General News
ATM Charge Will Boost Use of PoS – Ogungbade

Tunde Ogungbade, managing director and CEO, Global Accelerex Limited, a payment terminal service provider and a payment terminal application development company has about 19 years of global business experience as a business executive, technology thought leader, management consultant and entrepreneur.
Ogungbade has worked for organizations such as PricewaterhouseCoopers, Cap Gemini, Ernst and Young, Sogeti Group as a management consultant providing consulting services to different industry sectors such as financial services and banking, retail, telecommunication, software product development, among others.
He spoke to chike onwuegbuchi on issues around e-payment in the country.
Inter-bank ATM charge of N65
There are mixed feelings about the re-introduction of the inter-bank ATM charge. However, to properly evaluate the impact of the policy reversal, it is important to understand the origin and ideas behind ATM charges.
Historically, ATMs where introduced into banking to reduce operating cost, stemming from the idea that computers theoretically should be cheaper to operate and more available than human tellers at a bank branches.
At inception of ATMs over 33 years ago, the banks predominantly covered the cost i.e. the interchange fee, which included a switch fee as well as an annual operating fee to be part of a network.
Later, Banks introduced a surcharge fees to customers using other networks, similar to our Remote-On-Us charges.
In Nigeria, the banking industry has invested significantly in ATMs since their introduction over a decade ago.
We now have 11.39 ATMs for every hundred thousand Nigerians. To maintain a 24/7 operations ATMs, banks incur a cost, which is more significant in Nigeria when you consider the cost drivers for operating ATMs: Power, Network connectivity and technical/operational human capital support costs.
The Bankers Committee in 2012 had certain objectives, which I believe has been achieved. Back then the goal was about eliminating the fees to promote cashless adoption by changing consumer behavior.
Now in 2014, the Bankers Committee has a different objective: preserve the viability of ATM network in Nigeria by making sure that the banks can cover the operating expenses related to their ATM networks.
The push back from stakeholders clearly indicates that the original intention to raise sufficient bank customers’ awareness and gain adoption on the cashless policy has been achieved.
Now that POS terminals are now available and in used nationwide, Cardholders have options and alternatives to ATMs today which were not available in 2012.
They can bypass the ATMs and engage POS terminals directly by electing to patronize merchants’ offering options beyond cash.
It’s interesting to note that other countries, such as the US with less infrastructure challenges, charge higher network surcharge fees, sometimes as much as $3.00 to their customers.
In summary, the policy will have an overall impact of improving ATM network sustainability in Nigeria through revenues now available for ATM upgrade and enhancements that will also offset ATM operating costs for banks.
For consumers, it will trigger the next behavioral change for cashless policy adoption and drive the economy faster towards achieving the objectives of the policy by causing them to look to merchants help to leapfrog the ATM and its fees by offering POS terminals at point of the sale.
Cash Transactions Still High In spite of Cashless Policy
The cashless policy in Nigeria has a primary aim or goal – achieve a cashless economy. This is a vision statement.
At present, no nation in the world can claim to have 100% consumer cashless transactions. In Nigeria, policy makers have continued to do what is necessary.
Engage industry participants and stakeholders from all sectors, solicit input on proposed policies, effect such policies and measure for impact and implications on the economy over a season before further adjustments.
This is exactly what happened with the introduction and enhancement of various policies over the last two years, such as the Lagos Cashless Pilot, the adoption across six other states and now the entire nation for POS terminals at Merchants; likewise the ATM Fees withdrawal and reintroduction of ATM Remote-On-Us fees a at financial institutions across the nation.
Other policy adjustments are the various reviews in the deposit and withdrawal fees for cash transactions at banks.
Macroeconomic monetary policy adjustments are not a dash but a marathon. The primary objective now is making the informal sector formal and getting the unbanked banked.
After the rebase of our GDP, the informal sector accounts for about 57% of our GDP. This sector is perhaps also the highest employer of labor in the economy.
This is why the cash transactions are still high in the economy. To address it, continual policy adjustments for improvements coupled with strong awareness campaigns targeted towards stakeholders in the informal sector is required.
The sector must be made aware of the benefit of becoming formal, without necessary emphasizing on eliminating cash.
Increasing Deployment and use of PoS Terminals by Small Merchants
There is a strong motivation for big merchants to adopt POS terminals. For one, the large volume amount of cash transactions that they engage in on a daily basis, even with the withdrawal of deposit fees for corporates still presents a high cost for merchants due to Cash-In-Transit services cost that is no longer borne by banks that merchants now have to incur.
Others are avoiding robbery, theft and fraud which merchants are highly susceptible to when they maintain a vault like a bank.
