General News
What went Wrong with Stanbic IBTC Esusu Services?

On April 22, it was reported by one of Nigerian dailies, The Punch newspaper that some customers of STANBIC IBTC were allegedly defrauded as active customers of the Bank enrolled for the esusu service which entails savings contributions through roaming agents that are acting on the behalf of the Bank.
The product esusu enables any low income person, traders and others like students to save money and enjoy basic financial services which with the use of a Bank card and a point of sale terminal provided by the Banking agents.
Banking through agents using same channel had recorded significant successes in other climes like Brazil and even some African nations till date.
Stanbic IBTC’s esusu is quite useful in a nation like Nigeria where millions of adult in urban and rural areas do not have access to basic financial services due to challenges of Bank Branch spread, lack of standard Know-Your-customer documentations and many others challenges that low income segments population are faced with when attempting to access basic financial services.
The esusu service was an innovative conception that was quite popular in some parts of Lagos when I conducted an independent assessment of the service to enable me learn more about how mobile financial services agency network can operate in same like manner in Nigeria.
Overall outcomes of the assessment proved beyond reasonable doubt that the Bank’s Brand and trust in the Bank played a key role in convincing the customers to sign up with the roaming agents and use the services with average customer using the services more than twice weekly in the minimum.
In essence, the Bank transferred the trust to the agents and the users trusted the agents as a representative of the Bank.
It could have been difficult for a non bank provider to achieve what was achieved with the esusu product.
The complaints reported by the customers as reported by Punch Newspaper ranged from interest not earned on the savings as promised by the agents and saved balances shortages.
What could have gone wrong with such novel concept that promises to bring financial access to the door steps of millions of Nigerians? An innovation that I secretly understudied and always refer to as ground breaking in Nigeria?
From my experiences of how Banking agency operates for mobile financial services , which is significantly different from what the Bank is offering is the use of roaming agents rather than fixed locations agents.
Roaming agents are more effective in signing users and building trusts in the early days of deployment.
However, providers should endeavor to transit roaming agents to fixed locations in those communities once they had achieved the mandate of signing up minimum users per community and had gained trust of users.
The advantage of fixed location agents is that tariff / service pricing can be placed on a wall in the booth, store or agent locations for customers to verify how much they are expected to pay for the services.
My assumption in the situation above was that the agents were eager to sign up customers and did not clearly educate customers on chargers for the services or interest payable on the savings.
The terms and condition of use of services might had been wrongly communicated or not at all by the roaming agents.
Terms and conditions of services is important to build confidence and manage expectations of the users.
However, most organization get it wrong when they make such prints almost unreadable by using the smallest printable character, not translating such for the benefit of the customer when He / She is not literate to read the print version.
Agents are also not able to educate the customers adequately before they commit to signing up for the service.
Banking services is strongly evidenced based service and it is rather awkward for customers to wait till the following day to get receipt for deposit made a day earlier with the agent as reported by one of the aggrieved customers.
If the service is designed that way, that is entirely wrong.
Depositors should be able to have instant fulfillment upon committing the transaction with agent and a paper based receipted issued in writing or printed out to keep as evidence or for future reconciliation purposes.
It could also be an ingenious method for the agents to short change the depositor by way of manipulating the receipt, given the time lag of 24hours for the receipting.
I know as a matter of fact that the Bank is stable and will be able to meet the demands of the savers on demand and the police was also reported by the Punch newspaper to have stepped into the issue and resolve some by arresting the guarantors of the agents.
However, it is a reputational issue for the Bank and may portend systemic risk for the entire industry that is actively developing agency Banking through the use of agents via recently licensed mobile money providers in Nigeria.
Getting the agents is only the baking of the cake, monitoring the agents is the icing on the cake and that is where most providers will drop the ball.
The lessons to be learnt is that providers should not transfer their trust to agents where control is lax and the only compensatory control over agents is the guarantor whom may not fully understand what they are guaranteeing or compensate the provider adequately when things wrong.
Emmanuel Okoegwale
Principal Associate, MobileMoneyAfrica
[email protected]
General News
Court Freezes MCSN Copyright Levies amid Record Label Legal Battle

Justice Ambrose Lewis-Allagoa of the Federal High Court, Lagos, has issued an interim Mareva injunction freezing copyright levy funds due to the Musical Copyright Society of Nigeria (MCSN).

The order prevents the Central Bank of Nigeria (CBN) and at least 20 commercial banks from disbursing these funds until further court proceedings.
The injunction stems from Suit No. FHC/L/CS/207/2026, following an ex parte application filed on February 5, 2026, by the Record Label Proprietors’ Initiative on behalf of 11 major record labels and music companies.
Plaintiffs include industry heavyweights such as Mavin Records, Davido Music Worldwide, Chocolate City Music, Universal Music Group, Sony Music Africa, and Warner Music South Africa.
The plaintiffs, through their attorney, sought to restrain the CBN from releasing any copyright levy funds related to sound recordings earmarked for MCSN.
They also asked the court to bar MCSN and its agents from accessing, transferring, or using the funds, whether received directly from the CBN or routed through commercial banks.
General News
NITDA, HORSA Empower Lawmakers’ Spouses with Digital Skill

The National Information Technology Development Agency (NITDA), in partnership with the House of Representatives Spouses Association (HORSA), organized a specialized two‑day digital literacy and capacity‑building workshop for the spouses of members of the House of Representatives.

