E-Financial
Inuwa Tasked Fintech Stakeholders on Collaboration to Deepen Financial Literacy
In line with the present administration’s focus on Reforming the Economy for Sustained Inclusive Economic Growth, Accelerating Diversification through Industrialisation and Digitisation, and Improving Governance for Effective Service Delivery, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE, has called for increased collaboration among key players in the Fintech ecosystem to enhance financial literacy and promote financial inclusion for all citizens.
The DG made this statement at the 6th edition of the annual FirstBank FinTech Summit where he joined other key players in the ecosystem in a session titled: “Policy and Infrastructure: Navigating Financial Regulations for Fintech Innovations” held at the Lagos Continental Hotel, Victoria Island, Lagos State.
Inuwa emphasised that NITDA’s regulatory approach, based on a triple helix model, is not just about imposing standards but actively creating and supporting markets.
Outlining the objectives of the Regulatory Intelligence Framework developed by the agency to creating marketing values, enabling innovations, protecting consumers and effectively discharging services, Inuwa noted that priority was given to collaborations with the ecosystem in meeting these deliverables.
“To achieve this, we came up with a way which we call the participatory framework or policy dialogue for any regulation. This is because at the heart of everything we do is co-designing and co-creation,” he said.
Speaking on working with the ecosystem, he noted that collaboration was instrumental in successfully implementing Nigeria’s cashless policy which the agency did in partnership with the Central Bank of Nigeria (CBN).
“NITDA worked with CBN to come up with a cashless policy, which gave birth to the fintech industry we are talking about today.”
“This led to the banks to start upgrading their infrastructures, both hard and software, and the FinTech identified gaps and started coming up with solutions that can bridge the gaps left by the banks,” he added.
The DG however stated that the agency is working with the Federal Inland Revenue Service and some other stakeholders to develop guidelines for electronic invoicing which will create opportunities for the Fintech.
“As a regulator with a focus on facilitating financial inclusion, we need to strengthen unified regulations and policy-making, because if you make policies without having the implementers in the room, it will be difficult for them to implement, “ he averred.
He also elaborated on NITDA’s efforts to bridge the digital divide as an essential factor for financial inclusion, underscoring the launch of a National Digital Literacy Framework to integrate digital skills in formal education.
Highlighting the agency’s efforts at fostering digital literacy and cultivating talents, he disclosed that the agency has engaged in collaborations with the Ministry of Education in integrating digital literacy into curriculum and also, with the National Youth Service Corps (NYSC) in training over 17,000 Youth Corp members annually.
He added that the initiative is expected to provide basic digital literacy to millions, and aims to engage artisans, market women, senior citizens, and others from the informal sectors.
Inuwa further addressed Nigeria’s data sovereignty issues, particularly regarding reliance on foreign cloud services. He noted that building in-country cloud capabilities is vital for national security and for empowering local FinTechs. “Without operational sovereignty, we cannot fully control or secure our digital assets,” he stated, mentioning ongoing partnerships with hyperscale providers and local data centres to create cloud infrastructure within Nigeria.
He explained that the agency is working with other stakeholders in developing the cybersecurity architecture to achieve financial inclusion while asserting that infrastructures will be created, the unconnected will be connected and promoting digital literacy to foster trust on digital platforms.
Revealing that NITDA has several interventions and initiatives aimed at supporting the underserved and unserved areas in the country by building their digital capacities and skills, he urged the fintech to leverage these opportunities by infusing their financial literacy into them which will consequently drive a deeper financial inclusion for all.
“Nigeria has the infrastructure and with the right collaborations and continued focus on inclusive policies, we can make significant strides in bridging both digital and financial divides,” Inuwa concluded.
Other panelists who shared their insights and expertise at the session with the DG were the MD & CEO, NIBSS, Mr Premier Oiwoh, CEO, Lagos Lotteries & Gaming Authority, Mr Bashir Are and the Chief Information Officer, FirstBank of Nigeria, Mr Adewale Salami.
Central Bank of Nigeria (CBN) has assured Nigerians that the ongoing banking sector recapitalisation exercise will not affect customer deposits, insisting that the financial system remains stable and fully secure.
The apex bank gave the reassurance amid growing public anxiety and misinformation ahead of the March 31, 2026, deadline set for banks to meet new capital requirements.
In a series of advisories issued via its official communication channels, the CBN emphasised that the deadline applies strictly to banks and not to customers, stressing that there is no cause for panic.
“The deadline is a timeline for banks, not customers,” the bank stated, adding that routine banking activities would continue without disruption.
