E-Financial
Access Money: How Airtel is Driving Financial Inclusion
A 2012 Access to Financial Services in Nigeria Survey conducted by Enhancing Financial Innovation and Access (EFINA), an independent financial sector development organisation, indicates that 56.3 million adults, representing 64.1 per cent of the adult population in Nigeria, do not have bank accounts.
The study also revealed that 76.2 per cent of the rural population had no bank accounts. Curiously, it was in that same year, 2012, that leading financial institution, Access Bank, partnered with leading telecommunications services provider, Airtel Nigeria, to develop a mobile money value offering that will not just enhance financial inclusion but also offer Nigerians – regardless of their social status, income level, educational background or location – a convenient and easy outlet to perform financial transactions.
The resolve by the two organizations to transform the mobile money landscape with a big-bang value offering became a reality recently (November 19th, 2014) when the Chief Executive Officers of both companies came together to sign a Memorandum of Understanding (MoU) on Mobile Money at a colourful ceremony held at the Eko Hotel & Suites. At the same event, both organizations announced a joint intervention that will help bridge the wide divide between the banked and unbanked population in the country.
Dubbed Access Money, the new product, according to the companies, will help Nigerians who have access to mobile phones to perform financial transactions instantly and with great ease. Even rural dwellers in remote areas will not be left out as Access Money runs on basic handsets without data or Internet features.
Access Money empowers users to perform a wide range of financial activities on their mobile phones, including bill payments, airtime purchase, money transfer, card-less withdrawals from ATM and deposits, among others features, at the dial of *903#. Managing Director & Chief Executive Officer of Access Bank, Herbert Wigwe, described Access Money as an innovative service that will transform the mobile money domain in Nigeria.
While admitting that the product was not the first Mobile Money value offering in the country, he noted that the service is unique is several ways as it is a result of hardwork, careful design and extensive research, saying the product was deliberately designed to be very simple and user-friendly.
He noted that through Access Money, Access Bank and Airtel will be providing financial access to more and more people and small businesses; creating an easier channel for the distribution of financial aid; and also making it easier for government to receive taxes and deliver welfare payments.
According to him, Access bank and Airtel agreed to introduce Access Money powered by Airtel, into Nigeria’s financial landscape in line with the Financial Inclusion initiative of the Central Bank of Nigeria (CBN) even as it serves as a platform to bring more and more of the under-banked and unbanked into the world of banking.
“It is something that reaches new groups of people and helps them to build and grow the success stories of tomorrow. And it’s something we are proud to champion with Airtel,” he said.
Wigwe added that Access Bank, in partnership with Airtel has successfully implemented the requisite technology infrastructure, secured the operating license, and conducted extensive pilot operations in different parts of the country in accordance with the requirements of the Central Bank of Nigeria.
Also speaking at the occasion, the Managing Director and Chief Executive Officer of Airtel Nigeria, Segun Ogunsanya, stated that the new mobile money offering bears testimony to Airtel’s relentlessness in offering innovative, relevant and practical products and services that positively transform the lives of the people and communities it serves, noting that “at Airtel, it is our tradition to always go the extra-mile to delight and exceed the expectations of our customers.”
Explaining the benefits of Access Money, Ogunsanya said with the service, customers can now buy and share airtime; send money to friends, business associates and loved ones; pay utility bills such as DSTV and PHCN bills; perform mobile banking; withdraw and deposit cash.
“Interestingly, you do not need an Internet-enabled mobile phone to perform all these services. Airtel and Access Bank have made the service very simple, easy to use and user-friendly, empowering millions of people regardless of income level, education, social status and location to benefit from this unique service.”
According to Ogunsanya, Airtel and Access Bank are empowering millions of Nigerians to own a functional bank account in the comfort of their homes and also enabling them to perform financial transactions with their mobile phones from anywhere and at any time. He also assured that Airtel has a robust network to support the Access Money platform.
