E-Financial
Stakeholders Seeks Mobile Technology Driven Out-Bound Remittance Operators
Remittance and payment stakeholders have urged central bank of Nigeria (CBN) to expand the licensing of out-bound money transfer operation to accommodate mobile technology driven operators.
They said this has become necessary in view of inconveniences and stress Nigerians face in transferring of money out of the country, which today are done by only three foreign remittance operators.
They spoke at the 7th Remittance and Payment Expo held in Lagos earlier this week.
Opeyemi Odeyale, co-founder and chief operating officer, Ping Express, said that the CBN is not giving any indigenous company the license to move money out of Nigeria allowing monopoly by foreign remittance operators, which include Western Union, Moneygram and Riyadh who are moving money out of Nigeria every day.
“These operators system require you to go to banking hall, why don’t you let us use technology and drive it. It is very expensive now because people have to go to the banking hall fill form with other inconvenient documentations.
“The only way to bring down that cost is to use technology; a lot of us make money with our mobile phones, why don’t we do the same to get money out of Nigeria; do the transaction on your mobile phone. We have the technology to handle the compliance; we have the technology to handle all the regulatory requirements in sending money out of the country. Just give us the license let’s do it.
“To send $100 into Nigeria through Western Union you pay $11, but, with technology powered system such as Ping Express, to send $100 you only pay $3 this is a fraction of what traditional operators charge.
“That is what we want to do for Nigerians as well, if you want to send money out it does not have to be stressful, it doesn’t have to be expensive, and we can do it cheaper than the foreign operators. Why don’t CBN give us the license let’s do it.
“If we are able to get license from CBN to operate from 32 countries in North America and Europe, why do you think we are not capable of handling or holding a license with CBN for out-bound remittance.
“Is it that the regulator is doing something wrong or they are not paying attention to the fact that we have demonstrated that capability? We just need a license and we will make life easy for Nigerians.
“Indigenous companies having license to move money out of Nigeria will add to the economy as we have staff in the country, we pay taxes but the foreign operators don’t pay taxes, some of them don’t have staff in the country.
“Whether we like it or not the digital operators are disrupting that market it is better we streamline it by licensing indigenous operators. We need to empower ourselves,” he said.
Corroborating Odeyale, Yves Lauent Ewoune, manager, Information System project, MTN Cameroon, said that out-bound remittance from Africa using mobile technology provides a huge market opportunity.
He noted that MTN Cameroon started the service sometime last year and witnessed 150 percent growth within few months only for the regulatory authority in the country to stop it.
Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts.
The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds.
Court filings reveal that the cybercriminals exploited a critical system glitch, discreetly transferring the money in small amounts across 54 financial institutions to evade detection.
Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that tracking the transactions has been challenging due to their fragmented nature.
Acting swiftly, the bank filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, requesting an emergency order to halt further withdrawals. On April 2, 2025, the bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being actively moved—suggesting an ongoing laundering operation.
In response, Justice Deinde Dipeolu granted a Post No Debit (PND) order, freezing all implicated accounts pending further investigation.
This crisis comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board over governance failures. Under the leadership of MD Yetunde Oni, the bank now faces intense scrutiny as customers demand accountability.
The Central Bank of Nigeria (CBN) has announced a comprehensive review of documentation requirements for transactions processed through the Pan-African Payment and Settlement System (PAPSS), aimed at enhancing intra-African trade, promoting financial inclusion, and improving operational efficiency for cross-border payments within Africa.
In a press release issued on Monday, the CBN outlined key updates to the documentation framework in a circular addressed to Authorised Dealer Banks (ADBs) and the general public.
The revised guidelines are part of the CBN’s ongoing efforts to streamline processes and support seamless financial transactions across the continent.
Under the new framework, individuals conducting low-value transactions up to USD 2,000 equivalent in naira and corporates transacting up to USD 5,000 equivalent in naira can now rely on basic Know-Your-Customer (KYC) and Anti-Money Laundering (AML) documents already provided to their ADBs.
This measure simplifies compliance requirements for smaller transactions and reduces administrative burdens.
For transactions exceeding the specified thresholds, parties must comply with the full documentation requirements as outlined in the CBN Foreign Exchange Manual and related circulars to ensure regulatory compliance.
Applicants are also responsible for ensuring that all necessary regulatory documents are available to facilitate the clearance of goods as mandated by relevant government agencies.
The new policy permits ADBs to source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, eliminating the previous requirement to obtain forex directly from the CBN.
Additionally, all export proceeds repatriated via PAPSS must be certified by the relevant processing banks to promote transparency and regulatory adherence.
The CBN urged all ADBs to adopt PAPSS and commence originating transactions in accordance with the updated policy.
Exporters, importers, and individuals were encouraged to familiarize themselves with the new requirements and leverage PAPSS for efficient cross-border transactions across Africa.
The Federal Inland Revenue Service has directed banks across the country to immediately identify and close any tax and levy collection accounts not authorised under its TaxPro Max platform.
The directive, aimed at promoting transparency and ensuring uniformity in tax collection, was disclosed in a public notice titled “Directive to close unauthorised FIRS tax collection accounts,” issued by the FIRS Chairman, Zacch Adedeji, and circulated to journalists on Monday by his Special Adviser on Media, Dare Adekanmbi.
According to the notice, all tax and levy collections must now be processed exclusively through assessments generated on the TaxPro Max system.
The FIRS warned that all banks participating in its collection, remittance, and reconciliation scheme must comply without delay, discontinue the use of unauthorised accounts, and ensure only transactions initiated from the TaxPro Max platform are processed.
“We count on your cooperation to ensure a smooth transition to this centralised system, thereby contributing to a more transparent and efficient tax collection process,” the agency stated.
Developed locally, the TaxPro Max platform facilitates key tax activities such as taxpayer registration, filing of returns, payment processing, and the issuance of tax clearance certificates.
It was introduced to streamline tax administration and support the FIRS’s broader digitalisation agenda.
The agency also urged taxpayers and stakeholders seeking clarification to contact its Revenue Accounting and Refund Department.
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