E-Financial
9mobile, CBN, Ecobank, Others Brainstorm Deepening Financial Inclusion in Nigeria
As part of efforts to promote financial inclusion among the unbanked and underbanked population in Nigeria, innovative telecoms brand, 9mobile, joined Ecobank, Vanguard Newspapers, Sanef, and other stakeholders in the financial sector to brainstorm the germane issues and plot a roadmap to actualizing the cashless policy of the Central Bank of Nigeria.
The virtual Forum Series which was organized by Ecobank and Vanguard Newspaper focused on Mobile Payment Innovation and Closing the Financial Inclusion Gap – post Covid-19.
Representing the apex bank, Jimoh Musa, Director of Payment Systems at the Central Bank of Nigeria, stated that Nigeria has made a commitment to reduce the number of financially excluded from 46% to 20%.
He emphasized that the idea and strategy of the CBN to introduce agent banking and mobile money was to solve the inclusion access and proximity issues.
“One of the things that we found was that it was very difficult for people in the rural communities to have access to financial touch-points to the extent that people in the rural communities would have to travel for 10 to 20 minutes to get to the nearest financial touch-point.”
In his contribution, Alan Sinfield, the CEO of 9mobile, stated that the telecom company is continually exploring opportunities to bring creative solutions to Nigerians.
“9PSB provides an excellent opportunity to further pursue this commitment to serve more people in a manner that improves their quality of life,” he explained, adding that, “we are confident that 9PSB will also stimulate savings and investments as more liquidity is mobilized from the informal sector into the mainstream financial system. This will translate into increased economic activities in the informal sector and the overall economy.”
Sinfield stated further that there is need for collaborations and partnerships to achieve more inclusion. “We are willing to partner with financial institutions to reach out to the unbanked and under-banked population in Nigeria.
Telcos in Nigeria have some customer data advantage that Nigeria’s financial institutions can benefit from to deepen their penetration. Even though banking started long before mobile telecommunications, there are more active mobile lines than active bank accounts,” the telco chief said.
According to Mr. Patrick Akinwuntan, the Managing Director and Regional Executive of Ecobank Nigeria, Nigeria’s population of over 200 million people underscores the unique potentials inherent in harnessing the financial inclusion drive.
He said that “essentially, the most critical task for us is how we can move from the narrative of using financial inclusion for poverty alleviation to providing wealth creation and gainful economic engagement with the largest pool of participants in the economy.”
Keystone Bank Limited and the Enterprise Development Centre (EDC) of Pan-Atlantic University have signed a landmark Memorandum of Understanding (MoU) to promote Small and Medium Enterprises (SMEs), youth entrepreneurship, and financial inclusion across Nigeria.
The MoU signing ceremony took place at the bank’s head office in Lagos on Tuesday, June 24, 2025.
Speaking at the event, Mrs Nnenna Anyim Okoro, the Executive Director, Corporate and South, Keystone Bank, described the partnership as a bold and strategic step toward accelerating national economic transformation.
According to her, the collaboration underscores Keystone Bank’s unwavering commitment to empowering the next generation of business leaders and fostering an inclusive financial ecosystem.
“At Keystone Bank, we believe that entrepreneurship is the heartbeat of sustainable economic development.
Across Nigeria, MSMEs are not just businesses; they are the dreams and daily struggles of men and women determined to create value, provide jobs, and build a better future. They are, quite literally, the engine room of our national economy.
“Our sponsorship of the Annual EDC SME Conference 2025 and support for the Global Entrepreneurship Week (GEW) Walk reflect our deep belief in the transformative power of small businesses.
“This partnership is also about financial inclusion, youth engagement, capacity building, job creation, and collaboration,” she stated.
Olayemi Sule, Group Head, Retail & Digital Banking, Keystone Bank, emphasized the innovative offerings customers can expect as a result of the partnership.
“Our customers should look forward to a suite of innovative financial products and digital solutions specifically designed to support business growth, enhance financial literacy, and improve market access.
Also speaking, Dr. Nnenna Ugo, EDC board member and Head, Alumni Relations and Support Services at Pan-Atlantic University, expressed optimism about the partnership’s long-term impact.
“We are super excited about this partnership and confident that it will drive transformation for both institutions.
“The EDC was established to build capacity and provide support services for SMEs. In the past 21 years, we have trained over 350,000 entrepreneurs across Nigeria.
“Keystone Bank’s support comes at a critical moment as we scale our programs and expand our reach ahead of the 2025 SME Conference and GEW Nigeria.
“The SME Conference is a powerful platform that brings together key players in the ecosystem each year to address pressing issues affecting small businesses.
