E-Financial
MasterCard Says Cashless Africa Achievable Through Partnerships
With innovation driving financial inclusion, and mobile devices give consumers the power to transact, connect, locate and search and MasterCard believes that collaborations among players will help deepen the market growth.
The Alliance for Financial Inclusion (AFI) renewed their partnership with MasterCard at the African Mobile Phone Financial Services Policy Initiative (AMPI) meeting held in Dakar, Senegal earlier this week.
More than 70 regulators and government officials from across Africa attended the meeting.
AFI provides a platform for government officials and regulators from across the continent to meet and discuss workable solutions that can help develop more inclusive economies across Africa. On the agenda at this year’s regional meeting – how to achieve financial inclusion in a tough economic environment.
As part of the technology company’s ongoing partnership with AFI, MasterCard joined the two-day event to showcase solutions to meet both economic and infrastructure challenges.
Daniel Monehin, division president for Sub-Saharan Africa, MasterCard reinforced the importance of public-private partnerships.
Advancing financial inclusion requires a broad collaboration between the private and public sector, in essence, a cooperation between multinational companies and local players.
An example of this can be seen in Egypt, where MasterCard collaborates with the Egyptian Government to extend financial inclusion to 54 million citizens.
Through a digital National ID (NID) program, which links citizens’ NID to existing national mobile money platforms and allows Egyptians to participate in the formal electronic economy through a single, easy-to-use cashless program.
“In order for financial inclusion initiatives to be both sustainable and scalable we need to develop fully functional payment ecosystems, as seen in Egypt. Approaching the project holistically, we wanted to ensure the payment technology introduced was interoperable and that all stakeholders across the spectrum were involved,” said Monehin.
Innovation is driving financial inclusion, and mobile devices give consumers the power to transact, connect, locate and search. This technology has the power of changing the way consumers view and think about the payment sector and how they feel about engaging with digital payment solutions.
During his session at AMPI 2016, Monehin noted that MasterCard’s three prong approach to financial inclusion is paying dividends. The technology company remains focused on creating ‘a world beyond cash’, where its innovative digital payment solutions are creating more inclusive ecosystems and where they are able to guide governments in the development of new business models capable of including more African’s into the formal financial sector.
“The Alliance for Financial Inclusion is pleased to announce its continued partnership with MasterCard through the AFI Public-Private Dialogue Platform,” said Norbert Mumba, Deputy Executive Director at AFI. “The PPD platform, with private sector partners, including MasterCard, builds upon AFI’s approach to bring the knowledge and experience of financial inclusion leaders together for the benefit of all.”
The Alliance for Financial Inclusion (AFI), www.afi-global.org, is a global peer-learning network of more than 120 policymaking and regulatory institutions from over 90 developing and emerging countries working together to advance financial inclusion policy.
AFI members represent over 85% of the more than 2 billion unbanked people, most of whom live in poverty.
MasterCard is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.
MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.
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.
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