E-Financial
Over 3m Nigerians’ Use Paga

Amidst the constant debate around the success of mobile payments in Nigeria; Paga, the country’s leading payments company has announced a significant rise in the adoption of its services, with over 3 million users now using its agent and online/mobile payment channels to send and receive payments.
Less than 8 months since announcing its last million user milestone – the company reached 2 million users in November 2014; Tayo Oviosu, Paga founder and CEO, credited the rapid growth to understanding the unique challenges faced by Nigerians looking for a simpler way to make payments.
“For my team and I, the issues around payments are far reaching. It goes past being able to move money from point A to B. In the 6 years Paga has been in operation we have developed a relationship with our customers. We hear their stories and we know that every transaction that occurs on our platform is more than just money. It’s someone trying to pay for something in a less stressful way. Whether it’s paying for a TV subscription; child’s school fees; a visa; people buying airtime to stay connected to the ones they love or a new business finally being able to accept payments from its customers. . With every transaction there is some emotional connotation for the end user and our ability to relate to that and create solutions that make everyday life possible for Nigerians is the #1 reason people continue to choose Paga.”
Founded in 2009 by Tayo Oviosu, the company remains focused on building a payments ecosystem that can be leveraged by banks, businesses, and consumers. Paga’s agent network is at the core of that ecosystem.
Paga now has over 8,300 agents in 35 states – the largest and most active network in Nigeria. The agents are locations where people can comfortably go in to make payments within their community.
On what next for Paga and the future of mobile payments, Jay Alabraba, co-founder and director of Business Development for Paga, said…“We believe strongly that accessibility still has a big role to play in the future of mobile payments and financial inclusion. With the unique challenges around connectivity in Nigeria, having a viable agent network remains key to ensuring that every Nigerian, irrespective of their location has access to finance. Our agent network is a key part of the Paga success story, and we currently have over 8,000 agents…and the numbers are growing every day.
We are now engaged with our bank partners for the next phase of our evolution is partnering with banks for agent banking -the delivery of banking productsthrough our agent network. By partnering with banks we believe we can ensure that all Nigerians get banked.This will also bring greater offerings to our agents who are all business owners in their own right. We are very excited about what the future holds as we further open up our network.”
Since inception Paga has processed over 15 million transactions worth over N154 billion and has over 800,000 active users.
The figures and this new milestone for Paga show that the industry is making more progress than previously reported. Looking forward, it is easier to see the role Paga and the rest of the industry will play in reducing the obvious issues around payments in Nigeria, boosting economic returns and promoting financial inclusion.
E-Financial
Edun, Finance Minister Inaugurates NDIC New Management

Mr Wale Edun, minister of Finance and coordinating minister of the Economy, has inaugurated Mr Thompson Oludare Sunday, new managing director/chief executive officer of the Nigeria Deposit Insurance Corporation (NDIC), and Dr Kabir Sabo Katata, executive director (Operations), at the Ministry of Finance, Abuja.

Mr Wale Edun, minister of Finance and coordinating minister of the Economy, flanked by Mr Thompson Oludare Sunday, new managing director/chief executive officer of the Nigeria Deposit Insurance Corporation (NDIC), and Dr Kabir Sabo Katata, executive director (Operations),
In his speech during the occasion, the Minister submitted that the NDIC, as a component of the financial safety-net has a crucial role to play in the nation’s march to economic stability and prosperity.
He therefore charged the Management team to bring their diverse wealth of experience to bear on their new assignment while assuring them of the ministry’s full support in the task ahead.
Responding, Mr Sunday who spoke on behalf of the Management team, expressed appreciation to His Excellency, President Bola Ahmed Tinubu for their appointment.
He assured the Hon Minister of the readiness of the Management under his leadership to live up to expectations of the President in particular and the nation in general in the discharge of their duties.
The Management later received by the Corporation’s Head Office with a warm welcome by the workforce.
A statement signed by Hawwau Gambo, head, Communication & Public Affairs Department, revealed that Addressing the workers on behalf the Management team, Mr. Sunday promised to work in harmony with the staff to move the Corporation to its next level performance.
He stressed that the Management’s focus would be based on the public policy objectives, functions and mandate devolved on the Corporation by the enabling law that established it.
Thompson Oludare Sunday is a seasoned financial expert with over 30 years of regulatory and supervisory experience.
Having cut his teeth with the Central Bank of Nigeria (CBN) in 1989, he went ahead to acquire high-end knowledge in Central Banking, spending 24 unbroken years in banking supervision.
While his vast experience is in the regulation and supervision of licensed institutions, his deep expertise span corporate governance, risk management and compliance as veritable tool for ensuring the safety and soundness of institutions.
He is a highly analytical and cross functional team worker with strong interest in building individual and institutional capacity for transformation and excellence.
Thompson’s skills and experience were horned by several key responsibilities and special assignments he handled for the apex Bank before his retirement as a Director 2021.
Kabir Sabo Katata, ED (Operations), is a quantitative energy strategist and computational finance expert with strong power trading and risk management experience.
He has over twenty-eight years’ experience in the design and management of technically innovative systems in multiple industries including telecommunications, IT, energy (petroleum & power), finance and government.
He is a specialist in sophisticated financial optimization, the application of modern statistical techniques and mathematics to energy, deposit insurance and banking sectors.
Dr. Katata joined the service of the Nigeria Deposit Insurance Corporation in 2012 as an Assistant Director in the Research, Policy and International Relations Department and rose to the pinnacle of his career as Director in January 2022, before his new appointment as Executive Director (Operations).
E-Financial
Union Bank Rewards Customers with ₦5 Million Each in Save and Win Palli Promo Season 4 Grand Finale

