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E-Financial

AMMBAN Seeks Enforcement of CBN Guidelines in Tackling Abuses of Agency Banking

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The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has called for more cohesive collaboration among stakeholders in the mobile money and agency banking sector in a bid to sanitize the industry and diffuse the challenges bedeviling it.

 

Speaking on Wednesday at a press conference in Lagos, in the wake of allegations of lack of coordination and regulation levelled against the sector by a member of the House of Representative, AMMBAN National President, Mr. Victor Olojo noted that the sector is well regulated by the Central Bank of Nigeria (CBN) and has been operating under the regulatory guidelines as stipulated by the CBN.

According to him: “While appreciating the interest of the member of the House, I need to state that the financial inclusion industry in Nigeria is well regulated, and of course the financial sector is well regulated by the CBN, and the Mobile Money and Agency Banking aspect is not left out.”

He however noted that despite the framework issued by the CBN, what is lacking is enforcement. “What we are seeing is somewhat close to an abuse, a clear violation of what the framework issued out by the CBN states. One of the frameworks states that a Mobile Money or Bank Agent should be located in a brick and mortar location, an address that is traceable.

“But what we have today are agents under umbrellas, trees, and agents who are hawking with terminals. And for a very long time as early as 2021, we had written to various stakeholders highlighting these issues of concern to us.

“So, we are happy that finally this is coming out to the fore. We believe that what is lacking is enforcement. And as an association we have already taken steps in ensuring that these issues are being addressed.”

Olojo therefore called for collaboration among the various stakeholders to ensure that there is a streamlined operation in the sector, according to CBN guidelines.

Also speaking at the event, AMMBAN National PRO, Oluwasegun Elegbade highlighted the position of the Association.

The AMMBAN secretary disclosed that one of the strong resolutions that emanated from its Annual National Conference held in Abuja last year, along with robust deliberations with all critical stakeholders, was to begin to self-regulate using a special AMMBAN task force.

He explained that the Association serves the interest of all Mobile money and Bank agents in Nigeria. and is duly registered and recognised by the CBN and other relevant players in the mobile money and Agency banking sector of the country.

According to him, AMMBAN is currently in a process of taking necessary steps to ensuring that its “business space is rid of unscrupulous elements and their activities capable of derailing the laudable intentions of the government at ensuring poverty alleviation by deepening financial inclusion to the last mile. Our sincere motive and prayers have been to bring sanity to bear in our business space.”

He emphasized that Mobile money and Agency Banking are deliberate innovations of the government, which creation was borne out of the goal to ensuring all Nigerians of bankable age are financially included.

He further noted that the critical activities of mobile money and bank agents in Nigeria have, in no small measure, contributed to the enviable achievements being witnessed by the country in the financial Inclusion drive and we are proud to be a critical part of this initiative.

While acknowledging that while AMMBAN “wholeheartedly agree that the effective enforcement of regulation guiding the industry is long overdue, we will also like to correct some wrong impressions expressed in the motion moved by Honourable Jimoh Olajide as published in some National dallies on the 3rd of March, 2022.”

Elegbade while noting that in most cases member agents are the victims of fraud cases, however, said that the worrying realities lay credence to AMMBAN’s consistent calls for effective enforcement of the guidelines in the industry through the Licensed Operators.

“There is need for proper supervision of entry and conduct of activities of all players in the value chain. Agents are mostly the victims of the many crimes committed in our business space today as highlighted on the floor of the House.

“Many criminals parading themselves as customers in dire need of cash or other financial services have mastered the act of cloning bank alerts and using same for exchange of cash from the outlets of unsuspecting agents. We have instances where the sum of money involved in such incidences is so huge that the agents involved became insolvent.”

On efforts put in place to ensure adherence to CBN regulation, AMMBAN President, Oloja disclosed that the Association has been organising training and retraining exercises to ensure that the framework issued by CBN is strictly adhered to. “We have been training and retraining our members on what the expectations are.

“We know there was a time when there was rumours and concerns that agents were taking out details of customer. But we know that no member of the Association of Mobile Money and Bank Agents will do that. Our members are well traceable, we have our database.

We cannot say that for a fact that unscrupulous individuals now have access to PoS terminals , that is why we have continued to raise our voices from time to time to say that there is need for more coordination among the players of Mobile Money and Agency Banking in Nigeria.

