E-Financial
CBN May Allow Telcos to Drive MM Adoption
Central Bank of Nigeria (CBN) may rescind its decision and allow telecoms operators drive the mobile money payment scheme to give fresh impetus to the initiative which has crawled since introduction in 2011, Nigeria CommunicationsWeek has learnt.
Nigeria’s mobile money service is anchored on a bank-led model, which required that only financial institutions could carry mobile money licences.
What it also means is that all the telecoms companies are offering mobile money services in partnership with licence holders.
Nigeria CommunicationsWeek however gathered that the policy shift is in offing as the CBN and Nigeria Communications Commission (NCC) have begun talks to involve telecommunications operators as key drivers to increase the adoption of the system in the country.
Paul Mosimabale, head, product and business development, First Bank of Nigeria, gave hints of such talks and urged CBN and NCC to come up with a framework to increase awareness of the system among Nigerians.
Mosimabale, who stated this at NigeriaCom conference, held in Lagos last week added that the operators also noted that the involvement of telcos will help banks to leverage on the telcos dealers and customer care outlets as mobile money agent networks.
He explained that because of the low amount of commission involved in the transaction most agents are reluctant to accept mobile money transactions.
“Robust and strong Agent distribution is very key for any mobile money initiative to be successful.” the bank executive added.
Nigeria CommunicationsWeek gathered that as income; illiteracy; affordability; poor access channels; and inadequate distribution or agency networks are major challenges affecting the emerging industry.
Mr. Emmanuel Okoegwale, principal associate, Mobile Money Africa said that mobile money was a mass market product that would require mass access channels to reach all market segments.
Nodding in agreement, Samson Isa, director West Africa, Clickatell, said that agent network is important in the adoption of mobile money and that banks could not leverage the agent network of telcos because they were excluded from the process.
He called for a synergy between banks and telcos to make the system successful.
Isa also identified cost of Unstructured Supplementary Service Data (USSD) platform of telecommunications networks that is use in the transaction process as being high.
Nigeria CommunicationsWeek learnt that some mobile network operators had refused to open up mass access channels like Subscriber Identification Module toolkit and USSD for mobile money providers.
Mobile money is the transfer of monetary value via the mobile phone. The system fundamentally rides on mobile networks.
According to Isa, if there is synergy between banks and telcos, USSD service could be free or reduced to short message service (SMS) rate.
Presently, telecommunications operators charge N10 for a N100 transaction on their USSD platform.
But despite the many roadblocks, mobile money transactions are on the rise as Nigeria CommunicationsWeek had reported a daily transactions value of N8million on the interoperability platform of mobile money services.
Interoperability is basically the ability of the user of one mobile money service to send money directly to the wallet of a user on any other service.
Without interoperability the difficult decision of which mobile money service to choose might be influenced by which members of the customer’s peer group are already using a given service.
Nigeria CommunicationsWeek gathered that transactions among mobile money schemes commenced in March this year after the expiration of the deadline of February 28 Central Bank of Nigeria (CBN) gave to operators to connect to National Central Switch (NCS) that is offering the handshake.
The daily transactions value of N8million is carried out over 200 transactions every day. These are specifically transactions from one mobile scheme wallet to another as well as from mobile scheme wallet to bank accounts.
Moreover, transactions within a mobile scheme are not recorded in this value and volume as their transactions are routed through NCS.
Okoegwale, said there are different levels to achieve interoperability. It could be platform, agency or even via other channels like merchants.
“Essentially interoperability enables the acceptance of e-money seamlessly across providers, agency network and event merchants. Interoperability for agent revolves around agents ability to meet the needs of subscribers across multiple providers for cash out and cash in service, same way ATMs don’t discriminate between cards of firms that had entered into interoperability agreements at National or even at international level. It significantly reduces the cost for ecosystem players across agency network,” he said.
He added that when interoperability is achieved in the system a subscriber of scheme provider A, can send mobile money from his wallet to subscriber that is enrolled in scheme provider B and the funds in the wallet can be spent directly at a merchant location or cash out at own agent locations.
It would be recalled that Central Bank of Nigeria (CBN) had issued licences to 16 companies to operator mobile money transactions.
The CBN had said that the MMOs were licensed to accelerate the transformation of the nation’s payment system which would emphasis use of mobile phones.
Nigerian insurance industry has recorded a gross written premium of N1.562 trillion in the 2024 financial year. Mr Kunle Ahmed, Chairman, Nigerian Insurers Association, disclosed this during the 54th Annual General Meeting of the Nigerian Insurers Association (NIA) in Lagos.
Ahmed said that this represented a 56 per cent increase over the N1.003 trillion generated in 2023.
According to him, the industry’s total assets rose to N3.9 trillion, a 46.1 per cent increase from N2.67 trillion in 2023.
He said: “The Nigerian insurance industry in 2024 experienced notable developments, shaped by regulatory changes, economic conditions, and evolving market dynamics. “Available data indicated robust growth in gross premiums.
The industry reported a gross written premium of N1.562 trillion, a 56 per cent increase over the N1.003 trillion recorded in 2023. “Non-life business accounted for N1.1 trillion, while life business generated N470 billion.
“The industry’s total assets expanded significantly to N3.9 trillion, a 46.1 per cent rise from N2.67 trillion in 2023. “Market capitalisation also grew substantially, reaching N1.2 trillion, a 41 per cent increase from N850 billion in 2022.”
Ahmed further disclosed that the net claims paid by the industry stood at N622 billion, with the non-life segment accounting for N437 billion and the life segment for N185 billion.
