E-Financial
CBN to Monitor Compliance with Removal of ATM Charges
A week after the decision of the Bankers’ Committee to stop inter-bank automated teller machine (ATM) charges, investigations have revealed that some of the banks still charge customers for inter-bank ATM use.
Central Bank of Nigeria (CBN) has however indicated her resolve to monitor compliance while Nigeria Deposit Insurance Corporation (NDIC) said the removal of charges would deepen the market.
But bank customers who spoke to our correspondent find it hard to believe that banks find it difficult to comply with the new directive, after it was unanimously agreed by their directors.
Steven Onifade, a bank customer said he was happy when he heard the cheering news of the scrapped inter-bank ATM charges, only to use his card at another bank’s ATM and N10 was deducted from his account.
Another respondent who craved anonymity said, the clause ‘this transaction attracts N100, do you wish to continue, ’ought to be removed since all the banks are now at par.
The respondent said the greed by the issuing banks to get a N25 share from the N100, was responsible for their non compliance.
Reaching out to the banks for their reactions to the allegations, our reporter was asked to send e-mails, which are yet to be responded to at the time of filling this report.
But Ugo Okoroafor, director, Corporate Affairs, CBN said the apex bank would continue to remind the banks to honour their decision and encourage them to abide by it in the interest of the customers.
He said that the decision by the bankers’ committee was a welcome development as the directive was not directly from the CBN but “they thought it wise to scrap the charges.”
Going by the complaints of the numerous bank customers on non-compliance of some banks with the directive, the CBN spokesman said the apex bank would deploy examiners to monitor compliance with the directive.
Elsewhere, Umaru Ibrahim, managing director, NDIC said the decision to stop the charge would increase the patronage of ATMs and deepen the financial inclusion strategy.
He listed the other projects meant to promote financial inclusion to include the cash-less policy designed to bring low-cost, secure and convenient financial services to urban, semi-urban and rural areas in the country.
Ibrahim called for the promotion of all-women microfinance banks, adding that evidence from other countries indicate that such institutions have the potential to promote easy access to credit among rural women, especially at the group levels.
He said the platform could also be used to mobilise more funds from the group.
Ibrahim said out of the total number of provisional and final microfinance bank licences issued by the CBN, the north, including Federal Capital Territory had only 24.75 per cent, and therefore called on the state governments in the region to establish more grassroots banks.
According to him, financial inclusion, alternatively characterised as ‘access to finance’ has been defined as ‘universal access at reasonable cost, to a wide range of financial services to everyone needing them, provided by a diversity of sound and sustainable institutions.’
He said the CBN and NDIC have and uphill task in improving financial inclusion given the relatively low level of penetration of financial services in the country.
The NDIC boss said the rising trend in bank customers’ complaints is a source of worry to the regulators.
He said such complaints arising mainly because of poor customer service, high bank tariffs, frauds and forgeries as well as bank distress could threaten confidence in the banking system.
Ibrahim said banks are aware of whom their customers are but many of them do not appreciate the need to determine their expectations and how to manage them.
“The inability to manage customers coupled with the serious corporate governance issues could explain the high frequency of complaints among bank customers in Nigeria. To determine the causes of customer complaints and design appropriate strategies for preventing and controlling it, the need to determine customer expectations and how to effectively manage them cannot be over emphasised,” he said.
Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
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.
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.
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.
SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes
Glo, Huawei, Communications Ministry Bring Digital Services to Abuja Village
PalmPay Launches CSR Initiatives to Empower Women, Foster Financial Literacy in Northern Nigeria
Tripoint Travels Hosts Pre-GEC Brunch for Nigerian Delegates Ahead of Global Entrepreneurship Congress 2025
Africa Cross-border Payments Set to Hit $1 trillion by 2035
E-Financial3 days agoFidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support
E-Business3 days agoNigeria Among Hotspots as Kaspersky Warns of Rising Ransomware Threat in Africa
E-Business3 days agoNDPC Probes Suspected Data Breach in Examination Centres
Telecom2 days agoMTN Nigeria Invests ₦900Bn in 2025 to Boost Network Quality in Lagos & Abuja
Telecom3 days agoVitel Wireless Completes Interconnectivity with all Major Telcos in Nigeria
Telecom3 days agoMTN inducted into Brand Africa Hall of Fame
General News3 days agoNigeria Approves $500m for AfDB’s Trust Fund Replenishment over Next 15 Years
Telecom3 days agoeBusiness Life Girls In ICT: Stakeholders Call For More Action On Girls Participation In ICT