General News
World Bank Announces $800m Support for Nigeria’s CCT Initiative
The World Bank on Tuesday disclosed plans to support Nigeria with $800 million to boost the Conditional Cash Transfer (CCT) initiative of the present administration.
Mr. Ousmane Diagana, Vice President of World Bank in Western and Central Africa, stated this in Abuja, during a meeting with Professor Nentawe Yilwatda, minister of Humanitarian Affairs and Poverty Reduction; Hon. Yusuf Tanko Sununu, minister of State for Humanitarian Affairs and Poverty Reduction; and Dr. Yakubu Kofamarta, permanent secretary.
While giving update on the initiative, Mr. Diagana said the delegation is Nigeria’s assess to the level of progress and challenges of social investment programme in the Ministry and pledged to support the initiative to meet the desired objective of reducing poverty in Nigeria.
While stressing the Bank’s support for Nigeria as a developing country to provide quality services by continuing to create jobs among others for the Citizens, he disclosed that World Bank has “a very large programme here in Nigeria worth more than $17 billion.”
Yilwatda, minister of Humanitarian Affairs and Poverty Reduction, described the World Bank as a dependable partner and maintained that the Ministry would continue to collaborate with relevant agencies including the United Nations with a view to ensure that more funds are provided to reduce poverty in the country with a target of 15 million households.
While applauding the clear leadership being provided by President Bola Tinubu for the success of the social investment programmes in the country, the Minister explained that “everybody who is going to benefit from this conditional cash transfer will be given a digital identity, so you have digital trust.
“And that is not just identity, but it’s a social inclusion and financial inclusion to hundreds and thousands of Nigerians who before now were not socially inclusive. They were not also financially included in Nigeria.
“You know, having over 70 million of Nigerians who before now have no account numbers, have no identity, you cannot trace their homes; you can’t trace their addresses.
“And today, while you’re taking all their homes, we also give digital identity, and we’re paying them conditional cash transfer.
“This the largest financial inclusion ever the history of Nigeria, and this is a bold step by Mr. President to ensure that the effect of the reforms that the government is doing is also being cushioned by this social investment that we’re having in the country.
Professor Yilwatda disclosed that the administration is “targeting 15 million households. Nigeria has roughly about we have roughly about 41 to 42 million households, the total number of household that we have in the country. So we are targeting 15 million households out of these 42 million households.
“So, if you look at the numbers, it means we are doing roughly about the neighborhood. Over 30% of the households that will benefit from this conditional cash transfer.
“Multiply that number by five, we’re taking off roughly about 60 million people will benefit from this conditional cash transfer, that’s targeting about 60 million people.
“15 million households, targeting about 60 million individuals within the households.
“Now if you look at these numbers, because the numbers are saying that roughly about 42% of Nigerians are living in poverty, those numbers simply shows that roughly about 90 million people, which means this cash transfer alone is targeting almost over 70% but people who are living under poverty in Nigeria by this conditional cash transfer, which is the largest ever in the history.”
According to him, each of the CCT beneficiaries is to receive the sum of N75,000.
“Already we’ve paid almost 6 million people, almost 6 million households, targeting about 30 million people have already been paid, and there are already evidences.
“We are going to even do a media talk for the to see the communities, because we are covering about 230,000 communities, cutting across all the 774 Local Governments, which means that, averagely almost every community in Nigeria has been captured under that is on this programme, and every village in Nigeria has been captured under this programme, and every village has a beneficiary. Every committee has beneficiaries across the entire country.
“I think this one of the most extensive program that has covered the entire country, you know, and effectively also, because the people that were targeting this program, we actually community based.
“So each village selected people that they are poor in the village, the women, the youths and the men, independently selected people that they feel they are poor, and they brought the name together.
“It is a community that signed off the name and sent to us. So they are not names from us, but their names from the communities that came up to us.
“And that’s why is the best way of targeting people when the village itself feel they can select the people that are poor within themselves, and they should be supported.
“So it is the communities that are telling us that these are people that you can support. So, we are supporting people that have been given to us by individual communities.”
Nigeria’s startup ecosystem received a fresh injection of momentum as top emerging ventures secured funding and investor attention at the iHatch National Demo Day, where Interface Africa clinched the highest prize of $15,000.
