E-Financial
Attacks on Bank Facilities, Workers will Worsen Cash Scarcity – NUBIFIE
National Union of Banks, Insurance and Financial Institution Employees (NUBIFIE) has urged Nigerians to stop attacking bank facilities and workers, saying that bank workers are not the reason new naira notes are scarce, neither are they exacerbating the crisis by hiding or refusing to load the new notes in the ATMs.
Comrade Abakpa 
Anthony, president, NUBIFIE, warned that continued attacks on banks and its staff will force his union to direct workers to stay away from work, which will worsen the cash scarcity situation if bank workers are asked to stop work.
He maintained in a chat with Nigerian Tribune, that bank workers are already afraid of going to work because they feel their lives are under threat by the attacks.
“We are worried about the violent attacks on banks and our members by extension. It is also worrisome the news people are carrying about that banks and their workers are withholding money, it is not true.
“There is no possible way the CBN will release money and banks and their staff will refuse to load the ATMs with cash. Bankers are not the reason why there is cash scarcity in the country neither are they withholding the money from Nigerias. In fact, they and their families are also suffering just like every other Nigerian.
“Attacking bank facilities and their workers who work so hard to render services to the citizens is very wrong. It is wrong for anybody to believe that bankers and the facilities are the reason why there is no money in the ATMs or in the banks. The citizens should rather find a better way to express their grievances instead of unleashing mayhem on bank staff and facilities.”
Comrade Anthony added that, “If the government hesitates any further to protect banks and our members, we may ask them to stay at home. We cannot continue going to work when our lives are not guaranteed. For somebody to go to work in fear of attack is not a situation we want to put our people into.
“We will call for a National Executive Council meeting of our union to deliberate and make a decision in view of the current situation to ask our members to stay off work. Already a lot of critical assets of banks have been destroyed and we will not wait till our members are being killed before we take action.
“We are also appealing to the government to take charge and balance the situation for good because of the masses. The masses are suffering. We urge the government to find a solution fast for the sake of lives and properties in the country. It is recognised that the policy will eventually be beneficial to our economy but right now, the people are suffering seriously.
He reiterated, “We call on Nigerians not to mete their anger on bank staff, the critical facilities of the banks nor on any other assets of the country. Because violent attacks will worsen the situation and sabotage the processes that will help bring the situation to normalcy. ”
“Now that President Buhari has directed that old N200 notes be rolled out to cushion the effects of the new notes scarcity, it will be wise if the CBN will massively make available the notes. It should be much available that every ATM should be working effectively. The CBN and other related government agencies should deploy all their powers and give their best to ensure that this issue does not snowball into a destructive crisis. A serious action and attention on the part of the government will reduce all the tension.
“We are appealing that the new and old naira notes should run concurrently while the CBN gradually withdraws the old notes from circulation.
“We appeal to Nigerians that it is not by violence they can air their view and frustration. Do not destroy bank facilities, it will affect you eventually. If you destroy bank facilities in your area, you will have to go somewhere else to do your transactions, which may cause you more, either time or money.
“We urged our members to thread with caution when going when going to work and closing.”
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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