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PRUDENTIAL AFRICA LEADS INDUSTRY WITH HIGHEST NUMBER OF MILLION DOLLAR ROUND TABLE (MDRT) QUALIFIERS

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Prudential Africa has announced that 222 of its sales representatives across seven of its markets in Africa have qualified for the Million Dollar Round Table (MDRT) in the first half of 2022. This is in comparison to 39 qualifiers from the same period last year, up 469 percent. This makes Prudential the company with the highest number of MDRT members in Africa, with the largest number of qualifiers coming from Nigeria. Million Dollar Round Table (MDRT) is the global Premier Association of Financial Professionals. MDRT members lead the global financial services profession in professional knowledge, ethical conduct, and client service. Members are recognized as setting the international standard of excellence in the financial services field, meeting unique client needs in the evolving landscape of modern personal finance while adhering to a strict code of ethics.These results reflect the strong performance of Prudential in Africa, with Annual Premium Equivalent (APE) sales growing by 17 per cent year-on-year as announced by the Group in its 2022 half year financial results. Six of its eight markets recorded double-digit growth in APE sales. Nick Holder, Chief Operating Officer, Prudential Africa, said that: “Prudential Africa continues to focus on investing in its distribution channels to support the health and protection needs of its customers. We continue to equip our agency force and financial service consultants with digital capabilities to connect and engage with customers as well as provide personalised advice. Our multi-channel and integrated distribution strategy is able to adapt to evolving customer needs and local market conditions, and positions us well to capture growth opportunities”.Prudential Zenith Life Insurance Ltd (PZL) is a subsidiary of Prudential Plc., established in 2017 when Prudential Plc acquired a 51% holding in Zenith Life Insurance. PZL is one of the most capitalized companies in the Nigerian insurance industry with a wide range of individual products including savings & investments-linked products, endowment, and protection products designed to meet the needs of individuals and their families.  For corporate clients, the company’s product offerings include Group Life, Key-Man Assurance, Credit Life, School Fees Protection, and Mortgage Protection, ensuring that the welfare of clients’ staff and families are met.  Prudential Plc provides life and health insurance, and asset management in Africa and Asia, helping people get the most out of life by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. It has more than 19 million life customers and is listed on stock exchanges in London (PRU), Hong Kong (2378), Singapore (K6S), and New York (PUK).Prudential Plc has insurance operations in eight countries in Africa: Nigeria, Cameroon, Cote d’Ivoire, Ghana, Kenya, Togo Uganda, and Zambia.  With over 1 million customers, Prudential Africa works with over 11,000 agents and six exclusive bank partnerships, with access to over 600 branches to bring value-added insurance solutions to its customers.

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Fidelity Bank, Humanitarian Affairs Ministry Support Vulnerable Households in Abuja

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Leading financial institution, Fidelity Bank Plc, has partnered with the Federal Ministry of Humanitarian Affairs and Poverty Alleviation to provide support to vulnerable households in Abuja through its Food Bank programme.

Launched in April 2023, the Fidelity Food Bank is one of the bank’s flagship Corporate Social Responsibility (CSR) initiatives. The programme seeks to combat hunger and malnutrition by supporting communities affected by food insecurity. Since its introduction, more than 300,000 food packs have been distributed to beneficiaries across Nigeria’s six geopolitical zones.

Speaking at an event held recently in Abuja to commemorate the 2026 International Day for the Eradication of Poverty, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, represented by the bank’s Divisional Head of Public Sector, Richard Madiebo, said the bank’s interventions extended beyond food distribution to entrepreneurship support and other empowerment programmes designed to help individuals and families achieve economic independence.

According to Onyeali-Ikpe, Fidelity Bank’s commitment to community development spans approximately three decades, reflecting its longstanding dedication to improving the wellbeing of its host communities.

“Fidelity Bank has always aligned its CSR programmes with the needs of its host communities. We understand the importance of private sector participation in addressing poverty and promoting inclusive development.

“We have delivered 2,000 food packs to residents of Abuja. There are several other initiatives that the ministry and the bank are discussing, and we will allow the ministry to provide further details at the appropriate time,” she said.

Also speaking at the event, the Minister of Humanitarian Affairs and Poverty Reduction, Bernard M. Doro, commended Fidelity Bank for contributing to efforts to improve the welfare of vulnerable Nigerians. He also called for stronger collaboration between the government and the private sector to address multidimensional poverty.

According to Doro, with 63 per cent of Nigeria’s population living in multidimensional poverty, a significant proportion of citizens remains excluded from economic activity, limiting businesses’ access to potential customers and employees.

