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E-Financial

NOI Polls Blames MM Agents for Slow Uptake of Mobile Money

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Mobile Money Agents (MMA) have been rated low in the awareness creation index for the all important mobile money service scheme, as respondents to NOI Polls believed banks outperform the MMA in that regards.

In a recent poll by NOI, respondents that have adopted Mobile Money services were asked: Who is your Mobile Money service provider? 

The majority (86%) indicated “Banks” as their provider. “This may be due to the fact that banks have been given the responsibility to establish the services over Nigeria,” the research report read.

Also, 12% indicated “Mobile Money agents” as their provider and1% indicated other sources.

Measuring the level of awareness based on age reveals that the age category with the highest number of respondents aware of Mobile Money services is 35-44 years (48%).

This is closely followed by respondents within the age category of 45-54 years (46%). The 65+ age group has the highest proportion of respondents (79%) that are not aware of it, closely followed by the 18-21 age group (78%).

Also during the poll, NOI sought to determine the sources of awareness of Mobile Money services. Respondents who indicated awareness of mobile money services (41%) were subsequently asked: How did you get to Know about Mobile Money services?

Overall the major source of awareness about Mobile Money services as indicated by 36% of the respondents is “Bank”. This is followed by the “Media” (29%) and “Family and friends” (27%).

“From the geo-political zones standpoint, the North-West (48%) and the North-Central (44%) zones account for the highest proportion of respondents that gained awareness on Mobile Money services through banks. Also, more people (47%) from the North-East zone are aware through the media.

“Subsequently, in order to ascertain the level of adoption of Mobile Money services in Nigeria, respondents that are aware of mobile money services were further asked: Personally, do you use/have you ever used Mobile Money services?.

Results show that the majority (87%) of the respondents who are aware of Mobile Money services have not yet adopted it, while 13%have adopted the services and out of these, respondents within the age category of 45-54years (22%) had the highest level of adoption.

“Gauging the level of adoption from geo-political zones revealed that the North-East zone (which had the lowest level of awareness as shown in figure 1) had the highest level of adoption with 31% this is followed by the North-Central zone with 19% and the South-Southzone with 11%.

“Analysis based on geo-political zones shows that all of the respondents (100%) from the North-East, North-West and the South-East zones that use Mobile Money indicated banks as their provider. In addition, the South-West zone (28%) had the highest proportion of respondents who indicated Mobile Money agents as their provider,” NOI observed.

Also another question aimed to determine the ratio of Mobile Money users with bank accounts to those without. Respondents (13%) that use Mobile Money were asked: Do you operate a bank account?  Responses to this question revealed that all of the respondents (100%) that use Mobile Money services operate a bank account.

“This suggests that the level of awareness and adoption of Mobile Money services amongst Nigerians without accounts is currently very low and almost non-existent.

On the proportion of users that operate their Mobile Money account in connection with their bank accounts, responses show that majorities (93%) operate their Mobile Money account in connection with their bank account and 7% operate their Mobile Money account separately. This further affirms previous findings where the majority indicated banks as their provider.


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E-Financial

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

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Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.

Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.

In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.

This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.

To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.

Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.

The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.

Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.

These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.

By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.


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E-Financial

SEC Directs Companies to Honour Unclaimed Dividend Requests

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Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.

SEC Directs Companies to Honour Unclaimed Dividend Requests

The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.

The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”

According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.

“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.

“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.

The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.


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E-Financial

FIRS Launches Revised SOP to Streamline Tax Payment

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Federal Inland Revenue Service (FIRS) has revised its Standard Operating Procedure (SOP) as part of efforts to improve consistency, transparency, and service delivery in tax administration across the country.

FIRS Launches Revised SOP to Streamline Tax Payment

According to a statement on Monday in Abuja by Mr. Collins Omokaro, Special Adviser on Communication Strategy and Advocacy to the Executive Chairman of FIRS, the revised SOP offers a unified framework for core tax processes including registration, payment, audit, and enforcement.

“This is about people, experience, and impact. It’s a step toward a tax system that supports voluntary compliance and national development,” Omokaro said.

He explained that while FIRS field offices have long operated with good intentions, inconsistent methods across different locations often created confusion for taxpayers.

The revised SOP, he said, is designed to eliminate such disparities by providing a single, clear roadmap for operations in all of the Service’s over 300 offices nationwide.

More than just a procedural manual, the new SOP is described as a statement of institutional direction, reflecting values that define the future of the Service.

Omokaro quoted Dr. Zacch Adedeji, executive chairman of FIRS, as saying that “This SOP is not just a technical document—it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people.”

The SOP update is one component of a broader reform agenda underway at FIRS, which aims to transform the agency into a fully service-oriented institution.

The changes are also aligned with the ongoing digital transformation within the agency, which is intended to harmonize human and technological systems for faster, more reliable, and taxpayer-friendly service delivery.

Internally, the SOP is expected to enhance operational efficiency and provide a foundation for improved staff training, clearer guidance, and stronger evaluation systems. Omokaro noted that every FIRS employee is expected to study, implement, and embody the procedures outlined in the new document.

“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” he said.

The SOP reform is being introduced as part of the Service’s broader mission to reposition itself as a modern tax authority grounded in accountability, consistency, and a shared sense of national purpose.

The move comes as the FIRS continues to modernize its processes, improve tax collection efficiency, and foster a culture of voluntary compliance—all aimed at strengthening revenue mobilization to support Nigeria’s development agenda.

 


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