For big merchants, these costs far outweigh 1.25% being charge for accepting card payment via the POS channel.
Smaller merchants in the formal sector are not structured to evaluate these types of costs and sometimes when they can, the business cannot accommodate the T+1 settlement process associated with POS transactions; cash flow is a daily lifeline for majority of these small merchants.
As a service provider, we at Global Accelerex have observed that when a small business meets the evaluation criteria for a bank such as turnover volumes etc. and qualify for a POS terminal, they still do not use the POS terminals either because of the settlement process or the nature of their customer interaction.
In addition, because the majority of these small businesses deal with the customers and suppliers that live or function in the informal sector with cash preferences, cultivating e-payment habits is challenging.
The major challenge I see now is getting small merchants to wait a day for settlement and part with the proceeds from revenue to move funds electronically. It is a tough sale to any small business.
Connectivity Issue in Business of PoS
Connectivity continues to improve albeit at a slow but steady pace. There have been recommendations by the Nigerian Communication Commission (NCC) to review some of its rules to ensure consumer quality experience in the industry.
Such improvements will have a direct impact on POS Terminal connectivity since the majority of these terminals depend on Mobile Network Operators (MNOs) to back haul connection to the switch and payment network.
We at Global Accelerex have however observed that network connectivity is not the only issue with POS terminal frustrations experienced by merchants and consumers accepting and making card payments respectively.
The quality of the POS terminal hardware and software solution also plays a major role in service level experienced.
Rigorous testing and certifications is required to ensure that terminal solutions achieve the service level that guarantees business operations’ uptime to merchant and consumers.
Global Accelerex has Terminal Management Solutions that enables it to monitor from a central location the operations of POS terminals we manage and operate as terminal owners.
From our central management dashboard, we can deduce if the issue of POS terminal connectivity has to do with delayed payment of data services plan fees to an MNO by a financial institution, check the status of our POS terminals, track the registered SIMs on the terminals, determine the cause of declined transactions to mention a few.
This allows Global Accelerex to be proactive in working with the Bank, Switches and MNO to resolve issues and keep the merchants’ POS terminals in service.
We have also discovered in other situations that the issue is not the connectivity between the POS terminal and the switch, but rather a down acquirer or issuer system essential to the success of a payment transaction.
This is most frustrating for cardholders. Long and short, a failed transaction it is not always due to connectivity.
Now we have started training merchants on how to evaluate response codes for transactions to educate cardholders on the issue related to decline transactions. Sometimes, it is as easy as informing a consumer that their card has expired!
VAS in Business of PoS to Encourage Use
Value added services require extensive knowledge of system integration with the payment network. This is one area of strength for Global Accelerex.
We are both a Payment Terminal Service Provider and a Payment Terminal Application Development company.
To date, we have successfully implemented Virtual Top-up (VTU) Vending on the POS terminal with our business partners to do VTU for various MNOs products.
To use this service, you enter any GSM Number (this does not need to be tied to an account or bank card), verify it and make payment to instantly receive the VTU on your phone – no scratch card necessary.
We have also developed bespoke POS terminal application that integrates into core business systems for electric bill payments and collection.
In addition, our POS terminals have been enhanced and certified by NIBSS for Payment with Cashback, Cash Advance, Deposit so that consumers can begin to enjoy these value added services at merchant locations that are approved for such transactions by a bank.
This is all in readiness for agency banking, an area we are aggressively working on. You may have observed that these VAS Services are tailored to merchants with business needs for integrating payment into their core business process or generic consumer offering i.e. VTU Top-up.
The reason is that we have discovered as a PTSP that the revenues from VAS that can accrue to a merchant has not reached a threshold where it has become an attractive proposition and incentive for the merchant to promote consumer use. This will change very soon.
Global Accelerex and Initiatives Towards Increased Use of PoS
Global Accelerex is a CBN fully licensed Payment Terminal Service Provider and as such we provide services on the acquiring side of the payment system to banks and merchants.
From a product perspective, we offer standard and customized POS terminal solution (hardware and software) to banks and merchants that are uniquely tailored to their business requirements.
Our solutions have a rich set of application programming interface that enables seamless integration with merchants’ core business systems e.g. ERP Systems, CRM Systems, Business Operations Support Systems etc. so that they have visibility of their Order to Cash or Service to Payment business processes.
We also recognize that some merchants do not have the IT Operations for such large scale back office system and offer the ability for medium to small scale merchants to connect to our VAS Platform and enjoy similar benefits that large merchants can afford.
We do this on a pay as you go basis for such merchants. Merchants that subscribe to such services are equipped with Real Time Analysis of their business transactions at a fractional cost.
