%.
The result shows that ahead of Fidelity Bank, Zenith Bank was ranked first at 65.22%, followed by Access Bank at 60.33% and Stanbic IBTC Bank at 60.16%.
The United Bank for Africa (UBA) was ranked fifth at 57.19%.
In a post hosted on MSN.com, the IPC stated that the ratings were benchmarked against the leading global ESG rating companies such as S & P Global and MSCI Sustainability Ratings.
These weightings were determined following a comprehensive analysis of both global rating standards and the specific nuances of the Nigerian business landscape, resulting in allocations of 13 percent for environmental factors, 43 percent for social factors and 44 percent for governance factors.
In his welcome address at the launch of the ESG report in Lagos, Managing Director IPMC, Mr Robert Ode Odiachi, said the Nigerian banking and insurance sector have played key roles in the economy stability of the country.
He said in the midst of growing challenges facing the two sectors, there is growing need for banks to integrate Environmental, Social and Governance (ESG) practices into their operations especially in the area of risk management and reporting.
“This proactive approach helps them stay adaptive to changing regulations, amidst the rising expectations of consumers,” he stated.
Also speaking at the event themed, ‘Driving Impact: Harnessing ESG for Sustainable Finance’, Rukaiya el-Rufai, Special Adviser to the President on NEC and Climate Change, said companies that prioritise ESG are not only contributing to a more sustainable and an equitable world but are also positioning themselves for value creation that not only ensures greater financial performance but embeds value levers that will sustain the performance.
According to el-Rufai, corporates must ensure that they attain the fine balance of creating sustainable value for their enterprises as well as for society in what is understood as share value creation.
This means that corporates must look beyond themselves to seek to understand and incorporate what value means to their stakeholders.
“Corporates can leverage frameworks, standards, ratings and guidelines to establish clear expectations and avoid blind spots in their operations.
“Companies that proactively address these issues through sustainable practices, such as reducing carbon footprints, investing in renewable energy and promoting circular economies, are better positioned to thrive in a resource-constrained world,” she stated.
It would be recalled that in November 2023, Fidelity Bank became an official signatory of the UN Principles for Responsible Banking – a single framework for a sustainable banking industry developed through a collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
The Kogi State Government has assured retirees that pension and gratuity payments are now processed transparently, eliminating the need for personal connections or lobbying before benefits are paid to retirees.
Director-General of the Kogi State Pension Commission, Mariam Abedo, disclosed this in an Exclusive Chat with the Special Adviser on Media, Ismaila Isah who was on a courtesy visit to her office in Lokoja.
She explained that the government has introduced a technology-driven payment system that ensures fairness and efficiency.
“Once a retiree’s documentation is complete, their payment is processed without any influence. We currently process over 200 retirees daily,” she stated.
Abedo further disclosed that the commission has significantly cleared pension arrears as the state has consistently made funds available to meet obligations of retirees.
She emphasized that transparency and accountability have improved the commission’s operations, making the payment process smoother and more reliable.
Abedo also warned retirees against falling victim to individuals who claim they can influence payments of benefits, stressing that all entitlements are processed strictly on merit.
She commended Governor Ahmed Usman Ododo for prioritizing the welfare of pensioners and reassured retirees that payments would continue as funds are available to the commission to pay benefits to retirees in the state.
A leading African payments technology company, Flutterwave and the Federal Inland Revenue Service, FIRS have concluded collaborative discussion to digitize tax collection in Nigeria.
The collaboration is a step initiated by the FIRS to simplify tax compliance by offering multiple payment options, real-time reporting, and offline capabilities for those with limited internet access.
Meanwhile, Flutterwave CEO Olugbenga ‘GB’ Agboola stressed the firm’s commitment to ensure the using of technology to enhance efficiency, transparency, and economic growth by digitizing government tax collections.
Agboola said: “At Flutterwave, we are committed to leveraging technology to drive efficiency and economic growth. By making tax payments easier and more transparent, we are helping to digitize government collections and support national development which is in line with our mission,” he said
The partnership enables businesses and individuals to pay taxes, levies, and other statutory fees through Flutterwave’s secure and efficient digital infrastructure.
Driving transparency and accessibility
The integration introduces several enhancements, including Flutterwave’s Senior VP, Olufunmilayo Olaniyi, highlighted the importance of public sector collaboration in advancing digital payments, fostering trust, and driving innovation in Nigeria.
“Working with the public sector is pivotal to shaping the future of digital payments in Nigeria. This underscores our commitment to delivering solutions that serve Nigerians better, foster trust, and drive impactful innovation through strategic collaboration.”
What you should know
The Nigerian government has been implementing several measures to enhance tax compliance and efficiency, including digital reporting and e-invoicing systems. In line with these efforts, the Federal Inland Revenue Service (FIRS) is set to pilot its “e-Invoice” platform in July 2025 to streamline invoice management and improve real-time visibility into business transactions.
Amid these regulatory shifts, Flutterwave has been strengthening its presence in Nigeria’s financial ecosystem through strategic collaborations. Beyond facilitating tax payments, the company has expanded its role in digital innovation and security. It recently partnered with the National Information Technology Development Agency (NITDA) and Alami to drive digital transformation and empower SMEs in the tech and creative industries.
Also in 2024, Flutterwave deepened its commitment to financial security by partnering with the Economic and Financial Crimes Commission (EFCC) to establish a Cybercrime Research Center at the EFCC Academy.
Fidelity Bank Plc has announced 20 new millionaires at the 2nd and 3rd monthly draws of its Get Alert in Millions Season 6 (GAIM 6) promo held at the bank corporate head office in Lagos.
The 20 lucky winners, randomly selected through an electronic draw across Lagos, North, Abuja, South-West, South-South, and South-East zones, will be rewarded with the sum of one million naira each.
Speaking at the draws, the promo Chairperson and Executive Director for Lagos and South-West, Fidelity Bank Plc, Dr. Ken Opara represented by the Regional Bank Head, Ikoyi, Chetachi Okechukwu, noted that the GAIM 6 promo was designed to reward customers’ loyalty, encourage a savings culture, and promote financial inclusion across the country.
According to Opara, “Fidelity Bank is dedicated to the financial well-being of our customers and this commitment inspired the launch of the GAIM Promo, designed to cultivate a strong culture of savings.
“Through this promo, customers have the chance to win substantial cash prizes up to N10 million by saving and transacting with their Fidelity Bank Savings accounts. In addition to the monetary rewards, winners will receive complimentary financial advisory services to secure and grow their wealth for the future.”
The monthly draws was monitored by the representatives of relevant regulatory bodies, including the South-West Zonal Coordinator, Federal Competition and Consumer Protection Council (FCCPC), Mrs. Aboluwade Margaret; and the Principal Legal Officer, Lagos State Lotteries and Gaming Authority, Oyinkan Kusamotu.
Since the campaign launched in November 2024, Fidelity Bank has disbursed N19.75 million to 869 customers across different categories. The GAIM 6 campaign, which will run until August 2025, is set to reward lucky customers with a total of N159 million.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 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 Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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