So, for a fact, there are concerns, but we want to say that bulk of the issues are not from the side of the agents, but there is a need for all players to come together to see how we can address these issues.

He also disclosed that as an internal measure at AMMBAN, the Association has launched a monitoring and evaluating unit, the AMMBAN Task Force, to ensure that Mobile Money and Bank Agents registered under AMMBAN play by the rules.

Across our state chapters within the country we have been cooperating with security agencies like the DSS, the Police in addressing issues of counterfeit currencies, fraud and the likes.

He however lamented the pressure on member agents who are made to be on the receiving side whenever there is an issue, sometimes being forced to pay for customers’ loses, even when they provide all evidences required in the pursuit of fraud cases.

“We have a robust working relationship with the CBN, and others who are working towards deepening financial inclusion in Nigeria, including CBN’s Development Finance Department (DFD), Shared Agent Network Expansion Facilities (SANEF) and Enhancing Financial Inclusion Access, (EFInA)”, Oloja noted.


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E-Financial

SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

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Securities and Exchange Commission  (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.

SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.

“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.

“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”

SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.

“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.

“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.

Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.

Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.

“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”

Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.

 

 

 


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E-Financial

Africa Cross-border Payments Set to Hit $1 trillion by 2035

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Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate  of 12%.

It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.

Despite the impressive growth, the report highlights systemic inefficiencies.

“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.

However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.

In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.

Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.

The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.

According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.

“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.

Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.

The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.

“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.


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E-Financial

SANEF, CIBN Partner to Expand Agency Banking Certification

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L-r: Prof. Pius Deji Olanrewaju, President/Chairman of Council, the Chartered Institute of Bankers of Nigeria (CIBN) and Uche Uzoebo- MD/CEO, Shared Agency Network Expansion Facilities (SANEF) at the signing of Memorandum of Understanding (MoU) between the two organizations for the expansion of Agency Banking Certification Programme held in Lagos recently,
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Chartered Institute of Bankers of Nigeria has expanded its Agency Banking Certification Programme through a tripartite collaboration between the Institute, FIC, and SANEF Limited.

This partnership according Prof. Pius Deji Olanrewaju, President/Chairman of Council the Chartered Institute of Bankers of Nigeria, CIBN, is timely and strategic, “as we aim to broaden the reach of the certification across Nigeria’s agent banking sector. With SANEF’s deep integration in the financial inclusion ecosystem and established relationships with leading super agents, we are confident that this collaboration will strengthen the quality and visibility of the programme.

“The goal is clear, to enhance professionalism among agent bankers, support the national financial inclusion strategy, and contribute to building trust and integrity within this growing segment of the financial services sector. This collaboration presents an excellent opportunity for further implementation of the competency framework for the banking industry in Nigeria”.

He noted that the collaboration among others is part of his LEGACY agenda which highlights the multifaceted role of financial institutions in shaping Nigeria’s economic future.

The letter C in the LEGACY agenda refers to Competence in the banking and Finance industry, which is a very crucial factor in the banking and finance sector. Competent individuals in this industry are equipped with the necessary knowledge and skills to effectively manage financial resources. Individuals with expertise in this field can contribute to the growth and stability of the economy.

Mrs. Uche Uzoebo, Managing Director/Chief Executive Officer, Shared Agency Network Expansion Facilities, SANEF, described the memorandum of Understanding, MoU, as a visionary partnership that seeks to expand Financial Inclusion through Agent banking training, Financial Literacy and knowledge impartation, an objective that forms a key pivot of what SANEF represents.

“Over the years, SANEF, in strong collaboration with our key stakeholders, Banks and Licenced Super-Agents/Mobile Money Operators and other Financial Service Providers, have continued to deepen the frontiers of Financial Inclusion and agent bank. Financial Literacy and training have remained a key part of this objective.

“This MOU ceremony is a fulfillment of a shared vision through the expansion of Agent Banking, Financial Literacy, capacity building, thought leadership, training and competency.

She further explained that the agreement provides a training structure with well-curated and knowledge filled training modules and materials that will deepen the knowledge and capacity in agent banking.

“It will go ahead to deepen and expand the knowledge and capacity of all participants that will take part in this training and we believe that with the quality and cooperation of all parties present, this very important objective of impartation of knowledge and thought leadership, grooming and training minds to be empowered and learned and contributing our quota to nation building and be a better place,” she added.

 


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