This is what most small to medium merchants are appealing for – easy reconciliation of daily transactions.
We also provide custom solutions for Agency Banking and IGR Collections. Depending on bank or merchant’s use case, our solutions can also be tailored to integrate our PoS Systems to the merchants’ system on premises or on the cloud.
From a services side, we have Service Level Agreements with merchant acquiring banks to provide terminal agnostic PTSP services to merchants they have acquired.
Our merchant support officers are spreading across the nation armed with tools and technology to help achieve one objective – terminal up time for merchants’ business operations.
They are complemented with tools and technology from our headquarters to help with work order from banks, manage deployments, triage support issues, document resolution and put terminals promptly into service for use.
Through our proprietary systems and processes, we know when an operational terminal is not active within a predefined timeframe so that we can take corrective actions; we know when the merchant is not meeting a banks expectation and often the first to inform the bank of performance metrics; we know the volumes and values of transactions across our merchants and see time series analysis of transactions.
This and more are the type of innovation and service offering we provide to merchants and acquiring banks that we believe will help towards increasing the use of PoS.
We believe consumers are ready because they want the convenience and want to avoid the ATM fees.
General News
AfCFTA, AGRA Collaborate to Reduce Non-tariff Barriers to Intra-African Food Trade

The African Continental Free Trade Area (AfCFTA) secretariat signed a Memorandum of Understanding with nonprofit organisation Alliance for a Green Revolution in Africa (AGRA), towards improving agricultural trade in the continent.

On the margins of the 39th African Union Summit over the weekend when the MoU was signed, Wamkele Mene, secretary-general of the African Continental Free Trade Area (AfCFTA) Secretariat, said the three-year ‘Agriculture Trade Action Plan’, was created to ensure better distribution of food products and solve enduring food insecurity for producers, processors and consumers across the continent.
“The continent of Africa in the last few years has been undergoing a food crisis. Africa has the grains but we continue to be a net food importer.” The Secretariat would leverage on the “technical skills,” and “the expertise of AGRA combined with trade tools to enable movement of agric products across the African continent.”
“The main objective is to reduce the cost of food import bill in Africa,” he added.
On its website, AGRA says it is an African-led institution focused on scaling agricultural innovations that help smallholder farmers to increase incomes, live better, and improve food security.
Mene said the Secretariat had spent the last three years working on the plan that is expected to “reduce the cost of food and help to develop agro processing industries. Ministers of trade will adopt it and take it to heads of state for adoption,” he said.
Alice Ruhweza, president of AGRA said the partnership was about “virtual water.”
“When we trade maize, citrus and processed dairy across borders, we’re also trading the water we use to produce them,” she said “And by integrating our markets, water-abundant regions can nourish water-scarce regions,” she said.
AGRA and the AfCFTA said they will commit to protecting food systems from drought and floods, by linking food corridors and food baskets into agro-processing zones that utilise sustainable water management
“We will empower smallholder farmers to ensure the free trade prosperity reaches farmers and youth who farm our land and protect our streams,” they promised, with the end goal being that “ no child goes to bed hungry.” “Let this partnership prove that when Africa trades with itself, it feeds itself,” Ruhweza said.
General News
NDPC Orders Probe into Temu over Alleged Data Privacy Breaches

Nigeria Data Protection Commission (NDPC) has launched an immediate investigation into the data processing activities of popular e-commerce platform Temu, amid allegations of violating key provisions of the Nigeria Data Protection (NDP) Act.

Dr Vincent Olatunji, National Commissioner/CEO of NDPC, personally directed the probe following mounting concerns over Temu’s handling of personal data, including issues of online surveillance, accountability deficits, failure to uphold data minimisation principles, lack of transparency, inadequate duty of care, and questionable cross-border data transfers.
Preliminary inquiries by the commission reveal that Temu, a fast-growing global online marketplace, processes personal information belonging to approximately 12.7 million data subjects within Nigeria alone, while boasting 70 million daily active users worldwide. These figures underscore the platform’s massive reach and the potential scale of any non-compliance with local data laws.
In a stern public advisory, Dr Olatunji warned data processors engaging in activities on behalf of controllers to rigorously verify their partners’ adherence to the NDP Act, stressing that failure to do so could expose them to direct liability under the legislation.
The investigation was formally announced by Babatunde Bamigboye Esq., CDPRP, NDPC’s Head of Legal, Enforcement and Regulations, who emphasised the commission’s commitment to safeguarding Nigerians’ privacy rights in the digital age.
