General News
Risks of Mobile Payment and Agency Banking

Nigeria is experiencing phenomenal growth in its banking and e-banking sectors with new policies and regulations that is driving cashlite, branchless Banking and agency banking services for existing and new customer segments in urban and rural communities.
The financial institutions and other players in the financial sector are continually expanding the products and services they offer while constantly searching for new, easy and secure ways of enabling their customers to access and operate the various products and services they offer.
Regulatory changes in recent years is changing the way banking services is provisioned to unbanked, under banked in rural and urban communities with limited options for formal Banking services.
Mobile Payment is improving access to these groups, cost effectively through the use of Agents in cities, towns and rural communities.
The Central Banks around Africa are also actively licensing banks and other non prudentially managed organizations to deploy mobile financial services for basic banking services, payment, money transfers and other financial services using the third party agency network.
The benefits of agents as financial services intermediaries have proven to be successful in some countries like Philippines and Brazil. More than 18 percent of Banking activities and transactions are conducted at agent locations in Brazil alone with more than 140,000 active agency outlets in operation, making it the most extensive use of agents anywhere in the world.
The successes in Uganda and Kenya are also worthy of mentioned and both are directly linked to the availability of a well connected agency network of the mobile money providers in both countries.
Who are Agents?
Potential agents are either registered entities or non-registered with on going primary business with intentions to provide mobile money as an add-on service in addition to existing primary business?
It is desirable for agents to have primary on-going business to enable them manage liquidity, reduce rebalancing trips to the nearest bank branch, manage cash at hand and also reduce cost in the early days of low value adoption of mobile financial services.
The scheme operator partner decides the type of services it wants the banking correspondent to offer to the public in accordance with its strategic plan.
The Agent will meet the following benchmarks – ubiquity: available in prime locations and easy access, trustworthiness: trust in non repudiation of the service, low-cost: low cost set up structures with minimal barrier to entry, liquidity: cash in / cash out requirements that are within the affordability range for the targeted store owners.
Providing basic financial services at the agents for customers of the scheme provider could take many forms.
Bill payments, utilities payment, domestic money transfer, merchant services, low value deposits and withdrawals are some of the basic services available at the agent outlets.
Agents are weakest link in the mobilemoney ecosystem since the scheme provider may not be able to ensure certainty at all times at the outlets and also ensure guaranteed minimum service levels at the outlets. These agents whom are service providers or shop owners are also faced with potential frauds which could be by omission or commission.
Evidence has shown that fraud attempts in the early days of mobile money deployments are mostly targeted at agents that may not be well versed in the operations of the service or agents that connived with intentions to defraud the scheme provider.
Evaluating the Risks
Technology and application compromises could present a significant risk for agents if they are not well educated and trained on some processes like PIN management, due diligence or record keeping. MobileMoney and Agency Banking are services unlike airtime vending which is a product.
Liquidity risks which will be significant as Agent network grow slowly and confidence level improves over time.
If mobile money recipient cannot consistently cash out at agent outlet at their own locality, the more they are the weary and discouraged to use the mobile channel.
Providing multiple cash out points like ATM, Cards, transfer to account, token generation and other innovations will address this challenge.
An efficient cash forecasting , management processes and support for the agents will address this issue and reduce it to barest minimum. The agent risk could take may forms from outright robbery, theft, poor product knowledge, application failures or even poor customer due diligence processes.
In some countries, providers made great haste to launch out to achieve coverage very quickly and paid little or no attention to Agent training which later impacted future operations.
Mobile oney is a service and requires lots of education. Regulators are helping the ecosystem’s long term sustainability and growth by standardized training procedure that is enforced across providers, agent licensing and certification is encouraged by the regulator to providers.
Security
Potential agents during training or sign up activities are always skeptical about physical and logical security as a mobile payment agent. Incidences of robbery and mugging of agents are still unheard in Nigeria but agents are already reporting systematic attempts to defraud through fake transaction message notifications, subscriber enrollment via stolen ID, unauthorized PIN reset conducted at agent outlets.
John, newly signed up as an agent with one of the recently licensed mobile financial services provider, His major concern was His physical security and He made some decent efforts to put in place some anti burglary systems. He was recently defrauded of N5,000 ($30) when some dubious persons posing as the channel manager of the mobile money firm accessed his device at his location and changed transaction destination number on his phone to another number which they used to reply messages to confirm cash out transactions after they had left his outlet.
Fake Currencies
Fraudsters are quickly building their game plan and strategies to engage the agents.
Agents are primarily store owners, mom and pop stores, convenience outlets and some other organized retail outlets.
However, some unemployed youths and semi skilled workers are signing up to become agents in Nigeria without the required understanding of cash management and handling prior to their engagements as agents.
By omission or commission, incidences of agent cash- in currencies having some fake notes are on the rise in the semi urban areas.
During a recent field trip, some agents were interviewed in Badagry area of Lagos state and two out of ten confirmed that they had received fake notes at least once within the first one month of operation while one of them confirmed that He passed the fake note off to another cashing -out customer.
Agency Sustainability
If agents are not earning revenues in the early days of low volume due to low adoption, they tend to abandon the agency outlet and focus on other activities.
The challenge of agency sustainability in Nigeria is still unfolding and most agents that are faced with the sustainability issues are agents that do not presently have primary business and most probably hired new office spaces and mobile money is the only service that is provided at such outlets instead of providing mobile money as one of the services alongside the primary business.
Compensating Losses
There are three parties to the mobile money transaction though not in all cases – The scheme provider, agent and the customer.
Agents are supposed to be covered by the provider’s insurance plan covering cash in transit, fraud, fire and robbery with coverage up to N100,000 as contained in the regulatory framework but it is still unclear how customers can recover losses in extreme case of business closure especially if the scheme provider is a non-prudentially managed entity.
Few scenarios where agents had made claims for losses (which cannot be independently confirmed) experiences has shown that agents are usually left to recover losses without adequate support from the scheme provider.
The agent that received the fake currencies during our field visit in Lagos, expressed her regrets that the mobile money provider could not explain to Her in clear teams who bears the losses.
Judging from most stakeholders concerns in the mobilemoney ecosystem, fraud seems to be first on their checklist.
From a Bank’s point of view, dealing with agents can be a nightmare.
Innovative practices that the regulator can put in place to address the fraud concerns should include a centrally located fraud alert systems where all providers, agent and customers can log fraud issues in a timely manner so that patterns can be established with a view to curbing or reducing future occurrences and also using the outcomes in continuous training of Agents
General News
SSDC Warns Businesses against Cyber, Election-Related Risks