“When 63 per cent of the population lives in multidimensional poverty, a substantial number of people are excluded from economic participation. This also means that businesses are unable to reach a large segment of their potential customers.

“Our responsibility as a ministry is to unlock partnerships with the private sector. Such collaboration is critical to expanding economic opportunities and bringing more people into productive economic activities. We are pleased that Fidelity Bank is fully committed to this effort,” Doro stated.

The minister urged stakeholders to move beyond declarations and ensure that poverty reduction initiatives deliver measurable and sustainable improvements in the lives of vulnerable households.

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 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 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.

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FIDELITY BANK PLC REDEEMS US$400 MILLION EUROBOND AT MATURITY

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LAGOS, NIGERIA – Fidelity Bank Plc has successfully redeemed its 5-Year US$400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting its obligations to investors and reinforcing its track record in the international debt capital markets.

Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.

The redemption was funded from internally generated liquidity as part of the Bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the Bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.

Commenting on the development, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr/Mrs Nneka Onyeali-Ikpe, said the successful redemption reflected the Bank’s disciplined approach to financial management and its commitment to delivering on its obligations.

“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Onyeali-Ikpe said.

The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the Bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, wherein the Bank raised $300 million and $400 million respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the Bank’s international debt offering.

The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The Bank’s capital-raising efforts increased its eligible regulatory capital to approximately ₦533 billion, exceeding the ₦500 billion minimum capital requirement for banks with international authorisation.

The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.

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GTCO Brings Google Pay to Both Sides of the Checkout As Google Pay launches in Nigeria

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…….GTBank customers can now pay with it and businesses on HabariPay’s Squad gateway can now accept it.

Guaranty Trust Holding Company Plc (“GTCO” or “the Group“) today announced that two of its subsidiaries are live with Google Pay on the day it launches in Nigeria. Customers of Guaranty Trust Bank Limited (“GTBank”) can add their GTBank debit cards to Google Wallet and pay with Google Pay online, in Nigeria and internationally. Businesses that use Squad, the payment gateway run by the Group’s payments subsidiary HabariPay, can now offer Google Pay to their customers at checkout.

The Group is therefore present at both ends of the same transaction: with the person paying and with the business being paid.

For GTBank customers, the change is simple. They add their GTBank debit card to Google Wallet once. After that, they choose Google Pay at checkout, pick the card and confirm, without typing a card number, expiry date or CVV again. Google Pay replaces the card number with a secure digital token, so the merchant does not receive the actual card details. The card can be used wherever Google Pay is accepted online, including for subscriptions, travel bookings, food delivery, bills and digital services.

For businesses on Squad, “Pay with Google Pay” now sits at the top of the Squad checkout, alongside card, bank transfer, USSD, bank payments and Squad’s buy-now-pay-later options. A customer with a card in Google Wallet selects Google Pay, chooses the card, confirms, and is returned to the merchant’s site once the payment is verified. Google Pay is switched on by default for every business on Squad, and a merchant can choose to turn it off. Merchants set up for international payments can accept Google Pay from customers anywhere in the world, which opens Nigerian businesses to buyers abroad, including the diaspora. Fewer fields mean fewer points at which a customer can abandon a purchase, which matters most to the small and growing businesses that make up much of Squad’s merchant base.

Commenting on the launch, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said: “Most failed online payments are not refused, they are abandoned. Somewhere along the way the customer gives up, and the business never learns about the sale it lost. As a customer centric Financial Services Group, we are committed to ensuring that we continue to deliver payment solutions that make transacting safe and simple for our various customer Groups. With Google Pay, what matters to us is that we are ready on both sides from the first day: a GTBank customer can pay with it, and a business on Squad can accept it.”

He added: “This is what a group structure is for. Our Bank and our Payments Business were built to do different jobs, and today they meet at the same checkout. We will keep putting the full weight of the Group behind those small moments where people decide whether paying digitally is worth the effort. When it is, everyone in the transaction wins: the customer, the merchant and the wider economy that depends on both.”

The Managing Director of HabariPay, Mr Eduofon Japhet, said: “For a merchant, every extra field at checkout is a reason for a customer to leave. Squad businesses now get Google Pay inside the checkout they already use, so their customers can pay in a few taps with a card they have already saved. A merchant set up for international payments can now be paid with Google Pay by a customer anywhere in the world, with nothing new to integrate.”

Availability. GTBank customers can add an eligible GTBank debit card through the Google Wallet app on Android or through their Google Account. From today, Google Pay is on by default for all businesses on the Squad payment gateway, and merchants can choose to turn it off. Squad merchants set up for international payments can accept Google Pay from anywhere in the world. More information is available at www.gtbank.com and www.squadco.com.

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