E-Financial
Mobile Money Accounts Breach 1bn Mark
During 2019, mobile money services reached a milestone, surpassing one billion accounts globally.
This is according to GSMA, which unveiled the annual “State of the Industry Report on Mobile Money”, offering a view of the mobile money landscape and highlighting the impact greater financial inclusion has on lives, economies and innovation, especially in emerging markets.
The report highlights that 2019 marked a major milestone for the mobile money industry, with over one billion registered accounts and close to $2 billion in daily transactions.
It explores the empowerment that comes with owning a mobile money account; for example, more women are using financial services, low-income households are accessing essential utility services, and smallholder farmers are getting paid more quickly and conveniently.
Meanwhile, it adds, millions of migrants and their families are experiencing the life-changing benefits of faster, safer and cheaper international remittances, and humanitarian cash assistance is being delivered more thoughtfully to those in crises.
With 290 live services in 95 countries and 372 million active accounts, mobile money is entering the mainstream and becoming the path to financial inclusion in most low-income countries, says GSMA.
For the first time, says GSMA, digital transactions represented the majority (57%) of mobile money interactions. The industry is witnessing increasing user trust and relevance, it notes.
Mats Granryd, director general of GSMA, says: “2019 was a momentous year for the mobile money industry. With over a billion registered accounts and close to $2 billion in daily transactions, mobile money is evolving like never before.
“Originally a product for a few select markets, mobile money is now a global phenomenon, recording astonishing growth in emerging markets and reaching a broad range of customers.”
Granryd points out that for the first time, digital transactions represented the majority of mobile money flows, and more value is circulating in the mobile money system than before.
“For customers, this marks a shift away from cash towards digital payments – for school fees, e-commerce, international remittances, savings, credit, pay-as-you-go utilities and more. For the industry, it is evidence the ‘payments-as-a-platform’ model – a strategic shift by the industry to encourage more value to remain digital and to diversify revenue models – is paying off.”
“Increased mobile connectivity and innovative services such as mobile money are building stronger and more inclusive communities,” says John Giusti, chief regulatory officer at GSMA.
“Surpassing one billion mobile money accounts represents a major milestone for an industry that did not exist just over a decade ago. The reach of mobile money agents is now 20 times that of bricks-and-mortar banks. Almost 1.7 billion people remain financially excluded, but the collective strength of the industry holds the potential to ensure everyone can be part of the new digital economy.”
Giusti adds: “Regulation that enables low-cost services for the financially excluded has been crucial to the success of mobile money, and there is a clear correlation between an enabling regulatory environment and a high mobile money adoption rate.”
However, he notes, certain policy decisions, such as sector-specific taxation and data localisation requirements, are putting pressure on the industry and create a real risk of long-term negative impacts on financial inclusion gains, access to innovative services, and delivery of the sustainable development goals.
“We are moving in the right direction, and with the right tools, we are a step closer to achieving an inclusive digital future for all,” Giusti concludes.
Keystone Bank Limited and the Enterprise Development Centre (EDC) of Pan-Atlantic University have signed a landmark Memorandum of Understanding (MoU) to promote Small and Medium Enterprises (SMEs), youth entrepreneurship, and financial inclusion across Nigeria.
The MoU signing ceremony took place at the bank’s head office in Lagos on Tuesday, June 24, 2025.
Speaking at the event, Mrs Nnenna Anyim Okoro, the Executive Director, Corporate and South, Keystone Bank, described the partnership as a bold and strategic step toward accelerating national economic transformation.
According to her, the collaboration underscores Keystone Bank’s unwavering commitment to empowering the next generation of business leaders and fostering an inclusive financial ecosystem.
“At Keystone Bank, we believe that entrepreneurship is the heartbeat of sustainable economic development.
Across Nigeria, MSMEs are not just businesses; they are the dreams and daily struggles of men and women determined to create value, provide jobs, and build a better future. They are, quite literally, the engine room of our national economy.
“Our sponsorship of the Annual EDC SME Conference 2025 and support for the Global Entrepreneurship Week (GEW) Walk reflect our deep belief in the transformative power of small businesses.
“This partnership is also about financial inclusion, youth engagement, capacity building, job creation, and collaboration,” she stated.