Security Skills Development Company (SSDC) has released its 2026 Security Outlook, highlighting four major security challenges expected to shape Nigeria’s business and operating environment as the country moves closer to the 2027 general election.

The report, developed from a nationwide survey and expert contributions at the recently concluded Security Thought Leadership Roundtable, identifies internal security threats, protection of national assets, cyber risks and election-related instability as the most significant concerns facing organisations and institutions in the coming year.
According to SSDC, findings from the survey and stakeholder discussions reveal growing concern over the increasing complexity of security challenges and their potential impact on business continuity, economic stability and public confidence.
A substantial number of respondents identified internal threats within organisations as an emerging risk, pointing to the need for stronger corporate governance, workforce integrity measures and structured risk management systems.
Security experts at the roundtable noted that weaknesses in critical public infrastructure and national assets could have far-reaching consequences for the economy and national development if not adequately addressed.
The report also highlights cybercrime as a persistent and evolving threat to both public and private sector institutions.
Participants stressed the importance of strengthening cyber resilience through proactive monitoring, investment in technology-driven safeguards and improved security awareness.
Another key concern raised in the outlook is what SSDC described as the “2027 Election Shadow.” Many respondents expressed concerns about the possibility of heightened political tension as the election season approaches, warning that uncertainty and security disruptions could affect business operations, investment decisions and overall economic confidence.
Speaking on the report’s findings, Mike Igbodipe, managing director, SSDC, called for a more strategic approach to security management across both public and private sectors.
He said organisations must move beyond reactive security measures and integrate security considerations into their broader strategic planning and decision-making processes. He also advocated the development of a gold-standard, locally certified training programme for security professionals tailored to Nigeria’s unique security environment.
SSDC, a security training and consulting firm focused on advancing professional standards in Nigeria’s security sector and strengthening industrial resilience through capacity building and strategic expertise, said the Security Outlook forms part of its ongoing thought leadership initiative aimed at promoting informed dialogue on national security, institutional resilience and risk management.
The company reaffirmed its commitment to supporting stakeholders through research, training and strategic advisory services designed to improve preparedness and response to emerging security challenges.
General News
Moniepoint DreamDevs Bootcamp Graduates Second Cohort to Strengthen Homegrown Talent Pipeline

Moniepoint Inc., Africa’s leading digital financial services provider, has officially graduated the second cohort of its flagship DreamDevs Bootcamp, marking a significant milestone in the company’s ongoing effort to build world-class engineering talent from the ground up.