This action fits into NDPC’s broader enforcement drive against data mishandling in Nigeria’s booming tech sector. Just last year, the commission probed over 1,369 firms for similar infractions and launched sector-wide audits targeting fintechs and other high-risk processors. Earlier cases included investigations into the National Identity Management Commission (NIMC) over alleged privacy lapses and Optasia for data rights violations.
Experts view the Temu probe as a signal of heightened regulatory vigilance, particularly for foreign platforms tapping into Nigeria’s vast consumer base without full alignment to local laws. “Cross-border transfers without safeguards pose real risks to data sovereignty,” noted one digital rights advocate, speaking anonymously.
For millions of Nigerian shoppers drawn to Temu’s bargain deals, the development raises urgent questions about the security of their personal details, from payment information to browsing habits. NDPC urged affected users to monitor official channels for updates and report suspicious activities.
As the investigation unfolds, processors across the e-commerce ecosystem are bracing for potential audits, with non-compliant entities facing fines, operational curbs, or forced data localisation under the NDP Act.
NDPC reaffirmed its mandate to enforce compliance, promising swift action to protect citizens in an era of pervasive data-driven commerce.
General News
Leo Stan Ekeh Foundation, Zinox Group To Invest 10B on 1000 University Tech Scholarships for Indigent Nigeria Wiz-kids

By Eunice Omokaro
Africa’s foremost tech icon and Chairman of Zinox Group, Leo Stan Ekeh, who turns 70 on February 22, this year, has explained why he is not celebrating his 70th birthday with a mega party, preferring to offer University scholarships to additional 1000 Nigerian indigent wiz-kids to study Computer Science in Federal Universities so that the country’s private and public sectors could have a new generation of tech wiz-kids to support the growth of the economy.

Leo Stan Ekeh
He anticipates that these students who will not be bonded, shall disrupt global wealth equation in favour of Nigeria and defend our tech independence. Selection shall be based on a minimum Intelligent Quotient and age nationwide, and they shall be schooled and exposed beyond tech to become global Tech Citizens.
Speaking on phone, Ekeh said “Each shall have a tech mentor from year one, as I plan a partnership with Computer Society of Nigeria and every vocation they shall be engaged resourcefully. Beneficiaries shall be from poor homes and those with parents who earn below Government Level 10 and its equivalent in the private sector. The first batch starts this September, and I expect each to earn first class degree. This is my Group of companies’ and my little way of appreciating my country, individuals and corporates that gave us the opportunities in the last 40 years and still patronizing our Tech Group – Task Systems, TD Africa, Zinox Technologies, Konga etc. If we are successful with this spiritual mandate, I can then celebrate my 100 years on earth with a bang. With God and AI, I am aiming to make 120 years,” he said.
Ekeh, a largely humble and private person not known for celebrating birthday milestones, explained that rather than throwing a lavish birthday party befitting his newly attained septuagenarian age, he has chosen with his Group’s Management to provide world-class tech human capital to support growth of the nation’s economy.
“We need quality and tech-savvy wiz-kids who can drive the future of government and e-governance and those who will become change-makers in the private sector.
“I have been blessed and bruised in this country and I thank God. Frankly, I don’t see enough Nigerian tech wiz-kids who can defend the massive development anticipated in the next 5 – 10 years in the oil and gas, banking, agriculture, manufacturing, mining, entertainment, etcetera, and public sectors. We are becoming slaves in our own country in a knowledge century which is unfortunate. We are all arrogantly living just for today, forgetting that only four God-anointed tech wiz-kids can alter the GDP of this country in five years. The man who controls your tech resources decides your profit level and how far your country and corporations can grow in this second quarter of the 21st Century and in future,” he said.
Ekeh, who was once decorated by President Olusegun Obasanjo as ‘Icon of Hope’ on Nigerian Independence Day in 2003, for his tech-driven transformative impact on Nigerian economy and the youths, said Nigeria must begin to plan for the disruptions coming.
“The future is here but very fragile and disruptive, it’s either you are something or nothing at all. No middle ground. We need to alter the digital trajectories of our people. Technology is realistically the only profession in the world today that can alter the destiny of brilliant and humble kids from poor families and position them as huge wealth creators and sustainers. Though I am not really from a very poor family, but I am a testimony and shall tell the whole story in my book that shall be published last quarter of 2027. It shall be most revealing.
“This is my additional contribution amongst others to appreciate Nigerians, the Federal Government, sub- nationals and corporations that have been supporting my tech commitments and innovations on this side of the Atlantic,“ the soon-to-be septuagenarian said.
When asked how much it will cost to undertake such gigantic project, he said: “It is a spirit-driven project to thank those who supported and are still supporting companies within the Zinox Group. It has an annual cost that shall run into billions of Naira and my group is committed to it amongst other social responsibility projects like TD Africa Project to produce 10,000 female tech experts out of which 400 have graduated and are fully employed in different corporates in Nigeria. This is a 10-year project with other perks. The full package shall be revealed online on April 22, 2026,” he said.
