E-Financial
PenCom Sets Modalities to Handle Customers’ Complaints
In response to agitations by pension contributors and retirees over rising volume of unresolved complaints in the sector, PenCom has reiterated its commitment to deliver quality service delivery to stakeholders , stressing its leaving no stone unturned to ensuring that issues and complaints are resolved satisfactorily within the shortest possible time.
Though some contributors have argued that PenCom could be overwhelmed by the volume of complaints it receives on daily basis, they called for more hands and capacity building activities to step up service to customers.
Some of the common complaints lodged for resolutions ainclude, Non- remittance of pension contributions; delay in approval of transfers to Retirees Life Annuity (RLA); non- payment/ in receipt of accrued pension right for retirees of Treasury Funded Ministries, Departments and Agencies (MDAs); request for resolution of multiple PIN registration, delay in programmed withdrawal, temporary access of 25%, residential mortgage, voluntary contribution & NSITF; delay in data recapture, Retirement Savings Account (RSA) transfer related complaints.
Narrating his ordeal, a federal retiree, Olowu Abiodun, said that one of the reforms that would assuage the pains of pensioners is for PenCom to ensure that they get their dues within reasonable time of leaving service, particularly in the case of those whose retirement is on the basis of statutory 50 years of 60 years or 35 years, whichever applies to individual.
“It is very unfortunate that retirees suffer after serving their country, especially those who retire without amassing unjustified and underserved wealth. The case of one year expectation of contributed funds has been described by pensioners as callous, vicious and wicked,” he said.
In response, PenCom recently reassured that in keeping to its corporate strategy initiative for 2023 to 2027, it established the Consumer Protection Department (CPD) to replace its Corporate Responsibility and ServiCom Department, anchored on the Commission’s strategic plan that prioritises the quality of services rendered to customers, an approach, which ensures that the pension services are tailored to meet their expectations effectively. Moreover, it has set out modalities to handle customers’ complaints swiftly to prove that it is committed to ensuring that no stakeholder is left behind.
Speaking recently in Lagos at a forum, the head of the CPD, Mr. Ikenna Chidi-Ebere, maintained that it is the resolve of the Commission to protect its customers against any form of exploitation from any source and enforce their rights in line with its mandate.
Chidi-Ebere who urged customers to provide accurate and relevant information to the Commission at all time, affirmed that the Commission has allocated dedicated staff to provide swift responses to complaints and inquiries received on daily basis.
“The platforms are daily monitored to proactively ensure smooth response to the complaints received. We record details of every complaint, review to determine its nature and forward to appropriate channels to handle either within the Commission or Pension Funds Administrators (PFAs) for resolution.
“We provide instant response to complaints that do not require further investigation. We issue withholding replies to consumers upon receipt of complaints, prior to the commencement of investigation. We escalate complaints to the relevant departments within the Commission for immediate resolution,” he said.
The CPD head assured that all complaints from consumers regarding applications made through the PFAS are promptly escalated to the PFAS, providing them with a specific time frame to address and resolve the complaint.
FirstBank of Nigeria has announced an upward review of its transaction alert fee, raising the charge from N4 to N6 per SMS.
In a customer notice, the bank attributed the increase to the recent hike in telecom service costs by network providers.
“We understand that staying connected and informed about financial activity on your FirstBank account is crucial,” the bank stated. “Unfortunately, due to the recent increase in telecom service charges by service providers, the fee for our SMS transaction alerts has been adjusted from N4 to N6 per message.”
The bank acknowledged that the change may cause some inconvenience to customers but assured that efforts are being made to minimise the impact while maintaining service quality.
“We know that this change might cause you some inconvenience, but we are committed to minimising the impact of this change while we continue to provide you with the best financial services possible,” the message read.
The bank encouraged customers with concerns or questions about the adjustment to reach out through its official contact channels.
The adjustment comes at a time when banks are reviewing cost structures following increased operating expenses, including rising telecom tariffs and inflationary pressures across sectors.
