E-Financial
IMF to Promote Greater Data Transparency in Developing Countries
Good data can help policymakers identify and manage financial vulnerabilities. And while the quality of data from advanced economies is getting better and more accessible to the public, data from some developing countries is often lacking altogether.
In an interview with IMF Survey, Louis Marc Ducharme, Director of Statistics, said the IMF has launched a new initiative to help fill those data gaps.
IMF Survey: As the developing and advanced economies of the world become increasingly interconnected, what is the IMF doing to ensure there is adequate data for surveillance?
Ducharme: The IMF Executive Board recently approved measures to promote the regular publication of data necessary to monitor macroeconomic conditions in developing countries.
These measures aim at prodding developing countries, particularly frontier markets that have tapped capital markets in recent years, to publish data according to advance release calendars. Publication of statistics that are timely, internally consistent, and comparable across countries is essential for monitoring global financial stability and detecting emerging vulnerabilities.
The recent growth in funding provided to frontier economies-including by non-bank financial corporations in advanced economies-has increased the need for data to measure credit risks.
This demand for data is likely to increase further once monetary conditions in key advanced markets normalize and the aggressive search for yield moderates.
While advanced and emerging economies have made steady progress in closing data gaps and are adopting higher data dissemination standards, many developing countries have a long way to go, despite concerted international efforts to promote data transparency.
IMF Survey: While it seems advanced and some emerging market economies acknowledge the benefits of sharing their data, why are developing countries less forthcoming? And will there be any consequences going forward for those countries that are lagging behind?
Ducharme: Most advanced and emerging markets publish timely and high quality macroeconomic data which meet or exceed the demanding requirements of the IMF’s Special Data Dissemination Standard (SDDS). However, many developing countries have made insufficient progress in publishing good quality data, and even fallen short of meeting the requirements of the basic, less demanding General Data Dissemination System (GDDS), let alone transition to the higher standard.
This can be attributed to many factors, including insufficient high level attention to disciplined data dissemination, inadequate resource allocation to statistical work across government agencies, and incipient technical expertise and IT infrastructure. In some cases, these factors also prevent timely rebasing of key data series, such as the national accounts.
Stakeholders-including rating agencies and other market participants-agree that bolder actions are needed to bring change.
Since 2007, 24 frontier economies-including Bolivia, Ethiopia, Ghana, Honduras, Kenya, Mongolia, Senegal, Pakistan, Tanzania, Vietnam and Zambia-have accessed capital markets, but are yet to subscribe to the SDDS.
Lack of sufficient data transparency impedes analysis of the risks facing investors in frontier economies, including illiquid markets and substandard financial reporting.
It was against this backdrop that the IMF Board approved the enhanced GDDS (e-GDDS) to impart stronger incentives for the publication of critical macroeconomic data, by calling on GDDS participants to publish voluntarily the data required by the IMF for its surveillance work, which effectively would allow everyone else to access and use the same data for their own analysis of economic conditions.
Securities and Exchange Commission (SEC) has commenced the implementation of a fully electronic registration system for capital market operators, marking a major milestone in its digital transformation drive aimed at improving regulatory efficiency, reducing processing time and strengthening oversight of Nigeria’s capital market.
The new electronic registration (e-Registration) platform, deployed through the Commission’s ePortal, allows designated regulatory services to be completed entirely online, eliminating manual processes for services covered in the current phase.
The initiative comes as the SEC intensifies reforms to modernise the Nigerian capital market, enhance the ease of doing business and leverage technology to improve service delivery to market participants.
In a statement issued on Wednesday, the Commission said Capital Market Operators (CMOs) can now complete designated post-registration processes electronically, from application submission and regulatory review to approvals and the communication of regulatory decisions.
According to the regulator, the platform is designed to simplify interactions between operators and the Commission, reduce administrative bottlenecks, shorten processing timelines and give applicants real-time visibility into the status of their applications.
The SEC said the transition to a fully digital registration process would also improve operational efficiency by introducing standardised workflows, electronic documentation, secure digital record management and stronger audit trails, while enhancing regulatory oversight.
“The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness,” the Commission stated.
Beyond improving efficiency, the regulator said the platform would reinforce the integrity of regulatory processes by minimising delays associated with paper-based documentation and improving the quality of regulatory data used for supervision and decision-making.
It added that the digital system would provide a stronger foundation for regulatory analytics and future technology-driven innovations aimed at enhancing market oversight.
The Commission explained that the implementation is being rolled out in phases to ensure a smooth transition for market participants while safeguarding the stability and integrity of regulatory processes.
For now, the e-Registration platform is limited to post-registration services for existing Capital Market Operators.
entrants seeking registration in the Nigerian capital market are not yet covered under the current phase, adding that electronic processing for new registrations will be introduced at a later date.
The Commission urged all licensed operators to familiarise themselves with the new platform and comply with implementation timelines to ensure a seamless migration to the digital system.
The latest move forms part of the SEC’s broader reform agenda to modernise market infrastructure, improve transparency and strengthen investor confidence as Nigeria seeks to deepen its capital market and enhance its competitiveness in the global financial system.
Market observers believe the digital registration initiative is expected to reduce compliance costs, improve regulatory turnaround time and support a more efficient operating environment for licensed operators, while reinforcing the Commission’s push towards a technology-driven capital market ecosystem.
Elon Musk’s social media company X, formerly known as Twitter, launched its own bank account-like product where users can send money to one another.