Addressing widespread fears over the safety of deposits, the CBN said all customer funds remain protected, urging Nigerians not to engage in panic withdrawals or close their accounts.
“Your accounts and funds are unaffected. Banking products and services continue as normal,” the bank said, reiterating that recapitalisation is designed to strengthen, not weaken, financial institutions.
The regulator further dismissed claims circulating on social media suggesting that banks could freeze accounts as part of the exercise, describing such reports as false and misleading.
“No, this is false. Banks will not freeze customer accounts. Please ignore unverified social media rumours,” the CBN said.
The recapitalisation programme, according to the apex bank, is a routine regulatory measure aimed at increasing banks’ capital base to enhance resilience, improve risk absorption capacity, and position the sector to better support economic growth.
On concerns that recapitalisation could lead to higher banking charges or reduced access to services, the CBN maintained that there would be no adverse impact on customers.
Federal government has announced that it is ramping up efforts with the 36 state governments to participate in the $500 million World Bank-assisted loan facility under the HOPE Governance Programme.
This was disclosed in a statement on Thursday by Joe Mutah, spokesperson for the scheme.
Commenting on the program, Dr Deborah Odoh, permanent secretary of the Federal Ministry of Budget and Economic Planning, stated that the ministry is collaborating closely with the Federal Ministry of Finance to ensure that all 36 states of the Federation sign the Subsidiary Loan Agreement that would enable them to participate in and benefit from the World Bank-assisted HOPE Governance Program.
Odoh made these remarks in Abuja on Wednesday when she received the HOPE Governance Team from the World Bank on a courtesy visit to her office.
“We have been strategizing with the Federal Ministry of Finance with the involvement of our Honourable Minister Sen. Abubakar Atiku Bagudu. We will put in extra efforts to make it happen even faster given the time constraints. We have a timeline drawn up recently to achieve this,” she said.
The permanent secretary pledged to provide all the necessary institutional support to ensure that HOPE Governance delivers significant impact across the country.
“I’m glad we are having this meeting, which is long overdue, and certainly we are here all the time. We expect to see more tangible results and impact shortly,” she said.
Ikechukwu Nweje, leader, World Bank Task Team, HOPE Governance Programme, had earlier appealed to the permanent secretary to utilize all available channels within the Ministry to engage state governments and secure the signing of the Agreement, thereby enabling them to access funds under the Program upon verification of the Disbursement-Linked Results.
“However you can help us to fast track these processes, this will really be appreciated to get this program up and running in terms of disbursement,” he said.
He stressed that governance remains a key challenge to improved service delivery in the basic education and primary healthcare sectors, which is why the federal government, in collaboration with the World Bank, has initiated the HOPE Governance Program to address the issue.
“If the governance part fails, we will continue to have the same problems we are having on the sectoral side. That is why the ministers prioritized governance because they found out that governance is the issue in the two sectors that will help to unlock the ability to deliver results,” he stated.
Earlier, Dr. Assad Hassan, national coordinator of the HOPE Governance Programme, stated that the meeting was convened with the World Bank to apprise the Permanent Secretary of the milestones recorded and the challenges encountered in the implementation of the program so far.
MoneyMaster Payment Service Bank has introduced a refreshed mobile banking experience designed to make purchasing airtime and data more convenient and straightforward for customers.
As part of the rollout, customers will enjoy added value on their transactions. Airtime purchases on the Glo network come with a 100 percent bonus, while data purchases attract a 10 percent bonus, giving users amazing rewards on each purchase.
With this revamp, the app is now much easier to use, especially for airtime purchases. From selecting accounts to choosing amounts, the process is more seamless, with clearer options and fewer steps. Data plans are now neatly organized into categories such as daily, weekly, and monthly, making it easier for users to find what they need without endless scrolling.
Beyond the improved layout, customers now have more flexibility in how they recharge. Lower airtime denominations have been introduced, giving users the freedom to choose amounts that better suit their needs, while navigation has been adjusted to be quicker and more intuitive.
Speaking on the update, the bank’s Head of Business, Tajudeen Omokhide, explained that the goal is to make payments as simple and seamless as possible. According to him, customers expect speed, clarity, and affordability, and these improvements are part of the bank’s ongoing effort to meet those expectations. He also encouraged both existing and new users to get the latest version of the app.
These updates are a testament to MoneyMaster’s broader mission of developing practical, relevant products for everyday life. Promoted by Globacom and licensed by the Central Bank of Nigeria, the bank offers mobile wallets, savings accounts, individual current accounts, and business banking services.
MoneyMaster continues to position itself as a flexible, customer-centric platform, enabling over 4,000 individual and business billers to manage payments, access financial services, and stay connected with ease.
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