E-Financial
Access Corporation Acquires Sigma Pensions, First Guarantee Pension
Following the completion of the acquisition of Sigma Pensions and First Guarantee Pension, by Access Corporation, both companies have now been unveiled as Access Pensions.
Access Pensions is a subsidiary of Access Corporation and this merger positions the company as the fourth largest pensions fund manager in Nigeria.
Its capitalization doubles the regulatory requirement of funds in excess of N10 billion, with its assets under management (AUM) at over N900 billion and over 1 million Retirement Savings Accounts (RSAs).
Speaking at the unveiling of Access Pensions in Abuja, the Group Chief Executive of Access Corporation, Herbert Wigwe, noted that this merger was in line with its corporate strategy to provide an all-inclusive financial system to cater to its vast customer base.
Wigwe, who was represented Ameachi Okobi, the Chief Brand and Communications Officer Access Corporation, said: “Pension systems do provide an income in the event of retirement, old age, or disability but they also serve a far greater purpose for our customers and communities. Apart from promoting long-term savings for sustainable investment and being a retirement savings account for our over 60 million customers, it also stabilizes and grows economies.”
“In line with our vision of creating a globally connected community and ecosystem inspired by Africa for the world, we want to start building first from Nigeria and then
beyond. That is why we will work closely with our regulators to build this industry for a sustainable future for our community. Let’s shape the future we desire together.”
On his part, Dave Uduanu, the Managing Director of Access Pensions, stated that with the merger of First Guarantee Pension and Sigma Pensions, Access Pensions had become one large, formidable organization with the support of a strong parent in Access Corporation.
He said: “It is with great pleasure that I announce the joining together of these two great entities to become a formidable Pension Fund Administrator to watch in the pensions industry. The opportunities we all dreamt about is now within our grasp and I welcome all of us as we step into this new and exciting chapter, the emergence of Access Pensions.
“We are now going to shape the future that we want for ourselves and our customers while we win together. For a start, Access Pensions is adequately capitalised with total shareholders’ funds in excess of N10billion double the minimum regulatory requirement.
‘The legacy companies have been in business for 17 years, working through the years by sheer grit and determination and we have grown the companies that way and endeared ourselves to our customers.”
He added that his firm would be working with their regulators, partners and parent to leverage technology to expand pension coverage into the huge informal sector using a well-crafted onboarding strategy for micro-pensions.
“We believe this reflects the next frontier of growth for the pension industry with strong potential at driving financial inclusion. We believe that the pensions industry has the potential to reach up to 30 million new Micro-pensions customers in Nigeria over the next 5 years.”
He added that Access Pensions’ mission is ‘to provide every generation with the knowledge, advice and tools to create their future.”
The brand persona is one of bravery, of trusted experts, insightful and supportive and its ambition: is a world where everyone is inspired and empowered to shape the future.
Central Bank of Nigeria (CBN) has waived the 2025 licence renewal fee for all bureaux de change (BDC) operators.
Jonah Onojah, director of the financial policy and regulation department, announced that the waiver took immediate effect.
“This is to inform all existing bureaux de change that further to the Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024, and the ongoing transition to the new BDC regulatory structure, the Central Bank of Nigeria (CBN) has approved the waiver of 2025 licence renewal fee, effective immediately,” the statement reads.
“Any bureau de change that has paid for 2025 licence renewal is hereby advised to apply to the Director, Financial Policy and Regulation Department, Central Bank of Nigeria for refund to its account from which the payment emanated.
“The CBN remains committed to fostering stability, transparency, and efficiency in the foreign exchange market while ensuring that operators align with the revised regulatory framework,” the statement said.
On May 22, 2024, CBN approved new guidelines for BDC operations to improve compliance and oversight.
In the guideline, CBN said all existing BDCs are to re-apply for a new licence according to any of the tiers or licence categories of their choice.
CBN said the guidelines are part of its efforts to re-position the BDC market to play its envisioned role in the foreign exchange market in Nigeria.
PalmPay, a Mobile Money Operator and digital payment platform has reaffirmed its role as a mobile payment provider, correcting the insinuation that it is a loan App.
Chika Nwosu, Chief Executive Officer, PalmPay, speaking at a press conference in Lagos clarified that PalmPay’s core mission is to provide seamless payment solutions and financial services, not to issue loans.
This clarification became necessary against erroneous messages in some social media platforms that the PalmPay is a loan App, as well as individuals wearing PalmPay-branded clothing allegedly been involved in arresting loan defaulters, raising concerns about the company’s role in debt recovery practices.
He explained that all lending activities on its platform are conducted by third-party financial institutions leveraging its ecosystem, not PalmPay itself.
“PalmPay is not a loan App. We provide a platform for third-party financial institutions to offer their services, including loans, to our users. These institutions operate independently and comply with all regulatory requirements,” Nwosu explained.
More so, Chika Nwosu identified smartphone penetration, internet connectivity and innovative technologies as key factors that are crucial to increased access to mobile money services in Nigeria.
According to him, with smartphone penetration projected to reach 65% by 2026 as well as improved internet infrastructure, more Nigerians will be enabled to access mobile money services.
He disclosed that, with fintech companies such as PalmPay evolving through digital wallets and seamless payment gateways, accessibility to mobile money service was bound to expand soon.
He emphasized that with demand for affordability of financial services growing, more opportunities would be unlocked for PalmPay in the nearest future.
“From under 10,000 agents in 2015 to over 1.5 million agents in 2023, agent networks have become the backbone of mobile money operations in Nigeria. For this reason, we are more likely to see a sharp increase in the number of mobile money agents and merchants. Apart from that, MMOs will increasingly use artificial intelligence to improve customer experiences, such as machine learning, predictive analytics, and fraud detection,” he said.
Donald Ubeh, Head, Risk and Compliance, MLRO at PalmPay, while highlighting the impact of fintech companies such as PalmPay, explained that the coming of PalmPay has led to economic empowerment particularly for individual users and several Small and Medium Scale enterprises.
He noted that many Nigerians including bank customers have migrated their funds to PalmPay owing to convenience and accessibility it provides.
He added that mobile money operators were conceived with the aim of driving financial inclusion for the underserved and unbanked population.
According to EFInA, increasing adoption of fintech companies by Nigerians has led to increase in financial inclusion rate by 13% in 13 years.
Moneipoint has denied reports that Moniepoint MFB, its microfinance bank, was hacked and some N1.1 billion allegedly stolen.
Moniepoint, in a blog post said that the report, which began on social media was malicious and misleading and should be ignored.
According to the company, the alleged theft gained traction on social media, alleging that the company is facing operational challenges due to the hack.
“We categorically state that these claims are untrue, and we urge the public to disregard them in their entirety.
Moniepoint MFB has always maintained the highest standards for digital security and customer fund protection.
It stated that as a duly authorised and licensed financial institution, customer deposits with Moniepoint MFB are insured by Nigeria Deposit Insurance Corporation (NDIC), with the Central Bank of Nigeria (CBN) supervising and regulating its operations to ensure adherence to all applicable standards.
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