“At Airtel, we are committed to improving Quality of Services (QoS) and this is evident in our investments in network coverage, quality and capacity. We will also continue to invest in the quality of our network to delight our customers as well as exceed their expectations,” he said.
To access the Access Money powered by Airtel, customers are to dial *903# to get registered and then follow the instructions thereafter to get started.
Customers who wish to make deposits into their Access Money powered by Airtel wallet are provided the option of either approaching any of the authorized agents or walk into any Access Bank branch.
Also any registered Access Money user can transfer funds from their own bank account to any wallet. A notification SMS will be received by all customers as confirmation for transactions performed.
Airtel and Access Bank will be leveraging on their wide distribution networks to leverage Access Money. Ogunsanya said over 1,000 Access Money Agents will be available to kick-start the distribution and ensure availability of the product, assuring that more distributors will be recruited to enhance the value chain.
Access Money is aimed at promoting financial inclusion for those with no access to formal financial services.
This collaboration between Airtel and Access Bank is geared towards deepening financial inclusion and bringing more Nigerians into the formal financial system. It will also serve to support CBN’s financial inclusion target of 80% of Nigerians by 2020.
Erhumu Bayagbon is the Public Relations Manager for Airtel Nigeria
When people and businesses gain genuine access to financial services, they gain the ability to transact securely, build savings, and access credit. That access creates the conditions for progress: more stable revenues, better business decisions, and the capacity to grow. Progress, sustained over time, is what produces financial happiness. This framework is how Moniepoint measures its impact.
According to Moniepoint 2025 Impact Report, titled creating financial happiness; “Financial happiness is the feeling of confidence and ease that comes with financial freedom and well-being. It is a condition that develops over time and requires a specific set of enablers to take hold.
For millions of people and businesses across Nigeria, those enablers, like tools and solutions to manage their finances, have historically been out of reach. Moniepoint was built to change that, and this change, for us, begins with inclusion”.
Across the world, access to digital tools is a key driver of financial inclusion. The World Bank’s Global Findex 2025 report finds that more than 60% of adults in low- and middle income economies now make or receive digital payments. In Nigeria, this figure is around 54%. Moniepoint has been a key driver in expanding this access with its POS terminals. “Our terminals also drive financial inclusion for individuals.
The report stated that, in 2025, Moniepoint enabled 100 million people to make payments via their POS terminals across the country. For customers in communities where bank branches are scarce or non-existent, a Moniepoint terminal at their local shop, market stall, or fuel station provides reliable access to digital financial services.
They can make purchases, withdraw cash, and manage their money without travelling long distances or depending solely on physical currency. Critically, customers without cards can complete transactions through direct bank transfers to the terminal’s account.
Beyond practical benefits, Moniepoint terminals have also introduced a new layer of trust to everyday commerce. “When network issues make it unclear if a payment went through, the Moniepoint terminal’s loud beep provides instant confirmation for everyone, building trust in digital payments with every transaction”.
Moniepoint POS terminals operate across all 774 local governments in Nigeria, ensuring that small sellers and large stores can accept payments reliably, regardless of location.
In 2025, millions of Nigerians, businesses and individuals alike, accessed Moniepoint services through its mobile app. Top among them are groups like women and low-income earners, who have historically been excluded from formal banking. Inclusion of women is particularly important, as they typically manage household spending and informal savings but are frequently left out of structured financial systems. “Through our app, they are gaining financial independence and greater control over their economic decisions,” the report added.
For millions of Nigerians, debit cards represent a move away from the limits of cash transactions. They enable safer, more reliable everyday payments, particularly as more local businesses begin to accept digital payments.
Moniepoint debit cards are designed to meet this need. In 2025, Moniepoint customers completed over 300 million card transactions at physical locations, largely driven by essential, food-related purchases. Most of this spending took place at neighbourhood provision shops where households buy everyday items such as rice, cooking oil, and soap.
“We’ve made access to our cards intentionally simple. Customers can get a Moniepoint debit card by requesting it within their mobile app or from neighbourhood agents, without lengthy paperwork or waiting periods. By lowering these barriers, more people are able to access financial tools and participate in the formal financial system.