Union Bank of Nigeria has proudly concluded the fourth edition of its acclaimed Save and Win Palli Promo, awarding three fortunate customers a life-changing ₦5 million each at the grand finale. Since its inception, this transformative campaign has disbursed over ₦330 million in cash and gift prizes, touching the lives of more than 5,000 customers nationwide and elevating their financial prospects.
The grand prize winners, representing diverse regions across the country, emerged through transparent electronic draws supervised by regulatory authorities. The celebrated recipients, Alhaji Abubakar Sadiq Isah (Zaria Branch, North), Atilabor Seikemefa Friday (Sapele Branch, South-South), and Oluranti Ogunluyi (Ilaro Branch, South-West), received their prizes at The Stallion Plaza, Union Bank’s Head Office, Marina, Lagos, in the presence of other winners, and the Bank’s executive leadership led by Managing Director/CEO Yetunde Oni.
Vivian Imoh-Ita, Head of Retail and SME Business, reflected on the enduring impact of the campaign: “Over the past four years, the Save and Win Palli Promo has enriched the lives of thousands, providing crucial financial relief and rewarding diligent savers. We are unwavering in our commitment to empowering our customers so they may thrive and achieve their ambitions.”
Chief Brand and Marketing Officer, Olufunmilola Aluko, highlighted the Bank’s broader mission: “Union Bank is delighted by the ripple effect our targeted savings initiatives have created. We have seen a significant boost in savings culture, allowing customers to reach their financial goals, while our innovative promotions continue to cushion economic challenges and foster responsible financial habits.”
Kicking off in December 2024 and concluding in May 2025, the latest season saw over 3,000 customers rewarded with gifts and cash, including motorcycles, tricycles, fuel vouchers, and substantial cash prizes, with total giveaways exceeding ₦131 million.
To qualify, customers maintained a minimum balance of ₦10,000 and completed at least five transactions monthly. Monthly draw winners received ₦100,000, while quarterly draws featured exciting prizes such as motorcycles and tricycles.
As Season 4 draws to a close, Union Bank reaffirms its dedication to nurturing customer growth and extending robust financial support nationwide. Through continued innovation, the Bank remains steadfast in its mission to empower Nigerians and foster sustainable wealth for all.
E-Financial
NIBBS: Banks Close 29.4m Accounts, Dormant Accounts Hit 33.39m

Banks in Nigeria closed 29.4 million accounts as of March 2025, according to the latest report by the Nigerian Interbank Settlement System (NIBSS).
The figure represents a sharp year-on-year increase of 30.43 per cent from the 22.54 million closed accounts recorded in March 2024.
It also reflects a steady rise in account closures over recent months, with 33.29 million closed accounts reported in February 2025 and 29.43 million in January.
The report also revealed a significant increase in dormant accounts, which surged to 33.39 million in March 2025, up from 19.79 million in the same period in 2024, a 71.3 per cent rise in inactive accounts over the past year.
Despite the spike in closures and dormant accounts, the number of active bank accounts rose from 219.64 million in March 2024 to 320.05 million in March 2025, representing an increase of over 100 million, or 45.7 per cent.
NIBSS defines a dormant account as one that has seen no deposit, withdrawal, transfer, or point-of-sale transaction for a period of six months.
The surge in account closures and dormancy follows the Central Bank of Nigeria’s directive issued in December 2023, mandating commercial banks to restrict Tier-1 accounts not linked to a Bank Verification Number (BVN) and National Identification Number (NIN) by March 1, 2024.
In response to the directive, BVN enrolment increased from 61.6 million in April 2024 to 66.23 million by July 2025, as more Nigerians rushed to meet the CBN’s compliance deadline.
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