E-Financial
Alawuba, UBA GMD, Others Call for More Financial Inclusion
Oliver Alawuba, group managing director (GMD), United Bank for Africa (UBA) has made case for more financial exclusion in Africa, saying that a staggering 80 per cent of Africans remain outside the formal financial system, lacking access to essential financial services
Oliver Alawuba, group managing director (GMD), United Bank for Africa (UBA
At a reception, honoring Prof. Pius Deji Olanrewaju, 23rd President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Alawuba stressed the need for more to be done to address financial exclusion.
The event, organised by FIC Professionals Network Plc, brought together stakeholders to discuss ways to promote financial inclusion.
“More than 80% of Africans are outside the financial system. It’s good to see that the agency system is coming onboard, but we need to do more because there are millions of people who have not tested any financial services, “the UBA boss stated.
While highlighting the urgent need for innovative solutions to bridge the financial divide, Alawuba emphasised the importance of collective efforts from financial institutions, governments, and stakeholders to create a more inclusive financial ecosystem that benefits all.
But President Bola Tinubu has assured that his administration is committed to ensuring greater financial inclusion, recognising its potential to unlock economic opportunities, reduce poverty, and promote sustainable growth.
Tínubu’s commitment to expanding financial services to underserved populations, including low-income individuals, rural communities, and small businesses, was reinforced by the appointment of Dr Nurudeen Abubakar Zauro, a technical adviser on financial inclusion, who emphasised the importance of collective efforts from financial institutions, governments, and stakeholders.
“When we came on board, the first thing we did was that we partnered with FIC Professionals Network to stage a workshop in order to inspire stakeholders who we believe know better and have all the experience that is needed for us to do the right thing. It shows that the administration is indeed determined to do everything possible to provide access to financial services, especially in our journey to growing a $1 trillion economy.
“There’s a need for us to strengthen that partnership. So I am quite happy that the certification program of CIBN is a very important one, and now I can tell you that we are doing everything possible to see how we can personalise and, of course, continue to partner and collaborate with FIC, CIBN and all other stakeholders,” the president’s adviser stressed.
Meanwhile, FIC Professionals Network has been commended for its efforts in promoting financial inclusion, particularly through its agency banking initiatives.
Mr. Sola Bickersteth, organisation’s Group Director, Business Development, emphasised the importance of collaboration between public and private sector stakeholders to achieve financial inclusion.
He said: “We cannot congratulate you enough and chartered the Institute of Bankers for laying the path for the direction that we’re taking. We congratulate you, sir, because you are going to graduate the first set of agent bankers certified by CIBN in October of this year, and we believe that it can only get better from there.
“We’re also happy that the government has that vision very clearly stated. So FIC, as an organisation, works with both the public sector and the private operators. We are not a service provider but a collaboration organisation working closely with everybody on how we can, in a consistent manner, make this financial inclusion a reality in Nigeria. And so, in coming together, we believe that we can fill those gaps.”
Responding, the CIBN President expressed gratitude for the honor and applauded FIC for keying into his legacy agenda.
He, however, rallied support for the Network in its commitment to ensuring financial inclusion in the country.
Independent revenue remittance by the Government-Owned Enterprises (GOEs) moved from ₦200 billion in 2013 to over ₦2 trillion in 2024, Fiscal Responsibility Commission (FRC) confirmed the updated figure, on Wednesday.
FRC attributed the surge to collaboration between it and House of Representatives Public Accounts Committee (PAC).
Speaking at 2025 National Conference on Public Accounts and Fiscal Governance, held at the Transcorp Hilton, Abuja, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq however notes with concern persistent challenge despite achievements. He cited weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level as according to him, only 26 out of 36 states have adopted similar laws.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the exclusive legislative list. He urged federal and sub-national actors to align their fiscal policies under the renewed hope agenda of President Tinubu’s administration.
Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework.
The event organized by House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management.
He lauded administration’s of president Bola Ahmed Tinubu commitment to strengthening financial policies aimed at driving economic growth. He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.
Highlighting a critical legislative gap, Muruako noted that the FRA 2007 currently outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.
“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed.
He congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the Exclusive Legislative List. He urged federal and subnational actors to align their fiscal policies under the Renewed Hope agenda of President Tinubu’s administration.
Reaffirming the FRC’s commitment to advancing transparency and reducing financial leakages, Muruako pledged continued support to the PAC in institutionalizing sound public financial management practices.
He also congratulated the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.
Union Bank of Nigeria has reacted to the recent judgment delivered by Justice Abike Fadipe of the Ikeja High Court involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the bank.
The bank expressed strong disagreement with the ruling and confirmed that its legal team has been directed to file an appeal immediately. It said the court’s position on issues such as debt consolidation, locus standi, and third-party liability contradicts existing legal principles and the bank’s understanding of the facts.
In a statement released by Mrs. Olufunmilola Aluko, Chief Brand and Marketing Officer, Union Bank reiterated that the relevant debt obligations had been transferred to the Asset Management Corporation of Nigeria (AMCON), adding that all actions taken were in line with the law and standard banking procedures.
Union Bank assured stakeholders, customers, and the general public of its continued commitment to ethical practices, legal compliance, and professional conduct. It said it remains dedicated to protecting stakeholder interests and upholding the integrity that has defined its operations for more than a century.
The bank concluded by thanking all stakeholders for their trust and support as it navigates the ongoing legal process.
PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.
This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.
With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.
PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”
With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”
This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.
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