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E-Financial

EMV Transactions Near 60 percent globally – Report

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In the 12 months leading up to June 2017, 59.9 percent of card-present transactions globally used EMV technology, an increase from 42.4 percent in the previous 12 months, according to the technical body EMVCo.

Given the ongoing rate of EMV adoption, the percentage today is likely to be even higher, an EMVCo press release said.

Predictably, the United States experienced the largest year-over-year increase; 31.4 percent of transactions were EMV enabled, compared with 7.2 percent in the prior 12 months.

The release cited substantially higher rates of EMV-enabled transactions in regions where EMV has been deployed for a longer period of time: – Europe Zone 1, 98.2 percent

-Africa and the Middle East, 90.9 percent

-Europe Zone 2, 89.1 percent

– Canada, Latin America and the Caribbean, 87 percent

– Asia, 56.2 percent

“The most recent transaction volume data indicates that we are moving towards EMV chip technology becoming the foundation for contact and contactless card-present payments worldwide. As EMV chip migration approaches maturity across the globe, EMVCo continues to work with the payments community to evolve the EMV chip specifications to promote a secure and interoperable basis for mobile payments and other emerging payment technologies, and meet the long term needs of the payments ecosystem,” Jack Pan, EMVCo Executive Committee Chair said in the release.


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E-Financial

Access ARM Pensions Advocates Ways to Boost Civil Servants’ Retirement

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Access ARM Pensions has urged Nigerian civil servants to embrace small but consistent voluntary contributions to their Retirement Savings Accounts (RSAs), describing the habit as a simple and effective way to build long-term financial security.

The call was made by Mr. Afolabi Folayan, Executive Director, Technical, Access ARM Pensions, during his keynote address at the International Civil Service Conference in Abuja.

Speaking on the theme, “Building Financial Resilience for the Nigerian Civil Service of the Future,” Folayan emphasised the need to rethink retirement planning beyond statutory deductions.

He said: “We must turn concern into strategy. As leaders of the pension ecosystem, our job is to build a system that is not just safe, but smart. Not just secure, but inclusive. Not just mandatory, but meaningful. Civil servants should be able to top up their pensions anytime, even with just N1,000 from their phones. Over time, compound interest takes care of the rest.”

He highlighted several core challenges civil servants face when preparing for retirement, including inflation, currency depreciation, inadequate financial literacy, and rising post-retirement obligations. According to him, voluntary top-ups offer a simple yet effective strategy to cushion future economic shocks.

Folayan further acknowledged the achievements of the Contributory Pension Scheme (CPS) which currently boasts over N23.3 trillion in assets, but noted that much of the investment remains concentrated in government securities, which may yield below inflation in the long run.

Recognising that retirement is no longer a passive stage of life, Folayan underscored the need for pension systems to evolve alongside the realities of Nigerian retirees.

He added: “Retirement today is not the quiet twilight it once was. It is dynamic. Retirees are caregivers, business mentors, community leaders etc. They face rising medical costs, ongoing family responsibilities, and often still want to contribute- in new ways. Our pension system must meet them where they are, not just where they were.”

Folayan also called for pension funds and employers to collaborate on more integrated retirement solutions. He proposed the creation of financial wellness hubs offering budgeting tools and retirement planning support; health partnerships that provide access to affordable medical care, including critical illness coverage; and accessible mortgage schemes designed specifically for civil servants’ income profiles.

He also urged that technology should be leveraged to empower contributors, suggesting mobile-friendly platforms that include pension growth simulators, life-stage guidance tools, biometric login for added security, and real-time transparency on balances, fees, and investment performance.

“We stand at crossroads. We can continue with a system that delivers the minimum or we can build one that delivers the dignity every civil servant deserves. A system that rejuvenates trust in public service, innovates for financial inclusion, and accelerates us toward long-term economic resilience,” he stated.


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E-Financial

FG Halts FRC’s Turnover-Based Levy, Introduces N25m Cap

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Federal government has halted the implementation of the controversial turnover-based annual dues imposed by the Financial Reporting Council (FRC) and has introduced a N25 million cap for Public Interest Entities (PIEs) in the private sector.

FG Halts FRC’s Turnover-Based Levy, Introduces N25m Cap

This was disclosed on Sunday by Dr Jumoke Oduwole, minister Federal Ministry of Industry, Trade and Investment.

“To provide immediate clarity, the Minister has directed the Financial Reporting Council (FRC) to apply an interim cap on annual dues payable by private sector PIEs at N25m, aligned with the cap already in place for publicly listed entities under the legislation.

“This directive creates a stable environment for compliance for affected companies in the short term and reflects the Ministry’s commitment to prioritizing transparency, investor confidence, and regulatory equity while allowing the Ministry of Justice to appropriately determine the longer-term path for seeking legislative amendments on behalf of the Federal Government, if required,” the ministry announced.

The decision followed sustained pressure and advocacy from leading industry groups, including the Oil Producers Trade Section (OPTS), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Nigeria Employers’ Consultative Association (NECA), who expressed serious concerns about the Financial Reporting Council (Amendment) Act 2023.

At the heart of the outcry was the reclassification of large private companies as PIEs, which subjected them to annual dues ranging from 0.02 per cent to 0.05 per cent of turnover—without any upper limit.

This was in stark contrast to the fixed ₦25m levy applied to publicly listed companies, regardless of their size or market value.

Responding to these concerns, the Federal Ministry of Industry, Trade and Investment convened a high-level stakeholder engagement in March 2025, aimed at addressing the implications of the amended Act and preserving a fair regulatory environment.

Following a formal public consultation held on March 26, 2025, the Ministry announced an administrative pause on the implementation of the turnover-based levies.

The ministry explained, “In line with this commitment, the Technical Working Group coordinated by the Ministry, comprising NECA, MAN, ALTON, NACCIMA, PFPTRC, CAC, and SEC, along with a robust team from the FRCN, met six times over a three-week period for stakeholder consultations.”

The ministry narrated that after six rounds of stakeholder meetings over a three-week period, the Working Group submitted a detailed report to the Minister of Industry, Trade and Investment on April 17, 2025.

The Minister subsequently briefed President Bola Tinubu, highlighting the disproportionate burden the policy placed on affected companies and its potential to harm investor confidence.

It added, “These engagements culminated in a report assessing the implications of Section 33D of the FRC (Amendment) Act 2023 submitted to the Honourable Minister on April 17, 2025, the Minister of industry trade and investment provided a detailed briefing to Mr. President on the critical concerns raised by organized private sector stakeholders prior to the implementation of the administrative pause and made recommendations based on the submitted report and affirms that the administrative pause will be maintained in the mid- to long-term, pending a broader legislative review.”

 

 

 

 

 


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E-Financial

GTBank to Close Branches Early Today for Half-Year Audit

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Guaranty Trust Bank Ltd. (GTBank) will close all its branches across Nigeria earlier than usual on today (Monday, June 30), according to email sent to customers at the weekend.

GTBank to Close Branches Early Today for Half-Year Audit

According to the message, the early closure allows for the bank’s scheduled half-year audit activities.

The statement read, “Please be informed that our branches nationwide will close to customers early on Monday, June 30, 2025, for our half-year audit.”

It also specified different closure times for locations based on geographical locations in the country.

“Kindly note the early closure time below: Upcountry Branches – 2.00 pm; Lagos Branches – 3.00 pm,” the bank stated.

GTBank advised customers to use its digital banking channels for transactions during the period of early closure.

GTBank assured that its branches will resume operations at regular business hours on Tuesday, July 1.

It appreciated customers for their understanding and continued patronage during the audit period.

 

 

 


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