The new SMS fee will apply per transaction alert received by customers.
However, some customers took to X (formerly Twitter) to criticise the move, especially at a time when other banks are reportedly scrapping similar charges.
An X user, @Tonyvyncent, wrote, “FirstBankngr have mercy. In a period when others like Sterling Bank are removing charges for customers, you’re increasing charges. No emotional intelligence.”
Tijjani Borodo, chairman, Chartered Institute of Directors (CIoD) Nigeria, has blamed bank failures on poor corporate governance, but commended the Nigeria Deposit Insurance Corporation (NDIC) for its notable achievements in bank liquidation and resolution.
The NDIC excellence in operational standards, consistent implementation of its mandate, and unwavering commitment to ethical leadership and sound corporate governance especially in banking supervision and depositor protection, have been critical factors in the Corporation’s success in promoting the stability of the banking sector and the nation’s financial system.
He made these remarks during a courtesy visit by the CIoD Governing Council to the Management of the NDIC at the Corporation’s Head Office in Abuja.
He stated that as the apex professional body for directors in Nigeria, the CIoD had instituted mechanisms and procedures to sanction erring directors found culpable of unethical conduct.
He reaffirmed the Institute’s strong commitment to promoting high standards of governance and leadership across all sectors, including the banking industry.
Borodo described the visit of the Governing Council of the CIoD opportunity to strengthen and sustain the partnership between the Institute and the NDIC, particularly in the area of capacity building through Board induction programmes, executive leadership development, and governance training tailored to the specific needs of directors in both the public and private sectors.
In response, Bello Hassan, NDIC managing director/CE, expressed appreciation to the CIoD leadership in promoting professionalism and corporate accountability.
He emphasised the NDIC’s commitment to depositor protection and financial system stability, stressing that corporate governance is central to the Corporation’s operational mandate and critical in strengthening the integrity and resilience of banks as well as instilling public confidence in the financial system.
Hassan further reiterated the Corporation’s readiness to sustain its partnership with the Institute in advancing a strong culture of corporate governance among the NDIC’s executive staff and across the broader financial industry.
E-Financial
Moniepoint Secures Place Among Africa’s Fastest-Growing Companies for Third Consecutive Year
Moniepoint Inc. has once again been recognized by the Financial Times as one of Africa’s fastest-growing companies, marking its third consecutive year on the prestigious list.
This ranking reinforces Moniepoint’s rapid expansion and its position as a leading financial institution dedicated to serving Africans globally.
Released on May 14, 2025, the ranking was compiled by Statista, which rigorously screened companies based on their revenue growth from 2020 to 2023.
Moniepoint stood out with a remarkable 2023 revenue of $264.51 million, outperforming competitors across diverse industries including technology, telecoms, financial services, and healthcare.
The fintech powerhouse processes over 1 billion transactions monthly, with a total payments volume exceeding $22 billion, serving ten million businesses and individuals across Nigeria. Its continuous success is reflected in its $110 million Series C funding round in October 2024, which attracted investment from Visa, a global digital payments leader.
Moniepoint’s expansion goes beyond Africa, with the recent launch of MonieWorld, a remittance and digital financial service tailored for the UK’s African diaspora, offering seamless money transfers to Nigeria.
CEO Tosin Eniolorunda expressed his excitement about the company’s achievements and future growth, emphasizing Moniepoint’s dedication to financial inclusion and innovation.
The company has also received multiple awards, including Financially Inclusive Fintech of the Year by the Central Bank of Nigeria and Best Bank for SMEs at BusinessDay’s BAFI Awards.
Since its first ranking in 2023, Moniepoint has rapidly scaled its services, providing millions with reliable financial solutions while enabling access to essential banking tools for businesses and individuals, including those in underserved areas.
With its continued recognition by the Financial Times, Moniepoint remains a trailblazer in Africa’s fintech sector, solidifying its reputation as a key player in driving financial empowerment and accessibility across the continent and beyond.
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