“This collaboration strengthens our capacity to engage more entrepreneurs, provide deeper insights, and drive conversations that inspire growth, resilience, and innovation.
“We commend Keystone Bank’s leadership for its vision and dedication to inclusive economic growth. The bank has truly distinguished itself as a champion of enterprise, and we are proud to have them as a strategic partner,” she concluded.
As part of the agreement, Keystone Bank becomes the major sponsor of the 2025 EDC SME Conference and a key supporter of the GEW Walk, a flagship event during Global Entrepreneurship Week Nigeria 2025.
Both events are expected to attract thousands of entrepreneurs, investors, thought leaders, and policymakers, offering a vibrant platform for knowledge-sharing, networking, and business empowerment.
Fidelity Bank Plc on Wednesday refuted claims that its Managing Director, Dr. Nneka Onyeali-Ikpe, is involved in an ongoing fraud case concerning the account of Woobs Resources.
The Bank’s position follows reports published by Sahara Reporters alleging that Dr. Onyeali-Ikpe was listed as a defendant in the case.
However, documents sighted by Nigeria CommunicationsWeek revealed that the charge sheet dated May 12, 2025, named the defendants as Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba.
A statement by the Office of the Attorney General of the Federation and Minister of Justice dated June 9, 2025, confirmed that Onyeali-Ikpe’s name was struck off the charge list.
The Ministry noted that she was neither the Managing Director nor the account officer at the time the account in question was opened.
The clarification aims to dispel misinformation and uphold the integrity of the institution and its leadership.
Federal High Court in Lagos has fixed July 1, 2025, for the commencement of trial in a money laundering case involving Cititrust Holdings PLC and three of its subsidiaries.
The subsidiaries are Cititrust Funding PLC, Cititrust Credit Limited and Cititrust Financial Services Limited,
The companies are facing an eight-count charge filed by a team of prosecutors from the Economic and Financial Crimes Commission (EFCC), comprising Anasoh Henry Onyekachi, Frankklin Ofoma, Abdulhamid Lamido Tukur, and A.A. Usman.
According to the charge, between 2021 and 2023, the companies, all incorporated in Nigeria, allegedly operated investment management services without a valid licence from the Central Bank of Nigeria (CBN).
This act contravenes Section 57 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and is punishable under Section 57(5) of the same legislation.
The prosecution also alleged that the companies conducted a Collective Investment Scheme without registering with the Securities and Exchange Commission (SEC), another violation of regulatory requirements.
In one of the counts, Cititrust Credit Limited is specifically accused of failing to report high-value financial transactions to the Nigerian Financial Intelligence Unit (NFIU).
These transactions include a N20 million transfer on January 7, 2021; a N200 million transfer on April 4, 2021; and a N200 million lodgement on January 29, 2021.
Additionally, both Cititrust Credit Limited and Cititrust Financial Services Limited are alleged to have made a single transfer and lodgement respectively of N42 million into their bank accounts on January 29, 2021, without proper disclosure to relevant authorities.
The alleged offences are in breach of Sections 11(1)(b) and 11(3) of the Money Laundering (Prohibition) Act 2022, as well as Section 54(1) of the Investment and Securities Act 2007, and are punishable under the respective laws.
The court is expected to begin full proceedings on July 1.
MultiChoice Nigeria Slashes Decoder Price by 50 Percent, Offers Free Upgrades
SEC Advocates for Advanced Financial Inclusion by 2030
NFIU Credits AML/CFT Reforms behind Nigeria’s Nears Exit from FATF Greylist
Keystone Bank, Enterprise Devt Centre Sign MoU To Empower SMEs ln Nigeria
AfCFTA Positions Africa to Tap into $712bn Digital Trade Market by 2035
Telecom2 days agoLebara, New Operator Enters Nigerian Telecom Arena, Sells Minutes, Not Airtime
E-Business2 days agoOver 7m Streaming Accounts’ Credentials were Leaked in 2024 – Report
General News1 day agoOpenAI Unveils New AI Agent for Software Developers
E-Financial2 days agoFidelity Bank Uplifts Old People’s Home with Essential Items Donation
E-Financial2 days agoS&P Global Ratings Downgrades Ecobank Nigeria’s Credit Rating to CCC-, Outlook Negative
Telecom2 days agoPIN Pushes for Equitable Digital Governance at World Internet Forum
Telecom1 day ago15 African Startups Using AI Selected for Google Accelerator Cohort 9
E-Financial2 days agoEFCC Drags Cititrust to Court over Unreported ₦200mTransfers