He said within the non-life sector, fire, oil and gas insurance lines were key drivers of revenue growth, with all non-life products demonstrating strong quarter-on-quarter increases.
Ahead of the Africa Social Impact Summit (ASIS) 2025, scheduled for July 10 and 11 in Lagos, co-conveners Sterling One Foundation and the United Nations in Nigeria held a high-level press briefing at the United Nations House in Abuja.
L–R: Mohamed Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria; Olapeju Ibekwe, CEO, Sterling One Foundation; and Abubakar Sulieman, MD/CEO, Sterling Bank, at the recently held Africa Social Impact Summit 2025 World Press Conference at the United Nations House, Abuja.
The event brought together development partners, policymakers, and the media to outline expectations for the upcoming summit and reflect on Africa’s role in defining local responses to global challenges.
Since its launch in 2022, ASIS has grown into a key platform for regional development collaboration. From eight founding partners, the summit now brings together over 40 institutions working across climate, healthcare, education, finance, governance, and digital inclusion. This expansion points to a growing shift: African institutions are pushing to set the agenda, not wait to be handed one.
The 2025 summit, themed “Scaling Action for the SDGs: Bold Solutions for Climate Resilience and Policy Innovation,”will focus on strengthening sub-national development, rethinking finance flows, and tackling structural inequalities through long-term investment and reform.
Speaking at the press briefing, Mohamed M. Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria, reinforced the urgency of this year’s convening.
“The climate crisis is eroding decades of development across Africa, displacing communities, disrupting education and health systems, and undermining economic stability. But lasting solutions must come from those living the impact daily.
“As co-conveners of the summit, and with this year’s theme Scaling Action: Bold Solutions for Climate Resilience and Policy Innovation, ASIS offers a platform for African institutions to lead and for global partners to respond with investment, policy reform, and serious commitment.”
In a presentation on the summit’s evolving impact, Olapeju Ibekwe, CEO, Sterling One Foundation, reflected on the summit’s trajectory:
“ASIS has never been about convening for its own sake. Each summit marks a deliberate step to mobilize capital, shift policy, and advance African-led solutions. Already, we have seen over 100 million dollars unlocked through coalition efforts.
“That scale is not accidental. It is the product of systems thinking, partnership, and a commitment to putting Africa’s priorities at the center of global development conversations.”
In his remarks, Abubakar Suleiman, MD/CEO, Sterling Bank, emphasized the private sector’s enduring role in the ASIS journey: “Sterling Bank has been a strategic partner to ASIS from the very beginning.
“As global development funding becomes more constrained, it is increasingly clear that the private sector must help drive scalable solutions.
“Our engagement with ASIS reflects a belief that impact is not a side effort but core to building resilient economies and inclusive growth.”
Other partners in the room echoed the need for bold, cross-sector investment in areas such as health systems, youth employment, education access, and digital infrastructure.
ASIS boasts a coalition of over 40 institutions that includes Afreximbank, Coca-Cola, United Nations Global Compact Network Nigeria, Sterling Bank, and other theme and technical partners, with Lagos State as the host city.
Interested participants are encouraged to register at theimpactsummit.org
Flutterwave, Africa’s leading payments technology company, has been named in the TIME100 Most Influential Companies List of 2025, marking its second appearance on the prestigious global ranking.
Previously honoured in 2021, Flutterwave joins industry giants such as Amazon, Netflix, and OpenAI in the TITANS category of the fifth-annual list, which recognizes companies driving significant global impact.
The selection process, led by TIME editors, evaluated nominees based on innovation, ambition, impact, and success, highlighting Flutterwave’s transformative role in the fintech sector.
Founded in 2016, Flutterwave has grown into a powerhouse facilitating seamless payments across Africa and beyond, empowering businesses and individuals in the digital economy.
Its solutions span critical sectors such as cross-border remittances, e-commerce, travel, payroll, and hospitality.
The company’s 2021 TIME100 recognition followed its impactful campaign to help businesses pivot online during the COVID-19 pandemic.
This year’s inclusion underscores Flutterwave’s sustained influence, with its technology now reaching over 34 African countries and expanding into new markets such as Bahrain, Turkey, and Saudi Arabia, supporting a leading global ride-hailing company’s operations.
Flutterwave’s flagship remittance product, SendApp by Flutterwave, has gained significant traction in the US, UK, and EU, offering faster and more affordable money transfers for the African diaspora.
In 2024, the company secured 20 additional licenses in the US, bringing its total to 34 and achieving near-complete coverage through strategic partnerships.
Flutterwave’s focus on profitability and market expansion, coupled with a strengthened executive team, has fuelled its growth, with nearly half of its customers receiving payments in new markets last year.
Olugbenga Agboola, founder and CEO, Flutterwave, expressed pride in the recognition, stating, “Being recognized by TIME once again is a true honour. It’s a testament to our team’s incredible work. We’re shaping Africa’s financial future and connecting the continent to the world.”
The accolade follows other recent honours, including topping Fast Company’s 2024 Most Innovative Companies list for Europe, the Middle East, and Africa, and earning a second consecutive ranking in the FXC Top 100 Cross-Border Payment Companies.
The TIME100 listing solidifies Flutterwave’s position as a global fintech leader, bridging Africa to the world through innovative payment solutions.
As the company continues to expand its reach and refine its growth strategy, its influence in transforming the financial landscape remains undeniable, setting a benchmark for innovation and connectivity in the digital economy.
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