The graduation was celebrated at a Demo Day event held in Lagos, themed “Training Done! Demo Up!”, where participants presented capstone projects built to real-world engineering standards.
The graduation comes at a crucial time for Africa’s tech ecosystem. Although Nigeria’s tech talent is growing, it isn’t sufficient, especially at the mid-to-senior engineering level, where demand far exceeds supply. By 2030, the global shortage of software developers could reach 85 million, leading to economic losses of $5.5 trillion. For a continent developing its digital infrastructure, this is critical. Moniepoint’s DreamDevs Bootcamp is a strategic response to these challenges.
The nine-week curriculum, created by Moniepoint’s Engineering Unit in partnership with Semicolon, covered Java Object-Oriented Programming, Data Structures and Algorithms, Software Testing, MySQL, Spring Boot APIs, System Design, Docker, Messaging Queues, Frontend UI, and Cloud Infrastructure. Participants received programme stipends and mentorship from experienced Moniepoint software engineers, gaining valuable exposure to the production environment of one of Africa’s fastest-growing fintech firms.
During the Demo Day presentation, the participants paired into 9 teams were excited to showcase how they have deployed knowledge and skills gained during the course of the bootcamp into real and useful solutions in real estate, hospital management, event management, food and agriculture.
Commenting, Felix Ike, Co-Founder and Chief Technology Officer of Moniepoint, said, “DreamDevs is a structural investment in Nigeria’s digital economy, not a recruitment exercise, not a pipeline built solely to serve Moniepoint’s hiring needs. That said, we are proud that some graduates from our first cohort are already active members of our engineering team, proof that when young African engineers are given the right training and the right environment, they can compete at the highest level”.
Felix added that “Engineering excellence is not a naturally occurring phenomenon. It is a curated and intentionally built process that requires the right systems, the right resources, and sufficient time to take hold. Building that process and making it accessible to the brightest young engineers on this continent is a responsibility we have chosen to own.
Africa’s digital economy is attracting significant global capital, yet the talent infrastructure required to sustain that growth remains underdeveloped. The DreamDevs Bootcamp and our other capacity-building initiatives across some of Nigeria’s public universities demonstrate Moniepoint’s commitment to this responsibility.
The initiative also aligns with Nigeria’s broader national agenda on technology skills development. Moniepoint serves as a key sponsor of the Federal Government’s 3 Million Technical Talent (3MTT) programme, which focuses on mass technical skills training across the country. While 3MTT addresses the scale challenge, DreamDevs provides depth, offering a specialised, end-to-end pathway from foundational training through to employment within Moniepoint’s complete development ecosystem.
As Nigerian fintechs deepen their infrastructure ambitions, the ability to grow engineering capacity that feeds these aspirations requires an urgent industry intervention, as Moniepoint is demonstrating to address Africa’s engineering talent challenge.
General News
NITDA, Benin’s Digital Agency Strengthen Ties on Digital Transformation

The National Information Technology Development Agency (NITDA) and Agence des Systèmes d’Information et du Numérique (ASIN), the Information Systems and Digital Agency of the Republic of Benin, have moved to strengthen bilateral cooperation on digital transformation, digital public infrastructure, and innovation-driven governance.

The commitment was reaffirmed during a courtesy visit by the Beninese delegation to NITDA’s corporate headquarters in Abuja, where discussions centred on deepening bilateral cooperation, sharing best practices, and advancing digital development across the region.
Speaking during the engagement, the Director General of NITDA, Kashifu Inuwa, represented by the Director of Stakeholder Management and Partnerships, Dr. Aristotle Onumo, said regional collaboration remains critical to advancing Africa’s digital economy and building resilient digital ecosystems capable of supporting sustainable growth.
He noted that NITDA is committed to driving Nigeria’s digital transformation through the development of policies, standards, and strategic frameworks designed to modernise governance and improve service delivery across the public sector.
According to him, the agency has developed several foundational frameworks, including the Enterprise Governance Framework, Digital Transformation Framework, and Software Quality Assurance Framework, to guide Ministries, Departments, and Agencies (MDAs) in their digital transformation journeys.
“Our goal is to move government institutions beyond basic digitalisation to full digital transformation, and ultimately, to build an intelligent, data-driven government powered by emerging technologies such as artificial intelligence,” he said.
Inuwa also disclosed that since 2018, NITDA has reviewed over ₦1.5 trillion worth of government IT projects to ensure compliance, technical alignment, and value for money.
He said the intervention has helped the Federal Government save more than ₦300 billion by eliminating duplication, promoting shared services, and improving the success rate of digital projects across ministries, departments, and agencies.
On digital public infrastructure, he revealed that Nigeria has transitioned from fragmented agency-to-agency data exchanges to a more integrated and citizen-centred digital ecosystem through the Nigerian Data Exchange (NGDX) platform.
He explained that the platform provides a federated and centralised framework for seamless data exchange among government institutions while preserving the autonomy of individual information systems.
According to him, the proposed e-Government and Digital Economy Bill will provide the legal backing needed to strengthen the platform and institutionalise digital collaboration across government.
The DG further highlighted NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0) 2024–2027, which aligns with the Federal Government’s Renewed Hope Agenda and focuses on critical areas such as digital literacy, research and development, cybersecurity, innovation, inclusive access, and strategic partnerships.
Earlier, the Head of International Partnerships at ASIN, Tildy Erlong, said the delegation’s visit followed a recent Smart Africa workshop in Abuja and was aimed at strengthening institutional ties and learning from Nigeria’s digital transformation experience.
She described ASIN as the operational agency under Benin Republic’s digital ministry, responsible for implementing strategic digital development projects across the country in collaboration with key institutions, including the national identity agency, ANIP, and the cybersecurity agency, CENIN.
Erlong highlighted Benin’s achievements in digital public infrastructure, noting that about 98 per cent of the country’s population—approximately 13.6 million citizens—has been enrolled on its digital identity platform.
She added that more than 60 government agencies and service institutions are connected through Benin’s XROAD interoperability platform, enabling the delivery of over 250 digital services to citizens.
According to her, Benin is also prioritising digital inclusion, open-source systems, and the deployment of artificial intelligence to improve service delivery in sectors such as healthcare, education, and justice.
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