The 4th cohort of the NITDA–JICA-backed accelerator brought together founders, policymakers, and venture stakeholders in Abuja, showcasing innovations ranging from clean-energy financing and digital food marketplaces to next-gen fintech tools.
The startups went rounds of running through state-level selections and regional competition. iHatch was established in 2021 as a strategic partnership to create an enabling environment for young Nigerians to develop and scale their innovative solutions.
The iHatch National Demo Day (4th Cohort), is an initiative by NITDA and JICA which provides a clear pathway for homegrown talent to contribute significantly to economic diversification and digital transformation.
After rigorous selection processes, the top founders converged to pitch their innovations, recognised the standout performers, which are:
Interface Africa with $15,000, the firm is driving Nigeria’s clean energy transition by enabling structured and affordable solar financing.
Ahioma with $12,000, the firm enhances food accessibility with a digital marketplace connecting consumers directly to trusted vendors.
Linia Finance with $10,000, the firm is helping Nigerians take control of their finances with tools for budgeting, tracking, and smart money planning.
Chapta got a laptop reward. They delivering an offline-capable school application ensuring consistent, accessible learning for students everywhere.
Softdrop also got a laptop reward, they solve logistics challenges through a modern delivery platform designed for speed, convenience, and efficiency.
Fidelity Bank Plc, a leading financial institution, will host a free virtual training on the Nigeria Tax Act 2025 (NTA) as part of its commitment to helping small businesses prepare for the upcoming legislation.
Fidelity Bank
The masterclass is scheduled for 10:00 AM (Nigerian time) on Friday, 12 December 2025. It will provide participants with clear insights into changes in the tax framework, the impact on income and business operations, and practical steps to avoid penalties in 2026.
Attendees will also learn strategies to stay ahead in an evolving regulatory environment.
The Nigerian government enacted major tax reforms on 26 June 2025 when President Bola Ahmed Tinubu signed four tax bills into law.
These Acts will take effect on 1 January 2026 and represent a significant overhaul of the country’s tax system.
The reforms aim to modernize and harmonize Nigeria’s tax framework, improve revenue generation, broaden the tax base, and create clearer rules for individuals, businesses, and government agencies.
“Our decision to host this masterclass reflects our commitment to empowering businesses with the right information ahead of the commencement of the new tax regime.
“Information is money and a well-informed business owner is already steps ahead in the race to success.
“This is why we are bringing experts to provide accurate details and demystify the tax act,” said Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc.
Interested participants can register via https://bit.ly/2026TaxLawMasterclass .
PalmPay, Nigeria’s leading digital banking platform, has renewed its commitment to deepening financial inclusion across the country. At the CeBIH Annual Conference 2025, themed “Reimagining Financial Inclusion through Cultural Shifts in Consumer Credit,” PalmPay’s Managing Director, Chika Nwosu, urged industry players to deepen financial inclusion by embracing community-aligned solutions and customer-centric innovations that can better serve Nigeria’s underserved and unbanked populations.
Speaking during a panel session titled “Social Inclusion, A Veritable Tool for Financial Inclusion,” Chika Nwosu joined other industry leaders to share insights on strengthening participation among women, rural dwellers, low-income earners, and other financially excluded groups.
Chika Nwosu highlighted PalmPay’s commitment to inclusive finance through its 500,000-strong agent network, which enables seamless cash-in/cash-out services for unbanked users across Nigeria. He also emphasised the importance of PalmPay’s USSD platform, 861#, which allows users with basic phones or limited internet access to perform essential financial transactions.
“Financial inclusion goes beyond access; it must be equitable and tailored to real-life needs,” Chika Nwosu said. He shared how PalmPay leverages behavioural insights to design impactful services, including affordable health insurance, reliable bill payments, merchant solutions, and automated savings features that support financial discipline among users.
The session further examined the role of grassroots agents and community touchpoints in driving last-mile adoption. Chika Nwosu noted that PalmPay’s widespread community presence continues to build trust and encourage excluded populations to embrace digital financial tools.
The session was moderated by Ronke Kuye of the CeBIH Advisory Council and featured representatives from E-Doc Online, SmartCash Payment Service Bank, SANEF, and EFINA.
PalmPay reaffirmed its commitment to driving accessible, secure, and inclusive financial services for all Nigerians. PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.
PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users. PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh.
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