E-Financial
CBN to Sanction Banks Linked to Cash Hawkers

Central Bank of Nigeria (CBN) has announced stringent penalties against Deposit Money Banks (DMBs) found diverting cash to hawkers, as part of its ongoing efforts to ensure responsible currency distribution.
In a circular dated November 13, 2024, the apex bank stated that any bank linked to cash seized from hawkers would face a 10 per cent fine on the total value of the withdrawn funds.
Subsequent violations will attract an incremental penalty of per cent.
The circular, signed by Muhammad Olayemi, acting director, Currency Operations Department, CBN, emphasised that the measures aimed to curb the abuse of naira notes and promote an efficient cash distribution system.
It reiterated the CBN’s commitment to enforcing its Clean Note Policy, which seeks to maintain the integrity of the naira by ensuring proper handling and circulation of banknotes.
The CBN also warned DMBs against cash hoarding and diversion, noting that such practices undermine access to cash, particularly during high-demand periods like the yuletide season.
Banks engaging in these activities will face sanctions, with the CBN working closely with law enforcement agencies to intensify spot checks and mystery shopping activities.
The circular read: “For the avoidance of doubt, it should be noted that: a) DMBs, to whom cash seized from “hawkers” of cash is traced, will be penalized 10 per cent of the total value of cash withdrawn on the day the seized cash was withdrawn from the Central Bank of Nigeria. Every subsequent offense will incur an incremental penalty of 5 per cent.
“b) DMBs found engaging in cash hoarding, diversion, or any actions that hinder efficient cash distribution, including violations of the Clean Note Policy, will incur appropriate sanctions.”
The circular highlighted the need for banks to prioritise the disbursement of cash through Automated Teller Machines (ATMs) to enhance public access and minimise reliance on unauthorised channels.
The apex bank’s directive followed rising concerns over the circulation of new naira notes in informal markets, often traced back to hawkers who sell cash at a premium. By penalising banks involved in such practices, the CBN aimed to deter the misuse of Nigeria’s currency and ensure that cash reaches legitimate end-users.
The enforcement of the penalties forms part of the CBN’s broader strategy to maintain public confidence in the financial system. The Clean Note Policy is central to this approach, as it seeks to reduce the circulation of soiled and unfit banknotes while discouraging unethical practices within the banking sector.
Also, with the festive season approaching, the demand for cash is expected to surge, prompting the CBN to double down on its regulatory efforts.
The circular advised banks to strengthen their internal processes and ensure strict compliance with the guidelines for cash disbursement.
To enforce accountability, the CBN will intensify its monitoring activities, working alongside law enforcement agencies to identify and penalise offenders. These efforts, the apex bank noted, are essential to addressing systemic inefficiencies and ensuring the effective distribution of cash across the country.
The circular noted: “As we approach the yuletide season, with an anticipated increase in cash demand, DMBs are advised to implement internal controls for responsible disbursement and accountability in respect of mint banknotes payouts at their outlets. To enhance public access to cash, we encourage banks to prioritize cash distribution through ATMs.
“During this season, the Bank, in collaboration with relevant law enforcement agencies, will intensify spot checks and mystery shopping activities to monitor and enforce responsible cash distribution and prevent Naira abuse.
E-Financial
World Bank Approves Extra $65m for Nigeria’s SPESSE

World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.
The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.
The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.
The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.
This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.
The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.
Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.
This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.
In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.
Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.
These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.
Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.
In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.
E-Financial
Ecobank Taps Google Cloud to Deepen Financial Inclusion

Ecobank, a pan-African financial services group, has partnered with Google Cloud in a deal to improve financial services with advanced analytics, AI and driving digital empowerment across Africa.
This collaboration will focus on leveraging Google Cloud’s advanced technologies and AI to enhance Ecobank’s digital offerings to accelerate the digital transformation of the Bank.
The partnership agreement is designed to empower individuals, support the growth of small and medium-sized enterprises (SMEs) in the region, and contribute to the overall economic development of Africa.
“Our collaboration with Google Cloud is a leap forward in Ecobank’s digital transformation journey. We look forward to leveraging Google Cloud’s world-class technology to unlock new possibilities for individuals and businesses to grow and scale across Africa,” said Jeremy Awori, group chief executive officer of Ecobank.
“This collaboration signifies our shared intent to explore building a more connected and financially inclusive future for the continent.”
Thomas Kurian, CEO, Google Cloud, stated that Google Cloud and Ecobank have a shared vision for using technology to help deliver financial empowerment to more people and businesses in Africa.
“We look forward to exploring the ways our cutting-edge AI, powerful data analytics, and scalable infrastructure can support Ecobank’s efforts to fuel the continent’s economic development and digital future.”
The collaboration aims to simplify and streamline money transfers, both domestically and across borders. By leveraging Google Cloud’s capabilities, including its powerful data analytics platform, BigQuery, for AI-driven insights, Ecobank will aim to develop solutions that improve access to finance for SMEs, simplify payment acceptance, and provide valuable data-driven insights to help businesses scale across more than 33 countries in Africa.
E-Financial
Stanbic IBTC Holdings Rights Issue Oversubscribed by 21.9%

Stanbic IBTC Holdings Plc has announced the successful close of the N148.7 billion Rights Issue subscription exercise following the completion of the verification exercise by the Central Bank of Nigeria (CBN) and final clearance by the Securities and Exchange Commission (SEC).
Stanbic IBTC Holdings said the Rights Issue was oversubscribed by 21.9 percent, adding that the holding company has injected N140 billion into Stanbic IBTC Bank.
Kunle Adedeji, acting Chief Executive, Stanbic IBTC Holdings Plc while commenting on the just concluded rights issue programme said that “The turnout and participation of existing shareholders taking up their rights was impressive such that the rights issue was oversubscribed by 21.9percent to the tune of N181.4 billion. Our shareholders’ interest shows the confidence they continue to have in the brand,” he said.
“We appreciate the support of the Central Bank of Nigeria, The Securities and Exchange Commission, the Lead Issuing house, Joint Issuing houses and other stakeholders in the successful completion of the recapitalisation exercise.
“We are optimistic about future opportunities, as the injection of new capital will position us to take advantage of them to enable us to deliver to our shareholders. To all shareholders, we are grateful for your unwavering belief and support for the Stanbic IBTC Brand and your willingness to continue this journey with us,” Adedeji said.
Having received an injection of N140 billion from the parent company, the Chief Executive of the Banking subsidiary, Wole Adeniyi, remarked that “the injection of the new capital into the banking subsidiary is a positive development. This will enable the Bank to seize additional opportunities within the industry and enhance our Single Obligor Limit (SOL).
“We deeply appreciate the dedication and hard work of our regulators, issuing houses, and all other stakeholders. We extend our sincere gratitude for your continued support.”
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