The initiative, themed “Empowering Women for a Digital Future: Leadership, Wellbeing, and Opportunity,” is designed to equip spouses of lawmakers with the tools needed to navigate the modern digital economy and the unique demands of public life.
Moving beyond basic computer literacy, the workshop offers a comprehensive suite of skills, including financial and digital literacy—focused on using digital tools for business growth and personal finance management; cybersecurity and digital wellbeing—promoting online safety, data protection, and mental health resilience; and economic empowerment—unlocking opportunities in remote work, Business Process Outsourcing (BPO), and digital entrepreneurship.
Declaring the workshop open on behalf of the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, PhD, the Deputy Speaker, Rt. Hon. Benjamin Okezie Kalu, said the workshop underscores the crucial role spouses play in supporting public office holders. He described spouses as trusted advisers whose understanding of legislative responsibilities helps lawmakers perform more effectively.
He noted that the demanding nature of legislative work often places strain on family life, adding that empowering spouses with digital and leadership skills would strengthen their capacity to provide informed support and constructive feedback to their partners in public service. He urged participants to take full advantage of the training, stressing that continuous learning is essential in an increasingly digital world.
Kalu further observed that many spouses already lead humanitarian and development initiatives in their communities, and that the skills gained from the programme would enhance communication, strategic planning, and resource mobilisation, thereby deepening their contribution to community development and national growth.
In his welcome address, the NITDA Director‑General, Kashifu Inuwa, said the initiative aligns with the Federal Government’s drive to build a sustainable digital economy by ensuring that no group is excluded from digital opportunities due to skills gaps. He noted that the Renewed Hope Agenda of Bola Ahmed Tinubu places digitalisation and innovation at the heart of economic diversification and inclusive growth.
He added that NITDA is implementing a national digital literacy framework aimed at achieving 95 per cent digital literacy by 2030, driven through three key focus areas: integrating digital skills into formal education, upskilling public servants, and expanding community‑level digital inclusion.
Inuwa described women as critical drivers of Nigeria’s digital transformation, noting that empowering spouses of lawmakers with digital skills would strengthen leadership at home and positively influence legislative processes at the National Assembly. He explained that NITDA is working with the Ministry of Education and global technology partners to train teachers nationwide, while over 54,000 public servants are currently enrolled in the Agency’s digital literacy programmes.
He also stated that through community champions deployed across the 36 states and the Federal Capital Territory, millions of Nigerians are being reached annually with basic digital skills training, stressing that national leaders must not be left behind in Nigeria’s digital transition. According to him, digitally literate spouses can play a vital role in encouraging technology‑driven governance, including ongoing efforts to digitise legislative processes.
In her goodwill message, the Leader of HORSA and wife of the Speaker, House of Representatives, Hajiya Fatima Tajudeen Abbas, described the workshop as a historic milestone and the first comprehensive capacity‑building programme organised by the 10th Assembly for spouses of lawmakers. She noted that public life in a digital age now extends beyond physical spaces into online platforms, making digital and financial literacy, cyber protection, and digital wellbeing essential skills for spouses of national leaders.
Hajiya Abbas emphasised that the sessions on mental health, emotional resilience, entrepreneurship, and leadership were timely, as spouses of public office holders often shoulder invisible emotional responsibilities. According to her, empowering women economically strengthens families and communities, adding that the knowledge gained from the workshop would not only support lawmakers behind the scenes but also enable women to contribute more meaningfully to national development in the digital economy.
The event also featured goodwill messages and contributions from senior government officials, including the Chief of Staff to the President, Hon. Femi Gbajabiamila; the Honourable Minister of Women Affairs and Social Development, Hon. Imaan Sulaiman Ibrahim; the Chairperson of the Nigeria Governors’ Spouses’ Forum, Prof. (Mrs.) Olufolake Abdulrazaq; the Chairman of the House Committee on ICT, Hon. Stanley Olajide; the Chairperson of the House Committee on Women Affairs and Social Development, Hon. Kafilat Ogbara; and the Managing Director of the South-South Development Commission, Usoro Offiong Akpabio.
General News
PalmPay Unveils First Batch of Winners in #LoveWithPalmPay Campaign

PalmPay is thrilled to announce the first set of winners of its highly anticipated Valentine-themed #LoveWithPalmPay campaign, following a week of receiving entries from users across the country, celebrating their real love stories shaped by simple money moments.

The #LoveWithPalmPay, a two-week campaign which started on the 9th of February until the 21st of February, has unveiled the first set of four (4) couples who shared their heartfelt stories of how PalmPay has positively impacted their relationships, from seamless transfers and bill payments to shared savings goals, dates, and everyday financial support.
The first batch of selected winners are:
- Abdulsalam Aishat Omowumi ( Facebook)
- Symply Omotoshan (Instagram)
- Unusual_aaron (Tiktok)
- MTN_DATA_VENDOR (X)
Speaking on the campaign, Olorunfemi Hanson, the Head of Marketing of PalmPay, stated, “We are using the campaign to appreciate our over 35 million users and the many ways they use the PalmPay app to make life seamless. The four (4) couples, each rewarded with ₦100,000, were chosen based on how effectively they highlighted PalmPay’s features and demonstrated how the platform helped their everyday payments be reliable and seamless.
PalmPay noted that with the campaign still ongoing, four (4) more couples will be announced in the coming days, encouraging more users to continue sharing their love stories using the hashtag #LoveWithPalmPay on PalmPay’s social media platforms.
The campaign reinforces PalmPay’s commitment to creating financial solutions that not only simplify transactions but also bring people closer through meaningful, everyday money moments.
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.
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