“Our cards also safeguard our customers’ financial information. They don’t carry special markings or any identifiers that could expose our customers or put their financial security at risk. In the event of loss, this reduces the likelihood of targeted fraud or misuse.
“When people can pay with their debit cards at their neighbourhood stores, they can manage their spending, reduce cash handling, and transact more securely. Merchants also benefit, recording higher transaction volumes and more consistent customer activity.
“Moniepoint helps millions of businesses and individuals across Nigeria access seamless payments and banking, every day. The widespread adoption of our tools and services, as highlighted, demonstrates our critical role in expanding financial access, supporting everyday commerce, and enabling more Nigerians to participate safely and consistently in the digital economy,” the report noted.
ChatPay has launched Africa’s conversational banking platform, enabling individuals and businesses to access financial services through WhatsApp.
The Lagos-based fintech startup, is in controlled rollout, connecting WhatsApp to linked-bank management, airtime and supported electricity payments through simple conversations.
The company said the platform is designed to enable users to send money, pay bills, buy airtime and manage business transactions within WhatsApp conversations, subject to the completion of regulatory approvals and integration with licensed banking partners.
According to ChatPay, the platform is operated by CP Technology Limited and is currently undergoing a phased rollout ahead of its planned public launch.
The company said the initiative is intended to simplify access to financial services by leveraging WhatsApp, which it estimates is used by more than 50 million Nigerians monthly.
Speaking on the idea behind the platform, Adeoluwasubomi Odebunmi, product lead and co-founder, said the concept emerged while she was studying Software Engineering at Babcock University.
“I saw the gap while I was still in school—how much friction there was just to move money. I didn’t want to just study the problem. I wanted to help fix it,” she said.
Odebunmi said she had previously worked on software solutions spanning e-commerce, real estate management, school administration and artificial intelligence applications before co-founding ChatPay.
Aseoluwa Siyanbola, growth lead and co-founder, said his experience managing Nigerian bank accounts while studying abroad highlighted some of the challenges users face with digital banking services.
According to him, difficulties such as one-time password (OTP) failures and inconsistent banking applications inspired the team to explore conversational banking solutions.
“We each encountered similar challenges and came together to build a solution that simplifies everyday financial transactions,” he said.
cAbraham William, tech lead and co-founder, said the company is focused on improving access to financial services through a platform that many Nigerians already use daily.
“We want to make financial services easier to access by allowing people to carry out transactions through a familiar messaging platform,” he said.
William said he oversees the company’s engineering, technology strategy and system architecture.
ChatPay said its services will be introduced in phases as regulatory requirements are met and integrations with banking partners are completed.
The company added that its newly launched “Founding 2,500” programme will enable selected early users to test features, provide feedback and participate in product development before the platform’s wider rollout.
According to the company, interested users can register for the waitlist and the Founding 2,500 programme through its website.
Founded by Odebunmi, Siyanbola and William, ChatPay said its long-term goal is to expand conversational banking services beyond Nigeria into other African markets after its domestic rollout.
United Bank for Africa (UBA) Plc has been named Nigeria’s Best Bank for Retail Banking and Best Bank for Sustainability Leadership (ESG) at the 2026 Euromoney Awards for Excellence, reinforcing its position as one of Africa’s leading financial institutions.
The awards were presented on July 17 at The Peninsula London in the United Kingdom, recognising financial institutions that have demonstrated outstanding performance, innovation, customer impact and sustainable banking practices.
The double recognition highlights UBA’s growing influence in retail banking and its commitment to advancing environmental, social and governance (ESG) principles across its operations.
According to Euromoney, UBA distinguished itself through a series of sustainability initiatives, including the introduction of a Green Financing Facility designed to support households and businesses transitioning to renewable energy.
The publication also cited the bank’s ₦5 billion financing programme, implemented in partnership with the Bank of Industry (BOI), to provide funding for women-owned businesses.
