E-Financial
SatADSL Solutions Breathes Life into ATMs
SatADSL, a Belgium-based satellite service operator which offers specialized products and services aiming at boosting the operations of financial institutions in Africa independently from any terrestrial infrastructure has promised to provide technology that withstand weather condition; while also stating that “average monthly cash withdrawal per ATM in Africa is the highest in the World: 4,000 per ATM (compared to: 2,800 in Europe and only 1,600 in the United States).”
ATMs in Nigeria are often susceptible weather conditions like rains and harmattan haze; and suffer infrastructural decay as a result of poor management and irregular power supply.
Jerome van der Putt, head of sales at SatADSL who spoke at the AITEC Mobile Money Conference which held at the Eko Hotels & Suites in Lagos recently noted that the new technology has the capacity to operate at optimal level “even during rainy conditions thanks to ACM technology (Adaptive Code Modulation
“Financial institutions often offer excellent service in the main cities where adequate telecommunications means are available: fiber connections, WiMax, etc. However, in remote locations where the population is less dense, Telecommunication links may not be as reliable and are much less adapted to the requirements of financial institutions.
That is where SatADSL comes in with specialised services to support the financial institutions’ remote offices as well as cash machines in performing according to their customers’ expectations. Though traditional VSAT services could offer similar technical solutions, they are typically much more expensive and obviously not cost-effective for ATM networks,” said van der Putt.
He informed that the company operates pilots for ATM deployment with banks in Ghana, Cameroon and Zambia, but was only now “bringing into the Nigerian market local insights and expertise.” He stated that whereas cash withdrawal per ATM in Africa is the highest in the World, yet ATM density in the continent is the lowest globally.
“Although mobile money (and cashless society) is high on the agenda in Africa, many African citizens are still used to cash transactions. Mobile money and ATM can be friends: money is transferred through the mobile network and recipient collects cash from ATM. Very important opportunity for banks to reach unbanked people through ATM deployment in Africa: According to ATMIA, there are over 2, 2 Million ATM worldwide in 2010 and less than 40,000 in Africa (of which 25,000 in South Africa only),” said van der Putt.
The SatADSL’s head salesman noted that although there is huge opportunity identified for ATM deployment in the continent, a major impediment remains (apart from local regulations) telecommunication infrastructure.
“Remotes sites and off-site ATM need reliable, secured, affordable and ubiquitous communications means to offer a reliable service. SatADSL offers a service tailored for connecting ATM devices where terrestrial means are not satisfactory: to address the challenge for banks to offer same level of service quality in remote sites as in main cities. Serving a network with many remote sites with classic corporate VSAT is not cost-effective and terrestrial mobile services are not adapted for business-critical transactions such as ATM,” he stated.
The alternative, he noted is a cheap satellite platform which service with corporate features such as prioritization of transactional traffic, VPN secured network and VoIP and network monitoring by customer.
The new technology infrastructure, van der Putt stated, “prioritises ATM transactions with pre-defined amount of bandwidth marked as high-priority which guarantees that ATM transactions will always go through. This option offers very affordable solution on both CAPEX and OPEX, especially as compared to traditional radio local loop systems, which need costly mast and radio systems.”
Kuda Microfinance Bank partnered with Lovers & Frnds for a Valentine’s edition event on Sunday, February 15, at Space Hub Lekki, Lagos, redefining celebrations around love, friendship, and social connections beyond romance.
Kuda Bank
The R&B-themed gathering drew couples, friend groups, and solo attendees with music sets from DJs like TGarbs, games, gift exchanges, and colour-coded tags—red for relationships, yellow for mingling singles, orange for non-minglers—to spark easy interactions.
Kuda activated a branded photo booth, merchandise giveaways, prize activities, and complimentary drinks for Premium loyalty tier customers, while vendors used Kuda Business POS terminals for seamless cashless payments.
Senior Brand Manager Emmanuel Femi-Adejobi said: “We partner with experiences matching our customers’ lifestyles in music and entertainment, creating spaces they genuinely connect with—we’ll keep supporting how they live and celebrate.”
Central Bank of Nigeria (CBN) has lowered its Monetary Policy Rate (MPR) by 50 basis points to 26.50 percent from 27 percent, a unanimous decision announced by Governor Olayemi Cardoso at the end of the 304th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
CBN
Cardoso cited 11 straight months of decelerating headline inflation—reaching 15.10 percent in January 2026 per National Bureau of Statistics—as key, driven by prior tightening lags, naira stability, food supply gains, steady petroleum prices, export earnings, remittances, and balance of payments strength.
Liquidity ratio stays at 30 percent, CRR unchanged at 45 percent for commercial banks (16 percent merchant banks) and 75 percent non-TSA public deposits; standing facilities corridor now +50/-450 basis points around MPR.
The MPC retained other parameters, welcoming Executive Order 09 redirecting oil/gas revenues to the federation account for fiscal boost, last cutting rates in September 2025 after November’s hold.
Abiodun Olokunjuwon, a retired civil servant based in Ibadan has instituted a N50 million lawsuit against Moniepoint Microfinance Bank at the Oyo State High Court, alleging that the fintech company opened unauthorized bank accounts in her name without her knowledge or consent.
Filed in February 2026, the suit is among the first significant cases testing the enforcement of the Nigeria Data Protection Act 2023 against a Nigerian fintech institution.
According to the statement of claim, the plaintiff became aware of the alleged unauthorized accounts only after her legitimate bank account was restricted pursuant to a garnishee order linked to a debt she denies incurring.
The restriction reportedly prevented her from accessing funds needed for essential transactions.
The claimant alleges that Moniepoint opened two separate accounts in her name using her National Identification Number (NIN) and Bank Verification Number (BVN) without proper authorization or verification.
Following the discovery, she submitted a Data Subject Access Request (DSAR) under the NDPA 2023. Documents allegedly provided by the bank, according to the suit, revealed significant verification lapses.
The plaintiff claims the accounts were opened using falsified documents, including what she describes as a fake NIN slip and contact information unrelated to her.
She further alleges that the accounts listed a Lagos residential address where she has never lived.
The suit contends that Moniepoint failed to implement adequate identity verification and address confirmation procedures before creating and operating the accounts. It further alleges breaches of statutory obligations under the NDPA 2023, including:
- Failure to ensure personal data processed was accurate and lawfully obtained
- Failure to implement appropriate technical and organizational security measures
- Failure to prevent unauthorized or fraudulent processing of personal data
The claimant maintains that these alleged lapses resulted in serious personal and financial harm.
The plaintiff is seeking N50 million in damages for emotional distress, health complications, and disruption to her financial life.
She is also asking the court to order the permanent closure of the allegedly unauthorized accounts.
No date has been fixed for hearing on the matter.
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