However, beyond his birthday and the scholarship initiative, Ekeh in the last 40 years has been a worthy role model for philanthropy and a living exemplar of what it means to live for public good. He has been decorated with a lot of local and international awards. His group has trained and retrained over 3000 Nigerians and donated tech centres to over 25 institutions nationwide just to mention a few.
Ekeh was a former mass servant and chorister in his local community Catholic Church at Ubomiri, a sprawling community on the fringes of Owerri, Imo State.
One of his favourite pastimes is to seek out the poor and help them come up the ladder of life. He is an entrepreneur who draws a distinct line between capitalism and welfarism? He believes that capitalism must wear a human face; that profit must not take the place of empathy as no one came with and shall leave this earth with cash.
His philanthropy is not limited by geography. From south to the north, his imprints of charity dot many educational institutions. A couple of years ago, he built a church complete with rectory in his Ubomiri community, the same church where he was once a mass servant.
At the dedication of the church, he recalled in an emotion-laden voice: “My grandfather produced a Reverend Father who was ordained same day with Rev Canon Tansi. My father as a past time was a soloist in this church, and he served God with all his might; I was a mass servant and a member of this choir (pointing to the horde of choristers robed in red outfit). I have never tasted alcohol or smoked since I was born and I don’t know why. It was something that never appealed to me or fascinated me. I believe our good God decided to save me from birth.
“I come from a lineage of people who served God dedicatedly. I think I am a miracle child and was clear who I wanted to be from the day I launched out as a tech entrepreneur. I saw myself as an only Child even though I have siblings and, as an orphan even though my parents were alive and a bit civilized because no person around me even though educated, had tech knowledge to advise me, so I decided to take the pain before pleasure alone.
“I love God and will never hesitate to do anything in the service of God and humanity. I built this church as a mark of God’s special love and mercy towards me. I have the best wife any man would wish to have. She is a super star. She is intelligent, beautiful and unlike some women, she is not expensive and more importantly, we operate on the same tech wavelength. If for any reason I get stuck, she is the one to figure out the solution for me. God blessed me with brilliant and responsible children too. I am grateful to God because He has seen me through the valleys and mountains of life. As a mark of God’s mercy to me, I pay corporate tithes for all my companies. I didn’t read it in the Bible but I do it”, he told the audience.
“God is the architect of my success. As an entrepreneur, I have strategised, stayed up late, made projections but if there was no mercy of God and His grace to help me implement these, there will be no success. God has done me well; even for me to be alive, to come from the family I come from, the village, town, region and country I come from. Most importantly, God has managed me because He gave me a proactive personality, removing all the holes in my life. The temptations are there, you can imagine them. Maybe if I was taking alcohol, I would have been a mental guy. I work an average of 20 hours a day and near zero holidays and I have no health challenges,” he once told some journalists.
For Ekeh, the Forbes Best of Africa Leading Tech Icon, the scholarship for 1,000 Nigerian students remains a tiny drop in the ocean of multitude of philanthropies he has extended to persons and institutions across the continent quietly. Through his Leo Stan Ekeh Foundation (LSEF), his family’s non-profit, and the various companies under the Zinox Group, he has impacted humanity and institutions both in cash and kind, especially human-capital development, upskilling the hitherto unskilled in tech-techniques, institutionalising entrepreneurship in select universities and awarded countless local and overseas scholarships to Nigerians of all tribes and tongues to advance their quest for knowledge.
In the last two years alone, the Foundation launched three entrepreneurship centres at St. Augustine University in Epe, Lagos, Federal University, Birnin Kebbi, Kebbi State, Imo State University (IMSU) etc. The centres had been upskilling young men and women turning them to wealth and job creators, rather than job-seekers. At the IMSU centre, it was a moment of joy for about 200 young Nigerians who were the first set of beneficiaries of a 3-month entrepreneurship boost programme.
They were taught the fundamentals of entrepreneurship by the best coaches and experts drawn from Nigeria, United States and United Kingdom. Not only were they tutored by the best whizzes in diverse fields of human endeavour, they were also kept on a stipend throughout the duration of the programme to augment their weekly commute to the centre. In addition, each trainee was gifted a brand-new Z-pad tablet to aid their learning and upskilling process. Some also received interest free loans to launch their businesses.
What’s unique about Ekeh and his philanthropy is that he does them behind the scene. No cameras flashing. No media buzz. Just humane acts of a man fated for greatness and encased in God’s grace.
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