E-Financial
Reps Urge CBN to Regulate POS Business, Operators
House of Representatives has urged the Central Bank of Nigeria (CBN) to, “in the public interest,” introduce stringent regulations and guidelines, including sanctions, on the Point of Sale business operations in Nigeria.
Also, the House mandated its Committee on Banking and Currency to organise a stakeholders’ meeting for the purpose of “tackling the menace” of POS operations in the country.
The resolutions were sequel to the unanimous adoption of the motion moved by Jimoh Olajide, a member of the House, titled, ‘Urgent Need to Regulate the Point of Sale Business Operations in Nigeria.’
Moving the motion, Olajide noted that the POS is where customers make payments for products or services rendered, but due to many factors, “the POS has been turned into a lucrative business in Nigeria and has provided jobs for millions of unemployed Nigerians that see it as a good alternative to white-collar jobs in the country.”
He said, “While many Nigerians are making legal money from this lucrative business, some are using it for fraudulent acts to create fake credit alerts to defraud innocent customers hence the need for government intervention to rescue the rising business sector in the country.”
Olajide said, “The House is worried that the POS merchants in Nigeria are not only licensed by commercial banks, other private companies are currently in the business of giving out POS for business purposes, thus making the business to be more porous and ambiguous.
“The House is concerned that presently, no financial regulatory bodies in Nigeria can precisely ascertain the total number of POS machines and their operators in the country.”
The lawmaker made reference to a report by The PUNCH on December 21, 2021, of the allegation by the residents of Aniocha South Local Government Area of Delta State that members of staff of Union Bank and First Bank, Aniocha branches, deliberately sabotaged the banks Automated Teller Machines on non-availability of cash, thus leaving customers with no choice to patronise the alleged banks staff-owned POS centres around the banks.
He noted that in exercising the powers conferred on the Central Bank of Nigeria by the Central Bank of Nigeria Act 2007 (as amended) to issue guidelines, rules and standards for financial services to the public and to ensure good conduct and management of the financial system, the apex bank had released ATM guidelines and regulations.
He added that the guidelines and regulations include, among other things, that any institution operating an ATM shall file an updated list of such ATMs, including the detailed location of their addresses with the Banking and Payments System Department of the Central Bank of Nigeria for compliance and monitoring.
Olajide said, “The House is worried that some of the POS operators fraudulently charge exorbitant amounts of money from their customers’ bank accounts, while some retain vital information from customer’s ATM cards in the course of making the financial transactions.”
In a bid to woo global capital and enhance investor’s confidence, Nigeria’s top financial leaders presented a unified front at a strategic investment forum hosted at the Nasdaq MarketSite in New York.
The event was organised by the Central Bank of Nigeria (CBN) in collaboration with Nigerian Exchange Group (NGX Group), JPMorgan, and the African Private Capital Association (AVCA).
The exclusive gathering brought together leaders from the Nigerian diaspora, global investment institutions, and corporate executives for insightful dialogue on the country’s evolving financial landscape and its readiness to attract global capital for sustainable growth.
Governor of the CBN, Olayemi Cardoso in a fireside chat with Nobel Prize-winning economist Dr. James Robinson, outlined Nigeria’s monetary policy direction, growth prospects, and efforts to deepen its financial markets.
He reaffirmed the CBN’s commitment to disciplined policy management, market-friendly reforms, and enhanced transparency to foster a stable, investor-friendly environment. Cardoso also stressed the importance of strong collaboration between regulators like the CBN and market operators such as NGX Group, describing it as critical to building a resilient financial system and mobilising long-term investments.
Temi Popoola, Group Managing Director/CEO of NGX Group, moderated an engaging discussion on how Nigeria’s reforms are repositioning the country as an increasingly attractive destination for global capital.
“Today’s dialogue marks a pivotal step in reshaping global perceptions of Nigeria’s investment story,” said Popoola. “The candid engagement between policymakers, market operators, and investors reflects the real progress Nigeria is making. NGX Group remains committed to supporting reforms that strengthen market structures, drive innovation, and accelerate economic growth.”
While investors welcomed Nigeria’s reform agenda, they emphasized that sustained confidence will require consistent FX policies, lower transaction costs, reduced regulatory friction, clearer direction on non-oil revenue reforms, an improved ease of doing business, and continued transparency in monetary and fiscal communication.
The forum ended on an optimistic note, with participants expressing strong confidence in Nigeria’s economic prospects and its potential for deeper integration into global financial markets, provided reform momentum continues.
Union Bank of Nigeria has rewarded another set of customers in the ongoing Save and Win Palli Promo 4 campaign. Six lucky customers each won a brand-new motorcycle, and 120 additional winners won cash prizes.
The third monthly hybrid live draws were transparently conducted at the Bank’s Sabo, Yaba Branch in Lagos under the supervision of relevant regulatory institutions.
For integrity purposes, some of the winners were contacted to congratulate and remind them that the Bank will never call to request or confirm their confidential banking details such as BVN, date of birth, pins, or passwords.
Save & Win Palli Promo 4 is a nationwide campaign designed to reward both new and existing customers with cash prizes and other exciting gifts worth N131,000,000.
This initiative aims to support them in achieving their savings goals while getting rewarded at the same time.
To stand a chance to win, customers can continue to top up their savings in multiples of N10,000 or more and perform a minimum of five transactions a month to increase their chances of winning in the draws. This promo is open to new and existing savings and current account holders.
Prospective customers can download the UnionMobile app on their smartphones to open accounts or walk into any Union Bank branch.
Returning customers can call the 24-hour Contact Centre on 07007007000 or visit any Union Bank branch nationwide to reactivate dormant accounts.
For decades, financial institutions have struggled to communicate the depth and breadth of their services in a single, coherent message.
FCMB Group’s latest TVC, The Power Of The Group, masterfully accomplishes this by placing its subsidiaries at the heart of the narrative.
The ad opens with a heated basketball game with a lone basketballer then pans out to the full force of the 5-woman team, subtly introducing the idea of collaboration. As the story unfolds, viewers are taken on a journey across Taraba, Abuja and Lagos States, each symbolising a key aspect of FCMB’s ecosystem.
The imagery of the drummers playing on Mambila Plateau reinforces the brand’s message: success is not achieved in isolation—it’s built through strategic partnerships.
From banking to consumer finance, investment management to investment banking, the TVC seamlessly weaves in elements from all arms of the FCMB Group, making it clear that power lies in collaborative innovative efforts.
The tagline ‘The Power Of The Group’ encapsulates the campaign’s essence, reinforcing the importance of unity in financial empowerment.
The production process was an extensive undertaking, requiring 4 months of production and a team of over 1,000 industry professionals.
The investment, said to run into hundreds of millions, underscores the bank’s commitment to delivering not just a commercial but a landmark campaign that defines its brand for years to come.
As the industry takes note, FCMB Group’s approach could redefine how corporate Nigeria tells its story.
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