E-Financial
‘A mobile Led Risk-based Approach is Crucial to Achieving Financial Inclusion in Africa’

Fintechs that are innovating, operating and growing throughout Africa have moved on from the broad academic concept of financial inclusion to the practical onboarding and walking hand in hand with underserved people along a financial journey.
The first port of call is understanding that serving the underserved is not just about technology. It’s about the human element of dealing with people that are not part of the mainstream financial system; it’s about reaching them and engaging with them where they are and when they need you. Repeat use of a product or service happens when you create products that serve real customer needs.
The world of mobile access has unlocked an ecosystem where mobile channels can sit alongside a predominantly cash economy, and this is vital for meaningful digital inclusion.
If a fintech wishes to onboard people and develop trust, it must be able to do this without forcing customers to take a financial leap to mobile money or a digital store of value. Often, off the bat, it is a bridge too far. Trust needs to be developed first.
At Mukuru, we have utilised mobile digital channels to sit alongside a cash-driven transaction. This is important because 60% to 90% (depending on the region) of payment transactions in Sub-Saharan Africa are still happening in cash. If you attempt to force the move to a digital store of value it is often too much for a financially underserved individual in the region, particularly those who have left their home countries to find work.
Financial inclusion must be seen as a journey, and you start by putting someone in control of their financial destiny without asking them to put their money into something that they don’t yet understand, such as the concept of the cloud.
Our market still operates predominantly on 2G mobile connections, which means that USSD is a critical channel. An effective fintech meets these customers at the touchpoints where they currently transact and then walks them down a path towards understanding mobile use cases.
Once the customer understands that they can control a digital transaction, encouraging them to partake in the world of mobile wallets and digital payments becomes a logical progression.
This is a blueprint for financial inclusion. If we take Mukuru’s experience, and when looking at our 10-million customers and their journeys, by the end of February 2021, up to 90% of our customers were signed up through a field agent.
Despite this, 80% of orders were being created through self-service digital channels: 43% on USSD and 32% on WhatsApp. This is evidence that if you can create products that customers need, and meet them where they are, you can grow them from a face-to-face, field force model into a self-service model where they start taking control of their own financial agenda.
However, there are still millions of people who can’t be reached by field agents. It’s not fair that they should be excluded because they live in remote regions.
They, too, should have access to financial services. A mobile-led risk-based approach represents the solution to finding them and helping them along their financial journeys.
By the very nature of connectivity on this continent, mobile sign-up is a critical entry point to the journey and basic mobile channels need to be available. Fintechs must understand the market, as well as the regulations in various territories, and then address the barriers to sign-up which perpetuate financial exclusion.
Mukuru has taken a dual approach: We look at our core self-service channels and then we look at the limitations of those channels. Due diligence can, and must, be carried out using feature phones, and this allows access to a grassroots product.
Then, when customers upgrade, which they do, they are able to move to a place where they can buy data, use WhatsApp and supply selfies, for example, meaning they can upgrade to a higher-level product. Once they can travel to a city where a field agent can find them, they get access to further product offerings because they can supply biometric and legal identification documents.
Then, if they wish to move up to take out even more products – such as a mobile wallet – the documentation and due diligence requirements go up once more.
The next step up would be feature-rich, self-help services in the form of websites and apps. A big mistake is that many believe you can start the journey on this rung of the ladder. In Mukuru’s experience, in the SADC region, the use of these channels represents about 5% to 8% of total volume.
Fintechs must serve their customers what they need, and they are voting with their feet and fingers – they want to use simplified channels.
Collaboration between regulators is important – for access to identification – and fintechs make this process far easier. The point is that one doesn’t have to swing the door wide open in the first instance because of the very limitations that left people excluded in the first place.
Rather, with a careful, mobile-led, risk-based approach the door can be inched wider until they reach a point where they step into full financial inclusion.
If we look at a Mukuru snapshot in February 2020, 70% of our transactions were cash-to-cash.
In February 2022, we moved to only 49% of those transactions being cash-to-cash, and a digital store of value (which started as a remittance) is becoming a real way of life for a significant portion of the customers who were onboarded through access to a digital channel.
Financial inclusion and verified customer onboarding can, and do, work hand in hand. If you start someone on their financial journey by giving them access to a digital channel rather than forcing them to convert immediately to a digital store of value, you start moving people along a financial journey they can control.
E-Financial
GOEs’ Remit Over ₦2tn to FG in 2024

Independent revenue remittance by the Government-Owned Enterprises (GOEs) moved from ₦200 billion in 2013 to over ₦2 trillion in 2024, Fiscal Responsibility Commission (FRC) confirmed the updated figure, on Wednesday.
FRC attributed the surge to collaboration between it and House of Representatives Public Accounts Committee (PAC).
Speaking at 2025 National Conference on Public Accounts and Fiscal Governance, held at the Transcorp Hilton, Abuja, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq however notes with concern persistent challenge despite achievements. He cited weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level as according to him, only 26 out of 36 states have adopted similar laws.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the exclusive legislative list. He urged federal and sub-national actors to align their fiscal policies under the renewed hope agenda of President Tinubu’s administration.
Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework.
The event organized by House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management.
He lauded administration’s of president Bola Ahmed Tinubu commitment to strengthening financial policies aimed at driving economic growth. He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.
Highlighting a critical legislative gap, Muruako noted that the FRA 2007 currently outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.
“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed.
He congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the Exclusive Legislative List. He urged federal and subnational actors to align their fiscal policies under the Renewed Hope agenda of President Tinubu’s administration.
Reaffirming the FRC’s commitment to advancing transparency and reducing financial leakages, Muruako pledged continued support to the PAC in institutionalizing sound public financial management practices.
He also congratulated the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.
E-Financial
Union Bank Challenges High Court Ruling in Jimoh Ibrahim Case

Union Bank of Nigeria has reacted to the recent judgment delivered by Justice Abike Fadipe of the Ikeja High Court involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the bank.
The bank expressed strong disagreement with the ruling and confirmed that its legal team has been directed to file an appeal immediately. It said the court’s position on issues such as debt consolidation, locus standi, and third-party liability contradicts existing legal principles and the bank’s understanding of the facts.
In a statement released by Mrs. Olufunmilola Aluko, Chief Brand and Marketing Officer, Union Bank reiterated that the relevant debt obligations had been transferred to the Asset Management Corporation of Nigeria (AMCON), adding that all actions taken were in line with the law and standard banking procedures.
Union Bank assured stakeholders, customers, and the general public of its continued commitment to ethical practices, legal compliance, and professional conduct. It said it remains dedicated to protecting stakeholder interests and upholding the integrity that has defined its operations for more than a century.
The bank concluded by thanking all stakeholders for their trust and support as it navigates the ongoing legal process.
E-Financial
PalmPay Expands Access to Digital Insurance Through Strategic Partnerships

PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.
This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.
With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.
PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”
With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”
This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.
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