The service, known as X Money, is not a new bank.
X Money is using technology and banking services provided by Cross River Bank, and branding that backbone as X Money.
It is common for new financial companies to use a traditional bank’s backbone to launch its services, as chartering a new bank is a timely and costly process.
Currently X Money is invite only, and users will receive a “X”-branded Visa debit card that is useable at any ATM.
Users of X will be able to send money to other X users in real-time, the company said. Invitations are only available to X’s paying members presently
In order to attract customers, X Money is offering a 6% yield on deposits and 3% cashback on eligible purchases.
In order to earn the 6% yield, a customer would need to deposit at least $1,000 into an account.
Customers would also have to be signed up for X’s premium services, which is at least $8 a month. It would require at least a deposit of $1,600 in order to cover X’s premium services cost.
Musk has long talked about turning X into an “everything app” that would include financial services.
Musk has his origins in financial services, creating one of the first online banks under the brand X.com. That company was later bought and merged into what is now known as PayPal.
It’s still early for X Money, but the company is entering into a competitive market, dominated by PayPal’s Venmo money transfer service and other peer-to-peer money transfer services like Zelle and Cash App.
Central Bank of Nigeria (CBN) imposed N430 million in penalties on financial institutions in 2025 over delays in resolving customer complaints and failure to comply with its directives, underscoring a tougher regulatory stance on consumer protection in the banking sector.
The sanctions were disclosed in the apex bank’s 2025 Annual Report, which showed that 21 penalties worth N430 million were imposed on financial institutions during the review period for infractions linked to complaints management.
According to Nairametrics, the report stated that the affected institutions were sanctioned for “delays in resolving customer complaints to failure to comply with the Bank’s directives.”
The report read, “the Bank imposed 21 penalties on financial institutions to the tune of N430.00 million, for infractions ranging from delays in resolving customer complaints to failure to comply with the Bank’s directives.”
The latest enforcement action comes as the CBN recorded a rise in the number of complaints lodged by users of financial services, suggesting greater reliance on the regulator’s consumer protection framework.
According to the report, the CBN received 23,129 complaints from consumers of financial services in 2025, representing a 10.53% increase from the 20,925 complaints recorded in 2024.
The apex bank attributed the increase to growing public awareness and stronger confidence in its complaint resolution process rather than a deterioration in banking services.
The report stated, “The Bank received a total of 23,129 complaints from consumers of financial services in 2025, a rise of 10.53%, above the 20,925 in 2024. The trend reflected increased awareness and improved confidence in the Bank’s consumer complaint resolution process.”
It added that 18,824 complaints were successfully resolved during the year, representing a 9.36% increase from the 17,213 complaints resolved in 2024.
The report also showed a sharp increase in the value of claims handled by the regulator.
Claims denominated in local currency rose to N40.61 billion in 2025 from N17.13 billion a year earlier, while foreign currency claims climbed to $344.2 million from $1.06 million.
consumers recovered N19.12 billion and $329.3 million in refunds during the year, compared with N9.66 billion and $0.67 million refunded in 2024.
Beyond the N430 million sanctions relating to customer complaints, the CBN disclosed that it imposed another 11 penalties worth N1.26 billion on financial institutions for regulatory breaches and failure to respond to regulatory queries.
The report indicates that complaints management formed part of a wider overhaul of the CBN’s supervisory and market conduct framework in 2025.
In 2022, the CBN issued a guide on how aggrieved customers can complain about financial institutions such as commercial banks.
The regulator established a dedicated Compliance Department to strengthen oversight of financial crime, market conduct, complaints management, advertising standards, cybersecurity, data protection and corporate governance across CBN-regulated institutions.
Olayemi Cardoso, governor, CBN, recently said that the CBN and deposit money banks are reviewing excessive transaction alerts and customer charges amid complaints from bank users over confusing debit notifications and deductions.
Cardoso said the apex bank had set up a quarterly engagement structure involving its consumer protection team, deposit money banks and the top 10 microfinance banks to address unresolved customer complaints.
Nwokolo, Nollywood Actor Claims Internet Fraud is “Keeping Economy Afloat’
SEC Begins Full e-Registration for Capital Market Operators
Elon Musk Launches Invite-only X Money with Visa Debit Card
CBN Fines Banks N430m for Ignoring Customers’ Complaints
Kaspersky Uncovers New Mirage Kitten Malware Used in Cyber-espionage Campaign Across Africa, Others
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
From Scarcity to Scale: What Africa Can Learn from India’s Agricultural Transformation
Tokenization, Blockchain Technology will Transform Financial Institutions – IMF
BON Establishes Six Ad Hoc Committees to Modernize Broadcasting
Telecom2 days agoFact-Check: Elon Musk’s “Tesla Pi Phone” is Internet Rumor
News3 days agoHistory as Lagos Becomes First Nigerian State to Launch Greenhouse Gas Registry
E-Business3 days agoUNN to Partner Firm on AI, Smart Mobility Innovation Centre
Telecom3 days agoAI Investment Gap Threatens Africa’s Future Growth
Telecom3 days agoAMCON Puts ntel Up for Sale, Seeks Investors
E-Financial3 days agoRemita Raises Alarm Over Nigeria’s Digital Divide, Calls for More Investment
E-Financial2 days agoMalpass, Ex World Bank Chief Raises Alarm over Nigeria’s Secretive Debt Structures
Telecom2 days agoHow and Why Apps Deplete Data – ALTON