Olayemi Sule, Group Head, Retail & Digital Banking, Keystone Bank, emphasized the innovative offerings customers can expect as a result of the partnership.
“Our customers should look forward to a suite of innovative financial products and digital solutions specifically designed to support business growth, enhance financial literacy, and improve market access.
Also speaking, Dr. Nnenna Ugo, EDC board member and Head, Alumni Relations and Support Services at Pan-Atlantic University, expressed optimism about the partnership’s long-term impact.
“We are super excited about this partnership and confident that it will drive transformation for both institutions.
“The EDC was established to build capacity and provide support services for SMEs. In the past 21 years, we have trained over 350,000 entrepreneurs across Nigeria.
“Keystone Bank’s support comes at a critical moment as we scale our programs and expand our reach ahead of the 2025 SME Conference and GEW Nigeria.
“The SME Conference is a powerful platform that brings together key players in the ecosystem each year to address pressing issues affecting small businesses.
“This collaboration strengthens our capacity to engage more entrepreneurs, provide deeper insights, and drive conversations that inspire growth, resilience, and innovation.
“We commend Keystone Bank’s leadership for its vision and dedication to inclusive economic growth. The bank has truly distinguished itself as a champion of enterprise, and we are proud to have them as a strategic partner,” she concluded.
As part of the agreement, Keystone Bank becomes the major sponsor of the 2025 EDC SME Conference and a key supporter of the GEW Walk, a flagship event during Global Entrepreneurship Week Nigeria 2025.
Both events are expected to attract thousands of entrepreneurs, investors, thought leaders, and policymakers, offering a vibrant platform for knowledge-sharing, networking, and business empowerment.
Fidelity Bank Plc on Wednesday refuted claims that its Managing Director, Dr. Nneka Onyeali-Ikpe, is involved in an ongoing fraud case concerning the account of Woobs Resources.
The Bank’s position follows reports published by Sahara Reporters alleging that Dr. Onyeali-Ikpe was listed as a defendant in the case.
However, documents sighted by Nigeria CommunicationsWeek revealed that the charge sheet dated May 12, 2025, named the defendants as Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba.
A statement by the Office of the Attorney General of the Federation and Minister of Justice dated June 9, 2025, confirmed that Onyeali-Ikpe’s name was struck off the charge list.
The Ministry noted that she was neither the Managing Director nor the account officer at the time the account in question was opened.
The clarification aims to dispel misinformation and uphold the integrity of the institution and its leadership.
Federal High Court in Lagos has fixed July 1, 2025, for the commencement of trial in a money laundering case involving Cititrust Holdings PLC and three of its subsidiaries.
The subsidiaries are Cititrust Funding PLC, Cititrust Credit Limited and Cititrust Financial Services Limited,
The companies are facing an eight-count charge filed by a team of prosecutors from the Economic and Financial Crimes Commission (EFCC), comprising Anasoh Henry Onyekachi, Frankklin Ofoma, Abdulhamid Lamido Tukur, and A.A. Usman.
According to the charge, between 2021 and 2023, the companies, all incorporated in Nigeria, allegedly operated investment management services without a valid licence from the Central Bank of Nigeria (CBN).
This act contravenes Section 57 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and is punishable under Section 57(5) of the same legislation.
The prosecution also alleged that the companies conducted a Collective Investment Scheme without registering with the Securities and Exchange Commission (SEC), another violation of regulatory requirements.
In one of the counts, Cititrust Credit Limited is specifically accused of failing to report high-value financial transactions to the Nigerian Financial Intelligence Unit (NFIU).
These transactions include a N20 million transfer on January 7, 2021; a N200 million transfer on April 4, 2021; and a N200 million lodgement on January 29, 2021.
Additionally, both Cititrust Credit Limited and Cititrust Financial Services Limited are alleged to have made a single transfer and lodgement respectively of N42 million into their bank accounts on January 29, 2021, without proper disclosure to relevant authorities.
The alleged offences are in breach of Sections 11(1)(b) and 11(3) of the Money Laundering (Prohibition) Act 2022, as well as Section 54(1) of the Investment and Securities Act 2007, and are punishable under the respective laws.
The court is expected to begin full proceedings on July 1.
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