Euromoney further recognised UBA’s commitment to achieving net-zero carbon emissions by 2050, describing it as a demonstration of the bank’s long-term sustainability strategy.
The publication also highlighted the bank’s efforts to integrate sustainability into its operations through the deployment of solar-powered energy solutions across 50 branches and comprehensive ESG capacity-building programmes that have trained more than 16,000 employees across the UBA Group.
In the retail banking category, Euromoney noted that UBA continued to consolidate its position as one of Africa’s largest retail banking institutions.
According to the publication, the bank expanded its customer base to more than 37 million by the end of 2025, while retail banking revenue increased more than fourfold to ₦429.5 billion.
The awards also recognised UBA’s continued investment in digital banking innovation, particularly enhancements to its artificial intelligence-powered chatbot, LEO.
Euromoney noted that LEO became Africa’s first AI-powered banking platform to facilitate cross-border money transfers in local currencies through the Pan-African Payment and Settlement System (PAPSS).
Commenting on the awards, UBA’s Group Managing Director and Chief Executive Officer, Mr Oliver Alawuba, described the recognition as a validation of the bank’s commitment to delivering value to customers while promoting sustainable development across Africa.
“To be recognised as Nigeria’s Best Bank for both ESG and Retail Banking in the same year sends a powerful message that sustainable banking and commercial success are mutually reinforcing.
“At UBA, we are committed to financing Africa’s future, supporting businesses and communities, promoting financial inclusion, and delivering innovative banking solutions that improve lives.
“These awards belong to our customers for their confidence in us and to every member of the UBA family whose dedication continues to make our vision a reality,” he said.
Also speaking, UBA’s Group Head, Marketing, Brand and Corporate Communications, Mrs Alero Ladipo, said the awards reflected the bank’s unwavering commitment to putting customers at the centre of its operations.
According to her, every innovation, investment and banking solution introduced by UBA is aimed at creating exceptional value for customers while expanding access to financial services.
“These awards are a powerful affirmation of our Customer First philosophy.
“Whether it is supporting entrepreneurs with access to finance, enabling seamless digital payments, advancing clean energy financing or expanding financial inclusion across Africa, UBA remains focused on delivering meaningful impact.
“We are honoured that one of the world’s most respected financial publications has recognised these efforts,” she said.
UBA currently operates in 20 African countries, as well as the United Kingdom, United States, France and the United Arab Emirates, serving more than 45 million customers through a combination of digital banking platforms and physical branch networks.
The bank said it remains committed to strengthening financial inclusion, driving innovation and supporting sustainable economic development across Africa and beyond.
HURIWA, CLO Protests Bill Asking Social Media Firms’ to Open Shops Nigeria
Anambra Govt Bans Graduation Ceremonies in Anambra Schools
Airtel Secures Another 10-year Spectrum Renewal in Nigeria
Moniepoint as a Key Driver in Expanding Financial Access for Businesses in Nigeria
Nigeria, Israel Strengthen Research, Technology Collaboration
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
Tokenization, Blockchain Technology will Transform Financial Institutions – IMF
From Scarcity to Scale: What Africa Can Learn from India’s Agricultural Transformation
Spotify partners Afro Nation Portugal to expand African music experience
E-Business3 days agoKaspersky Warns Mobile‑data Buyers about Scammers Posing as Telecoms Operators
General News3 days agoThree Entrepreneurs Secure ₦5 Million at The Gathering on 100 Pitchathon
E-Financial3 days agoChatPay Unveils Public Waitlist for WhatsApp-Based Banking Platform
News3 days agoAfrican Judges Pledge Support for AfCFTA’s Success
Telecom3 days agoAirtel Africa Backs London Listing
Telecom3 days agoGSMA Says High Smartphone Costs Threatens Africa’s AI Future
Telecom2 days agoGSMA Supports Abuja Declaration on Meaningful Connectivity for Africa, Joins Partners to Launch ATLAS Umoja
E-Business3 days agoNigeria Leads Africa in Online Gambling Regulation – GCI